V. V. Karginova-Gubinova. The Influence of Stakeholders on the Environmental Investment of Companies in the Arctic Zone of the Russian Federation

UDК 338.26(470+571)

doi: 10.15507/2413-1407.120.030.202203.533-554


Introduction. The need to transition towards sustainable development of companies in the Arctic regions of Russia and their low level of investment in environmental protection make it relevant to study the factors determining the volume of environmental investment. The purpose of the study has been to analyze the impact of certain groups of financial stakeholders on the level of environmental investments of the company.

Materials and Methods. The methodology of the work is based on the theory of stakeholders. The indicators of investment activity of companies in the north-western Arctic regions of Russia were considered, methods of descriptive statistics were used, hierarchical cluster and discriminant analyses were carried out.

Results. The results of the study showed that the companies of the studied territory are characterized by a low volume of environmental investments, but it is higher than the national average. The direction and strength of the influence of individual stakeholders on investing in environmental protection is differentiated by environmental areas. At the same time, all the identified groups of stakeholders have a positive, albeit different, impact on the level of investment in environmental protection in all areas in the aggregate. To the greatest extent, the current volume of environmental investments is because of the interests of corporate creditors and federal authorities, to the least – owners, especially foreign ones.

Discussion and Conclusion. Considering the results obtained, recommendations are given to increase the current level of environmental investment activity of companies. The theoretical significance of the work is determined by clarifying the theory of stakeholders and the concept of green finance. The practical significance lies in obtaining possibility to develop targeted measures to support interested investors and increase the orientation of other persons to environmental protection.

Keywords: environmental investments, environmental protection, corporate environmental responsibility, stakeholder theory, financial stakeholders, Arkhangelsk Region, Republic of Karelia, Komi Republic, Murmansk Region, North-Western Federal District

Conflict of interests. The author declares that there is not conflict of interest.

Funding. This article was prepared as part of the state assignment by the Karelian Research Centre of the RAS “Comprehensive research and development of the fundamentals of sustainable development management of the northern and border zones of Russia in global challenges”.

For citation: Karginova-Gubinova V.V. The Influence of Stakeholders on the Environmental Investment of Companies in the Arctic Zone of the Russian Federation. RegionologyRussian Journal of Regional Studies. 2022;30(3):533–554. doi: https://doi.org/10.15507/2413-1407.120.030.202203.533-554


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Submitted 16.12.2021; approved after reviewing 20.01.2022; accepted for publication 28.01.2022.

About the author:

Valentina V. Karginova-Gubinova, Researcher, Department of Regional Economic Policy, Institute of Economics, Karelian Research Centre of the Russian Academy of Sciences (50 A. Nevsky Ave., Petrozavodsk 185030, Russian Federation), Cand. Sci. (Economics), ORCID: https://orcid.org/0000-0002-8630-3621, Researcher ID: H-9921-2018, Scopus ID: 57212378063vkarginowa@yandex.ru

The author has read and approved the final version of the manuscript.

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