SUVEREN FONDLARDA ESG TAMOYILLARINI BAHOLASH: MANDAT TURIGA ASOSLANGAN DIFFERENSIAL YONDASHUV
DOI:
https://doi.org/10.5281/zenodo.22992492Abstract
Tadqiqot suveren fondlarda ekologik, ijtimoiy va korporativ boshqaruv (ESG) tamoyillarining tatbiq etilishini baholashga qaratilgan. Tadqiqotning maqsadi ESG yetukligi bilan fondlarning moliyaviy ko‘rsatkichlari o‘rtasidagi bog‘liqlikni aniqlash hamda amaldagi baholash metodikalarining cheklovlarini asoslashdan iborat. Tadqiqotda o‘nta mezon asosida shakllantirilgan mualliflik ESG indeksi, korrelyatsion tahlil va guruhlararo taqqoslash usullaridan foydalanilgan. Empirik baza sifatida beshta yirik suveren fondning 2010–2025-yillardagi ma’lumotlari olingan. Natijalar ESG yetukligi bilan daromadlilik volatilligi o‘rtasida musbat bog‘liqlik mavjudligini ko‘rsatgan (r = +0,767). Biroq mazkur bog‘liqlik soxta korrelyatsiya ekanligi aniqlangan, chunki har ikkala o‘zgaruvchi fondning mandat turiga bog‘liq (ESG ↔ ichki investitsiyalar ulushi: r = –0,813). Olingan natijalar asosida ESG tamoyillarini fond mandatining turiga muvofiq baholashga qaratilgan differensial yondashuv taklif etilgan. Mazkur yondashuvda ESG bloklarining vaznlari fondning tipologik profiliga moslashtiriladi hamda ichki investitsiya mandatiga ega fondlarning hisobotlarda aks ettirilmagan ijtimoiy iqtisodiy natijalarini o‘lchash mexanizmi asoslanadi.Keywords
suveren fond, ESG tamoyillari, mas’uliyatli investitsiyalash, investitsion mandat, tipologik profil, daromadlilik volatilligi, soxta korrelyatsiya, ijtimoiy-iqtisodiy samara, shaffoflik, Tiklanish va taraqqiyot jamg‘armasi.References
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