{"id":20880,"date":"2025-12-03T20:17:46","date_gmt":"2025-12-03T18:17:46","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=20880"},"modified":"2025-12-03T22:25:33","modified_gmt":"2025-12-03T20:25:33","slug":"esg-factors-and-corporate-strategies","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/esg-factors-and-corporate-strategies\/","title":{"rendered":"Zakharkin O., Zakharkina L. ESG factors and corporate strategies: stock market tools in the financial management of sustainable development"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]<\/p>\n\n\n\n
JEL Classification:<\/strong> G32; G39; Q56; M14.<\/span><\/i><\/td>\nDOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V53(2025)-16<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

[\/vc_column_text][vc_column_text]Zakharkin Oleksii, <\/b>Doctor of Economics, Professor, Associate Professor of the Department of Financial Technologies and Entrepreneurship, Sumy State University, Sumy, Ukraine<\/span><\/p>\n

ORCID ID:<\/strong> 0000-0003-2753-3600<\/span><\/a>
\ne-mail: <\/strong>o.zakharkin@biem.sumdu.edu.ua<\/span><\/a><\/p>\n

Zakharkina Liudmyla, <\/b>PhD (Economics), Associate Professor, Associate Professor of the Department of Financial Technologies and Entrepreneurship, Sumy State University, Sumy, Ukraine<\/span><\/p>\n

ORCID ID:<\/strong> 0000-0003-1002-130X<\/span><\/a>
\ne-mail: <\/strong>l.zakharkina@biem.sumdu.edu.ua<\/span><\/a><\/p>\n

 <\/p>\n

ESG factors and corporate strategies: stock market tools in the financial management of sustainable development<\/b><\/h2>\n

Abstract. Introduction<\/i><\/b>.\u00a0<\/span><\/i>This article examines how environmental, social, and governance (ESG) factors are integrated into corporate financial strategies, highlighting the increasing importance of capital market instruments in promoting sustainable development. The research’s relevance is determined by global trends in ESG investment growth and the need for Ukrainian enterprises to adapt to EU sustainability reporting standards (CSRD Directive).<\/span><\/i><\/p>\n

Purpose<\/i><\/b>. This article aims to investigate the relationship between ESG factors and strategic financial management and to evaluate the effectiveness of green bonds, ESG indexes, and sustainable investment funds in fostering long-term business resilience and competitiveness.<\/span><\/i><\/p>\n

Results<\/i><\/b>. The study shows that incorporating ESG principles into financial management improves access to capital, reduces operational and reputational risks, and boosts investor confidence. Based on international experience, the study shows that companies with high ESG ratings attract more favorable financing conditions and maintain stronger market positions. An analysis of Ukrainian and global practices indicates that sustainable finance instruments are essential for post-war economic recovery. The paper also emphasizes the importance of regulatory support, transparent ESG reporting, and investor awareness in expanding sustainable investment markets.<\/span><\/i><\/p>\n

Conclusions<\/i><\/b>. ESG factors have become a core component of financial strategy, evolving from ethical considerations into drivers of value creation and competitiveness. Implementing green financial instruments, ESG indexes, and sustainability funds establishes a foundation for achieving the Sustainable Development Goals and ensuring enterprises’ long-term financial stability.<\/span><\/i><\/p>\n

Keywords<\/b>: ESG factors; financial strategy; capital market; green bonds; sustainable finance; corporate resilience.<\/span><\/i><\/p>\n

