Finance and Credit

Abstracting and Indexing

Referativny Zhurnal VINITI RAS
LCCN Permalink
Google Scholar

Online available



Cyberleninka (12 month OA embargo)

Trends in corporate environmental responsibility development

Vol. 25, Iss. 6, JUNE 2019

Received: 15 May 2019

Received in revised form: 30 May 2019

Accepted: 13 June 2019

Available online: 28 June 2019

Subject Heading: BUSINESS VALUE

JEL Classification: F23, F64, G32

Pages: 1454–1468

Voskanyan R.O. Plekhanov Russian University of Economics, Moscow, Russian Federation

Subject The article investigates States and economic sectors, where the biggest number of corporations have to observe environmental requirements.
Objectives The purpose of the study is to identify key trends in ecological responsibility of public companies in developed and developing countries to establish the most promising directions for development of environmental responsibility in Russia.
Methods The study employs general scientific methods of cognition (analysis and synthesis, comparison, expert estimates) and specific research methods (graphical, statistical, economic and mathematical).
Results The paper shows modern tendencies of corporate environmental responsibility, like the growth of market value per share of the largest companies that are environmentally responsible, the leading role of companies in the financial sector of the economy, the importance to implement corporate environmental responsibility by companies operating in the consumer sector. Corporate environmental responsibility is most prevalent in the leading States of the EU in developed markets, and in the BRICS countries in emerging markets.
Conclusions The negative impact of macroeconomic risks prevents Russian companies from being the world leaders in terms of capitalization and allocating considerable financial resources to projects within the framework of environmental responsibility. Involvement in the concept of sustainable development will enable Russian companies to increase the level of confidence of foreign investors. The activity in this area may include environmental projects carried out jointly with international business partners and the transformation of production and sales activities to minimize the carbon footprints.

Keywords: sustainable development, corporate social responsibility, capitalization, developing countries, developed countries


  1. Šontaitė-Petkevičienė M. CSR Reasons, Practices and Impact to Corporate Reputation. Procedia – Social and Behavioral Sciences, 2015, vol. 213, pp. 503–508. URL: Link
  2. Arouri M., Gomes M., Pukthuanthong K. Corporate Social Responsibility and M&A Uncertainty. Journal of Corporate Finance, 2019, vol. 56, pp. 176–198. URL: Link
  3. Kim H.-D., Kim T., Kim Y., Park K. Do Long-Term Institutional Investors Promote Corporate Social Responsibility Activities? Journal of Banking & Finance, 2019, vol. 101, pp. 256–269. URL: Link
  4. García-Madariaga J., Rodríguez-Rivera F. Corporate Social Responsibility, Customer Satisfaction, Corporate Reputation, and Firms' Market Value: Evidence from the Automobile Industry. Spanish Journal of Marketing – ESIC, 2017, vol. 21, sup. 1, pp. 39–53. URL: Link
  5. Feng Z.-Y., Chen C.R., Tseng Y.-J. Do Capital Markets Value Corporate Social Responsibility? Evidence from Seasoned Equity Offerings. Journal of Banking & Finance, 2018, vol. 94, pp. 54–74. URL: Link
  6. Lapanan N. The Investment Behavior of Socially Responsible Individual Investors. The Quarterly Review of Economics and Finance, 2018, vol. 70, pp. 214–226. URL: Link
  7. Martin P.R., Moser D.V. Managers' Green Investment Disclosures and Investors' Reaction. Journal of Accounting and Economics, 2016, vol. 61, iss. 1, pp. 239–254. URL: Link
  8. Graafland J. Economic Freedom and Corporate Environmental Responsibility: The Role of Small Government and Freedom from Government Regulation. Journal of Cleaner Production, 2019, vol. 218, pp. 250–258. URL: Link
  9. Lončar D., Paunković J., Jovanović V., Krstić V. Environmental and Social Responsibility of Companies Cross EU Countries – Panel Data Analysis. Science of The Total Environment, 2019, vol. 657, pp. 287–296. URL: Link
  10. Ruokonen E., Temmes A. The Approaches of Strategic Environmental Management Used by Mining Companies in Finland. Journal of Cleaner Production, 2019, vol. 210, pp. 466–476. URL: Link
  11. El Ghoul S., Guedhami O., Kim H., Park K. Corporate Environmental Responsibility and the Cost of Capital: International Evidence. Journal of Business Ethics, 2018, vol. 149, iss. 2, pp. 335–361. URL: Link
  12. Tikhotskaya I.S. [Ecological problems in Japan: Between past and future]. Yaponskie issledovaniya, 2016, no. 1, pp. 59–71. (In Russ.) URL: Link
  13. Danilova V.I. [Development of the Japanese Environmental Security Concept]. Vestnik MGIMO Universiteta = MGIMO Review of International Relations, 2015, no. 3, pp. 51–59. URL: Link (In Russ.)
  14. Habek P., Wolniak R. Assessing the Quality of Corporate Social Responsibility Reports: The Case of Reporting Practices in Selected European Union Member States. Quality & Quantity, 2016, vol. 50, iss. 1, pp. 399–420. URL: Link
  15. Panina A.O. [The formation of volatility in the markets of developing countries in the context of global shocks and a stable economy]. Vestnik Evraziiskoi nauki = The Eurasian Scientific Journal, 2018, vol. 10, no. 2, p. 38. URL: Link (In Russ.)
  16. Wong C.W.Y., Miao X., Cui S., Tang Y. Impact of Corporate Environmental Responsibility on Operating Income: Moderating Role of Regional Disparities in China. Journal of Business Ethics, 2018, vol. 149, iss. 2, pp. 363–382. URL: Link
  17. Zemtsov S.P., Chernov A.V. [What High-Tech Companies in Russia Grow Faster and Why?]. Zhurnal novoi ekonomicheskoi assotsiatsii = Journal of the New Economic Association, 2019, no. 1, pp. 68–99. URL: Link (In Russ.)
  18. Lange S., Vollmer S. The Effect of Economic Development on Population Health: A Review of the Empirical Evidence. British Medical Bulletin, 2017, vol. 121, iss. 1, pp. 47–60. URL: Link
  19. Vinogradov V.A., Soldatova L.V., Taibakov A.A. [Some aspects of the constitutional rights to protect health and to a favorable environment]. Obshchestvo i pravo = Society and Law, 2017, no. 4, pp. 203–207. URL: Link (In Russ.)

View all articles of issue


ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 25, Iss. 9
September 2019