«Problems of economics and management of oil and gas complex»

Analysis of ESG factors impact on the financial performances of Russian oil and gas companies

UDC: 338.45:662.6
DOI: -

Authors:

¹ The North-West Institute of Management of the Russian Presidential Academy of National Economy and Public Administration, Saint-Petersburg, Russia

Keywords: oil and gas sector, ESG agenda, ESG factors, financial indicators, ROA, ROE, model, correlation analysis, regression

Annotation:

The relevance of the research is caused by the significance of performance indicators of domestic oil and gas enterprises, which are actively implementing ESG principles in their corporate strategies in order to enhance the development of the Russian economy. The purpose of the study is analysis of ESG agenda factors on the financial performance indicators of Russian oil and gas companies. To achieve the set goal, the following tasks were solved: study of methodological approaches to assessing ESG factors impact on the financial performance indicators of companies of oil and gas complex; a model of ESG factors impact on key financial indicators (return on assets and return on equity) was developed. The research method includes correlation and regression analysis. A quantitative assessment of the relationship between ESG indicators (ecology, society, management) and corporate performance indicators (ROE, ROA) was carried out on the basis of the Pearson linear correlation coefficient. To assess the impact of ESG factors, the ESG ranking of the RAEX agency (RAEX-Analytics) within the period of 2021–2024 was used. The assessment of multicollinearity of indicators was performed using the Chaddock scale, and the heteroscedasticity of models was tested using the White test. The results of modeling the impact of ESG factors on the financial indicators ROA and ROE confirm the validity of the hypotheses about their positive dynamics, which indicates the feasibility of implementing ESG practices aimed at satisfying the interests of stakeholders.

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