ABSTRACT
According to researchers, information generated from social media provides useful data for understanding the behaviour of various types of financial assets, using the sentiment expressed by these network users as an explanatory variable of asset prices. In a context in which investment based on sustainability and environmental preservation values is vital, there is no known scientific work that analyses the relationship between social networks and environmental investment, which is closely related to the 2030 Agenda for Sustainable Development. In this study, we aim to identify how investor sentiment, generated from social networks, influences environmental investment and whether this influence depends on the time variable, as well the role of the pandemic crisis and the Russia-Ukraine war. Our results show different forms of behaviour for the different periods considered, with the proximity between the two types of variables being time-varying. For shorter periods, proximity occurred mainly during the pandemic crisis, repeatedly revealing that sentiment is a risk factor in environmental investment and in particular how important the information generated from social networks can be in pricing environmental assets. For longer periods, no common stochastic trends were identified. The mechanisms generating the series are thus characterised by a certain autonomy. © 2023, The Author(s).
ABSTRACT
The relevance of the article is due to the search for the possibility of a COVID-19 post-pandemic recovery of the Russian economy and a return to long-term sustainable growth in total factor productivity (TFP), taking into account the recognition of the priority of the environmental aspect of development. The purpose of the study is to develop an original scientific hypothesis, according to which, in the context of planetary manifestations of large-scale environmental challenges, on the one hand, and unprecedented external sanctions pressure on the Russian Federation, on the other hand. At first, environmental investment should become the main condition and a powerful factor in the long-term sustainable growth of TFP, as well as a radical transformation of the "pro-crisis" Russian economic model in accordance with the principles of the global ESG agenda. Environmental investments are positioned as responsible, in fact, and transformative in terms of their functional role in the economy. An econometric model has been constructed that reflects the dependence of per capita GDP growth rates on the volume of investments in fixed assets directed in the Russian Federation for environmental protection and rational use of natural resources, which has the form of a system of dynamic economic regressions with a distributed lag of a polynomial structure. Such a model can be used to assess the long-term and short-term responses of economic growth indicators from green investment. The methodological basis for the development of the aforementioned model was the methods of correlation, linear and nonlinear regression, factorial and dispersion analysis, the generalized least squares method, the method of instrumental variables. The main restrictions on environmental investment in modern Russia are established and proposals are made to stimulate it. © The Author(s) Publisher: University of Guilan,.