Adapting ESG Business Strategies in the Unstable Environment
DOI:
https://doi.org/10.55959/MSU2070-1381-112-2025-45-64Keywords:
ESG strategies, ESG planning, green inflation, greenwashing, rating divergence, green bubbles.Abstract
The aim of the article is to form a comprehensive understanding of the key issues of ESG policy of companies in conditions of instability and to provide practical recommendations for corporate management, investors and regulatory authorities to ensure the sustainability of ESG practices in the face of external shocks. The present study is a mixed analytical study based on a comprehensive analysis of theoretical sources and empirical data on corporate ESG strategies in conditions of economic instability. The following methods were applied: the method of comparative analysis, the method of aggregation. The research was conducted in stages: the collection and systematization of empirical data on the practices of ESG adaptation of corporations in various economic conditions. As a result, the study analyzed the impact of the negative external environment on ESG factors and geopolitical instability on the sustainability of companies and green financing, the results of which formed practical recommendations for the adaptation of ESG strategies in the context of geopolitical instability. It was shown that modern conditions of instability require a fundamental revision of approaches to ESG management from static models to dynamic adaptive systems. The differentiated effectiveness of ESG components has been revealed. The results of the study confirm the hypothesis that in conditions of instability, the success of ESG strategies is determined not so much by the ambition of goals as by the quality of adaptation mechanisms and institutional support.
References
Бобылев С.Н., Пакина А.А., Тарасова Ю.А. Низкоуглеродная повестка в региональных и корпоративных стратегиях развития // Вестник Московского университета. Серия 21. Управление (государство и общество). 2024. Т. 21. № 2. C. 74–92. DOI: 10.55959/MSU2073-2643-21-2024-2-74-92
Еремеева О.С. Отражение в нефинансовой отчетности компаний информации о влиянии на устойчивое развитие территории их присутствия // Вопросы государственного и муниципального управления. 2025. № 1. С. 142–168. DOI: 10.17323/1999-5431-2025-0-1-142-168
Ермохин И.С., Левашенко А.Д., Бурханова Ю.М. Проблема дивергенции оценок, присуждаемых лицами, оказывающими услуги по оценке устойчивого развития. Главные тренды в области законодательного регулирования института ESG-рейтингования в России и мире // Вестник международных организаций. 2023. Т. 18. № 3. С. 186–204. DOI: 10.17323/1996-7845-2023-03-10
Завьялова Т.В., Виноградова О.С. Устойчивое развитие как новая часть глобальной экономики // Вестник Московского университета. Серия 6. Экономика. 2025. Т. 60. № 1. С. 207–230. DOI: 10.55959/MSU0130-0105-6-60-1-10
Измайлова М.А. Реализация ESG-стратегий российских компаний в условиях санкционных ограничений // МИР (Модернизация. Инновации. Развитие). 2022. Т. 13. № 2. С. 185–201. DOI: 10.18184/2079-4665.2022.13.2.185-201
Марголин А.М., Вякина И.В. Риски, вызовы и механизмы ESG-трансформации систем управления // МИР (Модернизация. Инновации. Развитие). 2022. Т. 13. № 3. С. 352–368. DOI: 10.18184/2079-4665.2022.13.3.352-368
Ткаченко И.Н., Раменская Л.А. Исследовательский инструментарий изучения современных трендов реализации ESG-практик в российских компаниях // МИР (Модернизация. Инновации. Развитие). 2024. Т. 15. № 1. С. 148–165. DOI: 10.18184/2079-4665.2024.15.1.148-165
Annesi N., Battaglia M., Ceglia I., Mercuri F. Navigating Paradoxes: Building a Sustainable Strategy for an Integrated ESG Corporate Governance // Management Decision. 2025. Vol. 63. Is. 2. P. 531–559. DOI: 10.1108/MD-10-2023-2006
Bai X., Ma X., Yue D. Can the Relative ESG Gap Reduce Managerial Myopia? A Study Based on the “Tunnel Effect” // Sustainability. 2024. Vol. 16. Is. 8. DOI: 10.3390/su16083170
Berg J., Florian R., Kölbel R. Aggregate Confusion: The Divergence of ESG Ratings // Forthcoming Review of Finance. 2019. DOI: 10.2139/ssrn.3438533.
