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THE INFLUENCE OF ESG FACTORS ON THE COMPANIES PERFORMANCE IN DEVELOPED AND EMERGING MARKETS
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In press
Sustainable development and ecological, social, and governance (ESG) factors of company performance play an outstanding role in modern business. The purpose of this study is to compare the impact of ESG factors on the market performance of companies in developed and emerging markets. The author analyzed the panel data for 315 non-financial companies from seven industries from 2010 to 2020, operating in developed and emerging countries. The dependent variables are market indicators of companies, such as Tobin’s Q, P/S, and EV/EBITDA. The explanatory variables are the components of the ESG rating. As a research method, OLS regression was used, within which pool regression, and regression with a random and fixed effect were tested. The results of the study showed there is a positive impact of the ESG rating and its components on the market performance of companies in developed markets, while in emerging markets such a relationship was not confirmed. This indicates that ESG factors do play a role in the market valuation of companies by investors in developed markets, where over the past 10 years companies have been able to realign their business to a sustainable agenda. A similar trend can likely be found soon in emerging markets. The results of this study will be of practical use to companies planning a transition to the ESG trend as confirmation that a high ESG rating can increase their market performance.
Бровкина Н. Е., Терновская Е. П., Мешкова Е. И. et al., В кн.: Банк в современной экономикеКн. Банк в современной экономике.: М.: КноРус, 2026. С. 127–147.
Banks are the central link in the national financial market and the economy as a whole. The share of bank assets in the asset structure of the Russian financial market, despite a slight decline, remains dominant relative to other participants, reaching 80%.
Russian banks are multifaceted. On the one hand, they provide working capital financing, long-term ...
Added: September 3, 2026
EDP Sciences, 2024.
The 1st International Scientific Conference «Green taxonomy for sustainable development: From Green Technologies to Green Economy» (CONGREENTAX-2024) was held in Tashkent, Uzbekistan. For the first time, this conference unites technical and economic sciences into a single whole, to solve theoretical and practical solutions for sustainable development. The event was organized by the National Research University ...
Added: June 28, 2026
Vukovic N., Аверина А. О., Стефанова К. А., Анализ и прогноз. Журнал ИМЭМО РАН 2026 № 1 С. 26–39
Responsible business conduct and environmental, social, and governance (ESG) policies play a crucial role in advancing the global sustainable development agenda. As businesses worldwide integrate sustainability into their strategic frameworks, ESG ratings serve as key instruments for assessing corporate responsibility and guiding investment decisions. This paper conducts a comparative analysis of major international ESG ratings ...
Added: June 19, 2026
Popov K., Писчикова Е. А., Российский журнал менеджмента 2026 Т. 24 № 1 С. 45–70
Purpose: this study aims to assess the impact of independent directors’ characteristics on voluntary ESG disclosure by Russian public non-financial companies. Methodology: this study conducts an econometric analysis of panel data on 56 large Russian public non-financial companies listed on the Moscow Stock Exchange, which published standalone ESG and sustainability reports from 2017 to 2023. Findings: the significant positive impact ...
Added: June 16, 2026
Churakova I., Nazarova V., Journal of Corporate Finance Research 2026 Vol. 20 No. 1 P. 86–99
This paper presents an empirical analysis based on the correlation between ESG performance and cost of equity capital of listed companies in mainland China and Hong Kong, China from 2018 to 2022. The final empirical results of the study show that there is a negative correlation between ESG performance and cost of equity capital in ...
Added: May 3, 2026
Ismailova E., Финансы и бизнес 2026 Т. 22 № 1 С. 37–61
In recent years, there has been a growing body of research examining how environmental, social, and governance (ESG) indicators affect the terms of mergers and acquisitions (M&A). A particularly relevant issue is the relationship between a company’s ESG profile and the acquisition premium — a markup over the target firm's market value. This review summarizes ...
Added: April 24, 2026
Senin V., Швырков Е. А., Бизнес. Общество. Власть 2025 № 3 (57) С. 156–173
The article provides a comparative analysis of the ESG practices of Russia's largest banks, focusing on their sustainable development strategies, corporate governance, and social and environmental initiatives. The authors examine the regulatory framework and taxonomy of ESG banking in Russia, analyze the reporting and projects of leading financial institutions (Sber, Sovcombank, Bank DOM.RF, Moscow Credit ...
Added: February 12, 2026
Maria E. Karacheva, Anna S. Veselova, Journal of Siberian Federal University. Series: Humanities & Social Sciences 2025 Vol. 18 No. 12 P. 2386–2396
This study examines the motives and incentives driving Russian manufacturing companies to implement social investment programs aimed at supporting the socio-economic development of monocities, which face critical labor shortages due to outmigration. Focusing on the interplay between businesses and key regional stakeholders, including local communities, government agencies, non-profit organizations, and the media, the research highlights ...
Added: December 15, 2025
Haniev A., Suhih V., Journal of Applied Economic Research 2025 Т. 24 № 1 С. 319–343
This study examines the impact of ESG indicators on the financial well-being of shareholders in Russian companies. Using data from publicly traded non-financial companies in Russia for the period 2018–2023, the analysis focuses on the overall ESG rating and its components – environmental (E), social (S), and governance (G) – in the context of their ...
