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.

425 Size it (Control Variable): The size of the firm, typically calculated as the natural logarithm of total assets. This variable is included to neutralize scale effects, as large- scale corporations often exhibit different market dynamics. Lev it (Control Variable): Financial leverage (debt-to-equity ratio), utilized to account for financial risks and capital structure variations. ROA it ( Control Variable): Return on Assets, integrated to control for the firm's operational efficiency and underlying profitability. (Constant): The intercept of the regression model. ( Stochastic Error Term): Represents the random error and factors not explicitly captured by the model. The ESG metric is comprised of three fundamental pillars, each quantified through specific indicators and coefficients. In research contexts focusing on local markets where standardized ESG ratings are absent, a content analysis methodology is employed. This qualitative-to-quantitative approach involves the systematic evaluation of corporate disclosures, annual reports, and sustainability statements to derive objective ESG scores based on predetermined thematic criteria (table 1)․ Table 1. Composition of the ESG Metric The pivotal significance of this econometric model lies in its capacity to transform ethical behavior into a measurable economic variable, thereby substantiating that adherence to moral norms is not merely an act of goodwill, but a