Corporate philanthropy in Russia: evidence from a national awards competition

Blagov, Yury E.; Petrova-Savchenko, Anastasia A.

doi:10.1108/14720701211267856

Cited by 10 publications

(4 citation statements)

References 2 publications

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“…The Indian and Chinese authorities promote and incentivize corporate philanthropy. In Russia an increasing number of companies are engaged in philanthropy: Russian management regards it as a way to enhance relationships with major stakeholders and to be beneficial for the society and local communities (Blagov and Petrova-Savchenko, 2012). Each year the number of companies disclosing information on their philanthropic initiatives is rising.…”

Section: Literature Review and Research Hypothesesmentioning

confidence: 99%

Impact of expenditures and corporate philanthropy disclosure on company value

Fedorova

Demin²,

Silina³

2023

CCIJ

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PurposeThe paper aims to estimate how corporate philanthropy expenditures and corporate philanthropy disclosure (in general and in different spheres) affect investment attractiveness of Russian companies.Design/methodology/approachTo assess the degree of corporate philanthropy disclosure the authors compiled lexicons based on a set of techniques: text and frequency analysis, correlations, principal component analysis. To adjust the existing classifications of corporate philanthropic activities to the Russian market the authors employed expert analysis. The empirical research base includes 83 Russian publicly traded companies for the period 2013–2019. To estimate the impact of indicators of corporate philanthropy disclosure on company's investment attractiveness the authors utilized panel data regression and random forest algorithm.FindingsWe compiled 2 Russian lexicons: one on general issues of corporate philanthropy and another one on philanthropic activities in various spheres (sports and healthcare; support for certain groups of people; social infrastructure; children protection and youth policy; culture, education and science). 2. The paper observes that the disclosure of non-financial data including that related to general issues of corporate philanthropy as well as to different spheres affects the market capitalization of the largest Russian companies. The results of regression analysis suggest that disclosure of altruism-driven philanthropic activities (such as corporate philanthropy in the sphere of culture, education and science) has a lesser impact on company's investment attractiveness than that of activities driven by business-related motives (sports and healthcare, children protection and youth policy).Research limitations/implicationsOur findings are important to management, investors, financial analysts, regulators and various agencies providing guidance on corporate governance and sustainability reporting. However, the authors acknowledge that the research results may lack generalizability due to the sample covering a single national context. Researchers are encouraged to test the proposed approach further on other countries' data by using the authors’ compiled lexicons.Originality/valueThe study aims to expand the domains of signaling and agency theories. First, this subject has not been widely examined in terms of emerging markets, the authors’ study is the first to focus on the Russian market. Secondly, the majority of scholars use text analysis to examine not only the impact of charitable donations but also the effect of corporate philanthropy disclosure. Thirdly, the authors provided the authors’ own lexicon of corporate philanthropy disclosure based on machine learning technique and expert analysis. Fourthly, to estimate the impact of corporate philanthropy on company's investment attractiveness the authors used the original approach based on combination of linear (regression), and non-linear methods (permutation importance. The authors’ findings extend the theoretical concept of Peterson et al. (2021): corporate philanthropy is viewed as the company strategy to reinforce its reputation, it helps to establish more efficient relationships with stakeholders which, in its turn, results in the increased business value.

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Section: Literature Review and Research Hypothesesmentioning

confidence: 99%

Impact of expenditures and corporate philanthropy disclosure on company value

Fedorova

Demin²,

Silina³

2023

CCIJ

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“…State social programmes are maintained but their budget is shrinking, so corporate philanthropy programmes are being actively developed in the Russian Federation (Blagov and Petrova-Savchenko 2012). The share of corporate giving in comparison to private giving remains very high in Russia (corporate giving currently represents about 90% of total giving).…”

