ESG-TRANSITION AS A FACTOR IN SHAPING A NEW VECTOR OF DEVELOPMENT FOR RUSSIAN COMPANIES

The article highlights the issues of changing the vector of development of Russian companies, which is formed under the influence of ESG transition in the context of the emergence of a new world economic order. It is shown that the conceptual basis of the dominant approaches to the analysis of corporate sustainability is determined by attempts to study the relationship between companies and society from the point of view of the need to form a balance of economic, social and environmental goals on the basis of reliance on a common paradigm logic, which involves research related to different disciplines. At the same time, the established intellectual tradition gives rise to the creation of eclectic explanatory interpretations of the processes of corporate sustainability formation in the context of ESG transformation. The author proposes a conceptual ESG approach to the study of endogenous mechanisms of companies` sustainable development that evolve in the context of ESG transformation, which allows to reach a new level of knowledge about their sustainable development. This approach orients Russian companies to search for a trajectory of successful sustainable development, which today is largely determined by the public demand for ESG transformation and is associated with the use of a wide range of economic motives for the implementation of ESG agenda as a result of increasing dependence of companies’ competitive advantages on achieving environmental and social benchmarks and increasing importance of non-financial indicators. It is concluded that in the context of shaping a new vector of doing business, it becomes important to use the proposed ESG approach, which involves building mutually beneficial economic relations between companies and all stakeholders based on considering various opportunities for integrating sustainable development goals into the business activities of companies in the context of the growth of institutional structures and financial products that meet the requirements of ESG principles.

corporate sustainability, ESG transition, reindustrialization, business processes, company competitiveness, innovations, progressive development of the enterprise, institutions, assessment of opportunities, formation of the company’s advantages

Biryukov E. V. ESG-transition as a factor in shaping a new vector of development for Russian companies. Biznes. Obrazovanie. Pravo = Business. Education. Law. 2023;3(64):198—202. DOI: 10.25683/VOLBI.2023.64.761.