| Economics | Socium | Environment |
|---|---|---|
Environmental Economics and Sustainable Development, 2022, 12(31): 6-15
DOI: 10.37100/2616-7689.2022.12(31).1
UDC 336:330.15
JEL CLASSIFICATION: G 02, G 18, G 28, G 38, O 16, O 29, Q 01, Q 57, Q 58
Igor Bystryakov
Dr. Sci. (Econ.), Professor,
Deputy Director for Scientific Work of the Public Institution
«Institute of Environmental Economics and Sustainable Development of the
National Academy of Sciences of Ukraine»;
ORCID: https://orcid.org/0000-0001-6482-7099
Dmitry Klynovyi
PhD (Econ.), Senior Researcher,
Senior Researcher, Leading Researcher of the Department of
oSustainable Development Methodology of the Public Institution
“Institute of Environmental Economics and Sustainable Development of the
National Academy of Sciences of Ukraine”;
ORCID: https://orcid.org/0000-0002-3034-8097
FORMATION OF THE STRUCTURE OF SUSTAINABLE FINANCIAL RELATIONS IN THE ECONOMIC SPACE
Abstract: The article is aimed at outlining theoretical and methodological approaches and practical recommendations for the formation of the structure of sustainable financial relations in the economic space of the country. The growing dynamics of the development of sustainable financial relations in the world has been identified. It is established that at each of the spatial levels, special conditions should be created to ensure the financial sustainability of economic entities, based on the task of building sustainable state finances as a component of the sustainable management system. The need to form an innovative structure of sustainable financial relations through properly organized business activities is substantiated in the investment sector, banking, insurance and the stock market. The main factors in the formation of the structure of sustainable financial relations are determined as the criteria of profitability, liquidity of assets, solvency of participants in financial relations and their credit and financial stability simultaneously with the recommended UN Environment Program Financial Initiative environmental, social and managerial ESG – criteria of financial activity. A typical scheme for the formation of the structure of sustainable financial relations in the economic space is proposed on the basis of the project-process approach and the principles of robust management. Typical business processes in the formation of the structure of sustainable financial relations have been identified, including the organization of a system of sustainable financial institutions, stakeholder communication platforms, corporate asset management structures, infrastructure support for sustainable finance, etc. The typical structure of sustainable financial relations is proposed, which includes, among other things, blocks for ensuring the profitability, liquidity of assets and solvency of stakeholders, as well as credit and financial stability with the relevant components of the system of sustainable finance, which support the sustainability of the country's financial system and at the same time ensure the sustainability of the country's economic system as a whole.
Key words: sustainable finance, economic space, polysubject management; sustainable management.
Language version: Ukrainian
References
1. The Global Sustainable Investment Alliance Publishing (2021). Global Sustainable Investment Review 2020. Retrieved from http://www.gsi-alliance.org/wp-content/uploads/2021/08/GSIR-20201.pdf [in English].
2. STOXX. Global ESG Leaders Index (2022) Sustainability indices. Apr. 29, 2022. Retrieved from https://www.stoxx.com/document/Bookmarks/CurrentFactsheets/SXWESGP.pdf Publishing [in English].
3. Natsionalʹnyy Bank Ukrayiny (2021) Polityka shchodo rozvytku staloho finansuvannya na period do 2025 roku [Policy on the development of sustainable financing for the period up to 2025]. Retrieved from: https://bank.gov.ua/admin_uploads/article/Policy_rozvytok-stalogo-finansuvannja_2025.pdf?v=4 [in Ukrainian].
4. Lo A. (2015) Reconciling Efficient Markets with Behavioral Finance: The Adaptive Markets Hypothesis. Journal of Investment Consulting, 7(2), 21-44 [in English].
5. Schwab K. (2019) What Kind of Capitalism Do We Want? Project Syndicate, December, 2. Retrieved from: https://www.project-syndicate.org/commentary/stakeholder-capitalism-new-metrics-by-klaus-schwab-2019-11?barrier=accesspaylog [in English].
6. Schoenmaker D. (2020) The impact economy: balancing profit and impact. Working Paper, 4. Retrieved from: https://ssrn.com/abstract=3567026 [in English].
7. Klynovyy, D.V. & Petrovsʹka, I.O. (2020) Kontsept stalykh finansiv u yevrointehratsiyniy paradyhmi staloho hospodaryuvannya [The concept of sustainable finance in the European integration paradigm of sustainable management]. Shchorichnyk z Yevropeysʹkykh Intehratsiynykh Studiy, V, 48-66 [in Ukrainian].
