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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

https://doi.org/10.24891/fc.25.6.1454

Voskanyan R.O. Plekhanov Russian University of Economics, Moscow, Russian Federation
rose.01@mail.ru

https://orcid.org/0000-0002-1690-8262

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

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