ESG investování a integrace ESG faktorů do strategií obchodování s cennými papíry

This thesis deals with ESG investing and investors‘ market reaction to changes in the values of sustainability indicators. At the theoretical level, the thesis presents the development of the sustainable finance theory from the CSR and ESG frameworks and defines the main forms of sustainable investing, including the sustainable financial products characteristics. The empirical part of the thesis is based on four research studies. The first study analyses the impact of composite ESG scores and the degree of their disagreement on future stock returns, while the second study complements this analysis by decomposing ESG scores into individual pillars. The third study analyses short-term investor reactions to corporate announcements of carbon neutrality commitments. Finally, the thesis examines differences in performance, expense ratios, and capital flows across European UCITS funds by classification under the SFDR Regulation. The results show that traditional risk factors remain more important determinants of returns than ESG indicators themselves, whose influence is only partial and sensitive to context and investment region. The thesis further suggests that investors associate corporate climate commitments with additional future costs that are not fully compensated by higher future revenues.