Sustainable Development Of Society Research Articles

PUBLIC GOVERNANCE AT THE LOCAL LEVEL IN THE CONTEXT OF DIGITAL TRANSFORMATION

The relevance of the research is determined by the need to comprehend the interaction between public governance and local self-governance at the local level, especially in the context of modern challenges and technological innovations. Consideration and analysis of theoretical concepts of management can help improve the efficiency and transparency of governance processes, which is crucial for the sustainable development of society. The purpose of the research is to theoretically analyze the interaction of public governance and local governance at the local level in the conditions of digital transformation. The study of key aspects of this interaction is aimed at identifying challenges and opportunities arising in the context of digital technologies in public governance. The research also aims to analyze practical cases of digital innovations at the local level in order to determine their impact on the quality of services and management processes. The research results will help identify strategies for the successful implementation of digital tools in local governance and their contribution to the sustainable development of society.The obtained research results: based on the research findings, it can be determined that public governance at the local level is a complex process that can be considered from different approaches and perspectives. The importance of this interaction becomes especially relevant in the context of digitalization. Practical significance: the academic paper can be used for the development and improvement of the local government management system in the current conditions. Comprehension of the various aspects of this process makes it possible to develop effective strategies for implementing and using digital technologies to improve the quality of public services, interact with the community, and optimize management processes. Conclusion: the research emphasizes the importance of adapting management systems to the challenges of the digital age and the need to search for optimal solutions. Such an approach is fundamental in establishing an effective, transparent, and open system of local governance aimed at meeting citizens’ needs in a digital society.

Is Digital Transformation a Burden or a Help? From the Perspective of Enterprise Sustainable Development

Sustainability has become increasingly critical to the development of modern companies. As it emphasizes the generation of value across three dimensions—economics, the environment, and society—sustainable development underscores its significance. Based on the value that a company delivers at a particular stage of the sustainable development process, this study proposes revenue as a measure to quantify stakeholder interest. Utilizing a fixed effects model with 2211 listed companies in 11 years, this study explores how organizations’ economic, environmental, and social inputs influence the creation of sustainability value on these three pillars, alongside the impact of four major digital technologies (artificial intelligence, blockchain, cloud computing, and big data). The study reveals that companies’ contributions in these dimensions significantly enhance the output of values. Each of the four digital technologies exerts a distinct moderating influence. We provide a thorough look at the “input-output” relationship of sustainable value creation. Our research highlights the varying effects on sustainable development of companies’ contributions to the economy, the environment, and society, as well as companies’ adoption of digital technologies.

The Impact of ESG Performance on Corporate Value

As environmental problems have been increasingly serious, the concept of "sustainable development” has gradually taken hold. ESG, which reflects a company's sustainable development capabilities, has become a trend and attracted widespread attention in the academic community. However, there is still a lack of a unified understanding of the specific association between ESG and corporate value. This article analyzes literature in the international financial field related to ESG in recent years and explores the way ESG influences corporate value from the perspectives of impact, influencing mechanism, and heterogeneity. The aim is to provide insights into future research directions in this field. This article found that there are three impacts of ESG performance on corporate value: promotion, inhibition, or irrelevance. ESG performance mainly affects corporate value from four aspects: financing constraints, green innovation, corporate efficiency, and corporate risk. The heterogeneity of ESG performance mainly depends on factors such as property rights, marketization degree, information transmission efficiency, company size, and industry environmental sensitivity. Future research on ESG should be centered on empirical research that examines ESG’s comprehensive influence and regional heterogeneity of ESG performance.

Management of physical culture and sports in the territorial communities of Ukraine

The article examines the essence and necessity of managing physical culture and sports in the territorial communities of Ukraine. It is emphasized that in the conditions of territorial communities, the role of ma naging physical culture and sports takes on a new dimension. Scientific opinions on the understanding of physical culture and sports are considered. It was determined that the modern market socio-economic system of Ukraine contributes to the formation and development of key aspects of the market of physical culture and sports services. It is highlighted that the field of physical culture and sports serves as an indicator of the quality of life of an individual, social groups and society in general. The state of its activity helps to identify types of social inequality and to some extent can overcome certain types of inequality, thereby improving the quality of life of a significant number of people. It has been established that the management of physical culture and sports in the territorial communities of Ukraine is a key factor for the social, economic and cultural development of the country, covers various spheres of public life and has a great impact on the general state of society. It is noted that the important aspects of physical culture and sports management at the local level are: physical activity and sports are the basis of a healthy lifestyle; sport unites citizens of different age groups, social classes and cultures; sport is an effective tool for developing youth potential; developed sports infrastructure attracts tourists and contributes to the development of the service sector; sport develops discipline, dedication and team spirit; active participation in physical exercises and sports events contributes to the formation of civic culture, increases the level of patriotism and readiness for active participation in public life. It has been proven that the management of physical culture and sports in territorial communities is a strategically important task for ensuring the sustainable development of society, improving the quality of life of citizens, and preserving national health. The creation of a favorable environment for physical activity, the development of sports infrastructure and the support of sports initiatives contribute to the preservation and strengthening of the health of citizens, social integration and the formation of a unified national identity.

