Extended Regional Overview of ESG Rating for Small and Medium Enterprises in Hungary
DOI:
https://doi.org/10.32976/stratfuz.2024.27Keywords:
ESG, green investments, sustainable investmentsAbstract
Our study aims to analyze the changes in ESG ratings of domestic small and medium-sized enterprises. In the research, we tracked the changes in ESG ratings of nearly 1200 companies between September 19, 2022, and October 19, 2023. The results indicate that in the area of positive ESG changes, the professional scientific and technical activities sector dominates, while in the realm of negative ESG changes, the construction industry prevails. Regional-level examinations reveal significant ESG improvement in the capital city region (+3.7%) and the southern Great Plain region (+4.2%), whereas the largest negative change is observed in the northern Great Plain region (-4.8%). County-level analyses show the most significant positive change in Csongrád-Csanád (8.4%), Veszprém (4.4%), and Vas (4%) countries, while the most substantial declines are associated with Nógrád (-6.4%), Hajdú-Bihar (-5.4%), and Szabolcs-Szatmár-Bereg (-4.4%) countries.
References
Alves, R., Krüger, P., van Dijk, M., Gibson, S., Gosling, T., Metzger, D., Pelizzon, L., Renneboog, L., & Szymanowska, M. (2023). Drawing up the bill: Is ESG related to stock returns around the world? SSRN. https://ssrn.com/abstract=4674146
Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22, S119–S127. https://doi.org/10.1016/j.bir.2022.11.006
Berg, F., Fabisik, K., & Sautner, Z. (2020). Rewriting history II: The (un)predictable past of ESG ratings. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3722087
Bragdon, J., & Marlin, J. (1972). Is pollution profitable? Risk Management, 19.
Csehné Papp, I., Nagy, Cs., & Karácsony, P. (2021). Az emberi erőforrás menedzsment szerepe a fenntartható fejlődésben. Észak-magyarországi Stratégiai Füzetek, 18(3), 103-112. https://doi.org/10.32976/stratfuz.2021.45
De Lucia, C., Pazienza, P., & Bartlett, M. (2020). Does good ESG lead to better financial performances by firms? Machine learning and logistic regression models of public enterprises in Europe. Sustainability, 12(13), 5317. https://doi.org/10.3390/su12135317
Fei, S., Mengyao, G., Yujie, L., & Jia, L. (2023). ESG performance and corporate fraudulence: Evidence from China. SSRN. https://doi.org/10.1016/j.irfa.2024.103180
Fogler, H. R., & Nutt, F. (1975). A note on social responsibility and stock valuation. Academy of Management Journal, 18(1), 155-160. https://doi.org/10.2307/255635
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1118917
Fu, T., & Li, J. (2023). An empirical analysis of the impact of ESG on financial performance: The moderating role of digital transformation. Frontiers in Environmental Science, 11, 1256052. https://doi.org/10.3389/fenvs.2023.1256052
Fain, M. (2020). A vállalati jövedelmezőség és az ESG-teljesítmény közötti kapcsolatok értékelése GMM-IV-módszerre. Gazdasági és Pénzügy, 7(3), 465-484. https://doi.org/10.33926/GP.2020.4.6
Gingrich, N. (1995). To renew America. Challenge, 38(5), 59-61. https://www.jstor.org/stable/40721641
Hajdu, T., Lukács, J., & Reizingerné Ducsai, A. (2023). A kör négyszögesítése, avagy az ESG-jelentések számszerű minősítése. Pénzügyi Szemle, 69(2), 103-122. https://doi.org/10.35551/PFQ_2023_2_6
Henisz, W., Koller, T., & Nuttall, R. (2019). Five ways that ESG creates value. McKinsey Quarterly.
Hur, W.-M., Moon, T.-W., & Ko, S.-H. (2018). How employees’ perceptions of CSR increase employee creativity: Mediating mechanisms of compassion at work and intrinsic motivation. Journal of Business Ethics, 153(3), 629–644. https://doi.org/10.1007/s10551-016-3321-5
Király, B., Musinszki, Z., & Lipták, K. (2023). The impact of environmental changes on the revenues and costs of Hungarian CEP companies. Észak-magyarországi Stratégiai Füzetek, 20(2), 46-56. https://doi.org/10.32976/stratfuz.2023.15
Koh, R., & Lee, J. (2023). ESG performance and stock risk in U.S. financial firms. SSRN.
Lengyel, I., Szakálné Kanó, I., Vas, I., & Lengyel, B. (2016). Az újraiparosodás térbeli kérdőjelei Magyarországon. Közgazdasági Szemle, 63(6), 615-646. http://dx.doi.org/10.18414/KSZ.2016.6.615
Li, M., Jiang, J., & Hu, Y. (2024). Does ESG performance improve export product quality? Evidence from China. SSRN. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4690769
Margolis, J. D., & Walsh, J. P. (2003). Misery loves companies: Rethinking social initiatives by business. Administrative Science Quarterly, 48(2), 268–305. https://doi.org/10.2307/3556659
Pursiainen, V., Sun, H., & Xiang, Y. (2023). Competitive pressure and ESG. SSRN Electronic Journal. Swiss Finance Institute Research Paper No. 23-69. https://doi.org/10.2139/ssrn.4546541
Simon, R. B. (2024). Fenntartható városfejlesztés az uniós lehetőségek tükrében. Észak-magyarországi Stratégiai Füzetek, 21(1), 150-162. https://doi.org/10.32976/stratfuz.2024.12
Szerb, L., & Hornyák, M. (2016). A magyar kisvállalatok versenyképességének vizsgálata regionális összehasonlításban. In Lengyel I. – Nagy B. (Eds.), Térségek versenyképessége, intelligens szakosodása és újraiparosodása (pp. 307–325). Szeged: JATEPress.
Szlávik, J. (2013). Fenntartható gazdálkodás. Budapest: Complex Kiadó.
Takács, A., & Erdős, S. (2023). Ok vagy okozat? A környezeti és a pénzügyi teljesítmény összefüggésének elemzése nemzetközi nagyvállalati adatokon. Statisztikai Szemle, 101(5), 387–402. https://doi.org/10.20311/stat2023.05.hu0387
Takácsné Papp, A. (2021). Borsod-Abaúj-Zemplén megye lehetőségei és kihívásai az energiaátmenetben. Észak-magyarországi Stratégiai Füzetek, 18(Klnsz.), 71-84. https://doi.org/10.32976/stratfuz.2021.6
Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 8(2), 169–178. https://doi.org/10.1108/JGR-11-2016-0029
Whelan, T., Atz, U., Van Holt, T., & Clark, C. (2021). Uncovering the relationship by aggregating evidence from 1,000 plus studies published between 2015 – 2020. NYU Stern Center for Sustainable Business. https://rcmbrand.rockco.com/wp-content/uploads/2021/02/NYU-RAM_ESG-Paper_2021_vfinal.pdf
Walley, N., & Whitehead, B. (1994). It’s not easy being green. Harvard Business Review, 72(05). https://hbr.org/1994/05/its-not-easy-being-green
Downloads
Published
How to Cite
Issue
Section
License
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
