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ESG Transformation in the Corporate Sector: Systematizing the Global Approach

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  • M. P. Afanas’ev

    (Institute of Economic Forecasting, Russian Academy of Sciences)

  • N. N. Shash

    (Russian University of Economics)

Abstract

— The article discusses the arguments related to the ESG transformation in the corporate sector of the global economy. An attempt is made to systematize and classify the materials prepared by leading international institutions and the business community as part of the implementation of the ESG agenda. The components of ESG projections that should be included in the business strategy of the company are considered. The new elements in the structure of investments in the corporate sector are defined. The algorithm of changes in the system of corporate governance in the process of ESG transformation is developed. The optimal structure of reporting for disclosing the information concerning the accounting of ESG factors in the company activity is presented. The scheme of the process of the ESG transformation of the business model in the corporate sector is proposed. The results of the study of the main methodological approaches used in the construction of ESG ratings are interpreted. The article reveals the main problems in the process of rating companies based on the assessment of ESG risks.

Suggested Citation

  • M. P. Afanas’ev & N. N. Shash, 2022. "ESG Transformation in the Corporate Sector: Systematizing the Global Approach," Studies on Russian Economic Development, Springer, vol. 33(6), pages 707-715, December.
    • Handle: RePEc:spr:sorede:v:33:y:2022:i:6:d:10.1134_s1075700722060028
    DOI: 10.1134/S1075700722060028
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    References listed on IDEAS

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    2. Ikenna Elias Asogwa & Maria Estela Varua & Peter Humphreys & Rina Datt, 2021. "Understanding Sustainability Reporting in Non-Governmental Organisations: A Systematic Review of Reporting Practices, Drivers, Barriers and Paths for Future Research," Sustainability, MDPI, vol. 13(18), pages 1-26, September.
    3. Shixian Ling & Guosheng Han & Dong An & William Cannon Hunter & Hui Li, 2020. "The Impact of Green Credit Policy on Technological Innovation of Firms in Pollution-Intensive Industries: Evidence from China," Sustainability, MDPI, vol. 12(11), pages 1-16, June.
    4. Shuanglian Chen & Zhehao Huang & Benjamin M. Drakeford & Pierre Failler, 2019. "Lending Interest Rate, Loaning Scale, and Government Subsidy Scale in Green Innovation," Energies, MDPI, vol. 12(23), pages 1-22, November.
    5. Tim Benijts, 2014. "Socially responsible investment and financial institution's response to secondary stakeholder requests," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 4(4), pages 321-336, October.
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