Abstract
This paper is devoted to the investigation of environmental, social and governance (ESG) disclosure regulation process and its possible connection with countries’ competitiveness as an integral part of countries’ Corporate Social and Environmental Responsibility (CSER) poliсy. ESG disclosure regulation criteria were examined according to their classification on Pension Fund Regulation, Stewardship Code, Government Corporate ESG disclosure, and Non-Government Corporate ESG disclosure by UNPRI in 2016 and for developed countries and developing and emerging countries separately. In order to find the relationship between ESG disclosure and the countries’ competitiveness (describing by Global Competitiveness Index), variety of statistical tests was applied (Student’s t-tests, ANOVA analysis, Mann-Whitney tests, simple average analysis and regression analysis with dummy variables). Research hypotheses about statistically significant differences in ESG disclosure regulation between developed countries and developing and emerging countries and the influence of ESG disclosure regulation on the overall competitiveness of the country were proved. ESG disclosure regulation became an effective instrument of countries CSER policy and tools for increasing their competitiveness.
Highlights
The public policy in the area of corporate social and environmental responsibility (CSER) and its disclosure are the microeconomic level of the sustainable development paradigm, the basis for promoting “green” initiatives and ways to achieve the United Nations Sustainable Development Goals (SDGs) for companies in various sectors of the economy
More than 300 regulatory disclosure tools according to ESG criteria (codes, standards, laws, principles, regulation and conceptual frameworks) have been developed by the time of the 50 largest countries by the level of economic development
The study of the experience of the ten most competitive countries from 140 countries in the GCI 4.0 index, namely USA, Singapore, Germany, Switzerland, the Netherlands, SAR Hong Kong, United Kingdom, Sweden and Denmark, testifies to the rather developed system of information disclosure regulation by companies according to the ESG criteria in these countries, which is integrated into the national CSER policy
Summary
The public policy in the area of corporate social and environmental responsibility (CSER) and its disclosure are the microeconomic level of the sustainable development paradigm, the basis for promoting “green” initiatives and ways to achieve the United Nations Sustainable Development Goals (SDGs) for companies in various sectors of the economy. The study of the experience of the ten most competitive countries from 140 countries in the GCI 4.0 index (in the order of descending value of the index), namely USA, Singapore, Germany, Switzerland, the Netherlands, SAR Hong Kong, United Kingdom, Sweden and Denmark, testifies to the rather developed system of information disclosure regulation by companies according to the ESG criteria in these countries, which is integrated into the national CSER policy. For Ukraine whose position in the Global Competitiveness Index is not high (83rd out of 140 countries in 2018 (WEF, 2018), the implementation of the CSER policy and ESG disclosure in the public, financial and real sectors of the economy in view of the best world experience can become a new vector in restructuring the economic system on the basis of business responsibility, transparency and investment attractiveness, minimizing information asymmetry and enhancing the effectiveness of financial markets, social partnership and trust of stakeholders. The proof and formalization of the relationship between the introduction of ESG disclosure regulation and the countries competitiveness is an important scientific and applied task
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