INFORMATION TRANSPARENCY OF UKRAINIAN BUSINESS UNDER NATIONAL RESPONSIBLE INVESTING MODEL FORMATION
Abstract
The analysis of national companies’ level of information transparency has been fulfilled. The fragment of TOP-15 Ukrainian business companies’ transparency index is presented. The categories of criteria, on the basis of which the indicators of companies’ activity are assessed in the calculation process of rating of transparency and consistency level in the sphere of corporate responsibility, are specified. TOP-5 leading companies by previously mentioned rating are introduced. The structure of Ukrainian companies as participants of UN Global Compact initiative is presented. The key issues that most fully revealed in non-financial statements of domestic companies are highlighted. The main disadvantages of non-financial reports, prepared by representatives of Ukrainian business, are distinguished. The priority criteria for the evaluation of domestic business responsible investees in the framework of positive screening method are recounted. The ecological, social and governance spheres of responsible investing principles implementation in the process of its formation in Ukraine are singled out. The specific problems for each sphere that are concretized and instruments for their solution that are proposed should be taken into account in the process of consistent state responsible policy development and realization.
References
Бахтараева, К. Социально-ответственное инвестирование на рынке ценных бумаг: ретроспектива и тенденции развития / К. Бахтараева // Финансы и кредит. – 2009. – № 21 (357). – С. 62–67.
Gajdosova, K. Socially Responsible Investment as a Trend in Investment Services in Europe / K. Gajdosova. – [Електронний ресурс]. – Режим доступу : http://www.researchgate.net/profile/Katarina_Gajdosova/publication/255738958_Socially_Responsible_Investment_as_a_Trend_in_Investment_Services_in_Europe/links/0c9605209f5fb7d8e7000000.
Kinder, Peter D. Socially Responsible Investing : An Evolving Concept in a Changing World [Електронний ресурс] / Peter D. Kinder. – Boston MA : KLD Research & Analytics Inc., 2005. – Режим доступу : http://stage.greenbiz.com/sites/default/files/document/CustomO16C45F65148.pdf.
Cowton, C. J. The Development of Ethical Investment Products / C. J. Cowton // The ACT Guide to Ethical Conflicts in Finance. – Oxford, UK : Blackwell Publishers, 1994. – P. 213–232.
Kreander, N. Evaluating the Performance of Ethical and Non-Ethical Funds: A Matched Pair Analysis [Електронний ресурс] / N. Kreander, R. H. Gray, D. M. Power and C. D. Sinclair. – Режим доступу : http://www-ah.st-andrews.ac.uk/media/csear/discussion-papers/CSEAR_dps-finance-evalperfeth.pdf.
Cooper, M. Key Issues in Ethical Investment / M. Cooper, B. Schlegelmilch // Business Ethics. – 1993. – № 2 (4). – Р. 213–227.
Mackenzie, C. Morals and Markets: The Case of Ethical Investing / C. Mackenzie, A. Lewis // Business Ethics Quarterly. – 1999. – Vol. 9 (3). – P. 439–452.
Renneboog, L. Socially Responsible Investments: Institutional Aspects, Performance and Investor Behavior / L. Renneboog, J. T. Horst, C. Zhang // Journal of Banking & Finance. – 2008. – Vol. 32. – P. 1723–1742.
Sparkes, R. Socially Responsible Investment: A Global Revolution / Russel Sparkes. – London, UK: John Wiley & Sons, 2002. – 424 p.
Hudson, R. Ethical Investing: Ethical Investors and Managers / R. Hudson // Business Ethics Quaterly. – 2005. –Vol. 15 (4). – P. 641–657.
Прозорість сайтів українських ТОП-100 не підвищується [Електронний ресурс]. – Центр Розвиток КСВ, 2014. – Режим доступу : http://csr-ukraine.org/article/.
Індекс прозорості компаній України – 2012 [Електронний ресурс]. – Центр Розвиток КСВ, 2012. – Режим доступу :
http://gallery.mailchimp.com/032ccc4dbdd66081cb103702b/files/Index_2012_28_08.10.12.pdf.
ГVардия: 5-й рейтинг открытости и системности украинских компаний в сфере КСО [Електронний ресурс]. – Режим доступу : http://kontrakty.ua/article/44907/.
