Complexity

Research Article

The Multifaceted Sustainable Development and Export Intensity of Emerging Market Firms under Financial Constraints: The Role of ESG and Innovative Activity

Table 2

Indicators of export orientation and its determinants.


Variable in the model	Variable in the BEEPS base	Indicator	Direction of influence

Dependent variables
export	export	SDER, %
export_ dummy	export_ dummy	Is there a direct export: 0 - no, 1 - yes

Explanatory variables
Innovative activity (to test Hypothesis 1)
r&d	bmh2	Was there any R&D spending over the past 3 years? 0 - no, 1 - yes	+
techlicence	e6	Does the company use technology obtained under a license from a foreign company? 0 - no, 1 - yes	+
extknowledge	bmh1	Over the past 3 years, were there any expenses for acquiring external knowledge? 0 - no, 1 - yes	+
ext_r&d	bmh3	Over the past 3 years, were there any expenses for acquiring R&D from outside organizations? 0 - no, 1 - yes	+

Environment governance (to test Hypothesis 2)
safe_energy_ prod	bmgc23b	Were climate-friendly energy production technologies adopted over the past 3 years? 0 - no, 1 - yes	+
advanced_ lighting	bmgc23i	Was any improvement of lighting system adopted over the past 3 years? 0 - no, 1 - yes	+
eco_strategy	bmga1	Are ecology or climate change issues mentioned as strategic objectives? 0 - no, 1 - yes	+
eco_standards	bmga4	Do customers require certification or adherence to environmental standards? 0 - no, 1 - yes	+
energy_ control	bmgc1	Did the company monitor energy consumption over the last 3 years? 0 - no, 1 - yes	+
audit_energy_ consumpt	bmgc3	Was an external audit of energy consumption completed over the last 3 years? 0 - no, 1 - yes	+
water_control	bmgc4	Did the enterprise monitor water consumption over the past 3 years? 0 - no, 1 - yes	+
emitted_CO₂	bmgc7	Did the enterprise emit CO₂ over the last 3 years? 0 - no, 1 - yes	+
emitted_ pollutants	bmgc12	Did the enterprise emit pollutants (other than CO₂) over the last 3 years? 0 - no, 1 - yes	+
plan_ electricity	bmgc16	Did the enterprise plan indicators for the use of electricity over the last 3 years? 0 - no, 1 - yes	+
plan_CO₂	bmgc18	Did the enterprise have targets for CO₂ emissions over the last 3 years? 0 - no, 1 - yes	+
plan_ pollutants	bmgc20	Did the enterprise have targets for emissions (other than CO₂) over the last 3 years? 0 - no, 1 - yes	+
improve_ heat_cool	bmgc23a	Was there an improvement in heating and cooling over the last 3 years? 0 - no, 1 - yes	+
min_waste	bmgc23e	Were any measures taken to minimize and recycle waste over the past 3 years? 0 - no, 1 - yes	+
control_air_ pollution	bmgc23f	Were any air pollution control measures taken in the past 3 years? 0 - no, 1-yes	+
incr_energy_ efficiency	bmgc25	Over the last 3 years, were any measures taken to increase energy efficiency?	+
standard_ energy_ efficiency	bmgd7	Was the energy efficiency standard observed in the activities of the enterprise?	+
renewable_ energy	bmge5	In the last fiscal year, did a company use own renewable energy sources?	+
Social governance (to test Hypothesis 3)

website	c22b	Does the company have a website? 0 - no, 1 - yes	+
share_females_workers	l5a	Share of females among full-time workers, %	+
share_females_nonprod	l5b_l3b	Share of females among nonproduction employees working full-time, %	+
empl_ education	l10	Is there training for permanent employees? 0 - no, 1 - yes	+
Corporate governance (to test Hypothesis 4)
CEO_female	b7a	Is the CEO female? 0 - no, 1 – yes	-
performance_control	bmr2	Are any production/service indicators monitored by the management? 0 - no, 1 – yes	+
environment_ manager	bmga2	Has the company a manager responsible for environmental protection and climate preservation? 0 - no, 1 – yes	+
fin_audit	k21	Were the financial statements checked and certified by an external auditor last year? 0 - no, 1 – yes	+

Social capital of the CEO (to test Hypothesis 5)
CEO_politic	bmb5	Has the owner/CEO ever been elected or appointed to a political position? 0 - no, 1 - yes	+/-
gov_ regulations	j2	What percentage of senior management’s time was spent working with government regulations?	+/-
politic_gifts	bmj3a	The degree of payments, gifts, or exchange favors with parliamentarians to affect votes? 0–4	+/-

Control variables
num_empl	l1	Number of employees, people	+
num_empl_ sqr	l1_sqr	Number of employees squared	+
age	b5_v	Company age, years	+
age_sqr	b5_sqr	Company age squared	+
gdp_ln	gdp_ln	Logarithm of GDP per capita	+
rate	rate	Key rate of the Central Bank, %
export_GDP	export_GDP	Country’s export of goods and services as a percentage of GDP	+
sizecode	sizecode	Company size dummy (number of employees): 1- small (5–19), 2- medium (20–99), 3- large (100 or more)	-
dummy_Asia	a3ax	Dummy for Asian region: 0 - no, 1 - yes	+/-
dummy_ public	b1	Dummy of a public company: 1 - nonpublic, 0 - public	+
trade_union	trade_union	Number of trade unions the country is a member of	+
owner_ female	b4	Presence of females among the owners of the company: 0 - no, 1 - yes	+
shadow_econ	e30	How much of an obstacle are competitors in the shadow sector? 0–4	-
num_ competitors	e2b	Number of competitors for the main product/service in the main market	-
owner_share	b3	The share of the firm owned by the largest owner (s)	+
ind_ef	ind_ef	Index of Economic freedom	+
ind_ps	ind_ps	Index of political stability (World Bank)	+
fin_obstacle	k30	How serious constraint is access to finance? 0–4	-
iso	iso	ISO certificate: 0 - no, 1 - yes	+

Additional variables-potential determinants of financial constraints
for_share	b2b	Share of a foreign owner in the equity capital of the company, %
gov_share	b2c	Share of the state in the equity capital of the company, %
workcap_ banks	k3bc	Share of working capital borrowed from banks, %
workcap_ nonbanks	k3e	Share of working capital borrowed from nonbank financial, %
workcap_ bonds	bmk3b	Share of working capital financed by issuing bonds, %

Note. For variables with a score from 0 to 4, the following gradation is used: 0 for absent, 1 for insignificant, 2 for moderate, 3 for serious, and 4 for very serious.