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Economic Analysis: Theory and Practice
 

Developing the socially responsible investment practice in the context of national economic security

Vol. 20, Iss. 10, OCTOBER 2021

Received: 26 August 2021

Received in revised form: 10 September 2021

Accepted: 21 September 2021

Available online: 29 October 2021

Subject Heading: INVESTMENT ANALYSIS

JEL Classification: F52, G11, G17

Pages: 1914–1932

https://doi.org/10.24891/ea.20.10.1914

Natal'ya A. KHUTOROVA Russian Presidential Academy of National Economy and Public Administration (RANEPA), Moscow, Russian Federation
khutorova-na@ranepa.ru

https://orcid.org/0000-0002-2123-4573

Andrei O. KHUTOROV OOO Alfa Strakhovanie-Zhizn’ Moscow, Russian Federation
andrej.hutorov@yandex.ru

ORCID id: not available

Subject. The article addresses the issue of sustainable and socially responsible investment in the context of economic security.
Objectives. The aim is to prove a hypothesis that the development of the practice of socially responsible investment can be considered as one of factors in strengthening the economic security of the State.
Methods. We employ general scientific research methods.
Results. We analyze the main indicators of the development of the socially responsible investment market in the world and in Russia, systematize key participants of the market, their functions and role in ensuring the economic security of the State and company. We offer a number of areas for the development of socially responsible investment, which will contribute to strengthening the economic security, including raising awareness of the financial community about sustainable financing and formation of new behavioral patterns of investment portfolios; incorporating ESG instruments in the monetary policy of the Bank of Russia; developing incentive mechanisms for companies that actively use ESG principles in their business models, formulating international initiatives and standards for ESG financing in the EAEU.
Conclusions. In the current financial market conditions and active transformation of business models, the influence of ESG factors will increase. It will stimulate the development of the market for socially responsible investment and contribute to economic security strengthening. The proposed measures can be integrated into the process of formulating a long-term strategy of socio-economic development of the Russian Federation.

Keywords: economic security, socially responsible investing, ESG, Environmental, Social, and Governance, financial market

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