Valeriya A. GOLUBEVAPeter the Great St. Petersburg Polytechnic University (SPbPU), St. Petersburg, Russian Federation golubetz5@gmail.com ORCID id: not available
Subject. The article discusses operations of steadily developing Russian banks in the context of environmental component. Objectives. The aim is to identify patterns in functioning of Russian banks, applying ESG policy in their activities, under the influence of environmental factors, to improve the management of their development. Methods. The study employs regression analysis. We selected 26 Russian banks based on ESG ratings, formed an empirical base for 2011–2020 from open sources (financial and economic indicators and macro-level indicators characterizing the environmental impact by the activities of economic entities), built a linear regression model in MS Excel. Results. The constructed regression model helped reveal that the indicator “Recycling and disposal of production and consumption waste in the Russian Federation” has a significant positive impact on the pretax profit of banks applying ESG policy. However, a negative trend in the impact of banks on the environment was identified in terms of connection between the resulting indicator and the indicator “Primary energy intensity level”. This suggests that the internal capacity of banks to implement the environmental component is not sufficiently developed and used. Conclusions. The findings can be used both at the macro and micro level when generating the strategy and tactics for ESG banking development. The offered regression modeling technique can be used to analyze the role of environmental component in the activities of banks in other countries, which implement ESG policy.
Keywords: bank, sustainable development, environmental component, modeling, regression analysis
References:
Abdygany A., Attokurovna A.A. [Economic growth and some topical issues of economic growth]. Aktual'nye nauchnye issledovaniya v sovremennom mire = Current Scientific Research in the Modern World, 2021, no. 6-2, pp. 70–74. (In Russ.)
Viktorova N.G., Lagutenkov A.A. [Innovative technologies of the green economy in the oil and gas complex]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2022, vol. 18, iss. 5, pp. 961–976. (In Russ.) URL: Link
Makovetskii M.Yu., Sitova S.V. [Development of approaches to the interpretation of the concept of sustainable development]. Vestnik Moskovskogo universiteta imeni S.Yu. Vitte. Seriya 1: Ekonomika i upravlenie, 2022, no. 2, pp. 81–88. (In Russ.) URL: Link
Gutman S.S., Rytova E.V. [Analysis and assessment of sustainable development level for the Arctic countries]. Sovremennaya nauka: aktual'nye problemy teorii i praktiki. Seriya: Ekonomika i pravo = Modern Science: Actual Problems of Theory and Practice. Series: Economics and Law, 2019, no.. 11, pp. 32–39. URL: Link (In Russ.)
Sinenko O.A. [Sustainable development of territories: Fiscal instruments to ensure environmental sustainability]. Ekonomika ustoichivogo razvitiya = Economics of Sustainable Development, 2023, no. 2, pp. 104–110. URL: Link (In Russ.)
Alekseev V.A., Rodionov D.G., Konnikov E.A. [The sustainable development concept implementation specifics in relation to nuclear energy]. Ekonomicheskie nauki = Economic Sciences, 2022, no. 215, pp. 155–161. URL: Link (In Russ.)
Rodionov D.G., Lobanova P.I., Konnikov E.A. [Managing the development of the tourism industry in the context of sustainable economic development]. Ekonomicheskie nauki = Economic Sciences, 2021, no. 198, pp. 115–127. URL: Link (In Russ.)
Tolstykh T.O., Kondrat'eva O.A. [ISID principles in the development strategies of industrial enterprises]. Region: sistemy, ekonomika, upravlenie = Region: Systems, Economics, Management, 2021, no. 3, pp. 120–127. URL: Link (In Russ.)
Tarasova A.V. [Conditions for sustainable development of commercial banks in a situation of macroeconomic instability]. E-Scio, 2019, no. 12, pp. 651–656. (In Russ.) URL: Link
Zhirnova D.R. [The ESG-factors influence of sustainable development on the formation of the bank's credit and investment portfolio]. Izvestiya vysshikh uchebnykh zavedenii. Seriya: Ekonomika, finansy i upravlenie proizvodstvom = News of Higher Educational Institutions. Series: Economy, Finance and Production Management, 2022, no. 2, pp. 6–13. URL: Link (In Russ.)
Dolgov E.V. [Evaluation of the integration of environmental, social and management principles in the bank's transition to sustainable development]. Mezhdunarodnyi nauchno-issledovatel'skii zhurnal = International Scientific Research Journal, 2023, no. 11. URL: Link (In Russ.)
Crespi F., Migliavacca M. The determinants of ESG rating in the financial industry: The same old story or a different tale? Sustainability, 2020, vol. 12, no. 16, pp. 63–98. URL: Link
Festl-Pell D. Determinants and Effects of ESG Banking Governance. Essays on Banking, Governance and Sustainability, 2016, 125 p. URL: Link
Tóth B. et al. The contribution of ESG information to the financial stability of European banks. Public Finance Quarterly, 2021, vol. 66, no. 3, pp. 429–450. URL: Link
Zaman S., Ellili N.O.D. The effect of ESG disclosure on the financial performance of UAE banks. URL: Link
Menicucci E., Paolucci G. ESG dimensions and bank performance: An empirical investigation in Italy. Corporate Governance: The International Journal of Business in Society, 2023, vol. 23, no. 3, pp. 563–586. URL: Link
Gutiérrez‐Ponce H., Wibowo S.A. Do sustainability practices contribute to the financial performance of banks? An analysis of banks in Southeast Asia. Corporate Social Responsibility and Environmental Management, 2023. URL: Link
Demeyere C., Bardyn E. ESG and European banks’ performance. 2023. URL: Link
Izcan D., Bektas E. The Relationship between ESG Scores and Firm-Specific Risk of Eurozone Banks. Sustainability, 2022, vol. 14, no. 14, p. 8619. URL: Link
