Как влияет CEO на ESG и финансовую эффективность компаний?
Аннотация
В последнее десятилетие в обществе вырос интерес к деятельности компании в области экологии, социальной ответственности и корпоративного управления. Данная статья посвящена изучению влияния личных характеристик генерального директора на финансовые показатели компаний и взаимосвязи ESG-показателей и финансовых показателей компаний. В соответствии с этой целью проведен обзор научной литературы по данной теме, установлена взаимосвязь между финансовыми показателями и показателями ESG, определены основные характеристики, влияющие на финансовые показатели компании; для этого построена модель личных характеристик генерального директора. В статье были исследованы характеристики CEO российских компаний, построен рейтинг генеральных директоров с учетом финансовых и ESG-показателей компаний, рассмотрено влияние места генерального директора в данном совокупном рейтинге на финансовые показатели компании. Исследовательская выборка включает 81 российскую компанию реального сектора, включенных в индекс Московской Биржи, и 123 генеральных директора. Временной промежуток, который охватывает данное исследование, составляет семь лет – с 2013 по 2019 г. Анализ проводился в статистическом пакете STATA, в качестве метода использовался анализ панельных данных. В качестве зависимых переменных были использованы коэффициенты рентабельности активов и рентабельности собственного капитала, а также показатель рыночной капитализации. В качестве объясняющих переменных были выбраны наличие у компании раскрытия ESG-информации, балл генерального директора в совокупном рейтинге, а также такие характеристики CEO, как возраст, срок полномочий в должности и финансовое образование. В качестве контрольных переменных были задействованы финансовый рычаг и размер компании. В некоторые спецификации модели также был включен коэффициент рентабельности активов для улучшения качества модели.
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