Развивая доверие, развиваются экономики: роль раскрытия информации по ESG в привлечении иностранных инвестиций

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.

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