Articles
Sustainable development as a factor in shaping the long-term value of an energy company
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- Category: Content №6 2025
- Last Updated on 25 December 2025
- Published on 30 November -0001
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Authors:
V. Kraievskyi*, orcid.org/0000-0003-3513-3666, State Tax University, Irpin, Ukraine, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
M. Skoryk, orcid.org/0000-0003-3291-706X, State Tax University, Irpin, Ukraine
V. Martynenko, orcid.org/0000-0001-9078-8345, State Tax University, Irpin, Ukraine
A. Savchenko, orcid.org/0000-0003-1871-7555, State Tax University, Irpin, Ukraine
* Corresponding author e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Naukovyi Visnyk Natsionalnoho Hirnychoho Universytetu. 2025, (6): 202 - 210
https://doi.org/10.33271/nvngu/2025-6/202
Abstract:
Purpose. To identify conceptual frameworks and develop a methodological approach to quantifying the impact of environmental, social and governance (ESG) factors on the long-term value of an energy company in the context of sustainable development and transformation of market regulators.
Methodology. The methodological tools of the study are based on a combination of system analysis, structural modeling and economic and mathematical testing. A multivariate regression model was constructed with a latent variable ESG, which aggregates environmental, social and governance components. For empirical verification, data from the energy company Iberdrola S.A. for 2010–2023 were used. Model dependencies were confirmed by graphical and statistical means.
Findings. As a result of econometric modeling, a positive relationship was established between the integral ESG index and the EV/EBITDA multiplier for a sample of energy companies, particularly Iberdrola. However, in some models or time subsamples, the ESG indicator coefficient did not reach the threshold level of statistical significance (p > 0.05), which indicates the variability of the impact depending on the model specification and the time sensitivity of the effect. The most significant was the impact of the environmental ESG block and the financial return on assets (ROA). Capital investments in the short term do not have a direct impact on market valuation. A structural model is proposed of three value contours: financial result, ESG determinants, non-financial assets.
Originality. For the first time, a comprehensive approach to embedding ESG factors into the system of forming a company’s long-term value based on an integrated economic and mathematical model adapted to the energy sector has been developed. An approach to calculating a latent ESG index has been proposed, and its impact has been substantiated within the framework of structural regression.
Practical value. The results can be used to build ESG-oriented financial controlling systems, introduce internal pricing for carbon risks, and evaluate investment projects considering non-financial effects in fuel and energy companies.
Keywords: sustainable development, ESG factors, energy, economic and mathematical modeling, financial strategy
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