Управленец2218-50032686-792310.29141/2218-5003-2023-14-3-3PSGVTWhttps://upravlenets.usue.ru/ru/-2023/1289https://upravlenets.usue.ru/ru/-2023/1289Влияние факторов корпоративного управления на уровень раскрытия ESG-информации российскими публичными компаниямиImpact of corporate governance factors on ESG disclosure by Russian public companiesБатаеваБэла СаидовнаБатаеваБэла СаидовнаBataevaBela S.bbataeva@fa.ruКарповНикита АндреевичКарповНикита АндреевичKarpovNikita A.karpov.n.a@mail.ruFinancial University under the Government of the Russian Federation (Moscow, Russia)Финансовый университет при Правительстве Российской Федерации (г. Москва, РФ)Gazprombank (Moscow, Russia)Газпромбанк (г. Москва, РФ)0607202314330432802202324042023CC BY-NC 4.0

В последнее десятилетие публикация нефинансовой (ESG) отчетности прочно вошла в практику российских публичных компаний. Однако в научном пространстве детерминанты корпоративного управления, влияющие на раскрытие показателей устойчивого развития, изучены недостаточно. Статья посвящена исследованию взаимосвязи между характеристиками совета директоров и уровнем раскрытия ESG-информации российскими публичными компаниями. Методологическую основу работы составили агентская теория и теория стейкхолдеров. В качестве методов исследования применялись дескриптивный, корреляционный и регрессионный анализ. Информационную базу составили панельные данные 34 российских публичных компаний, акции которых торговались на Московской бирже в 2012–2021 гг. Выявлено, что независимость и разнообразие совета директоров, а также представленность комитета по устойчивому развитию значимо и положительно влияют на раскрытие ESG-информации. Доказано, что влияние размера совета директоров на уровень ESG-раскрытия носит преимущественно отрицательный характер. Кроме того, установлено, что показатели устойчивого развития публикуют наиболее крупные компании (по размеру активов), в то время как показатели уровня прибыльности и риска не являются значимыми в контексте ESG. Полученные результаты могут применяться как представителями бизнеса, так и законодательными и регуляторными органами с целью улучшения практики раскрытия ESGинформации российскими публичными акционерными обществами.

In the last decade, ESG reporting has become an integral part of corporate disclosure in Russia. However, there is limited guidance about the determinants of corporate governance that affect ESG disclosure. The paper investigates the interconnection between board of directors’ characteristics and ESG disclosure in Russian public companies. Methodologically, the study relies on the agency and stakeholder theories. Descriptive, correlation and regression analysis were used as research methods. The sample includes the panel data on 34 Russian public companies, whose shares were traded on the Moscow Exchange between 2012 and 2021. We found that board independence, board diversity, and the presence of a sustainability committee had a significant positive effect on ESG disclosure. At the same time, the impact of the board size was predominantly negative. The findings proved that ESG reporting was mostly practiced by the largest (by assets) companies, while the indicators of profitability and risk were insignificant in the context of environmental, social, and corporate governance. The obtained research results can be used by business representatives as well as by legislators and regulators to improve ESG disclosure practices in Russian public companies.

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Journal of management studies, vol. 28, no. 2. pp. 131–154. https://doi.org/10.1111/j.1467-6486.1992.tb00657.xHusted B.W., de Sousa‐Filho J.M. (2019). Board structure and environmental, social, and governance disclosure in Latin America. Journal of Business Research, vol. 102, no. 9, pp. 220–227. https://doi.org/10.1016/j.jbusres.2018.01.017Jensen M.C., Meckling W.H. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, vol. 3, no. 4, pp. 305–360. https://doi.org/10.1016/0304-405X(76)90026-XKennedy J., Kray L. (2013). Who is willing to sacrifice ethical values for money and social status? Gender differences in reaction to ethical compromises. Social Psychological and Personality Science, vol. 5, no. 1. pp. 52–59. https://doi.org/10.1177/194855061348298Lagasio V., Cucari N. (2019). Corporate governance and environmental social governance disclosure: A meta‐analytical review. Corporate Social Responsibility and Environmental Management, vol. 26, no. 1. https://doi.org/10.1002/csr.1716Manita R., Bruna M.G., Dang R., Houanti L.H. (2018). Board gender diversity and ESG disclosure: Evidence from the USA. Journal of Applied Accounting Research, vol. 19, no. 2, pp. 206–224. https://doi.org/10.1108/JAAR‐01‐2017‐0024Wasiuzzaman S., Wan Mohammad W.M. (2020). Board gender diversity and transparency of environmental, social and governance disclosure: Evidence from Malaysia. Managerial and Decision Economics, vol. 41, no. 1, pp. 145–156. https://doi.org/10.1002/mde.3099Williamson O. (1985). The economic institutions of capitalism. New York: The Free Press.