Pulse fractional grey model application in forecasting global carbon emission

Global climate problem has attracted attention from all over the world. How to correctly reflect greenhouse gas emission trend is not only an environmental problem, but also concerns human society's sustainable development. Energy consumption is the primary source of greenhouse gas emission. It is necessary to accurately forecasting energy consumption greenhouse gas emission future trend. COVID-19 epidemic has brought respite from global climate change problem by reducing energy consumption through home office, work stoppage, and global travel ban. However, in the post-epidemic period, energy consumption greenhouse gas emission intensity trend has become the center research field. This study takes global energy consumption carbon emission problem as the main research line and focuses on forecasting global energy consumption carbon dioxide emission trend in major regions based on COVID-19 epidemic shock background. The study considering epidemic shock volatility characteristic. Firstly, fractional order grey mode (FGM(1,1))is used as the baseline model to balance time series data weight. Secondly, Median absolute deviation data preprocessing is introduced to reduce data fluctuation. Finally, a novel delaying pulse shock function optimized background grey forecasting model is also proposed to reflect epidemic shock-response characteristic. The proposed model is compared with existing models. It is found that data preprocessing and novel proposed model not only improves historical data's fitting quality by reflecting COVID-19 epidemic's shock characteristic, but also showed excellent forecasting performance for future trend. The novel grey model largely solves existing model underfitting/overfitting problem. In the end, based on forecasted results, we summarize research conclusion and implication.

Slope Stability Analysis Based on the Explicit Smoothed Particle Finite Element Method

A landslide is a common natural disaster that causes environmental damage, casualties and economic losses, which seriously affects the sustainable development of society. In geomechanics, it is one of the largest deformation problems. Herein, the GPU-accelerated explicit smoothed particle finite element method (eSPFEM) for large deformation analysis in geomechanics was developed on the CUDA platform based on high-performance computing using a self-designed eSPFEM program code. The eSPFEM combines the strain smoothing nodal integration techniques found in the particle finite element method (PFEM) framework, which allows for the use of low-order triangular elements without volume locking and avoids frequent information transfer and mapping errors between Gaussian points and particles in PFEM. A numerical simulation of slope instability using the eSPFEM and based on a strength reduction technique was conducted using various examples, including a cohesive homogeneous slope, a non-cohesive homogeneous slope, a non-homogeneous slope and a slope with a thin soft band. The calculation results show that the eSPFEM can be applied to slope stability analysis under different working conditions, simulating the entire process of slope instability initiation, sliding and reaccumulation, and obtaining reliable FOS values. A numerical simulation was conducted to analyse a landslide that occurred in the Zhangjiazhuang tunnel on the Lanzhou–Xinjiang high-speed railway line on 18 January 2016. A natural unsaturated soil slope, a soil slope with a high moisture content and a soil slope with a high moisture content subjected to an earthquake were analysed. The findings of this study are in good agreement with the actual slope failure conditions. The primary triggers identified for the landslide were heavy rainfall and earthquakes. The verification results indicate that the eSPFEM can effectively simulate an actual landslide case, showcasing high accuracy and applicability in simulating the large deformation behaviour of landslides.

