DESG У ПРОЦЕСІ ПРИЙНЯТТЯ ІНВЕСТИЦІЙНИХ РІШЕНЬ

Abstract

Introduction. Nowadays, there is a growing need to supplement the qualitative criteria of investment attractiveness, both on the part of businesses and investors. This has led to the actualization of ESG principles, which are becoming strategic national and international norms. In this context, European companies are required to submit non-financial reporting, which is becoming mandatory along with financial statements. Such trends facilitate global digitalization which is aimed at achieving sustainable development goals. The introduction of a new category - DESG (Digital, environmental, social and governmental) - reflects the need to combine digitalization and sustainable development principles to achieve synergy at all levels of society and business. Problem Statement. Assessment of the role of DESG in the investment decision-making process. The purpose is to substantiate the essential characteristics of each of the DESG components, to evaluate scenarios for integrating the digital component into the ESG principles system, to substantiate and develop recommendations for integrating DESG into the investment decision-making process, taking into account international experience in the investment process. Methods. General scientific and special methods were used, in particular: scientific abstraction and epistemological (content) analysis, synthesis, induction and deduction, analogies and systematization, system-structural analysis, expert evaluation method, index method and grouping method. Results. The article examines the typology of DESG application in the investment decision-making process, considers a number of approaches to the definition and differentiation of key terms of sustainable finance. Rating agencies and methods for determining the practical characteristics of ESG are considered. An algorithm for applying DESG in the investment decision-making process is proposed. In the context of substantiating the stages of the algorithm, the essential characteristics of each of the DESG components are studied, trends in changing their priority on a global scale are analyzed. As an analytical basis for the study, the author analyzes the dynamics of changes in the number of asset owners acting in accordance with the PRI principles; the structure of asset owners acting in accordance with the PRI principles in 2022; and the industry structure of companies that provide information in accordance with the SABS criteria. Conclusions. Thus, in modern conditions, DESG is an important factor in making investment decisions. Therefore, our study allows us to draw a conclusion about the structural components of DESG and their role in the investment decision-making process. In the structure of the algorithm for applying DESG we propose to distinguish the following stages, namely: determining the structural components of DESG and their essential characteristics, the relationship between DESG components, justifying the direction of DESG application (scenarios for integrating digital components into the ESG system). The primary allocation of each component will allow to correctly determine the priorities when making an investment decision for each individual project. This will strengthen the targeted nature of investments, which will have a positive impact on the effectiveness of the investment process and the compliance of results with expectations.