msueconВестник Московского университета. Серия 6. ЭкономикаLomonosov Economics Journal0130-0105MSUPRESS10.38050/01300105202237msuecon-825Research ArticleВОПРОСЫ УСТОЙЧИВОГО РАЗВИТИЯSUSTAINABLE ISSUESКорпоративная экологическая ответственность и финансовая эффективность компаний: взгляд из РоссииCorporate financial responsibility and company financial performance: evidence from Russiahttps://orcid.org/0000-0002-0102-5061МакаровА. С.MakarovA. S.

Макаров Алексей Станиславович — доктор экономических наук, профессор, заведующий кафедрой финансового менеджмента

Нижний Новгород

Makarov Aleksey S. — PhD (Economic Sciences), Professor, Head of Financial Management Department

Nizhny Novgorod

asmakarov@hse.ruhttps://orcid.org/0000-0002-7829-7452РябоваЕ. В.RyabovaE. V.

Рябова Елена Вячеславовна — кандидат экономических наук, доцент кафедры финансового менеджмента

Нижний Новгород

Ryabova Elena V. — PhD (Economic Sciences), Associate Professor of Financial Management Department 

Nizhny Novgorod

 

eryabova@hse.ruФедулееваД. Д.FeduleevaD. D.

Федулеева Дарья Дмитриевна — магистр финансов и кредита, консультант отдела инвестиций и рынков капитала

Нижний Новгород

Feduleeva Darya D. — Master of Finance, Executive of Deal Advisory JSC KPMG

Nizhny Novgorod

ddmorozova_1@edu.hse.ruНИУ «Высшая школа экономики»РоссияHSE UniversityRussian FederationНИУ «Высшая школа экономики»; АО «КПМГ»РоссияHSE University; JSC KPMGRussian Federation20220805202203121141Copyright © Макаров А.С., Рябова Е.В., Федулеева Д.Д., 20222022Макаров А.С., Рябова Е.В., Федулеева Д.Д.Makarov A.S., Ryabova E.V., Feduleeva D.D.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://msuecon.elpub.ru/jour/article/view/825

В статье анализируются теоретические трактовки природы взаимосвязи корпоративной экологической ответственности (КЭО) и финансовой эффективности, одна из которых состоит в том, что повышение финансовой эффективности является следствием реализации компанией комплекса мер, связанных с повышением уровня КЭО. В качестве альтернативной рассматривается позиция, согласно которой полноценную разработку и реализацию стратегии КЭО могут позволить только финансово устойчивые компании, имеющие для этого достаточные финансовые ресурсы. В каждом из двух названных направлений исследования сформирована достаточно большая, но противоречивая база эмпирических результатов, оставляющая много пробелов в части обоснования рекомендаций по формированию компаниями эффективной экологической и финансовой политики. Обращает на себя внимание отсутствие как в отечественных, так и в зарубежных исследованиях эмпирических результатов, объясняющих взаимосвязи и взаимовлияние факторов экологической ответственности и финансовой эффективности для российских компаний. Указанное выше характеризует цель настоящего исследования и новизну полученных научных результатов. Полученные нами на базе метода наименьших квадратов регрессионные оценки свидетельствуют в пользу того, что в современных условиях финансовая эффективность является значимым драйвером повышения уровня экологической ответственности российских компаний. Сформулированные нами гипотезы, связанные с различной силой влияния финансовой эффективности на уровень экологической ответственности в зависимости от корпоративной структуры собственности, а также наличия в компании иностранного и государственного участия, получили подтверждение.

The paper analyses two alternative theoretical interpretations the nature of Corporate Environmental Responsibility (CER)-Financial Performance (FP) interconnections based on the concept, that the implementation of CER measures increases the company financial efficiency, or the alternative theory the CER strategy development can only be applicable for stable companies with sufficient financial resources. The recent empirical literature shows many inconsistencies in each of the theoretical explanations the effective environmental and company financial policy formation. There are no Russian and foreign studies explaining the environmental responsibility and financial efficiency interconnection for Russian companies. It determines the purpose of this research and the novelty of the obtained research results. We use the least squares method in order to argue that financial efficiency is a significant driver for environmental responsibility of Russian companies. We also argue that the influence of financial efficiency on environmental responsibility varies according to the ownership structure and the foreign and state participation in the company.

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The authors declare that there are no conflicts of interest present.