THE IMPACT OF ESG FACTORS ON INVESTMENT STRATEGY FORMATION AND SECURITIES TRADING IN THE CONTEXT OF SUSTAINABLE FINANCE FOR UKRAINIAN ENTERPRISES

This article examines the impact of ESG factors on investment strategy formation and securities trading in the context of sustainable finance for Ukrainian enterprises. The current state of sustainable finance instruments development in Ukraine's stock market has been analyzed, revealing a significant lag behind global trends: the share of securities from companies with public ESG strategies accounts for less than 5% of total trading volume, while green bond issuance does not exceed 0.3% of total corporate bond emissions. Based on empirical data, the main barriers to ESG investing development in Ukraine have been identified: inadequate regulatory framework, information asymmetry, limited stock market liquidity, insufficient market participants' awareness, and weak development of specialized infrastructure.An assessment of Ukraine's stock market infrastructure readiness for responsible investing principles implementation was conducted across five key components, revealing the highest level of readiness in the trading component (6.8 out of 10 points) and the lowest in the information-analytical component (3.2 points). A survey of 50 public companies established growing awareness of the importance of ESG factors: 68% of respondents believe that ESG criteria integration will positively affect company value in the long term.Industry-specific implementation of ESG practices in Ukraine was identified, with the energy sector and telecommunications leading, while the lowest integration level is observed in the real estate and retail sectors. Correlation analysis confirmed a positive relationship between the level of ESG practices and company return on assets. Based on the conducted research, a comprehensive set of practical recommendations for market regulators, stock exchanges, institutional investors, and issuers regarding ESG criteria integration into domestic stock market functioning has been developed.