Utjecaj okolišnih, društvenih i upravljačkih faktora na procjenu vrijednosti poduzeća

master's thesis

• Title (english): Impact of environmental, social and governance factors on company's valuation
• Author: Matija Šušak
• Mentor: Martina Solenički (mentor)
• Committee member: Ana Ivanišević Hernaus (član povjerenstva)
• Committee member: Denis Dolinar (član povjerenstva)
• Committee member: Martina Solenički (predsjednik povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Finance); Zagreb
• Defense date and country: 2023-09-21, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Okolišni, društveni i upravljački faktori predstavljaju sve važniji čimbenik u donošenju investicijskih odluka. Sve veći broj sudionika na financijskim tržištima u određenom obliku implementira okolišne, društvene i upravljačke faktore pri procjeni vrijednosti različitih oblika imovine. Problem je što ne postoji standardizacija vezana uz primjenu samih okolišnih, društvenih i upravljačkih faktora. Stoga su ciljevi ovog rada: analizirati utjecaj okolišnih, društvenih i upravljačkih faktora na poslovanje poduzeća, sistematizirati i kritički sagledati načine implementiranja okolišnih, društvenih i upravljačkih faktora u modele procjene vrijednosti poduzeća te implementirati okolišne, društvene i upravljačke faktore u model procjene vrijednosti odabranog poduzeća. Na primjeru odabranog poduzeća analizirana je opravdanost te su prezentirani načini implementiranja okolišnih, društvenih i upravljačkih faktora u sklopu modela diskontiranih novčanih tokova. Rezultati analize pokazuju da je optimalan način za implementaciju okolišnih, društvenih i upravljačkih faktora u model procjene vrijednosti kroz „ESG premiju“ nalik premiji veličine.

Abstract (english)

Environmental, social and governance factors are becoming increasingly important in investment decisions. A growing number of participants in financial markets are incorporating Environmental, social and governance factors in assessing the value of various assets. The problem is that currently there is no standardization in regards to the implementation of environmental, social and governance factors. The goals of this paper are: to analyze the impact of environmental, social and governance factors on company operations, to systematize and critically examine the methods of implementing environmental, social and governance factors in company valuation methods and to incorporate environmental, social and governance factors into the valuation model of the selected company. Using a selected company as an example, the justification of incorporating environmental, social and goverance factors was analyzed and models of implementing environmental, social and governance factors within the framework of discounted cash flow model were presented. The results of the analysis show that the optimal way to implement environmental, social and governance factors in valuation methods is through an "ESG premium" similar to a size premium.

• Keywords: procjena vrijednosti poduzeća; model diskontiranih novčanih tokova; ESG; investicijsko bankarstvo; British American Tobacco
• Keywords (english): company valuation; discounted cash flow model; ESG; investment banking; British American Tobacco
• Language: croatian
• URN:NBN: urn:nbn:hr:148:819924
• Study programme: Title: Business Economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Open access
• Created on: 2023-09-24 21:41:01