338.1
The study is devoted to the analysis of the ethics of investment activities of commercial organizations. It has been revealed that ethical investing should be understood as an investor's refusal to invest in «harmful» assets. The greening of the production process should be carried out through the introduction of environmental and innovative technologies, as well as internal corporate investments in human capital and improvement of working conditions. Ethics is identified as part of the investor's moral gain and an important intangible asset. The article defines ethical criteria, determinants, as well as social, environmental and economic effects of ethical investment. Ethical criteria of entrepreneurial activity reflecting the essence of environmental, social and managerial criteria are shown. Based on the study of the results of the PRI Association for Responsible Investment and the National Association of Concessionaires and Long-Term Investors in Infrastructure of the Russian Federation, a comparative characteristic of ethical investment is presented, reflecting the UN principles of responsible investment, as well as determinants modeled in accordance with the Russian specifics of doing business. The study of the geography of the ethical investment market made it possible to determine the highest concentration of financial assets in Europe and the USA. Particular attention is focused on the practice of ethical investment by domestic commercial organizations. An assessment of the practice of applying ethical investment in Russia showed that the identification of ethics as part of goodwill and an intangible asset of a commercial organization appeared significantly later than in Western countries. This is due to the high dependence of commercial organizations on the financing of investment projects by the banking sector and the lack of development of business greening. An analysis of strategic prospects showed a passive position of most Russian companies in developing sustainable development strategies, climate and environmental strategies.
ethics, investment activity, ethical investing, moral gain, goodwill, Russian business, commercial organizatio
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