Sustainable Development and Finance in Europe

This book characterizes and evaluates how stock markets operate in European Union (EU) countries in terms of the sustainable development of public companies. It presents the methodology for constructing ESG indicators, with particular emphasis on Refinitiv, which is one of the largest and most recognizable databases in this area.

Sustainable development is a major challenge of our times. The conditions necessary for sustainable transformation cut across all economic entities and sectors that operate on macro- and micro-economic scales, both nationally and internationally. The subject of sustainability has been represented in the public space for years, but there are few studies available on the practical implementation of the related goals and most publications focus on the issues of "green" finance and the environment. A particularly large information gap relates to the role of sustainable finance in achieving sustainable development, which has been underestimated for years. This book characterizes and evaluates how stock markets operate in European Union (EU) countries in terms of the sustainable development of public companies.

The book addresses two key research areas. Firstly, it provides an analysis of the legal and institutional environment of the EU stock markets in the sustainable reconstruction of the European economy and secondly, it assesses the conditions for EU public companies to implement environmental, social, and governance (ESG) non-financial reporting requirements, and how the ESG indicators, based on these, function. The book presents the methodology for constructing ESG indicators, with particular emphasis on Refinitiv, which is one of the largest databases in this area and the most recognizable on a global scale.

The book is a valuable source of knowledge on the conditions and consequences of changes in the financial markets, especially the stock markets and is addressed primarily to the academic community but may also be informative, engaging, and useful for various stakeholders in the business sector, including enterprises, institutional and individual investors, and financial institutions.

Autorentext

Mägorzata Janicka, Ph.D. Habil. is Associate Professor at the Department of Finance and International Investment at the Faculty of Economics and Sociology of the University of Lodz. She is also Director of the Institute of International Economy, Head of the Department of Finance and International Investments and Head of the Capital Investment Research Centre all at the University of Lodz (in cooperation with business). She is the author of numerous publications and scientific analyses and has 30 years of experience in academic work.

Artur Sajnóg, Ph.D. Habil. is Associate Professor and an active academic teacher in the Department of International Finance and Investments at the Faculty of Economics and Sociology of the University of Lodz. He is one of the leaders of the Centre for Capital Investment Research and the author of several publications devoted to the development and value of public companies. His main interest areas include capital markets, sustainable finance, corporate finance, financial analysis, financial and non-financial reporting and its consequences for the sustainable development of the economy.

Inhalt

Introduction Part I: Stock Markets of the European Union and the challenge of sustainable development 1. Sustainable finance and stock markets in the European Union 2. The capital markets union and sustainable development in European Union countries 3. The evolution of the regulatory environment in the European Union 4. The role of the Environmental Social and Governance ratings and the ESG indices on the European capital markets Part II: The consequences of sustainable transformation for public companies in the European Union 5. Short-termism and the concept of sustainable finance 6. Sustainable finance and non-financial reporting 7. Implications of the ESG concept for public companies in the European Union 8. Summary