References<\/b>:<\/strong><\/p>\n

    \n
  1. LIGA:ZAKON (2025, July 22). <\/span>The current landscape of sustainable development (ESG) reporting regulation in the world<\/span><\/i>. <\/span>https:\/\/surl.li\/xkhtuo<\/span>.<\/span><\/li>\n
  2. West, B. (2025, May 1). Strategic financial models for advancing ESG and sustainability objectives in US Fortune 500 corporations. <\/span>Kogod School of Business, American University<\/span><\/i>. <\/span>https:\/\/surl.li\/gprwgf<\/span>.<\/span><\/li>\n
  3. The World Bank Treasury. (2025, February). <\/span>Labeled Sustainable Bonds Market Update \u2013 February 2025<\/span><\/i>. <\/span>https:\/\/surl.lt\/ixoymu<\/span>.<\/span><\/li>\n
  4. Caldecott, B. L., Clark, A., Harnett, E., Koskelo, K., Wilson, C., & Liu, F. (2022). Sustainable Finance and Transmission Mechanisms to the Real Economy. <\/span>University of Oxford Smith School of Enterprise and the Environment Working Paper 22-04<\/span><\/i>.<\/span><\/li>\n
  5. K\u00f6lbel,\u00a0J.\u00a0F., Heeb,\u00a0F., Paetzold,\u00a0F., & Busch,\u00a0T. (2020). Can Sustainable Investing Save the World? Reviewing the Mechanisms of Investor Impact.\u00a0<\/span>Organization & Environment<\/span><\/i>,\u00a0<\/span>33<\/span><\/i>(4), 554\u2013574.\u00a0<\/span>https:\/\/doi.org\/10.1177\/1086026620919202<\/span>.<\/span><\/li>\n
  6. de Freitas Netto, S.\u00a0V., Sobral, M.\u00a0F.\u00a0F., Ribeiro, A.\u00a0R.\u00a0B., & da Luz Soares, G.R. (2020). Concepts and forms of greenwashing: a systematic review. <\/span>Environmental Sciences Europe<\/span><\/i>, 32(1). <\/span>https:\/\/doi.org\/10.1186\/s12302-020-0300-3<\/span>.<\/span><\/li>\n
  7. Xu, M., Tse, Y. K., Geng, R., Liu, Z., & Potter, A. (2025). Greenwashing and market value of firms: An empirical study. <\/span>International Journal of Production Economics<\/span><\/i>, 284, 109606. https:\/\/doi.org\/10.1016\/j.ijpe.2025.109606.<\/span><\/li>\n
  8. Sapozhnikov,\u00a0V., Zhabak,\u00a0A., & Sydorko,\u00a0V. (2024). Development of Green Finance as a Tool for Sustainable Development: Concepts, Instruments, International Experience, and Prospects for Ukraine.\u00a0<\/span>Economic Analysis<\/span><\/i>, 34(3), 598-612.\u00a0<\/span>https:\/\/doi.org\/10.35774\/econa2024.03.598<\/span>.<\/span><\/li>\n
  9. Lahodiyenko,\u00a0O.\u00a0V. (2024). Research on the integration of ESG factors into the corporate strategy of the enterprise. <\/span>Regional Economy<\/span><\/i>, 3(113), 117-123. <\/span>https:\/\/doi.org\/10.36818\/1562-0905-2024-3-10<\/span>.<\/span><\/li>\n
  10. Zhytar, M. (2024). ESG trends in financial activities of companies: key directions and recommendations. <\/span>European Scientific Journal of Economic and Financial Innovation<\/span><\/i>, 2(14), 86-94. <\/span>https:\/\/doi.org\/10.32750\/2024-0209<\/span>.<\/span><\/li>\n
  11. McKinsey & Company. (2022, June 7). <\/span>Resilience for sustainable, inclusive growth<\/span><\/i>. <\/span>https:\/\/surl.li\/orkqwd<\/span>.<\/span><\/li>\n
  12. Avellum. (2021, October 29). <\/span>Funding the green transition: Green bond opportunities in Ukraine<\/span><\/i>. <\/span>https:\/\/surl.li\/cfdzwz<\/span>.<\/span><\/li>\n
  13. Demski, J., Dong, Y., McGuire, P., & Mojon, B. (2025, March 11). Growth of the green bond market and greenhouse gas emissions. <\/span>BIS Quarterly Review<\/span><\/i>. <\/span>https:\/\/surl.li\/lojlpe<\/span>.<\/span><\/li>\n
  14. DoGood People. (2024). <\/span>The main sustainability indexes<\/span><\/i>. <\/span>https:\/\/surl.lu\/okqsge<\/span>.<\/span><\/li>\n
  15. Fichtner, J., Jaspert, R., & Petry, J. (2023). <\/span>Mind the ESG gaps: Transmission mechanisms and the governance of and by sustainable finance.<\/span><\/i> Danish Institute for International Studies. https:\/\/www.econstor.eu\/bitstream\/10419\/296936\/1\/1839375655.pdf.<\/span><\/li>\n<\/ol>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Received: <\/strong>8\u00a0October 2025<\/span><\/p>\n

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    Zakharkin O., Zakharkina L. (2025). ESG factors and corporate strategies: stock market tools in the financial management of sustainable development. Modern Economics, 53(2025), 116-121. DOI: https:\/\/doi.org\/10.31521\/modecon.V53(2025)-16.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=”.vc_custom_1657628632157{margin-top: 10px !important;}”]<< \u041f\u043e\u0432\u0435\u0440\u043d\u0443\u0442\u0438\u0441\u044f \u0434\u043e \u0437\u043c\u0456\u0441\u0442\u0443<\/a>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/section>","protected":false},"excerpt":{"rendered":"

    [vc_row][vc_column][vc_column_text] JEL Classification: G32; G39; Q56; M14. DOI: https:\/\/doi.org\/10.31521\/modecon.V53(2025)-16 [\/vc_column_text][vc_column_text]Zakharkin Oleksii, Doctor of Economics, Professor, Associate Professor of the Department of Financial Technologies and Entrepreneurship, Sumy State University, Sumy, Ukraine ORCID ID: 0000-0003-2753-3600 e-mail: o.zakharkin@biem.sumdu.edu.ua Zakharkina Liudmyla, PhD (Economics), Associate Professor, Associate Professor of the Department of Financial Technologies and Entrepreneurship, Sumy State University, Sumy,
    Read more<\/a><\/p>\n","protected":false},"author":10,"featured_media":13475,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[242],"class_list":["post-20880","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-53-2025","tag-53-2025"],"_links":{"self":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/20880","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/comments?post=20880"}],"version-history":[{"count":3,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/20880\/revisions"}],"predecessor-version":[{"id":21109,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/20880\/revisions\/21109"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/media\/13475"}],"wp:attachment":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/media?parent=20880"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/categories?post=20880"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/tags?post=20880"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}