ESG Transformation of the Real Sector: An Empirical Analysis of ESG Agenda Drivers in Companies in the Caucasus and Central Asia (CCA) Region
Beknazarov B. Bekniyzova D. Stepanova D. Khakimov N. Tarando E. Khakimova F. Zharov A. Choriyeva S. Tashtamirov M.
5 October 2025Qubahan
Qubahan Academic Journal
2025#5Issue 4526 - 541 pp.
ESG transformation of industrial companies is a key factor for business success and positive social change. At the same time, the implementation of ESG standards in the Caucasus and Central Asia (CCA) region is still in its formative stage. The aim of this study is to examine the factors that contribute to the expansion of ESG practices within enterprises in the real sector of the economy. This study surveyed 692 companies from Russia and Kazakhstan across five key industries using an online questionnaire with 14 statements assessing ESG engagement on a 5-point scale. The collected data underwent factor analysis (principal component method with varimax rotation) and ridge regression modeling to identify key drivers of corporate commitment to ESG practices. The results show that despite growing geopolitical tensions, interest in implementing ESG practices not only persists but is increasing in importance. Our analysis indicates that increased regulatory pressure from governments and international organizations is the main driver of ESG transformation for Russian and Kazakhstani companies across all studied industries. Additionally, enhanced investment attractiveness and access to international funding markets are significant factors shaping corporate commitment to the ESG agenda in most sectors.
corporate governance , environmental initiatives , ESG agenda , ESG practices , ESG principles , ESG transformation , social responsibility , sustainable development
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Department of Economics, М. Auezov South Kazakhstan State University, Shymkent, 160012, Kazakhstan
Department of Business and Management, Innovative University of Eurasia, Pavlodar, 140000, Kazakhstan
Department of State and Municipal Finance, Plekhanov Russian University of Economics, Moscow, 115093, Russian Federation
Department of History and Social Sciences, Tashkent University of Applied Sciences, Tashkent, 100185, Uzbekistan
Faculty of Sociology, Department of Economic Sociology, Saint-Petersburg State University, Saint-Petersburg, 199034, Russian Federation
Department of Banking and Finance, Tashkent University of Applied Sciences, Tashkent, 100185, Uzbekistan
Department of Technosphere Safety, Peoples Friendship University of Russa, Moscow, 117198, Russian Federation
Institute of Economics and Finance, Kadyrov Chechen State University, Grozny, 366007, Russian Federation
Department of Economics
Department of Business and Management
Department of State and Municipal Finance
Department of History and Social Sciences
Faculty of Sociology
Department of Banking and Finance
Department of Technosphere Safety
Institute of Economics and Finance
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