Bettarelli L., Furceri D., Pisano L., Pizzuto P. (2025) Greenflation: Empirical Evidence Using Macro, Regional and Sectoral Data // European Economic Review. 2025. Vol. 174. DOI: 10.1016/j.euroecorev.2025.104983
Broadstock D.C., Chan K., Cheng L.T.W., Wang X. The Role of ESG Performance during Times of Financial Crisis: Evidence from COVID-19 in China // Finance Research Letters. 2021. Vol. 38. DOI: 10.1016/j.frl.2020.101716
Cardoni A., Kiseleva E., Terzani S. Evaluating the Intra-Industry Comparability of Sustainability Reports: The Case of the Oil and Gas Industry // Sustainability. 2019. Vol. 11. Is. 4. DOI: 10.3390/su11041093
Chen W., Xie Y., He K. Environmental, Social, and Governance Performance and Corporate Innovation Novelty // International Journal of Innovation Studies. 2024. Vol. 8. Is. 2. P. 109–131. DOI: 10.1016/j.ijis.2024.01.003
Deng M., Leippold M., Wagner A.F., Wang Q. Stock Prices and the Russia-Ukraine War: Sanctions, Energy and ESG // CEPR Discussion Paper. 2022. No. DP17207. URL: https://ssrn.com/abstract=4121382
Erzurumlu Y.O., Gozgor G., Lau C.K.M., Soliman A.M., Turkkan M. The Effects of Geopolitical and Political Risks on Corporate ESG Practices // Journal of Environmental Management. 2025. Vol. 386. DOI: 10.1016/j.jenvman.2025.125747
Fiordelisi F., Galloppo G., Lattanzio G. Where Does Corporate Social Capital Matter the Most? Evidence from the COVID-19 Crisis // Finance Research Letters. 2022. Vol. 47. Part A. DOI: 10.1016/j.frl.2021.102538
Freeman R. McVea J. A Stakeholder Approach to Strategic Management // SSRN Electronic Journal. 2001. DOI: 10.2139/ssrn.263511
Friedman M. The Social Responsibility of Business Is to Increase Its Profits (First Published in the New York Times Magazine) // Perspectives in Business Ethics. 1970. P. 225–230.
Hilton J. An Integrated Analysis of Greenhush // Innovation and Green Development. 2025. Vol. 4. Is. 2. DOI: 10.1016/j.igd.2025.100222
Liu J., Wang B., He X. How Are Firms Motivated to Greenly Innovate under the Pressure of ESG Performance? Evidence from Chinese Listed Firms // Frontiers in Environmental Science. 2024. Vol. 12. DOI: 10.3389/fenvs.2024.1469884
Mingaleva Zh., Chernova O., Mitrofanova I.V. Bibliometric Analysis of Research Trends in Water Management Aimed at Increasing the Sustainability of the Socio-Economic Development of a Region // Water. 2023. Vol. 15. Is. 20. DOI: 10.3390/w15203688
Pollman E. The Making and Meaning of ESG // Law Working Paper N°659/2022. 2022. URL: https://www.ecgi.global/sites/default/files/working_papers/documents/themakingandmeaningofesgecgi.pdf
Ricci O., Santilli G., Scardozzi G., Lopes F.S.S. ESG Resilience in Conflictual Times // Research in International Business and Finance. 2024. Vol. 71. DOI: 10.1016/j.ribaf.2024.102411
Saharti M., Chaudhry S.M., Pekar V., Bajoori E. Environmental, Social and Governance (ESG) Performance of Firms in the Era of Geopolitical Conflicts // Journal of Environmental Management. 2024. Vol. 351. DOI: 10.1016/j.jenvman.2023.119744
Simões-Coelho M., Figueira A.R., Russo E. (2024) How Do Consumer Goods Multinationals Engage with Corporate Sustainability? A Cross-Company Case Study Analysis // International Finance Review. Responsible Firms: CSR, ESG, and Global Sustainability / ed. by J.J. Choi, J. Kim. Leeds: Emerald Publishing Limited, 2024. P. 219–243. DOI: 10.1108/S1569-376720240000023013
Tao M., Lin B., Poletti S., Roubaud D. Greener Pastures, Steadier Returns: ESG Ratings and Idiosyncratic Risk Management // International Review of Economics & Finance. 2025. Vol. 100. DOI: 10.1016/j.iref.2025.104110