Рейтинг відкритості та системності українських компаній у сфері КСВ 2013 [Електронний ресурс]. – Режим доступу : http://kontrakty.ua/doc/rating_CSR_2013.pdf.
Participants & Stakeholders of United Nations Global Compact: Participant Search [Електронний ресурс]. – Режим доступу : https://www.unglobalcompact.org/participants/search.
Петрашко, Л. П. Корпоративна відповідальність: крос-культурні моделі та бізнес-практики : монографія / Л. П. Петрашко. – К. : КНЕУ, 2013. – 342 с.
Romanyok, T. V. Periodization of responsible investment [Електронски извор] / T. V. Romanyok // CIP – Каталогизација у публикацији Народна библиотека Србије, Београд EMIT : Economics, Management, Information, Technology / Editorin Chief Radmilo Nikolić, Bor : Komputercentar Bor: Građanska čitaonica Evropa. – 2014. – Vol. 3, No. 1. – P. 10–17. – Приступ : http://emit.kcbor.net.
Bahtaraeva, K. (2009), “Socially responsible investing at the securities market: retrospective and development trends,” Finance and Credit, 21 (357), 62–67. (In Russian)
Gajdosova, K. (2011), “Socially Responsible Investment as a Trend in Investment Services in Europe,” http://www.researchgate.net/profile/Katarina_Gajdosova/publication/255738958_Socially_Responsible_Investment_as_a_Trend_in_Investment_Services_in_Europe/links/0c9605209f5fb7d8e7000000. (In English)
Kinder, P. D. (2005), “Socially Responsible Investing : An Evolving Concept in a Changing World,” http://stage.greenbiz.com/sites/default/files/document/CustomO16C45F65148.pdf. (In English)
Cowton, C. J. (1994). “The Development of Ethical Investment Products”, The ACT Guide to Ethical Conflicts in Finance, Oxford, Blackwell Publishers, 213–232. (In English)
Kreander, N. (2005), “Evaluating the Performance of Ethical and Non-Ethical Funds: A Matched Pair Analysis,” http://www-ah.st-andrews.ac.uk/media/csear/discussion-papers/CSEAR_dps-finance-evalperfeth.pdf. (In English)
Cooper, M. and Schlegelmich, B. (1993), “Key Issues in Ethical Investment,” Business Ethics, 2 (4), 213–227. (In English)
Mackenzie, C. and Lewis, A. (1999), “The Case of Ethical Investing,” Business Ethics Quarterly, 9 (3), 439–452. (In English)
Renneboog, L., Horst, J. T. and Zhang, C. (2008), “Socially Responsible Investments: Institutional Aspects, Performance and Investor Behavior,” Journal of Banking & Finance, 32, 1723–1742. (In English)
Sparkes, R. (2002), Socially Responsible Investment: A Global Revolution, London, John Wiley & Sons. (In English)
Hudson, R. (2005), “Ethical Investing: Ethical Investors and Managers,” Business Ethics Quarterly, 15 (4), 641–657. (In English)
The transparency of Ukrainian TOP-100 companies’ websites does not increase (2014), http://csr-ukraine.org/article/. (In Ukrainian)
Transparency Index of Ukrainian companies (2012), http://gallery.mailchimp.com/032ccc4dbdd66081cb103702b/files/Index_2012_28_08.10.12.pdf. (In Ukrainian)
HVardiya: the 5th rating of Ukrainian companies’ openness and consistency in the sphere of corporate social responsibility (2012), http://kontrakty.ua/article/44907/. (In Russian)
HVardiya: rating of Ukrainian companies’ openness and consistency in the sphere of corporate social responsibility (2013), http://kontrakty.ua/doc/rating_CSR_2013.pdf. (In Russian)
Participants & Stakeholders of United Nations Global Compact: Participant Search (2014), https://www.unglobalcompact.org/participants/search. (In English)
Petrashko, L. P. (2013), Corporate responsibility: Cross-cultural models and business-practices, Kyiv, KNEU. (In Ukrainian)
Romanyok, T. V. (2014), “Periodization of responsible investment,” EMIT: Economics, Management, Information, Technology, 3 (1), 10–17, http://emit.kcbor.net. (In English)
