msueconВестник Московского университета. Серия 6. ЭкономикаLomonosov Economics Journal0130-0105MSUPRESS10.55959/MSU0130-0105-6-58-5-9msuecon-909Research ArticleФИНАНСОВАЯ ЭКОНОМИКАFINANCIAL STUDIESВлияние характеристик СЕО на взаимосвязь между ESG-рейтингом и эффективностью золотодобывающих компанийThe influence of CEO’s characteristics on ESG rating and efficiency of gold mining companieshttps://orcid.org/0000-0001-7756-7513ЧеркасоваВ. А.CherkasovaV. A.

Черкасова Виктория Артуровна — к.э.н., доцент, Школа финансов факультета экономических наук

Москва

Moscow

vcherkasova@hse.ruhttps://orcid.org/0000-0002-8423-6699ПетровА. В.PetrovA. V.

Петров Александр Вадимович — консультант, отдел инвестиций и рынков капитала

Москва

Moscow

alex010600@yandex.ruНИУ «Высшая школа экономики»РоссияHSE State UniversityRussian FederationАО «Кэпт»РоссияJSC “Kept”Russian Federation202312032023585184208Copyright © Черкасова В.А., Петров А.В., 20232023Черкасова В.А., Петров А.В.Cherkasova V.A., Petrov A.V.This work is licensed under a Creative Commons Attribution 4.0 License.https://msuecon.elpub.ru/jour/article/view/909

Данное исследование посвящено роли генерального директора в реализации ESG-политики, результатом которой является рост ESG-рейтинга и повышение эффективности золотодобывающих компаний. Исследование концентрируется на анализе показателей власти генерального директора, таких как: размер вознаграждения генерального директора (СЕО); доля принадлежащих ему акций компании; срок пребывания в должности. Выведен общий индекс властности генерального директора путем объединения отдельных характеристик. В качестве методологии используется эконометрический анализ панельных данных по 36 крупнейшим мировым публичным золотодобывающим компаниям за период с 2015 по 2020. Эффективность золотодобывающих компаний измеряется с помощью рыночного показателя — Tobins’Q, который позволяет принять решение об инвестировании в предприятие, нацеленного на устойчивое развитие. Золотодобывающие компании успешно реализуют ESG проекты и становятся полноценным объектом для инвестирования. Результаты исследования показали, что ESG-рейтинг и три его составляющие (экологическая, социальная и управленческая) оказывают положительное влияние на рыночную эффективность золотодобывающих компаний. Из рассмотренных характеристик СЕО, две из них — размер вознаграждения СEO и процент владения акций, оказывают положительное влияние на рыночную эффективность деятельности компаний. Срок пребывания в должности не оказал значимого влияния на эффективность компаний. Общий показатель властности способствовал росту эффективности за счет двух характеристик. Если рассматривать генерального директора как посредника между инвестированием в ESG-проекты и ростом эффективности компании, то выяснилось, что только влиятельный CEO, характеризующийся высоким размером вознаграждения, может способствовать увеличению ESG-рейтинга и повышению рыночной эффективности компании. Полученные выводы иллюстрируют особенности влияния характеристик генерального директора на результаты деятельности золотодобывающих компаний с учетом принципов ESG. Использование результатов исследования позволит улучшить корпоративное управление золотодобывающих компаний для обеспечения роста показателей эффективности, учитывая специфичность отрасли и ее ориентацию на устойчивое развитие.

This study examines the role of the CEO in implementing ESG policy, which results in the growth of ESG rating and improving the efficiency of gold mining companies. The research analyses the indicators of CEO power, such as: the amount of CEO remuneration; the share of company stocks owned by him; the term of office. The general index of CEO authority is derived by combining individual characteristics. The methodology used is an econometric analysis of panel data on 36 of the world's largest public gold mining companies for the period from 2015 to 2020. The efficiency of gold mining companies is measured using a market indicator — Tobins'Q, which allows you to make a decision about investing in an enterprise aimed at sustainable development. Gold mining companies successfully implement ESG projects and become a full-fledged object for investment. The results of the study show that ESG rating and its three components (environmental, social and managerial) have a positive impact on the market efficiency of gold mining companies. Of the considered characteristics of CEOs, two of them — the amount of CEO remuneration and the percentage of shares ownership, have a positive impact on the market efficiency of companies. The term of office does not have a significant impact on the effectiveness of companies. The overall indicator of authority contributed to the increase in efficiency due to two characteristics. If we consider the CEO as an intermediary between investing in ESG projects and increasing the company's efficiency, it turned out that only an influential CEO, characterized by a high amount of remuneration, can contribute to increasing the ESG rating and improving the company's market efficiency. The findings illustrate the peculiarities of the influence of the CEO's characteristics on the performance of gold mining companies, taking into account the principles of ESG. The results of the study will improve corporate governance of gold mining companies to ensure the growth of performance indicators, taking into account the specificity of the industry and its focus on sustainable development.

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