Влияние ESG рейтингов на финансовые результаты экспортно-ориентированных компаний в России / The impact of ESG rating on the financial results of export-oriented companies in Russia
Аннотация
Currently, the relevance of the concept of global sustainable development is growing both at the global and local levels, thanks to the setting of the Sustainable Development Goals (SDGs) and the idea that achieving sustainability is possible only when agents of all levels are involved in the process. This trend makes it inevitable to include the postulates and ideas of sustainable development in the strategy and policy of development of companies and institutions. For a commercial business, the main reason, of course, is the need to maintain competitiveness, which, in turn, is closely related to financial results.
The purpose of this research is an assessment the impact of international ESG ratings on the financial results of export-oriented companies in Russia. As well as determining the drivers of development at the global market level. The object of this study is the dynamics of financial indicators of Russian companies focused on foreign trade or strongly dependent on export revenue and changes in their sustainability rating, expressed in ESG indices and ratings, for 9 years from 2013 to 2019. The subject of the study is the factors affecting the operational financial results of companies, as well as confirmation or refutation of the relationship between them.
According to the results obtained, it can be argued that the ESG rating /index of companies has a significant positive impact on the operational financial results of firms in export–oriented industries of the Russian Federation, and more specifically 22 companies - leaders of the oil and gas, metallurgical and mining industries, in the medium-term perspective. Respectively, the orientation on cooperation with the countries of Western Europe and the USA makes the trend of sustainable business development relevant for Russian export-oriented companies. To achieve high operational results while maintaining the structure of the country's exports, companies need to consider the sustainability index. Nevertheless, due to the current political situation 2022, it is important to note that the shift in emphasis on rating agencies of Asian countries as potential partners of the future is relevant, which makes it relevant to study this topic in the future.
The purpose of this research is an assessment the impact of international ESG ratings on the financial results of export-oriented companies in Russia. As well as determining the drivers of development at the global market level. The object of this study is the dynamics of financial indicators of Russian companies focused on foreign trade or strongly dependent on export revenue and changes in their sustainability rating, expressed in ESG indices and ratings, for 9 years from 2013 to 2019. The subject of the study is the factors affecting the operational financial results of companies, as well as confirmation or refutation of the relationship between them.
According to the results obtained, it can be argued that the ESG rating /index of companies has a significant positive impact on the operational financial results of firms in export–oriented industries of the Russian Federation, and more specifically 22 companies - leaders of the oil and gas, metallurgical and mining industries, in the medium-term perspective. Respectively, the orientation on cooperation with the countries of Western Europe and the USA makes the trend of sustainable business development relevant for Russian export-oriented companies. To achieve high operational results while maintaining the structure of the country's exports, companies need to consider the sustainability index. Nevertheless, due to the current political situation 2022, it is important to note that the shift in emphasis on rating agencies of Asian countries as potential partners of the future is relevant, which makes it relevant to study this topic in the future.