financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2026-30-4-1709-02finance-3099Research ArticleМЕЖДУНАРОДНЫЕ ФИНАНСЫINTERNATIONAL FINANCEРазвивая доверие, развиваются экономики: роль раскрытия информации по ESG в привлечении иностранных инвестицийDeveloping Trust, Developing Economies: The Role of ESG Disclosure in Attracting Foreign Investmenthttps://orcid.org/0000-0002-9415-2157ЧордашА.CsordásA.

Адриан Чордаш — PhD, старший преподаватель, факультет экономики и административных наук

Никосия, Северный Кипр

Adrián Csordás — PhD, Assist. Prof., Faculty of Economics and Administrative Sciences

Nicosia, North Cyprus

csordas.adrian19@gmail.comhttps://orcid.org/0000-0001-5935-3466Аль-ДалахмехМ.Al-DalahmehM.

Маха Аль-Далахмех — PhD, старший преподаватель

Эр-Рияд, Саудовская Аравия

Maha Al-Dalahmeh — PhD, Assist. Prof.

Riyadh, Saudi Arabia

mahalutfi87@gmail.comКипрский Международный УниверситетКипрCyprus International UniversityCyprusКолледж делового администрирования, Университет принца султанаСаудовская АравияCollege of Business Administration, Prince Sultan UniversitySaudi Arabia20241009202400Принято в печать3099Copyright © Чордаш А., Аль-Далахмех М., 20242024Чордаш А., Аль-Далахмех М.Csordás A., Al-Dalahmeh M.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/3099

Теория легитимности утверждает, что организации стремятся соответствовать общественным ожиданиям для получения преимуществ, однако ее внимание сосредоточено в основном на уровне компаний. Цель данной работы — исследовать глобальную применимость теории легитимности путем изучения взаимосвязи между раскрытием информации об экологических, социальных и управленческих аспектах (ESG) и прямыми иностранными инвестициями (ПИИ). В частности, в исследовании ставится задача: проанализировать влияние раскрытия информации ESG на ПИИ в 28 странах; сравнить ESG-показатели различных стран; изучить роль региональных стандартов ESG во влиянии на ESG-показатели и ПИИ. Применение теста Крускала-Уоллиса выявило доминирующее положение западных стран с развитыми стандартами ESG. Тест post hoc с поправкой Бонферрони на данные Всемирного банка показал, что страны с хорошо развитыми стандартами ESG выступают в роли глобальных инвесторов, доверяя высоким стандартам быстро развивающихся западных регионов. Статистические тесты подтвердили, что страны, находящиеся на стадии развития, с показателями, несколько схожими с наиболее развитыми регионами, представляют собой привлекательные альтернативы для иностранных инвесторов. Однако отсутствие стандартизированных норм препятствует установлению доверительных экономических отношений. Эти выводы позволяют предположить, что подобно тому, как бизнес использует корпоративную социальную ответственность (КСО) для обретения легитимности, страны могут применять практики ESG, чтобы соответствовать глобальным нормам и привлекать ПИИ. Хотя этот переход может занять много времени, разработка региональных норм раскрытия информации по ESG может стать эффективной отправной точкой.

Legitimacy theory posits that organizations strive to align with societal expectations to gain advantages, yet its focus has primarily been at the company level. The purpose of the study is to investigate the global applicability of legitimacy theory by examining the relationship between Environmental, Social, and Governance (ESG) disclosures and Foreign Direct Investment (FDI). In particular, the study sets the task: analyze the impact of ESG disclosures on FDI across twenty-eight countries; compare the ESG performance of different nations; and explore the role of regional ESG standards in influencing ESG performance and FDI. The application of the Kruskal-Wallis test revealed the dominant position of Western nations with developed ESG standards. The Bonferroni adjustment post hoc test on World Bank data indicated that countries with well-developed ESG standards act as global investors, trusting the high standards of rapidly improving Western regions. Statistical tests confirmed that countries in the developing stage, with values somewhat similar to the most developed areas, present attractive alternatives for foreign investors. However, the lack of standardized norms hinders the establishment of trustworthy economic relationships. These findings suggest that just as businesses use Corporate Social Responsibility (CSR) to gain legitimacy, countries can adopt ESG practices to align with global norms and attract FDI. Although this transition may be time-consuming, developing regional ESG disclosure norms could serve as an effective stepping stone.

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