Влияние внедрения ESG-инициатив на финансовые показатели международных компаний / The impact of ESG practices implementation on financial performance of international corporations

Аннотация

This research paper explores the intricate relationship between the ESG (Environmental, Social, Governance) rankings of Russian companies and their financial performance, particularly focusing on Tobin’s Q and Return on Assets (ROA) as primary indicators. Through the application of a refined econometric model employing the fixed effects methodology, this study provides novel insights into how various factors, such as firm size, leverage, R&D expenditures, and market conditions, encapsulated by the IMOEX index, interact to influence these financial metrics. The study contrasts the impact of these variables on Tobin’s Q and ROA, highlighting the nuanced differences in market valuation and operational performance assessments, further deepening the research to discover the specifics of “leading”, “lagging” and “average” companies in terms of the level of ESG implementation and its impact on financial performance within these groups. The findings underscore the complexity of the relationship between ESG ranks and financial performance, revealing variable impacts that pivot around company size, operational efficiency, market environment, and strategic financial management practices.