Вектор науки Тольяттинского государственного университета. Серия: Экономика и управление. 2023; : 19-29
Современные аспекты управления устойчивым развитием компаний на основе ESG-инструментов
https://doi.org/10.18323/2221-5689-2023-4-19-29Аннотация
Концепция устойчивого развития и ESG-принципы ведения бизнеса приобретают ключевое значение в условиях усугубляющихся климатических, экологических проблем, а также необходимости обеспечения энергетической безопасности. Достижение целей устойчивого развития (ЦУР) ООН и национальных ЦУР актуализирует вопросы исследования корпоративной практики управления устойчивым развитием и продвижения ESG в бизнес-модели. В работе исследуются современные аспекты управления устойчивым развитием российских компаний в новых экономических условиях, анализируются факторы, ограничивающие использование ESG-инструментов в корпоративных стратегиях. Установлены достижения российских компаний в области продвижения ESG-принципов к началу 2022 г.: формирование корпоративной нормативно-правовой базы, регулирующей аспекты ESG; интеграция ESG-принципов в бизнес-модели; разработка стратегий в области устойчивого развития или отдельных аспектов ESG; согласование корпоративных целей развития с ЦУР ООН; составление нефинансовой отчетности; реализация проектов в области повышения энергоэффективности, защиты окружающей среды, социальной ответственности. Выявлены основные тренды и проблемы ESG-трансформации компаний, обусловленные изменением геополитической и геоэкономической ситуации в 2022 г.: усиление значения социальной компоненты ESG, связанной с развитием кадрового потенциала и охраны труда; снижение уровня транспарентности информации в области устойчивого развития; сокращение объемов выпуска ESG-облигаций; свертывание реализации ряда экологических проектов. Определены драйверы ESG-развития компаний, в числе которых: климатические, социальные и экологические риски; ужесточение климатического и экологического регулирования; переориентация российского бизнеса на сотрудничество с партнерами Азиатско-Тихоокеанского региона с высокими требованиями к ESG; реализация мер государственной финансовой поддержки реализации ESG-проектов.
Список литературы
1. Delgado-Ceballos J., Ortiz-De-Mandojana N., Antolín-López R., Montiel I. Connecting the Sustainable Development Goals to firm-level sustainability and ESG factors: The need for double materiality // BRQ Business Research Quarterly. 2023. Vol. 26. № 1. P. 2–10. DOI: 10.1177/23409444221140919.
2. Montiel I., Cuervo-Cazurra A., Park Junghoon, Antolín-López R., Husted B.W. Implementing the United Nations’ sustainable development goals in international business // Journal of International Business Studies. 2021. Vol. 52. № 5. P. 999–1030. DOI: 10.1057/s41267-021-00445-y.
3. Dmuchowski P., Dmuchowski W., Baczewska-Dąbrowska A.H., Gworek B. Environmental, social, and governance (ESG) model; impacts and sustainable investment – Global trends and Poland’s perspective // Journal of Environmental Management. 2023. Vol. 329. Article number 117023. DOI: 10.1016/j.jenvman.2022.117023.
4. Sadiq M., Ngo Thanh Quang, Pantamee A.A., Khudoykulov K., Ngan Truong Thi, Tan Luc Phan. The role of environmental social and governance in achieving sustainable development goals: evidence from ASEAN countries // Economic Research-Ekonomska Istraživanja. 2023. Vol. 36. № 1. P. 170–190. DOI: 10.1080/1331677X.2022.2072357.
5. Chen Jinyu, Yang Yan, Liu Ran, Geng Yuan, Ren Xiaohang. Green bond issuance and corporate ESG performance: the perspective of internal attention and external supervision // Humanities and Social Sciences Communications. 2023. Vol. 10. Article number 437. DOI: 10.1057/s41599-023-01941-2.
6. Shen Hongtao, Lin Honghui, Han Wengi, Wu Huiying. ESG in China: A review of practice and research, and future research avenues // China Journal of Accounting Research. 2023. Vol. 16. № 4. Article number 100325. DOI: 10.1016/j.cjar.2023.100325.
7. Aluchna M., Roszkowska-Menkes M., Kamiński B. From talk to action: the effects of the non-financial reporting directive on ESG performance // Meditari Accountancy Research. 2023. Vol. 31. № 7. P. 1–25. DOI: 10.1108/MEDAR-12-2021-1530.
8. Hahn R., Reimsbach D., Wickert C. Nonfinancial Reporting and Real Sustainable Change: Relationship Status – It’s Complicated // Organization & Environment. 2023. Vol. 36. № 1. P. 3–16. DOI: 10.1177/10860266231151653.
9. Rossi P., Candio P. The independent and moderating role of choice of non-financial reporting format on forecast accuracy and ESG disclosure // Journal of Environmental Management. 2023. Vol. 345. № 1. Article number 118891. DOI: 10.1016/j.jenvman.2023.118891.
10. Zahid R.M.A., Saleem A., Maqsood U.S. ESG performance, capital financing decisions, and audit quality: empirical evidence from Chinese state-owned enterprises // Environmental Science and Pollution Research. 2023. Vol. 30. P. 44086–44099. DOI: 10.1007/s11356-023-25345-6.
