In the modern business world, the success of a corporation is no longer measured solely by the size of its net profit. Today, when sustainable development is one of the pressing issues at the global level, ESG factors - environmental, social and governance standards - are on the agenda, which determine how responsible a business is towards society and environmental conditions. This article examines the relationship between environmental, social, and governance (ESG) factors and their impact on a corporation’s investment attractiveness. The aim of the study is to determine, through comparative and qualitative analysis, how the implementation of ESG standards affects the investment attractiveness of companies, drawing on international practices and the example of Georgia. The paper analyzes the mechanisms by which non-financial data is transformed into cash flows; furthermore, it discusses the importance of green bonds in diversifying sources of financing.
Giorgidze et al. (Mon,) studied this question.