Zhodnotenie dopadov greenwashingu na výkonnosť vybraných akciových trhov

Abstract

This bachelor thesis examines the issue of greenwashing and its impact on the market value of companies listed on stock markets. The theoretical part defines the functioning of stock markets, the concept of ESG (Environmental, Social, and Governance), and the mechanisms of socially responsible investing. Primary attention is focused on the phenomenon of greenwashing, its forms, and its impact on investor confidence. The practical part analyzes four specific cases involving DWS Group, Nestlé, Delta Air Lines, and H&M. Using the event study methodology, abnormal returns (AR) and cumulative abnormal returns (CAR) are examined during the period surrounding the publication of greenwashing allegations. The aim of the thesis is to evaluate whether and with what intensity stock markets react to negative information associated with misleading environmental claims by companies. The results suggest that while markets exhibit a negative reaction, the extent varies depending on the severity of the case and the company's industry.