+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»

JOURNALS

  

FOR AUTHORS

  

SUBSCRIBE

    
Financial Analytics: Science and Experience
 

ESG transformation as a new management paradigm

Vol. 16, Iss. 4, DECEMBER 2023

Received: 31 August 2023

Received in revised form: 20 September 2023

Accepted: 7 October 2023

Available online: 30 November 2023

Subject Heading: INNOVATION AND INVESTMENT

JEL Classification: O33, O44

Pages: 404–420

https://doi.org/10.24891/fa.16.4.404

Mikhail E. KUZNETSOV Lomonosov Moscow State University, Moscow, Russian Federation
mkuznetsov@stc.expert

https://orcid.org/0000-0001-5657-8184

Subject. The concept of ESG transformation as a new management paradigm.
Objectives. To substantiate the theoretical and methodological aspects of ESG-transformation of control systems, based on the analysis of the main theoretical views and characteristics of this approach.
Methods. The theoretical and methodological basis was the author's definition of ESG-transformation of control systems, as well as methods of retrospective factual analysis, generalizations, comparisons and analogies.
Results. The article highlights modern challenges in the field of sustainable development and social responsibility, representing ESG transformation as a new management paradigm. It is emphasized that ESG criteria are becoming not only a measure of business sustainability, but also a new approach to management, integrating environmental, social and corporate governance principles into the strategies and decisions of organizations. The key aspects of ESG transformation, its impact on business models, strategic planning and the perception of stakeholders are analyzed. Special attention is paid to the role of ESG in creating sustainable and responsible organizations in the context of the modern socio-ecological paradigm.
Conclusions. The study highlights the importance of integrating ESG principles into the strategies and practices of organizations to achieve not only financial success, but also sustainable, responsible development. The results show that ESG transformation not only meets the modern requirements of society and stakeholders, but also provides opportunities for innovation, value creation and strengthening the long-term sustainability of organizations.

Keywords: sustainable development, ESG, ESG approach, ESG transformation, management

References:

