Егорова Александра Алексеевна

Investment Attractiveness of Green Bonds: The Impact of Issuer Sector and Region

2025 · ARTICLE · en

This paper investigates the investment attractiveness of green bonds by examining the influence of issuer-specific regional and sectoral characteristics on bond yields. Using a cross-sectional dataset of 1,502 green bond issues from 44 countries, sourced from the Cbonds database as of March 2025, the study applies a multivariate OLS regression framework. The analysis incorporates macroeconomic indicators, ESG ratings, credit risk measures, and dummy variables reflecting regional origin, industry affiliation, and sectoral carbon intensity. The results reveal that green bond yields differ significantly depending on (1) the issuer’s region, (2) economic sector, (3) country development level, and (4) the carbon intensity of the issuer’s industry. Specifically, bonds issued in emerging markets and carbon-intensive sectors tend to offer higher yields, reflecting increased risk premiums. These findings support the risk-return paradigm in the context of sustainable finance and underscore the importance of geography and industry in green bond pricing. The study also discusses methodological limitations and proposes directions for future research, including time-series analysis, policy impact evaluation, and broader geographical coverage. Overall, the results provide practical insights for investors, issuers, and regulators aiming to foster a more balanced and efficient green bond market globally.

Investment Attractiveness and ESG in Europe and Russia

2025 · ARTICLE · en

В данной статье рассматривается взаимосвязь ESG и её компонентов с инвестиционной привлекательностью компаний в Европе и России. Цель исследования – проверить результаты, полученные в предыдущих работах, посвященных компаниям, работающим в различных секторах европейской экономики, таких как производство материалов, здравоохранение, энергетика, коммунальное хозяйство и услуги связи. Кроме того, в исследовании рассматривается взаимосвязь ESG и её компонентов с инвестиционной привлекательностью российских компаний. Результаты и выводы представлены в конце статьи.

Ecological, Social and Governance Impact on the Company's Performance: Information Technology Sector Insight

2025 · ARTICLE · en

Sustainable topics have become increasingly important in recent years, as the world faces growing environmental and social challenges. Environmental, social, and governance (ESG) ratings are tools used to assess the sustainability practices of companies. This study focuses on the impact of environmental, social and governance components on the financial performance of IT companies. The panel data was collected for 43 IT companies operating in the time period from 2004 to 2020. Data includes ESG ratings, their components and financial performance indicators of IT companies. The method of OLS regression, a model with fixed individual effects or a model with random individual effects were used. It was found out that the increase in the environmental and social scores have a significant impact on financial performance of IT companies. The article is an extended version of your work published in the ITQM 2022.

THE INFLUENCE OF ESG FACTORS ON THE COMPANIES PERFORMANCE IN DEVELOPED AND EMERGING MARKETS

2024 в печати · CHAPTER · en

Sustainable development and ecological, social, and governance (ESG) factors of company performance play an outstanding role in modern business. The purpose of this study is to compare the impact of ESG factors on the market performance of companies in developed and emerging markets. The author analyzed the panel data for 315 non-financial companies from seven industries from 2010 to 2020, operating in developed and emerging countries. The dependent variables are market indicators of companies, such as Tobin’s Q, P/S, and EV/EBITDA. The explanatory variables are the components of the ESG rating. As a research method, OLS regression was used, within which pool regression, and regression with a random and fixed effect were tested. The results of the study showed there is a positive impact of the ESG rating and its components on the market performance of companies in developed markets, while in emerging markets such a relationship was not confirmed. This indicates that ESG factors do play a role in the market valuation of companies by investors in developed markets, where over the past 10 years companies have been able to realign their business to a sustainable agenda. A similar trend can likely be found soon in emerging markets. The results of this study will be of practical use to companies planning a transition to the ESG trend as confirmation that a high ESG rating can increase their market performance.

Analysis Of The Industry-Specific Characteristics Of ESG Components In Company Ratings

2024 · ARTICLE · en

The work is devoted to the study of the peculiarities of the influence of the ESG rating components on the financial performance of companies from different sectors of the economy. The purpose of the thesis is to analyze the impact of the ESG rating components on the financial performance of companies in various sectors of the economy and identify the most significant ESG practices. The practical significance of the final qualification work consists in the possibility of direct use of the results of work in the activities of enterprises and organizations from various industries.

The Impact of ESG Indicators on the Financial Stability of Companies

2024 · ARTICLE · en

This study examines the relationship between financial performance and environmental, social and governance (ESG) indicators of companies, and examines differences between EU, CIS and other European countries. The main goal of this study is to assess the financial sustainability of a company based on its ESG indicators during economic shocks and analyze the degree of impact. To complete the following study, we used panel regression and several models were constructed. In all of them the dependent variable is one of the selected financial indicator and the explanatory variable is a combination of different ESG indicators (environmental, social and governance respectively). The financial data and ESG data from database in our study were based on financial and ESG statements published by companies. Sample on which the study is based contains companies from Europe region (EU, CIS and other European countries) and covers the time period between 2019 and 2022. We expect to find the confirmation to the fact that ESG Combined Score can positively affect financial performance of companies. We are also looking forward to identify the components of ESG Score that affect financial sustainability in the most significant way. Also in the end of our study we will make a set of ESG initiatives that can positively affect companies and make them more resilient to economic shocks.

