Influence of institutions and internationalization on environmental performance of metallurgical MNEs

Любовь Андреевна Ермолаева; Дарья Сергеевна Клишевич; Ольга Леонидовна Гаранина; Андрей Юрьевич Панибратов

doi:10.21638/spbu18.2023.406

Авторы

Любовь Андреевна Ермолаева Высшая школа менеджмента, Санкт-Петербургский государственный университет, Россия https://orcid.org/0000-0003-1742-2886
Дарья Сергеевна Клишевич Высшая школа менеджмента, Санкт-Петербургский государственный университет, Россия
Ольга Леонидовна Гаранина Высшая школа менеджмента, Санкт-Петербургский государственный университет, Россия https://orcid.org/0000-0001-8002-3883
Андрей Юрьевич Панибратов Высшая школа менеджмента, Санкт-Петербургский государственный университет, Россия https://orcid.org/0000-0002-3996-3790

DOI:

https://doi.org/10.21638/spbu18.2023.406

Аннотация

Цель исследования: в статье рассматривается взаимосвязь между институциональной средой, уровнем интернационализации многонациональных металлургических компаний и их экологическими показателями. Изучаются вопросы влияния уровня интернационализации и качества институтов на домашнем и зарубежном рынках на экологические показатели многонациональных металлургических компаний, а также возможности снижения институционального давления на домашнем рынке за счет международной экспансии.

Методология исследования: статья основана на количественном анализе с использованием панельной регрессии. Анализируются данные по крупнейшим многонациональным металлургическим компаниям из различных стран за период с 2017 по 2020 г. Выбор отрасли связан с ее значительным весом в структуре глобальных выбросов парниковых газов.

Результаты исследования: показано, что интернационализация и жесткая климатическая политика на домашнем рынке положительно влияют на экологические показатели многонациональных металлургических компаний. Кроме того, выявлено, что общие институциональные факторы в стране базирования, такие как защита миноритарных акционеров, также способствуют улучшению экологических показателей деятельности компаний. Тем не менее интернационализация негативно модерирует связь между жестким климатическим регулированием на домашнем рынке и экологическими показателями.

Оригинальность и вклад авторов: в работе сделан вывод о том, что, несмотря на общую тенденцию к улучшению экологических показателей, многонациональные металлургические компании с более высокой долей продаж на зарубежных рынках демонстрируют относительно худшие экологические показатели. Это отражает логику следования в так называемые углеродные гавани в контексте ужесточения климатического регулирования на домашнем рынке.

Ключевые слова:

МНК, экологические показатели, интернационализация, «углеродная гавань», металлургическая отрасль, ESG

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