  1. Dovbii I.P., Kobylyakova V.V., Minkin A.A. [ ESG transition as a new paradigm of global economy and sustainable financing]. Vestnik Yuzhno-Ural'skogo gosudarstvennogo universiteta. Seriya: Ekonomika i menedzhment = Bulletin of the South Ural State University. Ser. Economics and Management, 2022, vol. 16, no. 1, pp. 77–86. URL: Link (In Russ.)
  2. Giuzio M., Krusec D., Levels A. et al. Climate Change and Financial Stability. Financial Stability Review, 2019, vol. 1. URL: Link financial-stability/fsr/special/html/ecb.fsrart201905_1~47cf778cc1.en.html
  3. Bobylev S.N. [Sustainable Development: Paradigm for the Future]. Mirovaya ekonomika i mezhdunarodnye otnosheniya = World Eсonomy and International Relations, 2017, vol. 61, no. 3, pp. 107–113. (In Russ.) URL: Link
  4. Podgornyi V.V. [Sustainable Development: Paradigm Shift amid Global Changes]. Ekonomika i upravlenie = Economics and Management, 2016, no. 7, pp. 10–19. URL: Link (In Russ.)
  5. Sokolova N.A., Teimurov E.S. [Correlation of Sustainable Development Goals and ESG principles]. Vestnik Universiteta imeni O.E. Kutafina (MGYuA) = Courier of Kutafin Moscow State Law University (MSAL), 2021, no. 12, pp. 171–183. (In Russ.) URL: Link
  6. Zhukova E.V. [Key Trends in Esg-Agenda Development: Reviewing the Situation in Russia and the World]. Vestnik Rossiiskogo ekonomicheskogo universiteta im. G.V. Plekhanova = Vestnik of Plekhanov Russian University of Economics, 2021, no. 6, pp. 68–82. (In Russ.) URL: Link
  7. Makovetskii M.Yu., Sitova S.V. [Development of approaches to the interpretation of the concept of sustainable development]. Vestnik Moskovskogo universiteta im. S.Yu. Vitte. Seriya 1: Ekonomika i upravlenie, 2022, no. 2. (In Russ.) URL: Link
  8. Mamedov N.M. [Culture of sustainable development]. Vek globalizatsii = Age of Globalization, 2012, no. 1, pp. 188–190. URL: Link files/vg/2012_1/188-190.pdf?ysclid=lnun99qk44359795308 (In Russ.)
  9. Tratsevskaya L.F., Lebedeva E.N. [Contemporary Paradigm. of Sustainable Development: Shaping and Essence]. Pravo. Ekonomika. Psikhologiya = Law. Economics. Psychology, 2019, no. 1, pp. 44–48. URL: Link 123456789/28872/1/%d0%9f%d0%ad%d0%9f%20%e2%84%961%2813%29_ 2019%20%d1%86%d0%b5%d0%bb%d1%8b%d0%b9.pdf (In Russ.)
  10. Qureshi M.A., Kirkerud S., Theresa K., Ahsan T. The impact of sustainability (environmental, social, and governance) disclosure and board diversity on firm value: The moderating role of industry sensitivity. Business Strategy and the Environment, 2020, vol. 29, iss. 3, pp. 1199–1214. URL: Link
  11. Berg F., Kölbel J.F., Rigobon R. Aggregate confusion: The divergence of ESG ratings. Review of Finance, 2022, vol. 26, iss. 6, pp. 1315–1344. URL: Link
  12. ESG-transformatsiya kak vektor ustoichivogo razvitiya: v trekh tomakh. T. 2 [ESG transformation as a vector of sustainable development: In three volumes. Vol. 2]. Ed. by K.E. Turbina, I.Yu. Yurgens. Moscow, Aspekt Press Publ., 2022, 650 p. URL: Link &utm_medium=organic&utm_campaign=yandex.ru&utm_referrer=yandex.ru
  13. Khudyakova L.S. [Launching a Sustainable Financial System in the European Union]. Mirovaya ekonomika i mezhdunarodnye otnosheniya = World Eсonomy and International Relations, 2019, vol. 63, no. 7, pp. 16–22. (In Russ.) URL: Link
  14. Karlson E. [Greenhouse gas emissions trading system (using the example of California)]. Grand Altai Research & Education, 2015, no. 2. (In Russ.) URL: Link
  15. Akhmetshina A.R. [Sustainable development policy in Canada: issues of content and implementation]. Vestnik Kazanskogo tekhnologicheskogo universiteta = Herald of Kazan Technological University, 2010, no. 2, pp. 443–448. URL: Link (In Russ.)
  16. Sakharov A.G., Andronova I.V. [Sustainable Development in Canadaʼs Arctic Territories: Goals and Results]. Vestnik mezhdunarodnykh organizatsii = International Organisations Research Journal, 2020, T. 15, no. 4, pp. 140–162. URL: Link (In Russ.)
  17. Timonina I.L. [Japan on the Way to Sustainable Development: Green Financing]. Ezhegodnik Yaponiya = Yearbook Japan, 2021, vol. 50, pp. 61–88. URL: Link (In Russ.)
  18. Shaidurova A.A. [Implementation of Chinese experience in the field of financing green projects towards sustainable development of the Russian economy]. Finansovye rynki i banki = Financial Markets and Banks, 2020, no. 2, pp. 45–50. URL: Link (In Russ.)
  19. Zaidel'man O.V. [Formation and improvement of the concept of sustainable development in the Republic of Korea]. Ekonomika i biznes: teoriya i praktika = Economy and Business: Theory and Practice, 2021, no. 1-1, pp. 115–118. URL: Link (In Russ.)

View all articles of issue

 

ISSN 2311-8768 (Online)
ISSN 2073-4484 (Print)

Journal current issue

Vol. 17, Iss. 3
September 2024

Archive