Az ESG-értékelés és a részvénypiaci teljesítmény kapcsolata
DOI:
https://doi.org/10.14267/VEZTUD.2024.06.01Kulcsszavak:
ESG, részvénypiaci teljesítmény, kockázatkezelésAbsztrakt
A vállalatok fenntartható működése és a pénzügyi teljesítmény összefüggéseinek vizsgálata napjainkban kiemelkedő kutatási területnek számít. Felmerül ugyanakkor a kérdés, hogy az ESG-értékelés hogyan befolyásolja a cégek gazdasági hatékonyságát. A szerzők kutatásukban a részvénypiacokra fókuszálva vizsgálták, hogy milyen kapcsolat van a top 100 ESG-besorolással rendelkező USA székhelyű vállalat és azok részvénypiaci teljesítménye között a 2022-es és a 2023-as időszakban. Arra a kérdésre keresték a választ, hogy a hozam, a kockázati mutatók és a szektorbeli hovatartozás befolyásolják-e az ESG-pontszámok alakulását. A kapott eredmények alapján arra a következtetésre jutottak, hogy a részvények valós hozamainak alakulása nincs hatással az ESG-pontszámra, valamint az ESG-értékelések sem hatnak a részvénypiaci teljesítményre. Eredményeik rávilágítottak arra, hogy a hozamok szórása és az ESG-értékelés között negatív kapcsolat figyelhető meg, mely arra utal, hogy a stabilabb és kevésbé kockázatos vállalatok az ESG szempontjából magasabban rangsoroltak, mint a volatilisebb társaik. Megállapították továbbá azt is, hogy csak a 2022-es adatsor esetében van szignifikáns kapcsolat az adott szektorban elfoglalt hely és az ESG-pontszám között.
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