Study On Russian Gas Companies' Financial Strategy Considering Corporate Sustainable Growth

The Thesis intends to illustrate that the financial strategy and the sustainable growth objectives used by some companies are mutually controversial and to explore the options open to companies for remedying this worsening problem.It was found the way to determine which factors have the most influence on Russian gas companies financially sustainable growth.It was investigating the influence of energy,environmental and social factors on the Russian gas companies' finance sustainable growth using four methodologies.First,it was considered the most comprehensive method for Russian gas companies Financial Sustainable Growth Strategy analysis is Geniberg' methodology.It was developed Z-matrix for the Financial strategy growth evaluation.Results showed that Russian gas companies have different financial strategies.Second,using the Lasso regression,it was found that Russian gas companies characterized by a close relationship between the Higgins sustainable growth index(further-SGI)and financial indicators with social and energy factors' correlation.The relationship between financial and ecological indicators is deficient.It was determined that Environmental Rating,Footprint,Biocapacity,Social Expenses contributing to SGI dynamic stabilization.Also,it was given Author's sustainable financial growth system interpretation as system included social well-being investments,ensuring energy efficiency,and protecting the environment.Unlike traditional interpretations,it was considered financial sustainability as the result of interaction and interconnection between finance,energy,environmental,and social subsystems.It was analyzed the transversality of the relationship between the indicators included in the subsystems and develop sustainable financial growth system index(FSI).In Russian gas companies financially sustainable growth system characterizes by stability over the entire forecast period.Third,it was analyzed the barriers that could disrupt a financially sustainable system for the Gazprom.Research results described the ways to prevent the development of such barriers by using Shannon's negentropy to improve data envelopment analysis(DEA)of the sustainable models' discrimination.In this algorithm,DEA efficiencies are counted for all possible variable indices and decompound using Shannon's entropy the degree of the importance for each index in the Gazprom sustainable growth system.Further,Author combines the obtained efficiencies and the degrees of importance to generate an overall efficiency score(CES),which can univocally improve the discrimination of Gazprom Sustainable System Efficiency DEA models.Fourth,modeling shows the comparing results between SGI and Author' “Eco” Financially Sustainable Growth System Index.A new mathematical dynamic model,which uses the Ricci tensor,is presented.For a sustainable growth intensity analysis(a)Financial sustainable growth index(FSI),(b)Higgins' sustainable growth rate(SGI Higgins),(c)Ivashkovskaya' sustainable growth index(SGI Ivashkovskaya),(d)Varaya' sustainable growth index modification(SGImodif)indicators' average values and(e)the graph' average weights of the Ricci curvatures(Re)are compared.The values of the indices(a)/(e)are used to determine parameters of the presented dynamic model for the Russian gas companies.For Russian gas companies,the main barrier to the achievement of high rates of steady financial growth are shortages in environment protection.The prospect of development of this direction is required in the realization of such steps as encouragement of the state corporations to make purchases,encouraging ecological certification of the supplier,growth of investments into green projects.Besides,state regulation of the matter and the introduction of taxes on what harms the environment is required.In the light of the received results,it is possible to make the following recommendations for Russian gas companies:(a)ensuring adequate level of financing of environmental protection,questions of social responsibility and actions for increase in energy efficiency as conditions of achievement of financial steady growth;(b)maintaining financial statements in the context of the system of steady financial growth,focusing attention on social,power and ecological indicators most of which of all have influence on financial steady growth;(c)use for assessment of financial steady growth of complex system indicators.