Systemic ESG risks: industrial analysis

2023 · CHAPTER · en

Comparative Analysis of the Predictive Power of Machine Learning Models for Forecasting the Credit Ratings of Machine-Building Companies

2022 · ARTICLE · en

Целью данного исследования является сравнение предсказательной способности различных моделей машинного обучения для воспроизведения кредитных рейтингов Moody’s, присвоенных машиностроительным компаниям. Исследование закрывает целый ряд пробелов в знаниях, обнаруженных в литературе и связанных с выбором объясняющих переменных и формированием выборки данных для моделирования. Решаемая задача является актуальной. Наблюдается растущая потребность в высокоточных, но недорогих моделях воспроизведения кредитных рейтингов машиностроительных компаний (внутренних кредитных рейтингов). Это связано с постоянным ростом кредитных рисков компаний в отрасли, а также с ограниченным количеством присвоенных публичных рейтингов от международных рейтинговых агентств из-за высокой стоимости рейтингования. В статье сравнивается предсказательная сила трех моделей машинного обучения: упорядоченной логистической регрессии, случайного леса и градиентного бустинга. Выборка компаний включает 109 предприятий машиностроительной отрасли из 18 стран за период с 2005 по 2016 год. В качестве объясняющих переменных используются финансовые показатели компаний, соответствующие отраслевой методологии Moody’s, и макроэкономические показатели стран базирования компаний. Результаты показали, что наибольшей предсказательной способностью обладают модели искусственного интеллекта. Модель случайного леса продемонстрировала точность предсказания 50%, модель градиентного бустинга – 47%. Их предсказательная способность практически в два раза превосходит точность упорядоченной логистической регрессии (25%). Помимо этого, в статье протестированы два различных способа формирования выборки: случайно и с учетом фактора времени. Результат показал, что применение случайной выборки увеличивает предсказательную силу моделей. Включение в модель макроэкономических переменных не улучшает их предсказательную силу. Объяснение заключаться в том, что рейтинговые агентства для обеспечения стабильности рейтинговых оценок следуют подходу «через цикл». Результаты исследования могут быть полезны для исследователей, занятых оценкой точности эмпирических методов моделирования кредитных рейтингов, а также практиков в банковской отрасли, непосредственно использующих такие модели для оценки кредитоспособности машиностроительных компаний.

The Impact of ESG factors on the performance of Information Technology Companies

2022 · CHAPTER · en

The aim of the paper is to investigate the impact of ESG factors on the performance of information technology (IT) companies. The paper analyzes the position of IT companies in the ESG rating relative to other industries, highlights the key strengths and weaknesses in their ESG components. It is shown that IT companies are not currently the leaders in terms of ESG rating, which leads to the conclusion that IT companies have the opportunity to develop their ESG practice, if its development will improve the position of the company and will have a positive effect on its performance. On the basis of the studied literature, the author formulated that market value of the company is the most suitable as an indicator for assessing the influence of ESG factors on it. In addition, the paper formulates hypotheses that can be used to test the influence of ESG on the market value of IT companies, developed a model to assess such an influence and provide recommendations for data sample. The author intends to continue research and test the formulated hypotheses with the developed model.

Study of Relationship Between the Corporate Governance Factors and ESG Ratings of ICT Companies from the Developed Markets

2022 · CHAPTER · en

International Conference on Next Generation Wired/Wireless Networking Conference on Internet of Things and Smart Spaces NEW2AN 2021, ruSMART 2021: Internet of Things, Smart Spaces, and Next Generation Networks and Systems pp 158–169Cite as Study of Relationship Between the Corporate Governance Factors and ESG Ratings of ICT Companies from the Developed Markets Sergei Grishunin, Svetlana Suloeva, Tatyana Nekrasova & Alexandra Erorova Conference paper First Online: 16 March 2022 371 Accesses Part of the Lecture Notes in Computer Science book series (LNCCN,volume 13158) Abstract Assessment of corporate governance determinants of ESG ratings is a task of high interest for researchers and practitioners in project management in information and communication industry (ICT). This is underpinned by the growing interest to responsible and sustainable investing. We analyzed key drivers of governance pillar of ESG ratings of ICT companies in the developed markets. The relevance of the topic was underpinned by significant share of the governance in overall ESG assessment of ICT projects. The paper filled research gaps because existing studies on the topic did not address the governance practices specifically in ICT companies. Conversely, the conclusions for some governance drivers were controversial or incomplete. Data were collected for 80 telecommunication and IT companies between years 2005–2019. The dependent variable was Refinitiv ESG rating. The set of explanatory variables consisted of corporate governance activities labeled as best practices in the literature. It was found that existence of corporate social responsibility (CSR) committee, CEO duality, presence of non-executive members in the board, policy independence and chairman’s past experience and continuity have positive and significant effect on ESG ratings of ICT companies. The presence of non-executive members in the board had marginal effect on ESG ratings. The growing representation of women in boards and management had positive but marginal effect on ESG score. The results can be used in practice for making recommendations for the development of managerial actions aimed at increase in ESG ratings.