Sustainable resource management in China's energy mining sector: A synthesis of development and conservation in the FinTech era

The optimal exploitation of energy and mineral resources is crucial to the optimal allocation of resources and the sustainable development of Society. Based on the optimal control theory, this paper establishes a dynamic model of inter-period optimal exploitation of mineral resources and examines the impacts of energy resource supply and environmental pollution with the help of a panel data vector autoregressive (PVAR) model under the constraints of environmental regulations and technological advances in each region. These results show that the estimated coefficient for the one-period lag of energy supply is significantly positive at the 1% level, indicating that a positive shock resulting in increased energy supply in the preceding period is associated with a pronounced escalation in environmental pollution. Meanwhile, the estimated coefficient for the one-period lag of environmental pollution is negative at the 1% level. In contrast, the estimated coefficients for the one-period lag of environmental regulation and technological progress are positive. It implies that positive shocks in the intensity of environmental regulation and technological progress in the previous period contribute to a more efficient energy supply. Furthermore, the estimated coefficient for the one-period lag of environmental pollution and energy supply is significantly positive at 1%. It suggests that heightened environmental pollution and energy shortages in the preceding period prompted the government to undertake necessary measures to address these issues. Therefore, establishing a theoretical model that meets the characteristics of China's resources will be conducive to realizing sustainable development of resources and the environment.

Nonlinear effects of enterprise digital transformation on environmental, social and governance (ESG) performance: evidence from China

PurposeThe purpose of this study is to investigate whether the corporate environmental, social and governance (ESG) performance of enterprise is influenced by the enterprise digital transformation. In addition, this study explains how enterprise digital transformation affects ESG performance.Design/methodology/approachThe sample covers 4,646 nonfinancial companies listed on China’s A-share market from 2009 to 2021. The study adopts the fixed-effects multiple linear regression to perform the data analysis.FindingsThe study finds that enterprise digital transformation has a significant inverted U-shaped impact on ESG performance. Moderate digital transformation can improve enterprise ESG performance, whereas excessive digital transformation will bring new organizational conflicts and increase enterprise costs, which is detrimental to ESG performance. This inverted U-shaped effect is more pronounced in industrial cities, manufacturing industries and enterprises with less financing constraints and executives with financial backgrounds. Enterprise digital transformation mainly affects ESG performance by affecting the level of internal information communication and disclosure, the level of internal control and the principal-agent cost.Practical implicationsThe government should take multiple measures to encourage enterprises to choose appropriate digital transformation based on their own production behaviors and development strategies, encourage them to innovate and upgrade their organizational management and development models in conjunction with digital transformation and guide them to use digital technology to improve ESG performance.Social implicationsThis study shows that irrational digital transformation cannot effectively improve the ESG performance of enterprises and promote the sustainable development of the country. Enterprises should carry out reasonable digital transformation according to their own development needs and finally improve the green and sustainable development ability of enterprises and promote the sustainable development of society.Originality/valueThis study examines the relationship between enterprise digital transformation and ESG performance. Different from the linear relationship between the two in previous major studies, this study proves the inverse U-shaped relationship between enterprise digital transformation and ESG performance through mathematical theoretical model derivation and empirical test. This study also explores in detail how corporate digital transformation affects ESG performance, as well as discusses heterogeneity at the city, industry and firm levels. It is proposed that enterprises should take into account their own characteristics and carry out reasonable digital transformation according to their development needs.

Corporate Employee Sharing Performance Leads to Sustainable Development - A Case Study of Software and Information Technology Services Industry of Listed Companies in China

Based on the development of CSR and sharing values in China, this paper selects the software and information technology service industry as the research object from 2019 to 2022 and uses the OLS method and the plug-in program PROCESS V3.5 of SPSS to explore the relationship between employee sharing, per capita contribution and sustainable development ability, as well as the indirect effect of per capita contribution on the relationship between employee sharing and the company's sustainable development ability. The research findings are that the better the overall performance of employee sharing behavior, the higher the per capita contribution of the employees, which in turn improves the sustainable development ability of the company. In addition, the higher the employee compensation, the higher the per capita revenue generated by employees, which increases in the firm's ability to sustainably development. The performance of employee security and employment, on the other hand, has no significant effect on per capita contribution and firm sustainable growth rate. This paper also provides recommendations based on the findings of the study.

Exploring the Relationship Between Non-Financial Information and Corporate Financial Performance: Evidence from Chinese Listed Companies

With the increasing impact of climate change and resource depletion, society is confronted with significant environmental and social challenges, which have made sustainable development a focal point for the entire community. ESG, as a vital metric for measuring a companys sustainable development capabilities. The development of ESG evaluation system can promote enterprises to pay more attention to ESG, thus contributing to the sustainable development of society and environment. Furthermore, the development of ESG practices has the potential to positively influence a companys financial performance, thereby serving as a driving force for economic advancement. A sample of 342 listed companies is analyzed using descriptive statistics and OLS regression analysis. The results show that ESG performance has no significant impact on the financial performance of enterprises, and it can neither help enterprises obtain more profits nor make enterprises bear more financial pressure. Based on these findings, the paper suggests the following recommendations: (1) Enhance the management and integration of ESG evaluation systems. (2) Foster increased societal attention towards the ESG performance of companies.

