SUSTAINABILITY-LINKED FINANCE: Analýza efektivity sankčních mechanismů u Sustainability-Linked Bonds a jejich motivačního vlivu na podniky

This bachelor’s thesis examines the concept of Sustainability-Linked Finance (SLF), with a particular focus on Sustainability-Linked Bonds (SLB) and their penalty mechanisms. The main objective is to assess the effectiveness of these mechanisms and their motivational impact on corporate behaviour. The theoretical part defines the concept of sustainable finance, describes the functioning of SLF instruments, analyses the development and structure of the SLB market, and provides a comparison with green bonds and conventional corporate bonds. The practical part is based on a financial simulation of the impact of penalties on three selected companies – Ahold Delhaize, Pirelli, and the ČEZ Group. The analysis evaluates the effects from the perspectives of management, shareholders, and operational performance. The results indicate that the current level of penalties is often relatively low and may not constitute a sufficient economic incentive to ensure the fulfilment of the defined targets. Therefore, the thesis proposes adjustments to the design of SLBs aimed at enhancing their real motivational effectiveness.