Trinh V.Q., Nguyen N., Le P., Nguyen T.N. Unraveling the ‘Green-Default Paradox’: Assessing the Influence of Gender-Diverse Boards and Socially Responsible Ratings // International Review of Financial Analysis. 2025. Vol. 102. DOI: 10.1016/j.irfa.2025.104011
Wang Q. Herding Behavior and the Dynamics of ESG Performance in the European Banking Industry // Finance Research Letters. 2023. Vol. 58. Part D. DOI: 10.1016/j.frl.2023.104640
Wei J., Lingfei D., Yunfei C. Time-Frequency Connectedness Among Traditional/New Energy, Green Finance, and ESG in Pre- and Post-Russia-Ukraine War Periods // Resources Policy. 2023. Vol. 83. DOI: 10.1016/j.resourpol.2023.103618
Zhang Y., Gimeno J. Earnings Pressure and Long-Term Corporate Governance: Can Long-Term-Oriented Investors and Managers Reduce the Quarterly Earnings Obsession? // Organization Science. 2016. Vol. 27. Is. 2. DOI: 10.1287/orsc.2016.1056
Downloads
Published
Most read articles by the same author(s)
- Marianna V. Kudina, Human Capital: Economic Nature and Influence of Artificial Intelligence in the Context of Sustainability during the Period of Civilization Transformation , Public Administration. E-journal (Russia): No. 104(S) (2024): The Concept of Russian Civilization: New Trends in Scientific Discussions
- Ilya N. Lenkov, Vladimir S. Osipov, Transformation of International Financial System: The Role of BRICS Bridge Platform , Public Administration. E-journal (Russia): No. 107 (2024)
- Lidiya S. Leontieva, Marianna V. Kudina, Aleksandr S. Voronov, Stepan S. Sergeev, Creating National Digital Sovereignty in the Context of Spatial Development Differentiation , Public Administration. E-journal (Russia): No. 84 (2021)
Similar Articles
- Olga S. Bobrova, From Sustainable Development to ESG: Experience of European Companies and Governments , Public Administration. E-journal (Russia): No. 91 (2022)
- Raisa N. Shpakova, Dmitriy I. Gorodetskiy, Urban Master Plans in the Strategic Planning System of Municipalities , Public Administration. E-journal (Russia): No. 110 (2025)
- Raisa N. Shpakova , Strategic Planning at Federal Level: Main Elements and Structural and Logical Connections , Public Administration. E-journal (Russia): No. 103 (2024)
- Raisa N. Shpakova, Dmitriy I. Gorodetskiy, Socio-Economic Development Strategies of the Russian Federation Regions: Implementation Monitoring and Control , Public Administration. E-journal (Russia): No. 99 (2023)
- Gennady L. Kupryashin, Ekaterina S. Drobysheva, Depressed Territories as Objects of Strategic Planning , Public Administration. E-journal (Russia): No. 109 (2025)
- Raisa N. Shpakova, Dmitriy I. Gorodetskiy, Prospects of Using Artificial Intelligence Technologies to Solve Regional Strategic Planning Problems , Public Administration. E-journal (Russia): No. 112 (2025)
- Raisa N. Shpakova, Life Expectancy at Birth as a Target in National Projects and Regional Socio-Economic Development Strategies , Public Administration. E-journal (Russia): No. 84 (2021)
- Lydia S. Leontieva, Svetlana V. Avilkina, The Higher Education System as a Strategic Resource for Regional Development , Public Administration. E-journal (Russia): No. 86 (2021)
- Anna A. Voloshinskaya, Varvara V. Akimova, City’s Sustainable Development and Indicators for Its Measurement , Public Administration. E-journal (Russia): No. 93 (2022)
- Daria V. Evtyanova, Concept and Principles of Economy State Regulation for Overcoming Economic Crisis in Russian Federation , Public Administration. E-journal (Russia): No. 92 (2022)
You may also start an advanced similarity search for this article.