employee
The modern business environment is undergoing a structural shift from narrowly financial benchmarks to a multifactorial valuation model, where environmental, social and management parameters (ESG) are becoming a strategic imperative. This shift is caused simultaneously by regulatory pressure, stakeholder expectations, and a reassessment of non-financial risks by investors. The article explores how ESG integration changes the configuration of business models and transforms the risk-return profile for investors, separating reputational declarations from measurable financial results. The empirical base includes 300 companies from MSCI ACWI for the period 2015-2024. Quarterly financial metrics (ROA, ROE, capitalization) and price series (volatility, β) from Bloomberg/Refinitiv, as well as integral and component ESG ratings from Sustainalytics, are collected. The following methods were applied: correlation analysis; panel regression with fixed effects (dependent — ROA/ROE; independent — E, S, G and control by size, industry, region); portfolio test by ESG quartiles; event analysis of market reaction to major ESG initiatives and scandals (CAR in windows up to 21 days). Correlations show a positive relationship between ESG and profitability and a negative one with volatility; the G component is the strongest (ROA: 0.359; ROE: 0.322; volatility: -0.311). In regression, G remains a statistically significant driver of ROA (β=0.143; p<0.001), while E is moderately positive (β=0.052; p=0.031), and S is insignificant in the short term. The ESG leadership portfolio demonstrates comparable returns (11.47% vs 10.98%) with significantly lower risk (13.05% vs 16.89%) and a higher Sharpe ratio (0.726 vs 0.532). Event analysis reveals an asymmetry: positive ads increase by up to +1.95% in 21 days, while negative ads increase by up to -4.21%. The results confirm that ESG transformation is not a marketing trend, but a cost—shifting factor: improvements in management and the environment directly increase operational efficiency and reduce risk. For investors, the key benefit of ESG integration is the quality of return (risk-adjusted return), rather than "super profitability" per se. Practical conclusion: to integrate ESG metrics into fundamental analysis, giving priority to G-practices, monitoring of ESG risks and systemic filtering of issuers by sustainability profile.
ESG, transformation of business models, corporate governance, risk-adjusted profitability, event analysis
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