caerCentral Asian Economic ReviewCentral Asian Economic Review2789-43982789-4401Университет Нархоз10.52821/2789-4401-2024-4-98-110caer-1246Research ArticleГОСУДАРСТВО И БИЗНЕС: ТЕОРИЯ И ПРАКТИКА УПРАВЛЕНИЯSTATE AND BUSINESS: THEORY AND PRACTICE OF MANAGEMENTВЛИЯНИЕ ПРАКТИК ESG НА ФИНАНСОВУЮ УСТОЙЧИВОСТЬ КОМПАНИЙ: ОПЫТ РАЗВИТЫХ И РАЗВИВАЮЩИХСЯ СТРАНTHE EFFECTS OF ESG PRACTICES ON CORPORATE FINANCIAL SUSTAINABILITY: EVIDENCE FROM DEVELOPED AND DEVELOPING COUNTRIEShttps://orcid.org/0000-0002-2015-9268ОразалинН.OrazalinN.

г. Алматы

Nurlan Orazalin – PhD, DBA, CMA

Almaty

orazalin@kimep.kzhttps://orcid.org/0000-0002-3077-2023КожахметоваА.KozhakhmetovaA.

г. Алматы

Assel Kozhakhmetova – PhD, Associate Professor

Almaty

a.kozhakhmetova@kbtu.kzhttps://orcid.org/0009-0004-7956-3654АбдрашоваК.AbdrashovaK.

г. Алматы

Kuralay Abdrashova – Mr.Sc. (Econ.), Junior Researcher

Almaty

k.abdrashova.26@gmail.comУниверситет КИМЭП; Институт прикладных наук и информационных технологийКазахстанKIMEP University; Institute of Applied Sciences and Information TechnologyKazakhstanКазахстанско-Британский технический университетКазахстанKazakh-British Technical UniversityKazakhstan2024141120240498110Copyright © Оразалин Н., Кожахметова А., Абдрашова К., 20242024Оразалин Н., Кожахметова А., Абдрашова К.Orazalin N., Kozhakhmetova A., Abdrashova K.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://caer.narxoz.kz/jour/article/view/1246

Цель исследования – данное исследование направлено на изучение влияния практик ESG (экологических, социальных и управленческих) на финансовую устойчивость фирм в развитых и развивающихся экономиках.

Методология исследования – панельный регрессионный анализ используется для проверки влияния практик ESG на финансовую устойчивость путем контроля фиксированных эффектов года, сектора и страны. Финансовые показатели оцениваются на основе Q Тобина, в то время как практики ESG измеряются с использованием баллов ESG, полученных из ASSET4 Эйкона. Окончательная выборка состоит из 34 953 наблюдений за фирмами из 49 стран с 2002 по 2022 годы.

Оригинальность / ценность исследования – данная работа предлагает важные выводы для различных заинтересованных сторон, предоставляя новое понимание взаимосвязи между практиками ESG и финансовой устойчивостью государственных фирм, работающих в разных странах, и подчеркивая роль экономических условий на уровне страны в продвижении корпоративных инициатив ESG и устойчивости.

Результаты исследования – исследование показывает, что отдельные и составные практики ESG могут существенно улучшить финансовые показатели. Результаты также показывают, что положительное влияние экологических и социальных инициатив и общих практик ESG на финансовое благополучие более выражено для фирм из развитых стран. Дальнейший анализ подтверждает, что улучшенные практики ESG могут повысить финансовую стабильность, измеряемую как индекс Альтмана.

The purpose of this research – to explore the effects of ESG (environmental, social, and governance) practices on firm financial sustainability in developed and developing economies.

Methodology – Panel regression analysis is used to test the effects of ESG practices on financial sustainability by controlling year, sector, and country fixed effects. Financial performance is estimated based on Tobin’s Q, while ESG practices are measured using ESG scores obtained from Eikon’s ASSET4. The final sample consists of 34,953 fi rm-observations from 49 countries from 2002 to 2022.

Originality/value of the research – This work offers important implications for various stakeholders by providing new insights into the relationship between ESG practices and financial sustainability of public fi rms operating in different countries and highlighting the role of country-level economic conditions in promoting corporate ESG initiatives and sustainability.

Findings – The study shows that the individual and composite ESG practices can substantially improve financial performance. The results also show that the positive impacts of environmental and social initiatives and the overall ESG practices on financial well-being are more pronounced for fi rms from developed economies. Further analysis verifies that improved ESG practices may increase financial stability, measured as the Altman’s score.

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The authors declare that there are no conflicts of interest present.