Thermal decomposition of magnesium carbonate in methane atmosphere for the synthesis of syngas: The effect of O2

Excess CO2 emissions from the conventional decomposition of carbonate process industry, have a lasting and detrimental effect on the global climate. It is a significant task to figure out how to minimize these processes' CO2 emissions from sustainable development of society. In this work, the thermal decomposition of MgCO3 in CH4 reduction environment for the formation of syngas was investigated in great depth. The addition of O2 to the thermal decomposition of MgCO3 in CH4 atmosphere reaction system reduced the reaction temperature by 300 °C and prevented the coke formation on the metal oxide (near zero carbon high quality MgO), as demonstrated by both theoretical calculations and experiments. And the formation of valuable syngas byproducts (CO/H2 =1:3) and the noteworthy reduction of CO2 emissions (with a suppressed selectivity of 15%) can be obtained through this process. This research gives a helpful and long-term strategy for cutting down on CO2 emissions in the conventional process industries (ie. carbonate decomposition) and provides a new view for valuable product (ie. syngas) synthesis.

Analysis and Development Trend of Traditional Media and New Media Communication

In the context of the new era, people's access to information has gradually been reformed with the development of science and technology. The wide application of network technology in new media communication not only improves the limitations of traditional media communication, but also effectively promotes the development of the news media communication industry to a higher level, efficiently realizes the instantaneous, large and comprehensive nature of information dissemination, and plays a huge role in the healthy and sustainable development of society. Since the 21st century, the rapid development of Internet information and digital technology, new media communication has also emerged. Cultural communication and news communication have ushered in new development opportunities, but also inevitably some challenges. Advances in digital technology are driving the digital transformation of traditional publications. The dissemination of culture and news is also increasingly the mainstream form of Internet culture and news new media communication. Many developed countries are actively using Internet technology to develop new media communication. This paper will analyse in detail the basic status quo of new media communication under the background of traditional media and the Internet era and look forward to its future development trend.

The visual arts' role in the development of students' noosphere worldview

Noospheric education is considered the basis for the formation of an environmental culture in people and society aimed at solving a complex of problems related to ensuring the sustainable development of society. Identifying promising areas for noospheric education development and demonstrating the importance of students developing a noospheric vision of the world through the visual arts depend on whether the necessary conditions for achieving the desired results have been established. This study aims to examine the impact of software on the effective formation of students' noospheric vision of the world using the visual arts. A quantitative and qualitative research design was used in this study. The study involved 240 fourth-grade students at secondary school no. 12 in the city of Almaty (Kazakhstan). The findings revealed issues with the formation of students' noospheric worldviews which demonstrates that students have an unstable perception of the intellectual sphere and develop an enthusiasm for the bright, spectacular objects and phenomena of their surroundings rather than their content. Experts can use the research findings to model environmental education in secondary schools, in the practical work of visual arts instructors, in the creation of curriculum and instructional aids for the visual arts and in the transmission of information on noospheric concepts.

Comprehensive integration of the interaction of ecology, science and education in the context of the scientific and technological revolution and the formation of a sustainable society

Taking into account the modern ecological problems accumulated by mankind since the times of antiquity, the article draws attention to the peculiarities of the worldview, and its change, and defines the peculiarities of the philosophy of ecology in the society of sustainable development. In the process of research, the essence and significance of the philosophy of ecology as a direction of philosophical research that forms the basis of worldview orientations was clarified, and by resorting to praxeology, it was possible to reveal the potential opportunities of education in the ecological thinking of the future self. The features of the socio-anthropological awareness of the need for the concept of sustainable development are considered and the philosophy of ecology is in the process of environmentalization of public consciousness. For a better understanding of the need for environmental awareness in society, an important role was played by international concepts and regulatory legal acts, which are the basis of the research and writing of the article itself. They became one of the reasons for the rethinking of the self-based on the ecological tasks in the society of sustainable development. In this context, special attention is paid to education, a social institution, one of the main tasks of which is the formation of the future self by instilling value orientations and the awareness that a person is a part of nature, which at the same time is his home. However, any changes cannot occur without a change in the consciousness of the Self, and in this case, the leading role is given to the philosophy of ecology as a part of philosophical knowledge whose task is to form an ecological worldview.

