Экологические, социальные и управленческие (ESG) практики и их финансовые последствия: исследование рынков капитала Индонезии и Малайзии

С ростом значимости экологических, социальных и управленческих (ESG) факторов компании все чаще интегрируют ESG-принципы в свои процессы принятия решений. В то время как многочисленные исследования были посвящены ESG в развитых экономиках, лишь ограниченное количество работ изучает их влияние на развивающихся рынках. Цель исследования — определить связаны ли ESG-оценки с рыночной стоимостью компании и ее прибыльностью в Индонезии и Малайзии. В исследовании используются панельные данные Refinitiv Eikon и Всемирного банка за период 2010–2022 гг. Выборка состоит из 421 наблюдения за компаниями, не соответствующими требованиям шариата, в Индонезии и Малайзии за год. Для анализа применяются панельные регрессии со случайными и фиксированными эффектами, оценивающие связь между ESG-оценками и финансовыми показателями компаний. Финансовая эффективность измеряется по коэффициенту Тобина (рыночная стоимость компании), рентабельности активов (ROA) и рентабельности собственного капитала (ROE). Результаты показывают положительную и значимую связь между ESG-оценками и рыночной стоимостью (коэффициент = 3,655), а также ROE (коэффициент = 0,007), что свидетельствует о том, что высокая ESG-эффективность способствует росту стоимости компании и доходности акционеров. Однако выявлена отрицательная и значимая взаимосвязь между ESG-оценками и ROA (коэффициент = –0,000024). Это указывает на то, что интеграция ESG не всегда приводит к повышению эффективности использования активов. Исследование подчеркивает необходимость повышения осведомленности о ESG в Индонезии и Малайзии, особенно в направлении руководства компаниями к финансовым стратегиям, ориентированным на устойчивое развитие. С ростом значимости ESG для инвесторов понимание их влияния на финансовые показатели становится ключевым. Это важно для всех, кто работает в условиях меняющихся рыночных ожиданий.

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