Socially Responsible Investment and Social Inclusion of Russian Companies

M. V. Sigova ()
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M. V. Sigova: International Banking Institute named after Anatoliy Sobchak (IBI n.a. Anatoliy Sobchak), St. Petersburg, Russian Federation

Finansovyj žhurnal — Financial Journal, 2025, issue 5, 59-75

Abstract: Social risks, intensifying due to high income differentiation of the population and uneven territorial development of Russia, increase the relevance of research aimed at finding ways to involve companies in solving social problems in their regions of operation, clarifying theoretical provisions and developing methodological tools for social investment. The article proposes, for the first time, an approach to assessing the social inclusiveness/exclusiveness of companies. The purpose of the work is to justify an approach to measuring the social orientation of investments as a trend in the development of Russian companies. This study confirms the need to address the problem of aligning two groups of benefits when implementing socially responsible investments: corporate benefits, which characterize the company’s exclusiveness, and social benefits, which characterize its inclusiveness and arise from the use of its financial resources to implement social development projects in its region of operation. The article shows that the meaning of the term “socially responsible investment” is not clearly defined and quantitative studies are limited by the availability of data for assessment. The possibilities of using data on securities issuance and companies’ investments in socially oriented projects are considered. A company’s position in the ESG rating is used as an indirect indicator of socially responsible investments. An approach to assessing a company’s social inclusiveness, which occurs when investments are directed toward developing the region of operation and its social exclusiveness, corresponding to its orientation toward using the financial resources to solve its own social problems, is proposed. Testing of the approach showed the heterogeneity and instability in assessments and determined the direction of further research, i.e. identifying industry and regional characteristics of social inclusiveness/exclusiveness.

Keywords: socially responsible investment; company’s region of operation; investment focus; social inclusion; social exclusion (search for similar items in EconPapers)
JEL-codes: G32 Q01 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:fru:finjrn:250504:p:59-75

DOI: 10.31107/2075-1990-2025-5-59-75

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