Srovnávací analýza vlivu ESG aktivit na hospodářské výsledky podniků

Abstract

The aim of this bachelor’s thesis is to conduct a comparative analysis of the impact of integrating ESG (environmental, social, and governance) activities on the financial performance of construction companies in the Czech Republic. The study sample comprises anonymized firms of different size categories observed over the period 2019–2023. ESG scores were generated using an AI-based tool through analysis of annual reports, ESG/CSR reports, and financial statements in accordance with the ESRS standard, while financial performance was assessed by return on assets (ROA). To examine the relationships between ESG activities and financial outcomes, descriptive statistics, correlation analysis, multifactor linear regression, longitudinal panel regression, and nonparametric comparative tests across size groups were employed. The results indicate a tendency toward a negative association between the intensity of ESG activities and short-term financial performance; however, neither regression models nor panel analysis demonstrated a statistically significant effect of ESG on ROA. Observed differences across company size categories highlight the need for a tailored approach: large firms should optimize strategic integration of ESG indicators; medium and small enterprises ought to standardize data-collection processes linked to financial planning; and micro-enterprises should focus on high-quality basic ESG reporting. Achieving long-term financial benefits requires aligning external ESG initiatives with internal processes and fully integrating them into the overall corporate strategy.