Keywords
ESG reporting
technological innovation
capital expenditure
sustainable investment
How to Cite
Abstract
The aim of this research is to empirically determine the impact of digital technology implementation on investment efficiency, transparency of non-financial reporting, and financial stability of mining enterprises operating in Europe and North America between 2017 and 2023. The research also aims to examine the interdependencies between the level of capital expenditure (CAPEX), technological innovation, and the quality of ESG reporting in the context of the global energy transition. Employing panel data and heteroscedasticity-corrected OLS models, the analysis rigorously assesses the impact of environmental (ENV), social (SCR), and governance (CG) indices on CAPEX, technology investment, and innovation, controlling for company scale and financial indicators. The findings demonstrate that higher ESG ratings, notably environmental and governance in Europe and social aspects in North America, correspond with statistically significant reductions in CAPEX and technology investment, while failing to produce direct effects on innovation indices. The study reveals that ESG initiatives, despite their strategic relevance for sustainability, may inadvertently constrain long-term competitiveness and sectoral innovation, underlining a critical need for supplementary public financial instruments. These insights offer novel regional perspectives and provide actionable guidance for managers, investors, and policymakers in the mining sector.
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