centeroКонтуры глобальных трансформаций: политика, экономика, правоOutlines of global transformations: politics, economics, law2542-02402587-9324Center for Crisis Society Studies10.31249/kgt/2024.06.05centero-1679Research ArticleМеждународное и национальное правоInternational and Internal LawВоздействие международных экологических стандартов на финансовую эффективность компании: экономико-правовой анализThe Impact of International Environmental Standards on Corporate Financial Performance: An Economic and Legal Analysishttps://orcid.org/0000-0001-5796-7851ГабриеловВ. А.GabrielovV. A.Вадим Аркадьевич ГАБРИЕЛОВ

аспирант Департамента международного права

ул. Мясницкая, д. 20, г. Москва, 101000

Vadim A. GABRIELOV

PhD Student of the Department of International Law 

Myasnickaya Street 20, Moscow, 101000

Национальный исследовательский университет «Высшая школа экономики»РоссияNational Research University Higher School of EconomicsRussian Federation20242307202517674–91Copyright © Габриелов В.А., 20252025Габриелов В.А.Gabrielov V.A.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://www.ogt-journal.com/jour/article/view/1679

Статья сфокусирована на анализе взаимосвязи между реакцией инвесторов компании на соблюдение ею международных экологических стандартов и ее финансовыми показателями. Подобный анализ позволяет понять, влияет ли реакция инвесторов на действия или бездействие компании в отношении соблюдения международных экологических стандартов на ее финансовую эффективность. В статье на примере опыта российских и иностранных компаний описывается то, каким образом соблюдение международных экологических стандартов влияет на взаимоотношения бизнеса и инвесторов, а также то, как реакция последних на соблюдение компанией этих стандартов может воздействовать на рост ее капитализации. На примере ряда сырьевых компаний, компаний авиационной индустрии и банковского сектора анализируется связь реакции инвесторов на публикуемую компаниями ESG-отчетность, а также такие показатели, как ROA и ROE, с капитализацией. Автор приходит к выводу, что соблюдение международных экологических стандартов имеет положительное влияние на финансовую эффективность компании при условии ее относительно стабильного финансового состояния и благоприятной экономической ситуации. Однако в условиях кризисов на рынке, таких как период пандемии или введение экономических санкций, эффективная ESG-политика компании не может предотвратить падение капитализации. По мнению автора, тенденция популяризации международных экологических стандартов в среде бизнеса будет продолжаться, поскольку их соблюдение способно дать компаниям реальное преимущество на рынке при благоприятных условиях внешней среды. 

The article focuses on analyzing the relationship between investor reactions to a company’s compliance with international environmental standards and its financial performance. This analysis helps determine whether investor responses to a company’s actions or inactions regarding such compliance affect its financial efficiency. Using the experiences of Russian and foreign companies as examples, the article describes how adherence to international environmental standards influences business-investor relations and how investor reactions to companies complying with these standards may contribute to the growth of their market capitalization. The analysis examines the connection between investor responses to ESG reports published by companies and performance indicators such as ROA, ROE, and market capitalization, drawing on examples from several resource companies, the aviation industry, and the banking sector. The author concludes that compliance with international environmental standards has a positive impact on a company’s financial performance, provided that the company maintains relatively stable financial conditions and operates in a favorable economic environment. However, during market crises – such as the pandemic or the imposition of economic sanctions – an effective ESG policy cannot fully prevent a decline in market capitalization. According to the author, the trend of popularizing international environmental standards within the business community is likely to continue, as compliance with such standards can offer companies a tangible market advantage under favorable external conditions. 

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The authors declare that there are no conflicts of interest present.