The International Webinar on Sustainable Finance: Prospects for Collaboration
On September 20, 2024, the St. Petersburg School of Economics and Management (SEM), together with the Indian Institute of Management Indore (IIM Indore), hosted an international webinar on sustainable finance. The event aimed to bring together experts, faculty, and students from both universities to discuss current issues on the integration of sustainable financial practices into the corporate sector and capital markets.
The seminar focused on the need to align financial markets and corporate governance with the goals of sustainable development, including critical topics such as climate change, resource depletion, and social inequality. Participants from both universities found common ground in their commitment to promote sustainable finance as a mean to foster sustainable future. As a result of this collaboration, innovative solutions and strategies are expected to be developed to accelerate global efforts toward sustainable economic development.
One of the key presentations was given by Olga Alekseeva and Boris Lodiagin, both faculty members and PhD candidates from the Department of Finance. Their research was devoted to the relationship between the issuance of green bonds and the level of economic freedom in various countries. This significant study not only sparked lively discussions but also opened doors for future joint research projects between HSE University and IIM Indore, highlighting the importance of academic collaboration.
Another important contribution came from Egor Vitman, a graduate of the Master's programme in Finance and a PhD candidate at SEM. He presented research on the role of effective communication in the ESG space as a tool to hedge against stock price drops during ESG-related crises. His main hypothesis was that companies with strong ESG performance and transparent communication face fewer losses in such situations. The research demonstrated how clear and effective communication in sustainability can help companies mitigate risks during crises, an increasingly relevant issue in today's corporate environment.
Representatives from IIM Indore also made substantial contributions to the discussion. Prof. Mehul Raithatha from IIM Indore presented his research on the effects of executive overburden on corporate sustainability, showing how excessive workloads for top management reduce their focus on ESG goals and long-term corporate sustainability. His presentation underscored the need for management solutions to balance short-term demands with long-term sustainable strategies. Additionally, Vishakha Jaiswal, a PhD candidate at IIM Indore, presented her research on the impact of gender diversity on the boards of directors and its effect on the ESG performance of Indian companies. Her study found that even minimal female representation in leadership positively influences governance, especially in smaller firms, emphasizing the need for stricter gender diversity regulations to enhance corporate sustainability.
The seminar concluded with closing remarks from Varvara Nazarova, Head of the Department of Finance at HSE, and Professor Saumya Ranjan Dash from IIM Indore. Both expressed their strong commitment to continuing academic collaboration and research in sustainable finance between the two universities.
This international webinar became an important starting point for further cooperation between HSE and IIM Indore, demonstrating that academic partnerships can play a crucial role in advancing sustainable financial practices. By combining their efforts and expertise, both institutions are poised to make a significant contribution to the global dialogue on sustainable development.