voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2022-11-136-148voprecotest-4101Research ArticleНАУЧНЫЕ СООБЩЕНИЯRESEARCH NOTESВлияние ESG-факторов на финансовую стабильностьThe impact of ESG-factors on financial stabilityhttps://orcid.org/0000-0002-2066-7633СтолбовМ. ИStolbovM. I.

Столбов Михаил Иосифович, доктор экономических наук, заведующий кафедрой прикладной экономики

Москва

Mikhail I. Stolbov

Moscow

stolbov_mi@mail.ruhttps://orcid.org/0000-0001-9107-3173ЩепелеваМ. А.ShchepelevaM. A.

Щепелева Мария Александровна), кандидат экономических наук, доцент Департамента теоретической экономики

Москва

Maria A. Shchepeleva

Moscow

mshchepeleva@hse.ruМосковский государственный институт международных отношений (университет) МИД РоссииРоссияMGIMO-UniversityRussian FederationНациональный исследовательский университет «Высшая школа экономики»РоссияHSE UniversityRussian Federation202202112022011136148Copyright © Voprosy Ekonomiki, NP, 20222022Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/4101

В последние годы усиливается внимание исследователей к ESG-факторам финансовой стабильности. В статье систематизированы результаты эмпирических работ, в которых оценено влияние экологических (климатических), социальных факторов и ряда аспектов, связанных с реализацией механизмов корпоративного управления, на обеспечение финансовой стабильности. Высокие значения различных ESG-рейтингов, интегральных и в рамках каждой группы факторов, положительно влияют на стабильность финансовой системы и с микропруденциальной точки зрения, снижая агрегированный индивидуальный риск финансовых институтов, и с макропруденциальной, сокращая их вклад в совокупный системный риск. В то же время работ, где рассмотрено воздействие экологических (климатических) факторов и роль корпоративного управления, заметно больше, чем исследований о влиянии социальных факторов. В завершение представленного критического обзора литературы обсуждаются возможные направления развития этой исследовательской  программы.

An increasing attention has been riveted recently on so called ESGfactors impacting financial stability. This paper provides a systematic review of the empirical studies which assess the impact of environmental (climatic), social factors as well as various aspects related to corporate governance on financial stability. Overall, higher ESG-rankings, both aggregate and in terms of the three pillars (E, S, G), tend to enhance the financial system stability from the microand macroprudential perspective by mitigating aggregate individual risk of financial institutions and the contribution to systemic risk, respectively. Nonetheless, the research intensity within the ESG pillars differs substantially. There are significantly more studies investigating the impact of environmental and corporate governance factors then tackling the effects of social ones. This literature review is closed with the discussion of possible directions for future investigation in the given research program.

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The authors declare that there are no conflicts of interest present.