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September 2019 (published: 26.09.2019)
Number 3(38)
Home > Issue > Responsible investments: theory, practice, prospects
for the Russian Federation
Lvova N. A.
The article addresses the phenomenon of responsible investments. The research purpose was to identify key aspects of the scientific discussion on the content of the responsible investment concept and its implementation in practice. Thus, at the first stage, the methods of theoretical analysis of responsible investments as a scientific category were applied, which allowed to substantiate the main directions of empirical analysis of the international practice of responsible investment and the prospects of its implementation in the Russian Federation. Analysis of approaches to the definition of responsible investments showed that they are usually associated with responsible financial behavior of investors, which is interpreted from the perspective of environmental, social and management principles (ESG-principles). The most important factor of responsible investment decisions, in addition to profitability and risk, is sustainability, which gives reason to consider the responsible investment concept in the context of a broader sustainable finance concept. Despite the terminological eclecticism, responsible investment should not be equated with social investment, which is designed for below-market returns. The characteristics of the main elements of the responsible investment system is provided, including the main subjects, objects and financial instruments used. The content of the leading strategies of responsible investment is identified. It is revealed that the responsible investment system in international analytics, as a rule, is reduced to the market component. Thus, it is appropriate to talk about the responsible investments market, the main share of assets in which is accumulated by institutional investors from developed countries of Europe and the United States. The establishment of responsible investment in Russia, with obvious financial advantages, should contribute to the achievement of sustainable development goals. It should be recognized that the introduction of best international practices in the Russian environment will be associated with information, regulatory and structural constraints, which, however, does not exclude the benefits of catching-up development.
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Keywords: responsible investment, socially responsible investment, sustainable investment, impact investment, sustainable finance, green finance.
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
UDC 336.76
Responsible investments: theory, practice, prospects
for the Russian Federation
The article addresses the phenomenon of responsible investments. The research purpose was to identify key aspects of the scientific discussion on the content of the responsible investment concept and its implementation in practice. Thus, at the first stage, the methods of theoretical analysis of responsible investments as a scientific category were applied, which allowed to substantiate the main directions of empirical analysis of the international practice of responsible investment and the prospects of its implementation in the Russian Federation. Analysis of approaches to the definition of responsible investments showed that they are usually associated with responsible financial behavior of investors, which is interpreted from the perspective of environmental, social and management principles (ESG-principles). The most important factor of responsible investment decisions, in addition to profitability and risk, is sustainability, which gives reason to consider the responsible investment concept in the context of a broader sustainable finance concept. Despite the terminological eclecticism, responsible investment should not be equated with social investment, which is designed for below-market returns. The characteristics of the main elements of the responsible investment system is provided, including the main subjects, objects and financial instruments used. The content of the leading strategies of responsible investment is identified. It is revealed that the responsible investment system in international analytics, as a rule, is reduced to the market component. Thus, it is appropriate to talk about the responsible investments market, the main share of assets in which is accumulated by institutional investors from developed countries of Europe and the United States. The establishment of responsible investment in Russia, with obvious financial advantages, should contribute to the achievement of sustainable development goals. It should be recognized that the introduction of best international practices in the Russian environment will be associated with information, regulatory and structural constraints, which, however, does not exclude the benefits of catching-up development.
Read the full article
Keywords: responsible investment, socially responsible investment, sustainable investment, impact investment, sustainable finance, green finance.
DOI 10.17586/2310-1172-2019-12-3-56-67