Vyhodnocení vztahu mezi ESG skóre a výkonností firem

Abstract

This thesis examines the relationship between companies’ non-financial performance (ESG) and their financial performance, as measured by return on equity (ROE). The main objective is to verify whether a proactive approach to environmental, social, and governance (ESG) issues provides companies with a real fundamental advantage in the form of higher profitability. The theoretical section outlines the evolution from the concept of CSR to modern ESG metrics and defines the transmission mechanisms through which sustainable behavior can reduce costs or increase a company’s revenues. The practical section then analyzes a dataset of 100 multinational companies from 10 different sectors using the ESG Risk Rating methodology from Sustainalytics. Using non-parametric statistical tests (Spearman’s correlation coefficient and the Mann-Whitney U test), three research hypotheses are tested, focusing on overall correlation, differences between market extremes, and the time lag effect. The results of the analysis of current data (H1 and H2) did not demonstrate a statistically significant direct relationship between ESG ratings and immediate ROE levels, which is attributed primarily to significant sectoral fragmentation in the impact of ESG factors. However, the key contribution of this study is the confirmation of the time lag hypothesis (H3), whereby historical ESG leaders from 2022 are currently demonstrating demonstrably higher financial performance than the rest of the market. The study thus concludes that sustainability is not a tool for short-term speculation, but a long-term strategy whose benefits are reflected in financial statements several years later.