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ESG Management of Sustainable Business Development in the Context of Digital Transformation of the Russian Economy

Author

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  • Irina A. Morozova
  • Anastasia I. Smetanina
  • Anton S. Smetanin

Abstract

The problem is that the ESG management practices that are emerging in Russia do not fully take into account the context of digital transformation, which reduces their effectiveness. The article is aimed at developing a promising approach to ESG management of sustainable business development in the context of the digital transformation of the Russian economy. A hypothesis has been put forward that the sustainability of business development depends on the use of artificial intelligence, big data and ESG management, the system management of which generates a synergistic effect. Using the method of regression analysis based on the data of the International Monetary Fund and IMD for 2022, economic and mathematical modeling was carried out: the dependence of sustainable business development: 1) on the management of digital business transformation; 2) from ESG management and 3) from the use of artificial intelligence, big data and from ESG management. Econometric models are used to predict the consequences of isolated (in model 1 and model 2) and systemic (in model 3) ESG management of sustainable business development in the context of digital transformation. As a result, it was revealed that the most favorable conditions for sustainable business development are created in model 3, which assumes ESG management and reveals the potential of digital transformation. The shortcoming of the existing practice of managing sustainable business development associated with the isolation of ESG management from the management of digital business transformation is substantiated. It is recommended that this practice be improved with the help of artificial intelligence and big data. The theoretical significance of the article lies in the fact that it proposes a new - systematic vision of the ESG management of sustainable business development in the context of digital transformation. In the author's vision, the integration of two previously separate areas of management is ensured through the use of artificial intelligence and big data. The practical significance of the developed approach to business ESG management in the context of the digital transformation of the Russian economy is related to improving the efficiency of Russian business management by increasing its sustainability and better unlocking the potential of digital transformation.

Suggested Citation

  • Irina A. Morozova & Anastasia I. Smetanina & Anton S. Smetanin, 2023. "ESG Management of Sustainable Business Development in the Context of Digital Transformation of the Russian Economy," Journal of Applied Economic Research, Graduate School of Economics and Management, Ural Federal University, vol. 22(2), pages 425-449.
    • Handle: RePEc:aiy:jnjaer:v:22:y:2023:i:2:p:425-449
    DOI: http://dx.doi.org/10.15826/vestnik.2023.22.2.018
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    References listed on IDEAS

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    JEL classification:

    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • M15 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - IT Management
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development

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