Proceedings of the International scientific and practical conference ―Cambridge Science and Education Conference‖ (May 15-17, 2026) / Publisher website: www.naukainfo.com. - Cambridge, United Kingdom, 2026. - 429 p.

424 stewardship) and economically advantageous (cost reduction). The chain of ethical transformation within a corporate structure can be illustrated as follows: Ethical Principles → CSR Strategy → Economic Efficiency Having established the normative interconnection between ethical principles and CSR, it becomes imperative to analyze this relationship within the realm of quantifiability. Contemporary financial markets necessitate the transformation of ethics into ESG (Environmental, Social, and Governance) metrics, which exert a direct influence on the Tobin‘s Q ratio (Tobin’s Q is an economic indicator developed by Nobel Prize-winning economist James Tobin. It measures whether a company’s market value is greater or less than the value of its real assets, often used to identify overvaluation or undervaluation in financial markets.) and overall corporate capitalization. Subsequently, we present an econometric model designed to substantiate the correlational links between ethical capital and market value. We propose a multi- factor regression model that evaluates corporate market attractiveness, proxied by Tobin‘s Q, as a function of the firm‘s ethical rating, represented by its ESG Score. Q it = + + + + + To empirically test the relationship between ethical capital and market value, we employ a multi-factor regression model. The variables are defined as follows: Q it (Dependent Variable): A proxy for the firm's market value, calculated as the ratio of the sum of market capitalization and total liabilities to the book value of total assets (Tobin‘s Q). A condition where Q > 1 signifies that the market values the firm higher than the sum of its tangible assets, indicating the presence of "invisible" resources, specifically ethical capital and goodwill. Unlike accounting metrics such as net profit, Q is more stable and reflects investors' long-term expectations. ESG it ( Primary Independent Variable): The company‘s ESG score, representing its ethical, social, and governance rating. Our hypothesis posits that > 0, suggesting that an increase in ESG performance leads to a corresponding rise in Q. This variable serves as the quantitative measure of "Ethical Capital."