Влияние элементов корпоративного управления на уровень раскрытия корпоративной социальной ответственности в странах БРИКС

Финансы и бизнес. 2022. Т. 18. № 4. С. 18–39.

Makushina E., Козицына М. А.

Corporate Social Responsibility (CSR) is a companies’ response to modern society which accused companies’ activities due to appearance of such global problems as social differentiation, poor labor conditions, inequality, and global environmental problems. The phenomenon of CSR has been examined by experts for a long time, however in developing countries the process of establishment of CSR is still in progress, which leads to heightened interest from the side of scientists.

In this article the analysis of the impact of corporate governance mechanisms and other factors on Corporate Social Responsibility disclosure is taken within BRICS countries. BRICS countries were chosen as representatives of emerging countries, every of which has unique system of establishment Corporate Social Responsibility activities. The theoretical background in this work was based on the previous works of different experts examined impact of corporate governance on CSR disclosure in developed and developing countries. Four elements of corporate governance were highlighted within the research: independent board of directors, the size of board of directors, CEO duality, and state ownership. As well as corporate governance elements in this work was highlighted countries factor, which represents the duration of existence of regulatory terms for CSR activities in particular country.

The aim of the article is to identify the effects of corporate governance elements and other elements on Corporate Social Responsibility disclosure. To reach the goal of this work information from 235 companies from BRICS countries were gathered and analyzed using regression analysis approach. To provide better analysis in this work the new method of CSR disclosure estimation was suggested and contained calculation of duration of companies practice disclosing CSR activities. As the result, in this work two factors showed the most significant effect on CSR disclosure: independent board of directors and duration of existence of regulatory terms for CSR activities in particular country.

Keywords: корпоративное управление, корпоративная социальная ответственность, развивающиеся рынки, BRICS, БРИКС, устойчивое развитие, non-financial reporting, нефинансовая отчетность, Corporate Governance, sustainable development, Emerging Markets, Corporate social responsibility (CSR)