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Understanding the process of shaping investor expectations is essential to describe and predict changes in the value of assets on the financial markets, especially stock prices on the capital markets, and thus the value of companies listed on them. The main objective of this book is to include the investor expectations in the concept of enterprise value management and measurement of shareholders value creation. It seems that the role of expectations, as a determinant of investment decisions on the capital market, requires a deep insight and highlight the importance of managing the expectations for creating value for shareholders, in particular in the context of the financial crisis of 2007-2009. Creating value for shareholders is to overcome investor expectations for the rate of return on their initial investment. That means that managers must understand how investors build their expectations. According to studies conducted by T. Copeland and A. Dolgoff'a there is a strong and statistically significant relation between the shareholders returns and the two types of variables: changes in expectations for the future earnings and changes in the level of interference of provided information. Almost 50% of the variance of return rates can be explained by these two variables. Studies have also shown that changes in expectations for long-term profits have a significant and immediate impact on the share price. Readers of this book will be able to understand the process of investor expectation formulation, will know how to create value in response to investor expectations and how to consciously shape investor expectations in order to increase company value.

Abstract
The literature are abound with studies on the impact of environmental, social, and governance (ESG) factors on a company's value, or more broadly, on its financial performance. However, most analyses concern developed markets, mainly because the largest rating agencies operate in these markets, as well as because these are markets where ESG awareness and regulations have developed much faster. In developing markets, the number of studies in this area is disproportionately smaller. Therefore, the purpose of this article is to examine the relationship between the environmental, social, and governance ratings (ESGR) of Polish listed companies included in the WIG-ESG index and their value. This study covered 36 companies listed in WIG-ESG in the period of 2019–2023. We used market data, financial data from examined companies and ESG data provided by Refinitive. The empirical results were negative but a non-statistically significant influence of ESGR and a company's value. Further analysis indicated that none of the sub-ratings (environmental rating (ER), social rating (SR) and governance rating (GR)) had significant impact on value. The Polish market does not seem to recognize the potential of ESG factors in building the long-term value of companies and believes that the costs of ESG factors outweigh the benefits. Investors seem to disregard or underestimate ESG criteria when valuing companies, which may seem irrational when looking at the long-term effects of ESG factors.
This article contributes to the existing literature by being part of the research on ESG factors and company value. The article expands the field of analysing the relationship between ESGRs and corporate value by examining this relationship not only using the overall ESGR, but also its individual sub-ratings. We also attempt to answer the question of where the channels of transmission of ESGRs on the value of the company are located, and which areas affect ratings. To the best of our knowledge, this is the first study of this type for the Polish market.

An increasing number of investors want to invest their capital not only with profit but also responsibly, and they pay significant attention to the formula of socially responsible investing (SRI), which means that they consciously engage their funds in companies operating in accordance with CSR principles. An important influence on the development of CSR is the role of stock exchange indices on socially responsible companies. These indices can be considered specific tools for adapting this concept in practice, in particular in the field of socially responsible investment. This article provides a comparative analysis of the social, environmental and governance criteria underlying the definition of the composition of selected European SRI indices. The research will cover the following indices: the DJSI Europe Index, the FTSE4Good Europe 40, the FTSE4Good Europe 50, the EURO STOXX Sustainability 40 and the Solactive Sustainability Index Europe. This paper also intends to set an index reflecting the degree to which companies of certain European countries are represented in major European SRI indices. Consequently, global and national initiatives and ratings were excluded, as well as sector‑and industry‑specific initiatives and ratings. The proposed index is standardized by introducing the GDP of each country into the calculation formula as a way to a achieve comparable result. We believe that the proposed metric will reflect the state of the art in SRI and provide an overall picture of SRI practices across nations. ; Coraz większa grupa inwestorów chce zainwestować swój kapitał nie tylko z zyskiem, ale również odpowiedzialnie, zwracając szczególną uwagę na formułę społecznie odpowiedzialnego inwestowania (SRI). Oznacza to, że inwestorzy coraz chętniej świadomie angażują swoje fundusze w firmy działające zgodnie z zasadami społecznej odpowiedzialności. Istotnym czynnikiem wpływającym na rozwój SRI są giełdowe indeksy spółek społecznie odpowiedzialnych. Można je bowiem uznać za specyficzne narzędzia adaptacji tej koncepcji w praktyce. Celem artykułu jest analiza porównawcza kryteriów środowiskowych, społecznych i zarządczych (ESG), które stanowią podstawę definicji wybranych europejskich indeksów SRI. Analizą objęto następujące indeksy: DJSI Europe Index, FTSE4Good Europe 40, FTSE4Good Europe 50, EURO STOXX Sustainability 40 i Solactive Sustainability Index Europe. Artykuł ma również na celu ustalenie wskaźnika (indeksu) odzwierciedlającego stopień, w jakim firmy z poszczególnych krajów europejskich są reprezentowane w głównych europejskich indeksach SRI. Oczywiście analizowane indeksy różnią się nieznacznie co do interpretacji kryteriów ESG, jednak wydaje się, że mimo słabości takiego podejścia, połączone w jednym indeksie mogą odzwierciedlać ogólny obraz praktyk CSR w poszczególnych krajach. W związku z tym, że badaniom podlegały tylko europejskie indeksy SRI, z analiz wyłączono globalne i krajowe inicjatywy, a także te specyficzne dla sektorów czy branż.

