ESG skóre a finanční výkonnost společností v kontroverzních odvětvích

Ji, Jia Xin

The thesis analyses the relationship between ESG performance and the cor- porate financial performance of companies listed in the S&P 500 index. The analysis first confirms the continued validity of the positive synergy hypothesis, even using the most up-to-date datasets covering the COVID-19 crisis followed by a period of increasing interest rates worldwide. Furthermore, it provides key insights through a comparative analysis between sin and other industries. While no significant differences emerge for companies in the sin industry as a whole, a closer examination of individual industries within the sin triumvi- rate reveals notable differences. For tobacco companies, the impact of the relationship between ESG performance and corporate financial performance in both directions appears to be significantly lower than for other industries. Conversely, the effect for alcoholic beverage producers is more complex, with the environmental and social pillars having a significantly stronger impact on financial performance than for other companies. Interestingly, the gambling industry shows no significant effect when controlling for other factors. JEL Classification A13, G30 Keywords ESG score, financial performance, controversial industry, panel VAR, Granger causality Title ESG score and corporate financial...

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