Скаковська, С. С. та Шило, Ж. С. та Котик, О. В. (2025) ESG: ІНСТРУМЕНТ СТАЛОГО РОЗВИТКУ ЯК ВПЛИВ НА ВАРТІСТЬ КАПІТАЛУ КОМПАНІЙ. Вісник Національного університету водного господарства та природокористування (2(110)). с. 240-253.

Text Ve11020.pdf Download(294kB)

Анотація

В статті досліджено визначення впливу ESG (Environmental, Social, Governance) практик на вартість капіталу компаній. Це дослідження спрямоване на обґрунтування специфіки впровадження ESG-стратегій, поглиблення теоретичних засад їх оцінки та аналізу, а також розробку практичних рекомендацій щодо підвищення конкурентоспроможності та інвестиційної привабливості компаній через інтеграцію стійких практик. Очікуваними результатами є виявлення ключових факторів впливу ESG на фінансову ефективність компаній та розробка методичних підходів до їх оптимізації.

Title in English

ESG: A TOOL FOR SUSTAINABLE DEVELOPMENT AND ITS IMPACT ON THE COST OF CAPITAL FOR COMPANIES

English abstract

This article investigates the impact of ESG (Environmental, Social, Governance) practices on the cost of capital for companies. It substantiates the specifics of implementing ESG strategies, deepens the theoretical foundations of their assessment and analysis, and develops practical recommendations to enhance corporate competitiveness and investment attractiveness through the integration of sustainable practices. The topic's relevance stems from increasing global awareness, shifting investment priorities, regulatory pressure, and the positive influence of ESG on financial indicators, particularly the reduction in the cost of capital. Analysis of recent research confirms that companies with higher ESG scores incur lower capital costs. Specifically, a 10% increase in the overall ESG score can lead to a 134 basis point reduction in the cost of capital. A significant negative correlation has been found between ESG indicators and the Weighted Average Cost of Capital (WACC) for Swedish and American firms, indicating that sustainable practices are rewarded with lower financing costs, primarily due to a reduction in the cost of equity. The article examines the three core aspects of ESG: Environmental (assessing emissions, rational resource use, eco-design), Social (company interaction with employees, clients, community, working conditions, safety, product quality), and Governance (corporate governance, shareholder rights, board composition, executive compensation, anti-corruption measures). It is emphasized that a proactive approach to ESG is becoming an integral part of modern business strategy and risk management, evidenced by the surge in global sustainable investments exceeding $30 trillion. Companies with robust ESG frameworks gain competitive advantages, mitigate risks, and enhance their reputation. For Ukraine, integrating ESG principles is crucial for post-war recovery. Despite challenges posed by the war (environmental damage, human capital outflow, corruption), ESG implementation will facilitate attracting international investments, optimizing financial expenditures, and fostering sustainable economic growth. Transparent reporting on ESG achievements is recommended to build investor and public trust. Ukraine has the potential to become a role model in implementing ESG principles for sustainable development.

Перегляд елементу

Завантажень