ВПЛИВ КОРПОРАТИВНОЇ СОЦІАЛЬНОЇ ВІДПОВІДАЛЬНОСТІ НА ВАРТІСТЬ КОМПАНІЇ: МІЖНАРОДНИЙ ДОСВІД

Abstract

In modern conditions corporate social responsibility is an integral part of the company's image and helps to increase its performance. Companies that operate on the basis of corporate social responsibility, use their own resources for the benefit of society, provide mental and financial support to those who need it the most, help solve problems that government institutions are unable to solve. The ESG practice has become especially widespread in developed countries, as it is supported by international organizations and institutional investors who are interested in the value-based growth of the companies. According to the research, it is determined that the implementation of corporate social responsibility practices contributes to the top-line growth of the companies, reducing operating costs, decreasing the number of regulatory and legal interventions by the state, increasing the productivity and employee involvement, optimizing investment and assets allocation. The key aspects of computation ratings of the ESG practices implementation of the companies are described, in particular, such as Sustainability ESG Rating, Sustainalytics ESG Risk Rating, MSCI ESG Rating, Global RepTrak Rating, ESG Refinitive Rating. Based on public data of international public 272 companies with a market value from 1 to 99 billion US dollars as of the end of 2020, a regression analysis of the impact of the ESG Refinitiv components on the companies’ market capitalization was made. The ESG Refinitiv captures and calculates over 500 company-level ESG measures, of which a subset of 186 of the most comparable and material per industry, power the overall company assessment and scoring process. It was proved that despite the rather weak correlation between rating components and the variation of companies’ market capitalization, all components have a statistically significant impact on the companies’ value. The companies’ actions in the field of human capital development, protection of human rights in the workplace, and responsibility to customers for a quality product have the most significant positive impact on value growth. The experience of implementing social practices by the world's leading companies in the field of ESG (LEGO Group, The Walt Disney Company) was analyzed.