TFL Vsebine / Revija SIR*IUS

The impact of ESG factors on valuation of financial assets, real estate and movable property

Članek analizira vpliv okoljskih, družbenih in upravljavskih dejavnikov (ESG) na ocenjevanje vrednosti finančnega premoženja, nepremičnin in premičnin po letu 2020, ko je ESG postal strukturni element finančnega odločanja. Teoretični okvir, ki temelji na teoriji deležnikov, teoriji agenta in teoriji legitimnosti, pojasnjuje mehanizme, prek katerih ESG vpliva na denarne tokove, tveganja, stroške kapitala in terminalne vrednosti. Empirična analiza, ki vključuje najnovejše raziskave, metaanalize, stresne teste in sektorska poročila, potrjuje, da ESG pomembno vpliva na vrednotenje, vendar ti vplivi niso univerzalni. Pri finančnem premoženju ESG zmanjšuje volatilnost in stroške kapitala, čeprav se učinki razlikujejo med panogami. Pri zelenih obveznicah zelena premija (greenium) po letu 2022 ni več stabilen pojav. Pri nepremičninah se tradicionalna zelena premija pojavlja selektivno, medtem ko se je rjavi popust (brown discount) po letu 2022 izrazito okrepil. Pri premičninah ESG vpliva predvsem prek okoljskih standardov in tehnološke zastarelosti. Razprava izpostavlja izzive, kot so heterogenost ESG ocen, tveganje zelenega zavajanja in dinamično regulativno okolje, ter priložnosti za ocenjevalce vrednosti, vključno z razvojem naprednih metod vrednotenja, integracijo podnebnih scenarijev in krepitvijo strokovne vloge pri zmanjševanju informacijskih asimetrij. V članku poudarimo potrebo po celovitem, podatkovno podprtem in kontekstualiziranem pristopu k vključevanju ESG-ja v vrednotenje premoženja.

This article examines the impact of environmental, social and governance (ESG) factors on the valuation of financial assets, real estate and movable property in the post 2020 period, when ESG has become a structural component of financial decision-making. The theoretical framework, grounded in stakeholder theory, agency theory and legitimacy theory, explains the mechanisms through which ESG influences cash flows, risk profiles, cost of capital and terminal values. The empirical analysis, drawing on recent research, meta analyses, stress tests and sectoral reports, confirms that ESG significantly affects valuation, although the effects are neither universal nor uniform across asset classes. For financial assets, ESG is associated with lower volatility and reduced cost of capital, though sector specific differences remain substantial. In the bond market, the greenium has become increasingly context dependent and, in some segments, has diminished or reversed since 2022. In real estate, traditional green premiums persist only in select segments, while the brown discount has strengthened markedly, reflecting higher risks and lower valuations for energy inefficient buildings. For movable property, ESG influences valuation primarily through environmental standards and technological obsolescence. The discussion highlights key challenges—including heterogeneous ESG ratings, greenwashing risks and evolving regulatory requirements—and identifies opportunities for valuation professionals, such as integrating climate scenarios, enhancing risk assessment and developing advanced ESG adjusted valuation models. The article underscores the need for a comprehensive, data driven and context sensitive approach to incorporating ESG into valuation practice.