The impact of corporate social responsibility on companies' economic performance: An empirical analysis based on data from Russian Far East enterprises
Subject. The processes of the impact of corporate social responsibility (CSR) on the economic performance of organizations. Objectives. To assess the specifics of the impact of CSR practices, measured through the national ECG rating, on the economic results of companies in the Far Eastern Federal District, taking into account industry, institutional, and regional heterogeneity. Methods. Based on panel data from 74 largest companies in the Far Eastern Federal District, a comparative, correlation, and cluster analysis was carried out; in addition, econometric models with fixed effects and dynamic panel models were constructed using the generalized method of moments (GMM). Results. A positive but non?linear (inverted U?shaped) relationship between the level of CSR and financial performance was confirmed. Industry?specific differentiation in the impact of the ECG components was identified (“E” — for extractive industries, “K” — for trading sectors). Furthermore, the CSR effect was found to be stronger when a comprehensive approach is applied and in large companies with external oversight. Conclusions. The findings provide a basis for developing a differentiated regional policy to promote CSR and for strategic management of non?financial risks by companies in the Far East.
Keywords: corporate social responsibility, ESG rating, economic results, ESG, Far Eastern Federal District
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