An increasing number of investors want to invest their capital not only with profit but also responsibly, and they pay significant attention to the formula of socially responsible investing (SRI), which means that they consciously engage their funds in companies operating in accordance with CSR principles. An important influence on the development of CSR is the role of stock exchange indices on socially responsible companies. These indices can be considered specific tools for adapting this concept in practice, in particular in the field of socially responsible investment. This article provides a comparative analysis of the social, environmental and governance criteria underlying the definition of the composition of selected European SRI indices. The research will cover the following indices: the DJSI Europe Index, the FTSE4Good Europe 40, the FTSE4Good Europe 50, the EURO STOXX Sustainability 40 and the Solactive Sustainability Index Europe. This paper also intends to set an index reflecting the degree to which companies of certain European countries are represented in major European SRI indices. Consequently, global and national initiatives and ratings were excluded, as well as sector- and industry-specific initiatives and ratings. The proposed index is standardized by introducing the GDP of each country into the calculation formula as a way to a achieve comparable result. We believe that the proposed metric will reflect the state of the art in SRI and provide an overall picture of SRI practices across nations.

Investor expectations about the course of future economic processes are one of the key factors influencing their decisions. It seems that expectations play a particular role because they constitute unobservable variables that can account for observable economic phenomena. Getting to know the process of how investor expectations are formed is a crucial element of description, interpretation and forecasting changes in the value of assets on financial markets, and especially changes in stock prices on capital markets which affect the value of publicly traded companies. The aim of this paper is to present the psychological factors shaping investor expectations and influencing the market value of companies, factors determining both the motivational and cognitive inclinations of investors. The main questions that arise from the background of the analysis conducted in this paper are: 1. whether awareness of the psychological determinants of investment decisions enables companies to consciously create long-term investor expectations, inspiring, in a sense, a more fundamental response from the capital market, 2. whether there is the potential to include investor expectations in the value-‑based management process and to make the transition from value-based management to expectations-based management.

The article analyzes the course of the unprecedented economic crisis in the last century caused by the outbreak of the COVID-19 pandemic around the world. The COVID-19 pandemic affects all spheres of economic life, causing a huge collapse in international trade, a collapse in industrial production, and a reduction in the inflow of services and foreign investments. The aim of the article is to analyze the causes and the counteraction of the European Union's breakdown in international trade turnover in 2020. The analysis uses a qualitative and quantitative method consisting in a review of international trade figures, statistics from Eurostat, World Trade Organization, IMF, and World Bank. The analysis examines the depth of the collapse of international trade, the most important entities in trade,
including the European Union. The results of the economic analysis allow understanding the activities of the European Union institutions in the field of counteracting the negative effects of the collapse of international trade in the world and in the European Union.