La crise fnancière a accru la popularité de l’investissement éthique. Ceci est visible dans l’augmentation du nombre des fonds d’investisse-ment européens ouverts (ISR) et dans l’augmentation de la valeur des actifs gérés. Néanmoins ce segment particulier des fonds d’investissement se développe de façon irrégulière, et sa position varie en fonction des pays. Des différences particulièrement grandes apparaissent entre les pays euro-péens avec des marchés fnanciers matures et les pays postcommunistes considérés comme des marchés émergents. À partir d’une analyse comparative, cet article confrme l’hypothèse d’une grande asymétrie dans les niveaux de développement des fonds ISR en faveur des pays non post-communistes. Cette asymétrie n’est pas uniquement due à un niveau de développement général des marchés plus élevé dans ces pays, mais aussi aux conditions institutionnelles plus favorables dans beaucoup d’entre eux.
The purpose of this article is to verify whether there is a research gap referring to the potential application of ESG-related information in bankruptcy early warning signals. There is a problem of a strong information asymmetry in the enterprise-investor relationship, with the issuer being the privileged party. The problem is so urgent that, undoubtedly, the global effect of the crisis caused by the COVID-19 pandemic will be a sharp increase in the number of economic entities threatened with insolvency and bankruptcy. The question then arises – can environmental, social and governmental (ESG) criteria be used as elements of the bankruptcy early warning system? The study covers the time period beginning January 2016 through June 2021 and includes scientific indexed in the Web of Science Core Collection database provided by Clarivate Analytics. The following research hypothesis guides this study: There is a research gap referring to the role of ESG-related information in bankruptcy early-warning systems. To verify the hypothesis (H0) the model was built, based on the concept of citations count regression (Staszkiewicz, 2019). The study confirmed the existence of a research gap indicated in the research hypothesis. Possible legal obligation referring to the disclosure of certain ESG-related, standardized information sets would be helpful to diminish the market information asymmetry. Research shows, that strong regulatory activities support the ESG-compliant performance of a business venture (Ortas et al., 2019). Also, standardization of ESG rating criteria and evaluation process would be helpful in this matter and would endure comparability of sourcing data and outcome.
Słowa kluczowe: czynniki instytucjonalne, inwestowanie etyczne, inwestowanie odpowiedzialne społecznie Keywords: institutional factors, ethical investments, socially responsible investments Kod JEL: G18, G23, M14
WstępPolski rynek inwestycji etycznych znajduje się na początku drogi swojego rozwoju. Mimo dość wysokiej świadomości inwestorów dotyczącej istnienia takiego zjawiska, jak SRI (Social Responsible Investing), deklarowanie uwzględniania aspektów pozaekonomicznych podczas podejmowania decyzji inwestycyjnych jest stosunkowo rzadko spotykane. W badaniu przeprowadzonym wśród inwestorów indywidualnych 59% respondentów przyznało, że słyszeli o inwestycjach odpowiedzialnych społecznie, ale jednocześnie 67% badanych stwierdziło, że nie korzysta z żadnych form tego typu inwestowania [Czerwonka, 2013, s. 160-161]. Podobna
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