Publication result detail

Modelling of the relationship between sustainability and shareholder wealth

PAVLÁKOVÁ DOČEKALOVÁ, M.; KOCMANOVÁ, A.; MELUZÍN, T.; ŠKAPA, S.

Original Title

Modelling of the relationship between sustainability and shareholder wealth

English Title

Modelling of the relationship between sustainability and shareholder wealth

Type

WoS Article

Original Abstract

A structural model for the verification of the causal relationship between sustainability and economic value added is presented in this paper. The study has shown that there is no definite and unique relationship between corporate sustainability and economic value. Based on the results of the structural modelling, sustainable value model ESGVA is methodologically improved. The model expresses all four dimensions of corporate sustainability: environmental, social, corporate governance and economic. The case study demonstrates how different the results are if a purely economic concept of company value is used compared to value that takes into account environmental, social and corporate governance factors. The model is applicable to comparative analysis of socially responsible investments. Sustainable value provides extra information on corporate performance and can be used for decision-making of individual investors.

English abstract

A structural model for the verification of the causal relationship between sustainability and economic value added is presented in this paper. The study has shown that there is no definite and unique relationship between corporate sustainability and economic value. Based on the results of the structural modelling, sustainable value model ESGVA is methodologically improved. The model expresses all four dimensions of corporate sustainability: environmental, social, corporate governance and economic. The case study demonstrates how different the results are if a purely economic concept of company value is used compared to value that takes into account environmental, social and corporate governance factors. The model is applicable to comparative analysis of socially responsible investments. Sustainable value provides extra information on corporate performance and can be used for decision-making of individual investors.

Keywords

economic value added; sustainability; environmental; social; corporate governance factors; sustainable value

Key words in English

economic value added; sustainability; environmental; social; corporate governance factors; sustainable value

Authors

PAVLÁKOVÁ DOČEKALOVÁ, M.; KOCMANOVÁ, A.; MELUZÍN, T.; ŠKAPA, S.

RIV year

2023

Released

20.06.2022

Publisher

Vilnius Gediminas Technical University

Location

VILNIUS

ISBN

2029-4913

Periodical

Technological and Economic Development of Economy

Volume

28

Number

3

State

Republic of Lithuania

Pages from

854

Pages to

871

Pages count

18

URL

https://journals.vilniustech.lt/index.php/TEDE/article/view/16480

Full text in the Digital Library

http://hdl.handle.net/11012/208119

BibTex

@article{BUT178368,
  author="Marie {Pavláková Dočekalová} and Alena {Kocmanová} and Tomáš {Meluzín} and Stanislav {Škapa}",
  title="Modelling of the relationship between sustainability and shareholder wealth",
  journal="Technological and Economic Development of Economy",
  year="2022",
  volume="28",
  number="3",
  pages="854--871",
  doi="10.3846/tede.2022.16480",
  issn="2029-4913",
  url="https://journals.vilniustech.lt/index.php/TEDE/article/view/16480"
}

Documents

16480-Article Text-61507-3-10-20220602