Sokolenko, L. та Petrukha, N. та Petrukha, S. та Khrystenko, L. та Akimov, O. O. та Акімов, О. О. (2026) Social and environmental trends in ESG financing: New challenges for optimizing the value of capital of companies. European Journal of Sustainable Development Research (10(3)).

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English abstract

The study examines the impact of environmental and social ESG factors on the cost of capital of companies in the context of sustainable development. Its purpose is to assess how the integration of ESG indicators influences financial efficiency, particularly the weighted average cost of capital (WACC), and to identify industry- and region-specific differences in this impact. The methodology is based on a quantitative analysis of panel data from publicly listed companies for the period 2015–2023, using ESG ratings from MSCI and Sustainalytics. The results demonstrate that stronger ESG performance is generally associated with a lower cost of both equity and debt capital, contributing to improved long-term financial sustainability. The most pronounced effects are observed in capital-intensive sectors such as industry, energy, and mining, where environmental standards reduce credit risks. Regionally, the strongest ESG impact is found in the European Union and North America due to advanced regulatory frameworks. The study proposes methodological approaches and practical tools for integrating ESG factors into financial analysis and corporate strategic planning.

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