Article publication date: 2022
Date of online version: 2022
DOI: 10.37100/2616-7689.2022.12(31).1
UDC 336:330.15
JEL CLASSIFICATION: G 02, G 18, G 28, G 38, O 16, O 29, Q 01, Q 57, Q 58
Igor Bystryakov
Dr. Sci. (Econ.), Professor,
Deputy Director for Scientific Work of the Public Institution
«Institute of Environmental Economics and Sustainable Development of the
National Academy of Sciences of Ukraine»;
ORCID: https://orcid.org/0000-0001-6482-7099
Dmitry Klynovyi
PhD (Econ.), Senior Researcher,
Senior Researcher, Leading Researcher of the Department of
oSustainable Development Methodology of the Public Institution
“Institute of Environmental Economics and Sustainable Development of the
National Academy of Sciences of Ukraine”;
ORCID: https://orcid.org/0000-0002-3034-8097
FORMATION OF THE STRUCTURE OF SUSTAINABLE FINANCIAL RELATIONS IN THE ECONOMIC SPACE
Abstract: The article is aimed at outlining theoretical and methodological approaches and practical recommendations for the formation of the structure of sustainable financial relations in the economic space of the country. The growing dynamics of the development of sustainable financial relations in the world has been identified. It is established that at each of the spatial levels, special conditions should be created to ensure the financial sustainability of economic entities, based on the task of building sustainable state finances as a component of the sustainable management system. The need to form an innovative structure of sustainable financial relations through properly organized business activities is substantiated in the investment sector, banking, insurance and the stock market. The main factors in the formation of the structure of sustainable financial relations are determined as the criteria of profitability, liquidity of assets, solvency of participants in financial relations and their credit and financial stability simultaneously with the recommended UN Environment Program Financial Initiative environmental, social and managerial ESG – criteria of financial activity. A typical scheme for the formation of the structure of sustainable financial relations in the economic space is proposed on the basis of the project-process approach and the principles of robust management. Typical business processes in the formation of the structure of sustainable financial relations have been identified, including the organization of a system of sustainable financial institutions, stakeholder communication platforms, corporate asset management structures, infrastructure support for sustainable finance, etc. The typical structure of sustainable financial relations is proposed, which includes, among other things, blocks for ensuring the profitability, liquidity of assets and solvency of stakeholders, as well as credit and financial stability with the relevant components of the system of sustainable finance, which support the sustainability of the country's financial system and at the same time ensure the sustainability of the country's economic system as a whole.
Key words: sustainable finance, economic space, polysubject management; sustainable management.
Language version: Ukrainian
References
1. The Global Sustainable Investment Alliance Publishing (2021). Global Sustainable Investment Review 2020. Retrieved from http://www.gsi-alliance.org/wp-content/uploads/2021/08/GSIR-20201.pdf [in English].
2. STOXX. Global ESG Leaders Index (2022) Sustainability indices. Apr. 29, 2022. Retrieved from https://www.stoxx.com/document/Bookmarks/CurrentFactsheets/SXWESGP.pdf Publishing [in English].
3. Natsionalʹnyy Bank Ukrayiny (2021) Polityka shchodo rozvytku staloho finansuvannya na period do 2025 roku [Policy on the development of sustainable financing for the period up to 2025]. Retrieved from: https://bank.gov.ua/admin_uploads/article/Policy_rozvytok-stalogo-finansuvannja_2025.pdf?v=4 [in Ukrainian].
4. Lo A. (2015) Reconciling Efficient Markets with Behavioral Finance: The Adaptive Markets Hypothesis. Journal of Investment Consulting, 7(2), 21-44 [in English].
5. Schwab K. (2019) What Kind of Capitalism Do We Want? Project Syndicate, December, 2. Retrieved from: https://www.project-syndicate.org/commentary/stakeholder-capitalism-new-metrics-by-klaus-schwab-2019-11?barrier=accesspaylog [in English].
6. Schoenmaker D. (2020) The impact economy: balancing profit and impact. Working Paper, 4. Retrieved from: https://ssrn.com/abstract=3567026 [in English].
7. Klynovyy, D.V. & Petrovsʹka, I.O. (2020) Kontsept stalykh finansiv u yevrointehratsiyniy paradyhmi staloho hospodaryuvannya [The concept of sustainable finance in the European integration paradigm of sustainable management]. Shchorichnyk z Yevropeysʹkykh Intehratsiynykh Studiy, V, 48-66 [in Ukrainian].
Article publication date: 2022
Date of online version: 2022