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Economic Assessment of Sustainability Aspects in Business Operation

Summary/Abstract: Today’s increasing economic, environmental and social uncertainties present new challenges for companies. These require social, environmental, and organizational responsibility, as well as compliance with the principle of economic efficiency. These noneconomic, environmental (E), social (S), and governance (G) aspects are mentioned in the literature as the ESG approach. The main aim of this study is to examine the relationship between ESG performance and corporate financial performance. The analysis of the relationship between ESG and financial performance is based on the financial statements of pharmaceutical companies with an ESG score for 3 years, from 2019-2020. The financial performance of investigated corporates was expressed by the profitability ratios (ROA, ROE). To measure ESG performance, we used ESG scores from the Refinitive database. The analysis of the relationship between ESG and the financial performance of pharmaceutical companies was performed with linear regression by using the statistical software R. The results suggest that there is a medium correlation between the components of ESG and financial performance.

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