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Wpływ zrównoważonych finansów na wartość rynkową spółek publicznych w Unii Europejskiej i Wielkiej Brytanii
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Według tradycyjnego podejścia do teorii finansów, jednym z głównych celów działania przedsiębiorstwa jest maksymalizacja jego wartości rynkowej, ściślej wartości dla właścicieli. Przedsiębiorstwo nie powinno brać pod uwagę generowanych efektów zewnętrznych swojej działalności, gdyż jego jedynym społecznym zobowiązaniem jest działanie we własnym interesie, dopóki jest to zgodne z obowiązującymi regulacjami. Między innymi na skutek funkcjonowania przedsiębiorstw w myśl powyższych założeń, powstały lub pogłębieniu uległy globalne problemy w obszarach środowiskowym, społecznym i zarządczym (ESG – Environmental, Social and Governance). Spowodowało to potrzebę zmiany paradygmatu w zakresie celu działalności przedsiębiorstw oraz powstanie koncepcji zrównoważonych finansów. Za cel badań przyjęto ocenę siły i kierunku wpływu wyników ESG na wartość rynkową spółek publicznych sektorów niefinansowych notowanych na regulowanych rynkach giełdowych w państwach członkowskich Unii Europejskiej oraz w Wielkiej Brytanii w latach 2010–2022. Wyniki badań empirycznych dowiodły negatywnego wpływu wyników ESG na wartość rynkową przedsiębiorstw, co odbiega od dominujących ustaleń literatury przedmiotu. Spośród wyników w obszarach E, S i G, największy wpływ na wartość rynkową odnotowano w obszarze E. Wkład badań w naukę stanowią (i) ustanowienie autorskiej definicji zrównoważonych finansów, (ii) usystematyzowanie pojęcia ESG, (iii) zastosowanie kompleksowego podejścia do oceny wpływu wyników ESG na wartość rynkową poprzez uwzględnienie w badaniach zarówno scoringu ESG, jak i scoringów E, S i G. Oryginalność badań wynika z połączeniu tradycyjnego modelu wyceny przedsiębiorstwa z wynikami ESG oraz na rozszerzeniu modelu wyceny Ohlsona (Ohlson Valuation Model) o zmienne niefinansowe.
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