Section: The Modern Period (From 1992 Onwards)mentioning

confidence: 99%

Social Enterprise in Central and Eastern Europe

Defourny¹,

Nyssens²

2021

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In the last two decades, the quest for a widely accepted definition of social enterprise has been a central issue in a great number of publications.The main objective of the International Comparative Social Enterprise Models (ICSEM) Project (on which this book is based) was to show that the social enterprise field would benefit much more from linking conceptualisation efforts to the huge diversity of social enterprises than from an additional and ambitious attempt at providing an encompassing definition. Starting from a hypothesis that could be termed "the impossibility of a unified definition", the ICSEM research strategy relied on bottom-up approaches to capture the social enterprise phenomenon in its local and national contexts. This strategy made it possible to take into account and give legitimacy to locally embedded approaches, while simultaneously allowing for the identification of major social enterprise models to delineate the field on common grounds at the international level.Social Enterprise in Central and Eastern Europe-the last volume in a series of four ICSEM-based books on social enterprise worldwide-will serve as a key reference and resource for teachers, researchers, students, experts, policymakers, journalists and others who want to acquire a broad understanding of the social enterprise and social entrepreneurship phenomena as they emerge and develop in this region.

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“…Among them is a collection of descriptive corporate cases on the implementation of SDGs, prepared by the Russian Union of Industrialists and Entrepreneurs (RSPP) (Feoktistova et al , 2018), as well as a general overview of Russia's role in achieving the SDGs, commissioned by UN Global Compact Russia (Dolgikh and Erlitch, 2018). Long-term projects are represented by research on the non-financial reporting conducted by the RSPP (Feoktistova et al , 2019) and by analysis of corporate philanthropy within the framework of the project “Leaders of corporate philanthropy” implemented since 2008 by the Russian business newspaper Vedomosti, PwC, and Donors Forum, a partnership of grantmaking organizations (Blagov and Petrova-Savchenko, 2012, 2019a). The project of the Russian Managers Association “Report on Social Investments in Russia” occupies a special position among such studies.…”

Section: Introductionmentioning

confidence: 99%

The transformation of corporate sustainability model in the context of achieving the UN SDGs: evidence from the leading Russian companies

Blagov

Petrova-Savchenko

2020

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Purpose The purpose of this paper is to explore the current status and identify the main trends in leading Russian companies’ corporate sustainability model transformation in the context of achieving the United Nations Sustainable Development Goals (UN SDGs). Design/methodology/approach A theoretical approach is based on the interpretation of corporate sustainability model transformation within the corporate social performance (CSP) framework. The corporate sustainability model is described according to Dyllick and Muff (2016) business sustainability (BST) 1.0-3.0 spectrum. The analysis is settled on survey data collected from leading Russian companies participated in the “Report on Social Investments in Russia” project conducted by the Russian Managers Association from 2008 to 2019. Findings This paper finds that the BST 2.0 is becoming a dominant model based on the “creating shared value” goal. The related CSP is characterized by their orientation to the principles of the UN Global Compact; by the emergence of a coordinating role for specialized departments of corporate social responsibility (CSR) and/or sustainability; and by the regular sustainability reporting. The SDGs are generally correlated with responsible business practices that are already in existence in companies. The emerging trend towards the advanced BST 3.0 model including the SDGs integration into the main business processes is constrained by the lack of active cooperation between companies. Research limitations/implications The research sample includes only large Russian companies with a significant industry diversity, participating in the “Report on Social Investments in Russia” project, thereby restricting the analysis of non-participants. The relatively low repetition of participants in this long-term project does also restrict the degree of generalization. Future research could be based on the findings of this paper to create and test hypotheses via a nationwide study of Russian businesses as well as cross-national comparative studies. Practical implications The analysis of the corporate sustainability model transformation through studying the key CSP framework elements could support Russian companies in creating systemic changes of their principles, processes and outcomes measurements in the context of achieving the UN SDGs. Originality/value This study contributes to existing literature by combining the corporate sustainability model transformation analysis with the CSP framework. It describes the experience of large Russian companies that publicly position themselves as national leaders in the field of CSR and sustainable development.

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Corporate philanthropy in Russia: evidence from a national awards competition

Cited by 10 publications

References 2 publications

Impact of expenditures and corporate philanthropy disclosure on company value

Impact of expenditures and corporate philanthropy disclosure on company value

Social Enterprise in Central and Eastern Europe

The transformation of corporate sustainability model in the context of achieving the UN SDGs: evidence from the leading Russian companies

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