Issue: № 5, 2026
Doi: https://doi.org/10.37634/efp.2026.5.16e
The paper examines ESG factors as determinants of enterprise investment activity under conditions of structural economic transformation and the transition to a sustainable development model. Increasing macroeconomic instability, uneven sectoral recovery, and changing investment priorities necessitate the expansion of traditional approaches to the analysis of investment activity through the inclusion of environmental, social, and governance factors. This issue becomes particularly relevant in the context of the transformation of corporate investment behavior accompanied by the growing role of intangible assets, digitalization, and non-financial criteria in investment decision-making. The purpose of the paper is to investigate the impact of ESG factors on enterprise investment activity and to identify the mechanisms of their influence under conditions of sustainable economic transformation. The methodological basis of the study is formed by systemic and structural-functional approaches. The results reveal the asymmetric nature of investment recovery and a high differentiation of investment activity across economic sectors. A tendency toward the reorientation of investment flows toward intangible assets has been identified. It has been proved that traditional financial and economic approaches do not fully explain the current dynamics of investment activity, which substantiates the need to incorporate ESG factors into its analytical framework. It has been determined that ESG factors influence investment activity through the mechanisms of capital cost, investment risks, access to financing, investment attractiveness, and the reallocation of investment flows. An integrated conceptual model of enterprise investment activity has been proposed, combining internal financial capabilities of enterprises, macroeconomic conditions, and ESG determinants into a unified system for the transformation of investment processes. The conclusions substantiate that ESG factors form a new system of determinants of enterprise investment activity and determine the transformation of investment processes toward sustainable economic development.
Keywords : investment activity of enterprises, ESG factors, sustainable development, capital investments, macroeconomic environment, corporate governance
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