Modelling of the relationship between sustainability and shareholder wealth
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.
First published online 17 March 2022
Keyword : economic value added, sustainability, environmental, social, corporate governance factors, sustainable value
How to Cite
Pavláková Dočekalová, M., Kocmanová, A., Meluzín, T., & Škapa, S. (2022). Modelling of the relationship between sustainability and shareholder wealth. Technological and Economic Development of Economy, 28(3), 854–871. https://doi.org/10.3846/tede.2022.16480
This work is licensed under a Creative Commons Attribution 4.0 International License.
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Dong, L., & Wong-On-Wing, B. (2021). Does causally linking nonfinancial measures influence investors’ use of management’s disclosures of nonfinancial information? Accounting & Finance, 61(S1), 2269–2299. https://doi.org/10.1111/acfi.12662
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Figge, F., & Hahn, T. (2008). The cost of sustainability capital and the creation of sustainable value by companies. Journal of Industrial Ecology, 9(4), 47–58. https://doi.org/10.1162/108819805775247936
Fombrun, J. C., Gardberg, N. A., & Barnett, M. L. (2000). Opportunity platforms and safety nets: Corporate citizenship and reputational risk. Business and Society Review, 105(1), 85–106. https://doi.org/10.1111/0045-3609.00066
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Freudenreich, B., Lüdeke-Freund, F., & Schaltegger, S. (2020). A stakeholder theory perspective on business models: Value creation for sustainability. Journal of Business Ethics, 166, 3–18. https://doi.org/10.1007/s10551-019-04112-z
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Hussain, N., Rigoni, U., & Orij, R. P. (2018). Corporate governance and sustainability performance: Analysis of triple bottom line performance. Journal of Business Ethics, 149, 411–432. https://doi.org/10.1007/s10551-016-3099-5
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