Added: December 11, 2025
Malofeeva T., Tronov A., Герасименко Е. А., Вестник Академии знаний 2025 № 2(67) С. 411–420
. In this article, we analyzed how a company's level of transparency and overall sustainability can improve the financial results of firms in the fashion industry. It is important to explore the contribution of corporate sustainability for a set of companies that vary in location, production niche, market capitalization, brand policy, etc. A total of ...
Added: November 27, 2025
Tiwari S., Tzeremes P., Kazemzadeh E. et al., Sustainable Development 2026 Vol. 34 No. S2 P. 403–421
This study examines the impact of global supply chain pressures (GSCP), artificial intelligence (AI), economic complexity (EC), and sustainability uncertainty (SUI) on the productive capacities index (PCI) in the United States from 2018 to 2024. Employing advanced econometric techniques—including quantile-on-quantile regression (QQR), cross-quantilogram (CQ), and wavelet-quantile correlation (WQC)—the analysis assesses variable effects, directional predictability, causal ...
Added: November 11, 2025
Nazarova V., Kozlova S., Pustynnikova A. et al., Journal of Applied Economic Research 2025 Vol. 24 No. 4 P. 1249–1279
The Russian green bond market is still in its early stage of development but has been expanding in response to global demand for sustainable finance and domestic economic challenges. This context makes the analysis of factors shaping its performance particularly relevant. The aim of this study is to quantify the influence of macroeconomic variables, such ...
Added: November 11, 2025
Teplova T., Sokolova T., Kissa D. et al., Журнал Новой экономической ассоциации 2026 Т. 70 № 1 С. 157–190
This study is the first attempt to apply Explainable Artifi cial Intelligence (ХAI) to reveal the relationship of different Environmental, Social and Governance (ESG) metrics of stock issuers on downside risk in the Russian market. The methodology is based on the two-stage approach, i. e., neural networks with dense layers and the Shapley values from ...
Added: October 17, 2025
Karminsky A. M., Egorova A., Samusev V., Procedia Computer Science 2025 No. 266 P. 739–744
This article explores the relationship between ESG and its pillars with the investment attractiveness of companies in Europe and Russia. The study aims to verify the results obtained in previous works regarding companies operating in various sectors of the European economy, such as materials, healthcare, energy, utilities, and communication services. Additionally, the research examines whether ...
Added: September 27, 2025
Storchevoy M., Mylnikov L., Чернышев В. В. et al., / SSRN. Серия "Working Papers". 2025.
Внимание к охране природы принимает все большую значимость для бизнеса с одной стороны в связи с ужесточением в природоохранном законодательстве, а с другой в связи с использованием ESG рейтингов при принятии решений о коммерческой деятельности компаний. Составление рейтинга LLM систем, способных оказывать консультационные услуги в области природоохраны и ESG, позволяет осуществить выбор такой системы для ...
Added: September 18, 2025
Egorova A., Karminsky A. M., Lobov G., Procedia Computer Science 2025 Vol. 266 P. 745–752
This paper investigates the investment attractiveness of green bonds by examining the influence of issuer-specific regional and sectoral characteristics on bond yields. Using a cross-sectional dataset of 1,502 green bond issues from 44 countries, sourced from the Cbonds database as of March 2025, the study applies a multivariate OLS regression framework. The analysis incorporates macroeconomic ...
Added: August 18, 2025
Soldatova A., Финансы, деньги, инвестиции (Россия) 2025 № 2 С. 27–36
The article is devoted to the study of the features and advantages of investing in an Islamic index. The principles of Islamic finance, the distinctive features of Islamic indices and the methods of their calculation are considered. An analysis of the industry structure of the global Islamic index was conducted. The stages of forming an ...
Added: July 8, 2025
Klaro Ramires P. M., Вестник Московского университета. Серия 6: Экономика 2025 Т. 60 № 2 С. 178–201
Growing importance of social and environmental issues encourage business, society, and state to combine their efforts in implementing the sustainable development agenda. The purpose of this study is to identify institutional determinants that influence Russian companies’ corporate sustainability. The object of the empirical study is big Russian companies that implement sustainable practices of various scales ...
Added: May 6, 2025
Graduate School of Management, St. Petersburg State University, 2024.
Editors: Yury E. Blagov, Andrei Yu. Panibratov, Vadim V. Klimachev, Elena V. Orlova, Tatyana A. Martynova, Dmitry G. Kucherov, Olga A. Nikiforova, Maria M. Smirnova, Evgenii V. Gilenko, Tatiana A. Gavrilova, Nikolay A. Zenkevich, Karina A. Bogatyreva, Anastasia A. Golubeva, Elena M. Rogova, Daria V. Kochetkova. International Conference “GSOM Economy&Management Conference 2024” St. Petersburg State ...
Added: April 16, 2025
Zhang W., Biryukova O. V., Sustainability 2025 Vol. 17 No. 6 Article 2776
The Chinese government encourages enterprises participating in the Belt and Road Initiative (BRI) to improve their ESG performance to better align the BRI with sus tainable development. This paper reveals the heterogeneous treatment effect of the BRI on the ESG performance of enterprises using time-varying DID and DDD models, pow erfully validating that the BRI ...
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