mirМИР (Модернизация. Инновации. Развитие)MIR (Modernization. Innovation. Research)2079-46652411-796XSchool of Public Administration10.18184/2079-4665.2022.13.3.369-384mir-1313Research ArticleМОДЕРНИЗАЦИЯMODERNIZATIONВлияние заявлений компаний об экологических действиях на котировки акцийImpact of companies’ statements about Their Environmental Actions on stock Priceshttps://orcid.org/0000-0002-8630-3621Каргинова-ГубиноваВ. В.Karginova-GubinovaV. V.

Каргинова-Губинова Валентина Владимировна, старший научный сотрудник Отдела региональной экономической политики, Институт экономики – обособленное подразделение, кандидат экономических наук

185030, Республика Карелия, г. Петрозаводск, пр. А. Невского, д. 50

Valentina V. Karginova-Gubinova, Senior Researcher of the Department of Regional Economic Policy, Institute of Economics, Candidate of Economic Sciences

50 Al. Nevsky Prospect, Petrozavodsk, Republic of Karelia, 185030

vkarginowa@yandex.ruКарельский научный центр Российской академии наукРоссияKarelian Research Centre of the Russian Academy of SciencesRussian Federation202208102022133369384Copyright © Каргинова-Губинова В.В., 20222022Каргинова-Губинова В.В.Karginova-Gubinova V.V.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://www.mir-nayka.com/jour/article/view/1313

Цель исследования – определение особенностей влияния заявлений компаний о предполагаемых ими экологических действиях на котировки их акций на развитой и развивающейся фондовых биржах. Противоречивость выводов о воздействии корпоративных экологических анонсов на цены акций и низкий уровень экологизации производства, особенно в развивающихся странах, обусловливают актуальность данной работы.Метод или методология проведения работы. Методология исследования построена на проведении событийного анализа и изучении влияния отдельных экологических заявлений на котировки как развитой, так и развивающейся бирж.Результаты работы. Экологический подход к ведению хозяйственной деятельности, по сравнению с традиционным, зачастую требует дополнительных финансовых ресурсов, и многие компании отказываются от экологизации производства. В работе рассматривается, повышается ли рыночная стоимость фирмы после роста ее экологической ориентации, и можно ли использовать это в качестве дополнительной мотивации компаний к осуществлению экологической деятельности. В ходе работы было показано, что на развитом рынке экологизация деятельности в первую очередь обусловлена проводимой государственной политикой, на развивающемся – стремлением выйти на международные рынки товаров и капитала, а направления экологизации отражают не национальные, а глобальные приоритеты. На развитой фондовой бирже воздействие экологических анонсов наблюдается лишь в единичных случаях и может быть как положительным, так и отрицательным. На развивающейся бирже значимость заявлений выше, и они приводят к краткосрочному снижению биржевых цен.Выводы. Сделан вывод о необходимости совершенствования нормативного и информационного пространства рынков и согласования интересов всех участников для решения экологических проблем. Результаты будут интересны инвесторам, корпоративным менеджерам, территориальным органам управления, а также специалистам в области зеленой экономики и поведенческих финансов.

Purpose: the purpose of the study is to determine the specifics of the impact of companies’statements about their perceived environmental actions on their stock prices on the developed and developing stock exchanges. The contradictory findings on the impact of corporate environmental announcements on stock prices and the low level of green production, especially in developing countries, make this research work relevant.Methods: the research methodology is based on event analysis and the examination of the impact of some environmental announcements on the quotations of both developed and developing stock exchanges.Results: the environmental approach to business operations, as compared to traditional operations, often requires additional financial resources, and many companies refuse to go green. This paper examines whether the market value of a company increases after the growth of its environmental orientation and whether this can be used as additional motivation for companies to carry out environmental activities. The work has shown that greening in a developed market is primarily driven by government policy, while in an developing market – by the desire to enter international product and capital markets, and that the directions of greening reflect global rather than national priorities. In the developed market, the impact of environmental announcements is observed only in isolated cases and can be both positive and negative. In the developing market, the significance of announcements is higher, and they lead to a short-term decline in exchange prices.Сonclusions and Relevance: it is concluded that it is seen necessary to improve markets’ regulatory and information space and to harmonize the interests of all participants to address environmental issues. The results will be of interest to investors, corporate managers, territorial governments, as well as specialists in green economy and behavioral finance.

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