Environmental management practices for the circular economy development in Russia and their impact on the financial performance of companies

Popova, Ekaterina; Strikh, Nikolay

doi:10.29141/2218-5003-2021-12-2-2

Upravlenets

2021

DOI: 10.29141/2218-5003-2021-12-2-2

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Environmental management practices for the circular economy development in Russia and their impact on the financial performance of companies

Ekaterina Popova

Nikolay Strikh

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The impact of ESG and personal environmental concern on performance of Russian companies

Popova

Strikh

2022

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The article aims to empirically test the hypothesis on the impact of environmental, social and corporate governance (ESG) practices and employees’ personal environmental concerns on the performance of Russian companies. The methodological basis is the theory of corporate social and environmental responsibility embodied in the ESG concept. Exploratory factor analysis and linear regression are used to assess individual factors of corporate responsibility and personal environmental concerns on the ability of companies to perform better, i.e. to achieve their long-term goals. The empirical basis is the survey data of 339 employees of Russian companies. The research results show that strategic aspects of environmental responsibility and corporate governance are strongly connected within a single theoretical framework, while social responsibility of companies and environmental concern can be identified as a separate area of managerial efforts. Originality of the chosen approach is related to the proposed structured questionnaire that reveals various aspects of personal environmental concern and contributes to ESG practices assessment. The conducted regression analysis has demonstrated a positive impact of ESG strategies on the performance of the Russian companies in question, showing that social responsibility plays a decisive role in the ESG formula. Environmental concerns of employees do not have a significant effect on their personal assessment of organizational performance. The authors propose that managers should implement the most relevant ESG practices discussed in this article to sustain high levels of organizational performance.

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The impact of ESG and personal environmental concern on performance of Russian companies

Popova

Strikh

2022

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Investigation of ESG spillovers for external stakeholders in Russian regions

Popova

Strikh

2023

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Waves of recent global economic crises at the beginning of the 2000s gave a rise to an increased attention to external effects, or spillovers, of environmental, social and corporate governance (ESG) practices of companies. The paper aims to study the impact of ESG practices on regional economic and social development from the viewpoint of external stakeholders, considering the ability of local companies to retain key human capital. The theoretical framework of the research is corporate governance theory and the ESG concept. Correlation, factor, regression and path analyses are used in combination to determine the impact of individual ESG practices on regional development and place attachment. The empirical evidence comes from the 2023 survey of 359 respondents from two industrialized regions of Russia. The originality of the study is based on (1) a structured questionnaire developed by the authors to examine external stakeholders’ opinions on ESG problems in the regions, and (2) the sociological concept of place attachment viewed as the most important indicator of human capital retention. Our findings show that practices of social responsibility and labour market growth primarily influence the perception of regional economic development. In turn, there is no significant relationship between ESG practices and people’s attachment to the region of residence. Practical conclusions show that external stakeholders are mainly concerned about ESG labour market spillovers: creation of stable jobs, provision of career prospects and technological advantages in the region.

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Environmental management practices for the circular economy development in Russia and their impact on the financial performance of companies

Cited by 2 publications

References 0 publications

The impact of ESG and personal environmental concern on performance of Russian companies

The impact of ESG and personal environmental concern on performance of Russian companies

Investigation of ESG spillovers for external stakeholders in Russian regions

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