Coupling coordination analysis of production, living, and ecological spaces in wetlands: A case study of Xianghai Wetland nature reserve, China

With the global alterations in ecological conditions and population growth, the study of production-living-ecological space (PLES) offers a new perspective in balancing land resource utilization with the sustainable development of society, economy, and environment. China has incorporated the optimization of PLES into its sustainable development strategy. However, research concerning the PLES functions within wetland ecosystems remains notably sparse. Wetlands, distinguished by their unique ecosystem, command a special place in the realm of production, living and ecology research. Their importance is multifaceted, stemming from their roles in ecology, economy, and socio-cultural dimensions, and further accentuated by their distinct geographical, climatic, and biodiversity attributes. In light of this, the Xianghai Wetland Nature Reserve in Jilin, China, was chosen as the focal point of this study to probe into the coupling coordination degree of its PLES functions. The study commenced with a thorough analysis of the changes in land use types from 2000 to 2020 using a land use transition matrix model. Following this, a customized land use function assessment framework called LUF-PLE was formulated, offering a quantitative assessment of the Xianghai wetland’s production, living, and ecological space functions and shedding light on their spatiotemporal dynamics. Finally, a coupling coordination degree model (CCDM) was employed to elucidate the evolution of the PLES functions of Xianghai wetlands. Key findings revealed that: (1) the Xianghai wetland’s PLES coupling coordination degree exhibited a pattern of decline, stabilizing post-2010, with the most pronounced dip observed between 2000–2010; (2) the coordination between production and living functions was notably subdued, whereas the coordination between production and ecological functions saw the steepest decline. In the future, a sustainable wetland development strategy should be formulated and implemented based on the observed trends in coupling coordination and the spatiotemporal differentiation of production-liveling-ecological functions in the local context. This research furnishes scientific substantiation and serves as a reference for the sustainable stewardship and preservation of wetlands.

Russian trends in ensuring gender equality in the digital economy

The digital economy is becoming increasingly important these days, but it also reflects gender inequalities in technology and IT. Women in the digital economy often face barriers to career advancement, access to education, and project opportunities. Despite this, women play a key role in the development of the digital economy and can make a significant contribution to innovation and technology development. The development of strategies to eliminate gender inequalities in the digital economy is a necessary measure to achieve equality of opportunity and sustainable development of society. The article is devoted to the problems of overcoming gender inequality in the digital economy. The problem of the gender gap in the digital economy is inherent not only in developing economies, but also in countries that classify themselves as developed countries. The article shows the main objective reasons that give rise to gender inequality in the transition of the economy to a digital format; reviewed the experience of the BRICS member countries in creating conditions for overcoming gender inequality in the digital economy in accordance with the sustainable development goals (SDGs) proclaimed by the UN; describes the main trends of changes in the field of ensuring gender equality in the Russian Federation in the interaction of the state, business and society.

How can Chinese A-shared listed bank’s ESG activities affect their risk-taking?

The sustainable development of society has gradually been the world’s attention at all levels. At the 75th session of the UN General Assembly, the Chinese government said it would aim to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060. All levels of government in China are also responding to the call, and how to promote green and sustainable development has become China’s top priority to achieve high-quality double reduction goals. As a banking-led prosperous economy, how to implement the Environmental, Social, and Corporate Governance (ESG) concept in the banking industry has become the most important to achieve the double reduction goal of quality and quantity in China. In recent years, the CBRC and the People’s Bank of China (PBC) have issued much guidance on transforming the banking industry through ESG. Considering that the number of A-share listed bank companies in China, especially the number of local banks (urban commercial banks and rural commercial banks), has increased in recent years, it is also considered that the existing research focuses on the relationship between ESG management and bank performance, and there is little analysis on bank risk. Based on the annual data of China’s A-share listed banks from 2018 to 2022, this paper uses regression analysis to explore the relationship between the implementation of ESG and bank risk-taking.

