Взаимосвязь социально-экономического развития регионов и корпоративных рейтингов российских компаний
The search for sources of regional development is important due to the slowdown in economic growth and the need to shift the emphasis in industrial policy from the macro level to the level of regions and individual companies, their presence affecting society and the environment in specific territories. In this regard, the paper proposes to consider the participation of business companies in reputation ratings as a new source of increasing the investment attractiveness of the regions: corporate ratings reflect socio-economic reputation of companies, determining whether one meets the goals of sustainable development. This, in turn, enhances socio-economic development of regions.
The paper elicits positive impact of high corporate ratings on the level of socio-economic development of regions of the companies’ presence, opening a new cluster for interdisciplinary research at the intersection of corporate finance and regional economics.
On the example of 130 biggest Russian public non-financial sector companies authors obtained several significant results, which make it possible to determine the degree of influence of corporate ratings on the socio-economic situation of regions of their presence and corporate financial performance. The set of researched ratings includes Russian Union of Industrialists and Entrepreneurs (RUIE) Sustainable development Index, WWF Russia Environmental responsibility rating, and Corporate social responsibility rating of Association of Managers of Russia (AMR).
The calculations showed that the participation of companies in the ratings of WWF Russia and RSPP positively affects the place of the region in the ranking of socio-economic development, as well as indicators of the sustainable development of their regions. This made it possible to detect positive effects for the regions from the participation of companies in reputation ratings. At the same time, the influence of companies' participation in the WWF Russia rating is higher in modulus than the influence of participation in the RUIE rating. In addition, it was found that reputation ratings have a positive effect on the return on assets and market capitalization of Russian companies in the real sector, thus, the presence of an effect in the idea of increasing additional income from participation in ratings at the micro level was proved.
Positive impact of reputational ratings on companies’ return on assets and market capitalization discovered, which means that Russian companies benefit from participating in such ratings. Moreover, participation of companies operating in region in WWF Russia and RUIE ratings raises its position in socio-economic ranking. At the same time, different ratings affect corporate performance in different ways. Company’s leadership in RUIE rating increases its attractiveness for investors, employees and other stakeholders, improving conditions for conducting business, while for Environmental responsibility rating by WWF Russia even company’s involvement increases its profitability and market capitalization. Meanwhile, Corporate social responsibility rating enhances market capitalization of Russian non-financial companies stronger than other examined ratings.
Overall, the present research demonstrates the necessity of expanding Russian companies’ participation in reputational ratings and improvement of both corporate and regional socio-economic sustainability. These findings emphasize the necessity for expanding the practice of participation of Russian companies in corporate ratings, as well as an importance of further research in companies’ activities for improvement of corporate reputation, and its impact on the investing attractiveness and sustainable development of regions.