卷 19, 编号 1 (2025)

The research objective is to analyze the impact of ESG ratings on the investment attractiveness of companies in BRICS countries in comparison with other countries, as well as to study the sectoral specifics of such influence in BRICS countries. The methodology is based on the regression analysis of the impact of ESG ratings and the duration of their disclosure on investment attractiveness indicators, including Tobin’s Q, EV/EBITDA, P/BV, and WACC. The study utilizes a dataset comprising 16 691 observations for 1859 companies from 57 countries between 2014 and 2022, including 2116 observations for 236 companies from BRICS countries. The analysis revealed that an increase in ESG ratings positively affects market value (Tobin’s Q) and risk reduction (WACC) in BRICS countries, while in other countries, their influence is associated with increase in EV/EBITDA and decrease in P/BV. Sector analysis revealed that ESG rating increase positively influence market value in information technology and communication sectors. This study is the first to conduct a comparative analysis of ESG impact in BRICS countries and other regions, including a sectoral analysis, which makes the findings valuable for shaping ESG strategies in this market and assessing business sustainability.

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.

Evidence shows that financial inclusion plays a key role in driving economic growth and social development by strengthening the financial system and reducing poverty and income inequality. However, its impact on the financial performance of banks remains inconclusive. This paper explores the relationship between financial inclusion and the financial performance of commercial banks in Ethiopia, using a sample of 16 banks. We analyse 10 years of data (2013–2022) collected manually from the National Bank of Ethiopia (NBE) and the annual reports of commercial banks. A two-step system Generalized Method of Moments (GMM) is employed, alongside other linear panel data model estimators. The findings reveal that increased financial inclusion has a significant positive impact on the financial performance (ROA and ROE) of commercial banks in Ethiopia. The GMM estimation result also shows that bank performance indicators (ROA and ROE) are positively
associated with their past realizations. Regarding bank-specific control variables, the cost-efficiency ratio has a significant negative impact on bank profitability. The study recommends that banks improve accessibility by expanding branch networks and ATMs and by offering innovative financial products to enhance profitability.

The purpose of this study is to examine the relationship between corporate governance and dividend policy of Russian companies based on two theoretical models: the outcome model and the substitution model, which imply the opposite nature of the relationship between corporate governance and dividend payments. The main characteristics of the board of directors as a key mechanism of corporate governance are considered: women representation on the board, independence of the board, the share of directors with foreign experience, frequency of meetings, permanence of the board composition, the average tenure of board members, concurrent independent directors and CEO duality. The novelty of the study lies in analyzing a wide range of characteristics of the boards of directors of Russian public companies whose shares are traded on the Moscow Exchange. Using a sample of 31 Russian companies for the period from 2010 to 2022, fixed-effects regression models showed that the women representation on the board of directors, concurrent independent directors and permanence of the board composition are positively related to dividend payments of Russian companies. No significant relationship was found between dividend payments and such corporate governance characteristics as board independence, the share of directors with foreign experience, frequency of board meetings, and the CEO’s membership in the board of directors. This may indicate the specifics of governance in Russian companies, where a high concentration of majority shareholders and government involvement may limit the influence of independent management bodies. The results of the study may be useful for company managers, investors and regulators to optimize corporate governance and make decisions regarding dividend policy.

The purpose of our study is to identify the main scientific results and promising areas related to sanctions against companies, assessment of their effectiveness, and creation of an anti-sanctions policy. To achieve this goal, we used the text analysis methodology and expert assessment. The empirical base of the study included 724 publications about sanctions for 2014–2024, indexed in Scopus. Based on the text analysis methodology (calculating the frequency of words and phrases, correlations, conducting a thematic analysis using BERTopic), the main scientific areas were identified: a company’s internal environment, external environment – the financial and banking sector, and external environment – trade policy and foreign investment. To test model quality, we analyzed their Coherence Score and Divergence, the topics do not overlap and have
sufficient internal coherence. Based on expert analysis, the main scientific ideas and authors were identified for each direction. The articles highlight Russia’s potential key partners, in particular China, and researchers attempt to predict long-term effects of sanctions or to assess the actual impact that they have already exerted. This work will be useful for researchers in the development of the proposed scientific directions, and for practitioners in formulating anti-sanction policies to mitigate the negative consequences of sanctions.