Abstract
This study researches the impact of the Paris Agreement and the United Nations Global Compact (UNGC) on financial sustainability across various industries and states worldwide, a topic of significant global discourse. As sustainable development goals increasingly shape the modern economy, actors at different levels of the global community are ensuring Environmental, Social, and Governance (ESG) standards. However, the economic crises of the past decade have intensified competition among states. By using an event study model, specifically the Cumulative Average Abnormal Returns (CAAR) approach, this research analyzes the diverse impacts of the Paris Agreement and the UNGC on financial sustainability. It examines how these agreements affect developed versus developing states, and ecologically sensitive versus non-sensitive industries, and assesses whether the Paris Agreement has a stronger impact than the UNGC. Furthermore, this paper engages in a discourse on the influence of ESG on financial sustainability, highlighting associated challenges and potential solutions.
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