Please use this identifier to cite or link to this item: http://hdl.handle.net/10995/91460
Title: Влияние корпоративной социальной ответственности на инвестиционную привлекательность российских компаний
Other Titles: The impact of corporate social responsibility on the investment attractiveness of the Russian companies
Authors: Kelchevskaya, N. R.
Chernenko, I. M.
Popova, E. V.
Кельчевская, Н. Р.
Черненко, И. М.
Попова, Е. В.
Issue Date: 2017
Publisher: Institute of Economics, Ural Branch of the Russian Academy of Sciences
Институт экономики Уральского отделения РАН
Citation: Кельчевская Н. Р. Влияние корпоративной социальной ответственности на инвестиционную привлекательность российских компаний / Н. Р. Кельчевская, И. М. Черненко, Е. В. Попова. — DOI 10.17059/2017-1-15. — Текст : электронный // Экономика региона. — 2017. — Том 13, выпуск 1. — С. 157-169.
Abstract: Investigation of the impact of corporate social responsibility (CSR) and environmental responsibility on the economic performance over the past decades has shown that the implementation of CSR is one of the key drivers of value creation. Disclosure of social policy is one of the key CSR areas, it reduces information asymmetry and also contributes to the company's reputation, decreasing uncertainty and risk in the assessment of the internal environment. This study shows that the disclosure of CSR information is able to increase the investment attractiveness of companies, and reduce the cost of equity. In the last decade, Russian industry has accumulated considerable positive experience in the implementing and positioning of corporate social responsibility (CSR) technologies, which has yet to be assessed. In this paper, we used the sample of social reports of 18 Russian companies in the period from 2004 to 2014. The authors provided content-analysis of information disclosure dimensions including staff training, social policy, charity and environmental responsibility. In contrast to other studies, the results show a comparatively moderate impact of disclosure on the cost of equity capital. Also, we found that different dimensions of the disclosure have an ambiguous impact on the investment attractiveness of companies. Our results allow formulating practical recommendations for the management of metallurgical, oil and gas Russian companies to increase their investment attractiveness, in particular, a prudent choice of CSR information for disclosure. The study is unique for the Russian practice of evaluating the effectiveness of CSR, as it is based on a sample of the largest industrial enterprises.
Рассмотрены экономические эффекты влияния раскрытия информации о корпоративной социальной ответственности на стоимости акционерного капитала компаний как одного из ключевых индикаторов инвестиционной привлекательности на примере крупных российских промышленных предприятий.
Keywords: CORPORATE SOCIAL RESPONSIBILITY
COST OF EQUITY CAPITAL
INDUSTRY
INFORMATION DISCLOSURE
INVESTMENT ATTRACTIVENESS
METALLURGY
OIL AND GAS INDUSTRY
URI: http://hdl.handle.net/10995/91460
Access: info:eu-repo/semantics/openAccess
SCOPUS ID: 85016216074
WOS ID: 000401304900015
ISSN: 2411-1406
2072-6414
DOI: 10.17059/2017-1-15
Origin: Экономика региона. 2017. Том 13, выпуск 1
Appears in Collections:Economy of Region

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