Гришунин Сергей Вадимович

Comparative analysis of the impact of sustainable development practices on the financial performance of private and state-owned Chinese companies

2026 в печати · ARTICLE · en

This study examines the relationship between sustainable development practices, assessed through environmental, social, and governance (ESG) indicators, and corporate financial performance in Chinese firms. Financial performance is measured by return on assets (ROA) and enterprise value-to-EBITDA multiples. The research also analyses the moderating effect of ownership structure, comparing private enterprises (PEs), central state-owned enterprises (CSOEs), and local state-owned enterprises (LSOEs). This study addresses a critical gap concerning the moderating role of ownership in emerging markets and seeks to reconcile contradictory findings in the context of mixed-ownership economies. Utilizing a dataset of 2,984 Chinese firms from 2018 to 2024, panel regression and 2SLS methods are employed to test hypotheses and address endogeneity. The results indicate that higher overall ESG scores are positively associated with ROA and firm valuation, with effects appearing after a one-year lag. However, the influence of ESG components is heterogeneous: social and governance factors have minimal impact, governance practices negatively affect SOEs due to agency issues, and environmental initiatives reduce ROA for private firms but less so for SOEs. Conversely, environmental performance significantly enhances valuation for CSOEs. ESG effects vary by ownership; private firms show weak or neutral responses, while SOEs’ effects depend on their mandate execution. LSOEs are more sensitive to environmental factors in valuation than CSOEs, reflecting greater investor attention. This study advances understanding of how ownership structure shapes the value derived from ESG practices. Future research should explore industry and geographic variation, non-linear relationships, and conduct comparative studies across emerging economies.

Inclusive Growth of Russian Companies as a Driver of Socio-Economic Development: Insights from the Metallurgical Sector

2026 · ARTICLE · en

Inclusive growth has increasingly emerged as a central framework for understanding how firms can align economic performance with social inclusion and environmental responsibility, particularly in emerging markets characterized by institutional volatility. In the context of geopolitical shocks and economic sanctions, such as those faced by Russia during 2022–2023, the normative meaning of inclusive growth is redefined toward prioritizing employment stability, industrial continuity, and strategic resilience at the firm level. This study aims to develop a systematic and transparent firm-level measure of inclusive growth that integrates strategic resilience with long-term business model potential. It further seeks to empirically assess cross-firm heterogeneity in inclusive growth performance within the Russian metallurgical and mining sector under geopolitical disruption conditions. This study constructs a composite Inclusive Growth Index using publicly available financial and non-financial disclosures, combining indicator normalization, variance-based weighting, and geometric aggregation. The index is applied to a panel of major Russian metallurgical and mining companies for the period 2021–2024 to evaluate their strategic resilience, business model potential, and industry-level dynamics under sanctions. The results reveal substantial heterogeneity in inclusive growth performance across firms, with higher index values being associated with stronger strategic resilience and more stable operational outcomes. The analysis further identifies a divergence between improving resilience and declining business model potential during 2022–2024, indicating a trade-off between short-term stabilization and long-term inclusive growth capabilities under the geopolitical stress. The findings suggest that inclusive growth at the firm level in a sanctioned emerging market context follows a distinct sovereignty-oriented logic in which employment stability and operational continuity take precedence over long-term innovation and governance enhancement. Overall, the proposed Inclusive Growth Index provides a robust analytical framework for assessing corporate adaptation to structural shocks and informing managerial and policy decisions in emerging market economies.

Resilience Index Development for Digital Ecosystems and Its Implementation: The Case of Russian Companies

2025 · ARTICLE · en

Study examines the problems of business ecosystems, whose effectiveness and sustainability are determined by the organization of cooperation of all its participants using digital tools. The purpose of the research is to develop an index of digital ecosystem sustainability that would reflect changes in the value of the company. The article defines the main characteristics of digital business ecosystems by adapting the taxonomy of digital ecosystems to the Russian market and measuring the sustainability of Russian companies as Yandex and VK Group by using the digital ecosystem sustainability index (DESIn) that was developed by the authors for determining the strategic position of companies in the market. The authors identified the main classification features of digital ecosystems and measured their stability using financial and non-financial indicators as part of the DESIn index. The results of the research and the developed index of digital ecosystem sustainability can be used by Russian companies for developing their strategies, analysing their competitive positions, and choosing the optimal directions for digital ecosystem development.

Оценка влияния цифрового рубля на депозиты коммерческих банков России

2025 · ARTICLE · ru

Целью статьи является анализ влияния реализации проекта цифрового рубля на депозиты российских коммерческих банков. Актуальность данного исследования обусловлена быстрым ростом рыночной капитализации цифровых финансовых активов центральных банков как на международном, так и на российском финансовых рынках, поскольку все больше стран готовятся к запуску собственных национальных цифровых валют. Однако в научной и практической литературе наблюдается дефицит информации о перспективах влияния цифровых валют центральных банков, в том числе цифрового рубля, на устойчивость коммерческих банков, в частности на их депозиты. В статье предлагается модель оценки влияния цифрового рубля на размер депозитов коммерческих банков России. Данные для анализа включали в себя официальную статистику и аналитические материалы Банка России и коммерческих банков. По результатам анализа сделан вывод, что эффекты от внедрения цифрового рубля неоднородны и мало различаются в зависимости от размера капитала и вложений в государственные ценные бумаги, но существенно дифференцированы в зависимости от величины активов и уровня просроченной задолженности банков. Более того, мы предполагаем, что эффект от внедрения цифрового рубля будет снижаться с течением времени. В дальнейшем исследования могут быть сконцентрированы на количественной оценке широкого спектра рисков, связанного с внедрением цифровых финансовых активов, а также на моделировании спроса и предложения на эти активы, в том числе возможной адаптации банков к изменению конъюнктуры рынка.