11. Mohammad W.M.W., Wasiuzzaman S. Environmental, Social and Governance (ESG) disclosure, competitive advantage and performance of firms in Malaysia // Cleaner Environmental Systems. 2021. Vol. 2. Article number 100015. DOI: 10.1016/j.cesys.2021.100015.
12. Del Vitto A., Marazzina D., Stocco D. ESG ratings explainability through machine learning techniques // Annals Operations Research. 2023. DOI: 10.1007/s10479-023-05514-z.
13. Zumente I., Lāce N. ESG Rating – Necessity for the Investor or the Company? // Sustainability. 2021. Vol. 13. № 16. Article number 8940. DOI: 10.3390/su13168940.
14. Гришанкова C.Д. Рейтинги ESG // ESG-трансформация как вектор устойчивого развития. Т. 2. М.: Аспект Пресс, 2022. С. 305–444.
15. Wang Xiaoyuan, Wang Jiahaoran, Guan Weimin, Taghizadeh-Hesary F. Role of ESG investments in achieving COP-26 targets // Energy Economics. 2023. Vol. 123. Article number 106757. DOI: 10.1016/j.eneco.2023.106757.
16. Ahmed R., Yusuf F., Ishaque M. Green Bonds as a Bridge to the UN Sustainable Development Goals on Environment: A Climate Change Empirical Investigation // International Journal of Finance & Economics. 2023. P. 1–24. DOI: 10.1002/ijfe.2787.
17. Bhutta U.S., Tariq A., Farrukh M., Raza A., Iqbal M.K. Green bonds for sustainable development: Review of literature on development and impact of green bonds // Technological Forecasting and Social Change. 2022. Vol. 175. Article number 121378. DOI: 10.1016/j.techfore.2021.121378.
18. Sun Xiuli, Zhou Cui, Gan Zhuojiong. Green Finance Policy and ESG Performance: Evidence from Chinese Manufacturing Firms // Sustainability. 2023. Vol. 15. № 8. Article number 6781. DOI: 10.3390/su15086781.
19. Скоков Р., Гузенко М. Сахалинский эксперимент достижения углеродной нейтральности // Энергетическая политика. 2023. № 2. С. 86–99. DOI: 10.46920/2409-5516_2023_2180_86.
20. Стародубцева Е.Б., Траченко М.Б. ESG-развитие российских компаний: ориентир на рынки Азиатско-Тихоокеанского региона и Ближнего Востока // Вестник университета. 2023. № 5. С. 105–112. DOI: 10.26425/1816-4277-2023-5-105-112.
Science Vector of Togliatti State University. Series: Economics and Management. 2023; : 19-29
Modern aspects of managing sustainable development of companies based on ESG tools
https://doi.org/10.18323/2221-5689-2023-4-19-29Abstract
The concept of sustainable development and ESG principles of business are of key importance in the context of worsening climate and environmental problems, as well as the necessity to ensure energy security. Achieving the UN Sustainable Development Goals (SDGs) and national SDGs draws increasing attention to the issue of studying corporate practices for managing sustainable development and promoting ESG in business models. The paper examines modern aspects of managing the sustainable development of Russian companies in new economic conditions and analyzes the factors limiting the use of ESG tools in corporate strategies. The study revealed the achievements of Russian companies in the field of promoting ESG principles by the beginning of 2022. They are the formation of a corporate legal framework governing ESG aspects; integration of ESG principles into business models; development of strategies in the field of sustainable development or certain ESG aspects; alignment of corporate development goals with the UN SDGs; preparation of non-financial reporting; implementation of projects in the sphere of increasing energy efficiency, environmental protection, and social responsibility. The authors identified the main trends and problems of ESG transformation of companies caused by changes in the geopolitical and geo-economic situation in 2022. Among them are increasing the importance of the ESG social component related to the development of human resources and labor protection; reducing the level of information transparency in the field of sustainable development; contraction of volumes of the ESG bond issue; closing down the implementation of a number of environmental projects. The drivers of ESG development of companies have been identified, including climate, social and environmental risks; tightening climate and environmental regulation; reorientation of Russian business towards cooperation with partners in the Asia-Pacific region with high ESG requirements; implementation of measures of state financial support for the implementation of ESG projects.
References
1. Delgado-Ceballos J., Ortiz-De-Mandojana N., Antolín-López R., Montiel I. Connecting the Sustainable Development Goals to firm-level sustainability and ESG factors: The need for double materiality // BRQ Business Research Quarterly. 2023. Vol. 26. № 1. P. 2–10. DOI: 10.1177/23409444221140919.
2. Montiel I., Cuervo-Cazurra A., Park Junghoon, Antolín-López R., Husted B.W. Implementing the United Nations’ sustainable development goals in international business // Journal of International Business Studies. 2021. Vol. 52. № 5. P. 999–1030. DOI: 10.1057/s41267-021-00445-y.
