Determinants of the Investment Volume in Social Projects in Russian Public Joint Stock Company

Due to many environmental, economic and social issues, corporate social responsibility research has become the most relevant in the modern world. The number of companies introducing corporate social responsibility is growing every year. This fact confirms the involvement of companies in this type of activity. However, the decision to participate is made at the company level, as well as the decision on how much investment should be directed to the implementation of social projects. In this paper we investigate factors influencing the investment in social project based on data on Russian companies. With justification of theoretical background, we identify set of parameters and build a regression model based on the data on Russian Joint Stock Company from 2014 to 2018. The results show that gender composition of the board of directors, company’s presence in the European/American market, non-financial report publication, scientific, educational and environmental CSR direction have a significant positive impact on investment. Investments reduce if firm operates in financial sector, not industrial. Age and investment have quadratic dependence.