Корпоративная социальная ответственность как доминанта устойчивого развития

Currently, there is an opinion that business organizations, originally designed to make a profit, become something more than just economic entities, and turn into a part of society itself and its environment. Their actions are already having an impact on the quality of life of people, the ecosystem of the planet, and the international geopolitical agenda is beginning to depend on the largest companies. However, until now, such a concept as corporate social responsibility is considered a separate strategic approach to doing business, a way to increase corporate awareness, and not as a necessary new time embodiment of the principle of widespread use of management skills aimed not only at making a profit, but also at comprehensive, systematic and integrated sustainable development of the world, to ensure sustainable development of business and society as a whole. The subject of the research is corporate social responsibility as the dominant factor of sustainable development of society. The purpose of the work is to establish the degree of influence of large business on global social processes and the Earth's ecosystem. The arguments on the need for ethical practice as an area of regulation of corporate activities aimed at improving working conditions, customer orientation, as well as the use of technological processes that do not have a negative impact on the biological diversity of the planet and the social agenda are considered. A retrospective of the evolution of theoretical views on the role and place of business responsibility to society and its impact on sustainable development is presented. It is concluded that in the era of the Anthropocene, the implementation of the concept of corporate social responsibility will not only serve as a mechanism for forming a positive image of business organizations, staff development, reducing financial risks, but also contribute to meeting the expectations of society and meet its needs.

АНАЛІЗ ДОБРОБУТУ ТА СТАЛОГО РОЗВИТКУ СУСПІЛЬСТВА ЗАСОБАМИ БІЗНЕС-АНАЛІТИКИ

The paper reveals the importance of the topic of well-being and sustainable development of society, which are among the most urgent and mandatory tasks of humanity, as they directly affect the lives of both individuals and society as a whole. The author analyzes the indicators that influence social progress and combines them into several large groups, such as economic, social, environmental, political, cultural factors, etc. The indices collected by international organizations to study the level of human progress were studied. The student prepared datasets for processing and creating interactive visualizations in Microsoft Power BI, made a report in Power BI and analyzed the results. The student performed the work in accordance with the tasks. Considered the most relevant analytical platforms for building reports and the features of creating analytical reports in general. He analyzed the factors that influence sustainable development and well-being in society and studied the indices collected by international organizations to study the level of human progress. In the practical part of the final qualification work, he studied the Social Progress Index and created visual interactive reports, which were later published on the Microsoft Power BI platform. The results obtained allow for a comparative analysis of the values of the factors, identification of shortcomings in economic and social policy and their prevention in the future; interpretation of changes in socio-ecological and economic systems; provision of access to information to different categories of consumers; improvement of information exchange; and drawing public attention to certain threats. The determined values of the factors and the desired Social Progress Index will allow to quantify the critical strengths and weaknesses and make informed decisions in the formation of a strategy for economic and social development.

АНАЛИЗ РЫНКА СТРАХОВЫХ УСЛУГ В РОССИИ: ПРОБЛЕМЫ, ПЕРСПЕКТИВЫ

The economic security of the company can be determined by analyzing the Russian insurance market. It is stated that over the past few years, the Russian insurance market has not escaped many problems related to economic fluctuations and sanctions, as has the entire economy of the country. Based on the analysis of various sources, the article substantiates the relevance of the problem, identifies the special role of new-level information systems with artificial intelligence and a distributed registry for the exchange of digital financial assets in the service market, and attempts to determine the financial stability of the Russian insurance market. It has been established that the insurance market in Russia in recent years shows that it has gone through a period of significant changes and adaptation to new economic conditions. The author suggests various areas and types of insurance that ensure the growth of the Russian market for these services. In general, the Russian insurance market demonstrates stability and readiness for change. Despite the challenges, it continues to develop, adapting to new economic realities and maintaining the potential for growth and development. Forecasts for the coming years suggest moderate growth and further development of the market in accordance with global trends and the internal needs of the economy. An important aspect is the further improvement of the regulatory framework, which will strengthen confidence in the market and create conditions for its further prosperity. Insurance services in this market are offered only by insurance companies. In this regard, based on the analysis of the activities of various companies, various approaches have been identified to assess the level of efficiency of the insurance market, as well as to assess the availability of conditions for the formation of this market and assess their possible impact on the economy of the region. So, for the insurance services market, state regulation of insurance activities is of particular importance, which involves mandatory licensing, to monitor the financial stability of insurance organizations. It is proved that the sustainable development of companies is impossible without including the social component of sustainable development in the investment decision-making process for better risk and profitability management. It is concluded that today the Russian insurance market continues to function in conditions of economic instability and sanctions pressure.