Journal of Applied Economic Research
ISSN 2712-7435
ESG Management of Sustainable Business Development in the Context of Digital Transformation of the Russian Economy
Irina A. Morozova 1, Anastasia I. Smetanina 2, Anton S. Smetanin 1
1 Volgograd State Technical University, Volgograd, Russia
2 Institute for Scientific Communications (ISC) Volgograd, Russia
Abstract
The problem is that the ESG management practices that are emerging in Russia do not fully take into account the context of digital transformation, which reduces their effectiveness. The article is aimed at developing a promising approach to ESG management of sustainable business development in the context of the digital transformation of the Russian economy. A hypothesis has been put forward that the sustainability of business development depends on the use of artificial intelligence, big data and ESG management, the system management of which generates a synergistic effect. Using the method of regression analysis based on the data of the International Monetary Fund and IMD for 2022, economic and mathematical modeling was carried out: the dependence of sustainable business development: 1) on the management of digital business transformation; 2) from ESG management and 3) from the use of artificial intelligence, big data and from ESG management. Econometric models are used to predict the consequences of isolated (in model 1 and model 2) and systemic (in model 3) ESG management of sustainable business development in the context of digital transformation. As a result, it was revealed that the most favorable conditions for sustainable business development are created in model 3, which assumes ESG management and reveals the potential of digital transformation. The shortcoming of the existing practice of managing sustainable business development associated with the isolation of ESG management from the management of digital business transformation is substantiated. It is recommended that this practice be improved with the help of artificial intelligence and big data. The theoretical significance of the article lies in the fact that it proposes a new - systematic vision of the ESG management of sustainable business development in the context of digital transformation. In the author's vision, the integration of two previously separate areas of management is ensured through the use of artificial intelligence and big data. The practical significance of the developed approach to business ESG management in the context of the digital transformation of the Russian economy is related to improving the efficiency of Russian business management by increasing its sustainability and better unlocking the potential of digital transformation.
Keywords
business management, ESG-management, sustainable business development, digital transformation, artificial intelligence, big data.
JEL classification
M14, M15, Q01References
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About Authors
Irina Anatolievna Morozova
Doctor of Economics, Professor, Head of the Department of Economics and Entrepreneurship, Volgograd State Technical University, Volgograd, Russia (400005, Volgograd, Lenin Avenue, 28); ORCID https://orcid.org/0000-0001-7840-9816 e-mail: morozovaira@vstu.ru
Anastasia Igorevna Smetanina
Candidate of Economic Sciences, Senior Researcher, Institute of Scientific Communications (ISC), Volgograd, Russia (400001, Volgograd, Grushevskaya, street, 8); ORCID https://orcid.org/0000-0002-8850-2835 e-mail: luxury_economy@mail.ru
Anton Sergeevich Smetanin
Candidate, Department of Economics and Entrepreneurship, Volgograd State Technical University, Volgograd, Russia (400005, Volgograd, Lenin Avenue, 28); ORCID https://orcid.org/0000-0003-1185-7002 e-mail: smetanin_a_s@mail.ru
For citation
Morozova, I.A., Smetanina, A.I., Smetanin, A.S. (2023). ESG Management of Sustainable Business Development in the Context of Digital Transformation of the Russian Economy. Journal of Applied Economic Research, Vol. 22, No. 2, 425-449. https://doi.org/10.15826/vestnik.2023.22.2.018
Article info
Received February 7, 2023; Revised March 23, 2023; Accepted April 25, 2023.
DOI: http://dx.doi.org/10.15826/vestnik.2023.22.2.018
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