The Relationship between ESG Scores and Financial Performance of Russian Companies

다국어 초록 (Multilingual Abstract)

This thesis investigates the influence of Environmental, Social, and Governance (ESG) score disclosures on the financial performance of Russian companies. Rooted in the concept of corporate sustainability and stakeholder theory, the study posits that ESG disclosures enhance investor and customer confidence, thereby driving financial growth. The research employs regression analysis to explore the relationship between ESG scores and key financial metrics, specifically revenues and net income, using data from 65 Russian companies over the period from 2018 to 2022. The findings demonstrate that ESG score disclosures have a statistically significant positive impact on the financial results of these companies. Notably, the effect of ESG disclosures on financial performance varies among companies, depending on the level of their ESG transparency. This variability underscores the importance of the depth and quality of ESG reporting in realizing financial benefits. The study contributes to the existing literature by providing empirical evidence from the Russian context, where research on ESG impacts remains relatively sparse. The results offer valuable insights for corporate managers, investors, and policymakers, emphasizing the strategic importance of comprehensive ESG disclosures in enhancing financial performance. Furthermore, the research highlights the need for companies to prioritize ESG transparency to foster sustainable growth and stakeholder trust. This thesis affirms the beneficial role of ESG score disclosures in improving financial outcomes, advocating for enhanced ESG reporting practices among Russian companies. Future research could expand on this study by exploring sector-specific impacts and comparing results across different national contexts Keywords: sustainability, sustainable development; CSR; corporate sustainability; financial performance; stakeholder theory, ESG scores; Russia.

목차 (Table of Contents)

• CHAPTER 1 INTRODUCTION 3
• CHAPTER 2 LITERATURE REVIEW 9
• CHAPTER 3 METHODOLOGY AND RESEARCH DESIGN 21
• CHAPTER 4 EMPIRICAL RESULTS 32
• CHAPTER 5 DISCUSSION AND CONCLUSION 44
• REFERENCES 49