Creation Of A Platform For Issuing Digital Financial Assets: Income, Costs And Risks

2024 · CHAPTER · en

Today, one of the main technological challenges of the financial market is digitalization. Allied Research estimates that global investment in financial technology will amount to $150 billion in 2023, and the market is expected to grow to nearly $700 billion by 2030. The transfer of existing traditional financial objects is one of the key factors in optimizing processes. In parallel, DFAs are considered by financial market players as one of the key facts of its development. Therefore, the development and implementation of components for working with them are one of the most pressing tasks. Based on the goals of the scientific work, the following hypotheses were formed: 1. In Russia, a legal and technological infrastructure has been created that allows the full use of DFA as a financial instrument. 2. The digital assets segment in Russia is at the stage of rapid development and there is potential to increase demand for digital assets in the medium term. 3. It is possible to create your own information system operator to issue digital financial assets with profit in the medium term. To achieve this goal, it is necessary to solve the following tasks: Platform, its economic efficiency; Drivers of income, expenses and risks; Risk-based Monte Carlo model. As a result, we assume that in the case of the predicted growth of the DFA market, creation of a platform to ensure work will be profitable even in a conservative version of the market share, but the remaining risks of ensuring demand by the market and regulatory restrictions may put such forecast at risk.

Mediating Role of ESG Practices in Determining M&A Premiums in Info-Communications

2024 · CHAPTER · en

The paper provides new empirical evidence of moderating roles of ESG practices of target companies in determining premiums in M&A deals in info-communication (ICT) industry. We evaluated the magnitude of impact of environmental, social and governance (ESG) scores and their pillars on premiums of global deals in ICT space between 2003–2023 and compared it with these in other industries. The assessment was carried out separately for two pillars of ICT: telecommunications IT services. The paper filled some research gaps as only few studies on the topic focused on ICT industry while their outcome was controversial. The sample consisted of 156 deals in ICT and 1117 deals from other industries. Explanatory variables included Refinitiv ESG scores and control variables reflecting targets’ characteristics: size, profitability, value and deals’ terms. No significant association between ESG scores of the target companies and M&A premiums was discovered in telecommunication sector. In contrast, there was a positive and significant relationship between ESG and acquisition premiums in IT services. On the granular level, environmental pillar did not impact M&A premiums in IT services, but social and governance pillars positively and significantly affected M&A premiums in this sector. In other ESG-exposed industries there were the positive association between ESG and acquisition premiums. In contrast to ICT, in those industries the quality of environmental and governance practices positively affected the premiums however social practices found to be insignificant. The outcome confirmed the stakeholder theory. The results can inform stakeholders’ decisions and provide evidence of benefits of ESG practices.

Sergei Grishunin, Anastasya Yarantseva, Alexandr Karminsky, Influence of gender and age diversity of boards on financial and market performance of banks, Procedia Computer Science, Volume 242, 2024, Pages 372-379, ISSN 1877-0509, https://doi.org/10.1016/j.procs.2024.08.172

2024 · ARTICLE · en

Российские корпорации в новой реальности. Финансовые стратегии на пути к антихрупкости

2024 · BOOK · ru

В книге представлено исследование процессов трансформации и финансовых стратегий адаптации крупного российского бизнеса из различных отраслей в контексте текущего структурного кризиса. Проведена оценка сравнительных условий устойчивости корпораций в условиях санкций. Выявлены и оценены ключевые риски, определены паттерны постсанкционных стратегических, операционных и финансовых практик, а также карты перемещений компаний между паттернами. Изучены изменения в цикле корпоративных финансовых решений от привлечения капитала и инвестирования до выплат акционерам. Рассмотрены возможности и задачи финансового сектора и венчурного бизнеса для обеспечения инновационного развития. Итогом работы является определение лучших практик достижения антихрупкости и разработка дорожной карты для поддержания долгосрочного и устойчивого роста бизнеса. Выводы были сделаны на основе анализа финансовой отчетности более чем 4000 компаний, анкетирования и проведения глубинных интервью с их руководителями. Книга закладывает основу для создания новой национальной модели корпоративных финансов в России и адресована руководителям и специалистам финансово-экономических служб компаний, руководителям и преподавателям вузов и бизнес-школ, а также широкому кругу менеджеров и всем, кто интересуется трансформацией корпоративных финансов в российской практике.О книге на iq-media.ru 01.11.2024

Глава 3 Финансовые стратегии адаптации российских компаний к новой реальности. Взгляд топ-менеджмента

2024 · CHAPTER · ru

Финансовые стратегии адаптации российских компаний к новой реальности. Взгляд топ-менеджмент

Глава 2. Финансовая устойчивость компаний в условиях новой экономической и геополитической реальности

2024 · CHAPTER · ru

Финансовая устойчивость компаний в условиях новой экономической и геополитической реальности