Rok wydania: 2023
Numer czasopisma: 4
Słowa kluczowe: ESG, osiągnięcia finansowe, wartość przedsiębiorstwa, zrównoważony rozwój
Strony: 195-204
Język publikacji: Polski
Rola ESG w kształtowaniu wartości przedsiębiorstw na przykładzie spółek giełdowych w Polsce
Abstrakt
Celem opracowania jest ocena roli czynników ESG w kształtowaniu wartości przedsiębiorstw. Przeprowadzona dyskusja opiera się na przeglądzie literatury, analizie rezultatów dotychczasowych badań międzynarodowych z tego zakresu oraz wynikach badania własnego przeprowadzonego na grupie spółek notowanych na Giełdzie Papierów Wartościowych w Warszawie, zaliczonych do indeksu WIG-ESG. Znaczenie ESG w procesie tworzenia wartości przedstawiono w odniesieniu do kilku koncepcji teoretycznych, ze szczególnym uwzględnieniem teorii interesariuszy i akcjonariuszy. Wskazano również możliwe kanały oddziaływania ESG na wartość przedsiębiorstw. Analiza empiryczna obejmuje weryfikację przyjętej hipotezy, iż wartość przedsiębiorstw zależy od czynników ESG poprzez ich oddziaływanie na wyniki finansowe i poziom ryzyka funkcjonowania jednostki gospodarczej. Otrzymane wyniki informują, iż nie zaobserwowano jeszcze silnego i statystycznie istotnego związku pomiędzy ESG, wynikami finansowymi i kształtowaniem wartości spółek w Polsce.
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