3. Dmuchowski P., Dmuchowski W., Baczewska-Dąbrowska A.H., Gworek B. Environmental, social, and governance (ESG) model; impacts and sustainable investment – Global trends and Poland’s perspective // Journal of Environmental Management. 2023. Vol. 329. Article number 117023. DOI: 10.1016/j.jenvman.2022.117023.
4. Sadiq M., Ngo Thanh Quang, Pantamee A.A., Khudoykulov K., Ngan Truong Thi, Tan Luc Phan. The role of environmental social and governance in achieving sustainable development goals: evidence from ASEAN countries // Economic Research-Ekonomska Istraživanja. 2023. Vol. 36. № 1. P. 170–190. DOI: 10.1080/1331677X.2022.2072357.
5. Chen Jinyu, Yang Yan, Liu Ran, Geng Yuan, Ren Xiaohang. Green bond issuance and corporate ESG performance: the perspective of internal attention and external supervision // Humanities and Social Sciences Communications. 2023. Vol. 10. Article number 437. DOI: 10.1057/s41599-023-01941-2.
6. Shen Hongtao, Lin Honghui, Han Wengi, Wu Huiying. ESG in China: A review of practice and research, and future research avenues // China Journal of Accounting Research. 2023. Vol. 16. № 4. Article number 100325. DOI: 10.1016/j.cjar.2023.100325.
7. Aluchna M., Roszkowska-Menkes M., Kamiński B. From talk to action: the effects of the non-financial reporting directive on ESG performance // Meditari Accountancy Research. 2023. Vol. 31. № 7. P. 1–25. DOI: 10.1108/MEDAR-12-2021-1530.
8. Hahn R., Reimsbach D., Wickert C. Nonfinancial Reporting and Real Sustainable Change: Relationship Status – It’s Complicated // Organization & Environment. 2023. Vol. 36. № 1. P. 3–16. DOI: 10.1177/10860266231151653.
9. Rossi P., Candio P. The independent and moderating role of choice of non-financial reporting format on forecast accuracy and ESG disclosure // Journal of Environmental Management. 2023. Vol. 345. № 1. Article number 118891. DOI: 10.1016/j.jenvman.2023.118891.
10. Zahid R.M.A., Saleem A., Maqsood U.S. ESG performance, capital financing decisions, and audit quality: empirical evidence from Chinese state-owned enterprises // Environmental Science and Pollution Research. 2023. Vol. 30. P. 44086–44099. DOI: 10.1007/s11356-023-25345-6.
11. Mohammad W.M.W., Wasiuzzaman S. Environmental, Social and Governance (ESG) disclosure, competitive advantage and performance of firms in Malaysia // Cleaner Environmental Systems. 2021. Vol. 2. Article number 100015. DOI: 10.1016/j.cesys.2021.100015.
12. Del Vitto A., Marazzina D., Stocco D. ESG ratings explainability through machine learning techniques // Annals Operations Research. 2023. DOI: 10.1007/s10479-023-05514-z.
13. Zumente I., Lāce N. ESG Rating – Necessity for the Investor or the Company? // Sustainability. 2021. Vol. 13. № 16. Article number 8940. DOI: 10.3390/su13168940.
14. Grishankova C.D. Reitingi ESG // ESG-transformatsiya kak vektor ustoichivogo razvitiya. T. 2. M.: Aspekt Press, 2022. S. 305–444.
15. Wang Xiaoyuan, Wang Jiahaoran, Guan Weimin, Taghizadeh-Hesary F. Role of ESG investments in achieving COP-26 targets // Energy Economics. 2023. Vol. 123. Article number 106757. DOI: 10.1016/j.eneco.2023.106757.
16. Ahmed R., Yusuf F., Ishaque M. Green Bonds as a Bridge to the UN Sustainable Development Goals on Environment: A Climate Change Empirical Investigation // International Journal of Finance & Economics. 2023. P. 1–24. DOI: 10.1002/ijfe.2787.
17. Bhutta U.S., Tariq A., Farrukh M., Raza A., Iqbal M.K. Green bonds for sustainable development: Review of literature on development and impact of green bonds // Technological Forecasting and Social Change. 2022. Vol. 175. Article number 121378. DOI: 10.1016/j.techfore.2021.121378.
18. Sun Xiuli, Zhou Cui, Gan Zhuojiong. Green Finance Policy and ESG Performance: Evidence from Chinese Manufacturing Firms // Sustainability. 2023. Vol. 15. № 8. Article number 6781. DOI: 10.3390/su15086781.
19. Skokov R., Guzenko M. Sakhalinskii eksperiment dostizheniya uglerodnoi neitral'nosti // Energeticheskaya politika. 2023. № 2. S. 86–99. DOI: 10.46920/2409-5516_2023_2180_86.
20. Starodubtseva E.B., Trachenko M.B. ESG-razvitie rossiiskikh kompanii: orientir na rynki Aziatsko-Tikhookeanskogo regiona i Blizhnego Vostoka // Vestnik universiteta. 2023. № 5. S. 105–112. DOI: 10.26425/1816-4277-2023-5-105-112.
