Влияние ESG-рейтингов на финансовые результаты компаний стран БРИКС
Аннотация
Нефинансовые показатели становятся актуальной темой в контексте понимания успешного развития компаний по всему миру. Целью настоящей работы является исследование взаимосвязи между ESG-оценкой и финансовыми результатами компаний, ведущих деятельность на развивающихся рынках, в контексте стран БРИКС. Данное исследование включает три финансовых показателя, которые охватывают три различные точки зрения: бухгалтерские данные (ROA), рыночную эффективность (TSR) и экономические показатели (спред EVA). Оценки ESG, факторы по отдельности и другие финансовые показатели взяты из базы данных Refinitiv Eikon. Выборка состоит из 257 зарегистрированных на бирже компаний, работавших в странах БРИКС в период с 2017 по 2021 г. Основным методом исследования является метод с фиксированными эффектами для анализа панельных рядов. Результаты показали отсутствие статистической значимости между ESG и ROA. Кроме того, компонент корпоративного управления отрицательно влияет на ROA через оценку корпоративной социальной ответственности (КСО), что объясняется теорией легитимности. Что касается TSR, ESG, социальный и экологический компоненты оказывают положительное воздействие на показатель рыночной эффективности, что соответствует теории заинтересованных сторон. В то же время экономическая эффективность, ESG и социальный компонент рейтинга негативно влияют на спред EVA.
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Литература
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