Yelnikova Yulia, Candidate of Sciences (Economics), Assistant Professor, Department of Accounting and Tax, Sumy State University, Sumy, Ukraine

ORCID ID: 0000-0002-8478-4716
e-mail: y.yelnikova@uabs.sumdu.edu.ua

Plastun Alexey, Doctor of Economics, Professor, Professor, Department of International Economic Relations, Sumy State University, Sumy, Ukraine

ORCID ID: 0000-0001-8208-7135
e-mail: о.plastun@uabs.sumdu.edu.ua

Makarenko Inna, Doctor of Economics, Associate Professor, Associate Professor of the Department of Accounting and Taxation, Sumy State University, Sumy, Ukraine

ORCID ID: 0000-0001-7326-5374
e-mail: i.makarenko@uabs.sumdu.edu.ua

Substantiation of the Essence and Typology of Responsible Investing as a Mechanism of Public Investment Policy

Introduction. The transition to the 17 United Nations Sustainable Development Goals (SDGs) by 2030 globally has been recognized as a mainstream for a sustainable future in which the investment community has a leading role. Achieving Sustainable Development Goals will require huge volume of investment, which updates the search for new mechanisms for financing sustainable development and its information support. The set of ESG, EESG, SDGs criteria generates a variety of investment strategies and theoretical approaches to responsible investing and requires their terminological and decompositional analysis.

Purpose of the study is investigating theoretical approaches to substantiation of the essence and typology of responsible investing

Results. The article deals with the concept of responsible investing and provides a structural analysis of its essence, generalizes the approaches of domestic and foreign scientists to its understanding of the term, as well as their interpretation contained in the program and regulatory documents of organizations in the field of investment and sustainable development. Decomposition of the concept of responsible investing and its terminological analysis is carried out. The most important thematic directions of ESG / SDG – criteria in the order of priority for investors are identified. According to the results of comparative analysis of types and strategies of responsible investing, the discussion of separate presentation of the category of impact investing (according to PRI and EFAMA approaches) is emphasized, its relation with the strategies of thematic investing is determined. Approaches to typology and comparing types and strategies of responsible investing are systematized.

Conclusions. The decomposed analysis of the responsible investment allowed us to form a structural approach to its understanding as investing in the highest priority projects, industries, areas (objects of investment), taking into account EESGE and SDG criteria, aimed at achieving financial efficiency and significant progress in the area of sustainable development and its goals. In this case, responsible investment is a generic term that covers socially responsible investing (concentrating on negative screening criteria) and sustainable responsible investing (concentrating mainly on positive screening criteria, thematic and influential investing). The responsible investment typology is largely based on the approaches of international investment organizations and concerns the division of these investments into investment strategies, taking into account the degree of integration of EESG / SDG criteria, risks, opportunities and achieving financial efficiency in their implementation.

Keywords: investments; investing; decomposition analysis; socially responsible investing.

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