Реакция фондового рынка на изменение индекса устойчивого развития: российский опыт

Финансы и бизнес. 2024. Т. 20. № 3. С. 19–31.

Larin A. V., Ryabova E., Чепурова В. А.

In recent years, there have been significant changes in the field of sustainable development, with international and national regulations regulating non-financial reporting being adopted. Quite often, stock exchanges set their own requirements for companies, including those issuing “green” instruments. Thus, an institutional environment is formed that supports and stimulates the sustainable development agenda. In such an information field, it is expected that stock market participants, when choosing instruments and forming a portfolio, should take into account information on the inclusion/exclusion of shares in the sustainable development index, on the assignment of ESG ratings to the company, etc. Existing studies in this area do not provide a clear answer to this question; moreover, country and other institutional differences have been identified that have a significant impact on the stock market. No such studies have been conducted on the example of the Russian market, since the sustainable development stock index appeared at the end of 2017. This is the key factor determining the novelty and significance of the study of this topic.

Keywords: фондовый рынок, индекс устойчивого развития, stock markets, ESG rating, ESG рейтинги, Stock index, Sustainable Development Index, биржевой индекс