| Abstract [eng] |
The literature analysis reviews the ESG concept and its components. The related scientific sources, in which the impact of ESG on the company's value and other financial indicators were studied, are reviewed, and the results obtained by other authors are presented. It also introduces other benefits and challenges related to improving or disclosing ESG indicators. Finally, issues and problems related to ESG in Europe are reviewed and the rating agencies are described, as well as the biggest challenges faced by companies or investors choosing such agencies. After the analysis of the literature, the hypotheses were raised and the models were designed to perform a regression analysis to calculate the influence of ESG total and individual E,S,G scores on the Tobin's Q, company value indicator. Control variables - company size and leverage were included. The data obtained from the Bloomberg platform are also described and statistical reliability tests are indicated to ensure the accuracy of the research. The conducted research revealed that ESG scores have a mixed effect on company's value. An increase in the ESG score has a positive and statistically significant impact on the company's value, while the ESG scores themselves usually have a negative and statistically insignificant impact on the company's value for the same year financial indicators or for those measured one year later. Conclusions and recommendations summarize the main results of the analysis of the literature and the conducted research. ESG scores have a mixed effect on firm value, depending on the region, sector, time sample. More positive results are found in developed economies and in the long term. The results of the conducted research can be useful for policy makers, investors and companies when making decisions related to ESG investments. |
