| Abstract [eng] |
77 pages, 10 pictures, 28 tables, 105 references. The main objective of this master thesis is to identify the role and factors of companies and states that have a significant impact on companies' sustainability (ESG) results, and to compare the interrelationships across different sectors and countries. The work consists of three main parts: a review of scientific literature, a presentation of the research methodology and a summary of the research findings along with a discussion of the derived conclusions and recommendations. The literature review introduces the concept of ESG, the processes of evaluation and rating, and substantiates the growing interest in this topic within the academic community. By summarizing the scientific studies of other authors, different channels of influence by companies and states on ESG indicators are identified. However, scientific studies examining specific sectors or countries yield conflicting results, where statistically significant relationships between selected micro- and macro-level factors and ESG are not observed. The second part of the thesis involves the development of a research methodology based on the studies conducted by scientists, with a presentation of its most important aspects. In the empirical research, a polynomial multiple regression model was constructed, selecting the companies of the 'STOXX Global ESG Leaders Select 50' index as the subject of the research. The main purpose of research was to determine whether the return on assets, return on equity, and company value indicators of the selected index companies, as well as GDP, foreign direct investment, and renewable energy production volumes, have a statistically significant impact on companies' sustainability. The research confirmed that the selected company and state-level factors have a statistically significant impact on the aggregate ESG and its separate environmental (E), social (S), and governance (G) rates of the analyzed index companies. Company-level factors explained between 16% and 20% of the variation in sustainability rates, while state-level factors explained between 21% and 47%. The conclusions and recommendations summarize the most important aspects of the scientific literature analysis and the obtained research results. It is hoped that the research will provide valuable guidelines not only for corporate managers but also for state representatives, with the aim of contributing to both improved financial outcomes and more sustainable results for companies in the future. The research results could also assist potential and existing investors in better understanding the factors that may impact the sustainability of the companies comprising their investment portfolios. Based on this work, a scientific article was published together with Prof. Dr. Jelena Stankevičienė: "A Sectoral Exploration of Corporate Financial Performance and ESG Integration" (Exploring ESG Challenges and Opportunities: Navigating Towards a Better Future, Emerald CSEF, Vol. 116/2024). |
