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RESEARCH CENTRE FOR INDUSTRIAL DEVELOPMENT PROBLEMS of NAS of Ukraine (KHARKIV, UKRAINE)

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According to the decision No. 802 of the National Council of Television and Radio Broadcasting of Ukraine dated 14.03.2024, is registered as a subject in the field of print media.
ID R30-03156

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Liburkina L. M.

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Ethical Finance as a Driver of Corporate Sustainability: Perspectives for Ukraine
Lytvynov Y. A., Anichkin V. O.

Lytvynov, Yevhenii A., and Anichkin, Volodymyr O. (2026) “Ethical Finance as a Driver of Corporate Sustainability: Perspectives for Ukraine.” Business Inform 3:435–443.
https://doi.org/10.32983/2222-4459-2026-3-435-443

Section: Finance, Money Circulation and Credit

Article is written in English
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UDC 336.71:658.14

Abstract:
This article explores the theoretical foundations and practical implications of ethical finance as a fundamental instrument for promoting corporate sustainability in the current economic landscape. As corporate strategy shifts from traditional performance metrics towards social responsibility as a prerequisite for long-term effectiveness, ethical finance emerges as a comprehensive framework that extends beyond conventional green and ESG-oriented investment by integrating profound moral and value-based dimensions. Through a system approach involving comparative analysis, hierarchical structuring, and graphical modelling, the research conceptualises ethical finance not merely as a set of rules, but as an integrated moral framework. The study delineates the distinctions between green, ESG-oriented, and ethical finance, facilitating a clearer understanding of responsible investment hierarchies. The findings indicate that the implementation of ethical principles – namely human-centricity, transparency, accountability, and impact investing – is essential for building a resilient economic system capable of addressing both the current challenges and the postwar reconstruction requirements in Ukraine. The research argues that the transition from voluntary corporate social responsibility models to systematic ethical finance frameworks is an objective necessity for the nation’s successful integration into the global economic space. Key mechanisms for this transition include the adoption of Sustainable Development Goals (SDG) bonds, the legalisation of virtual assets to mobilise internal capital, and the enhancement of public-private partnerships. The analysis demonstrates that ethical considerations create tangible competitive advantages and enhance long-term profitability by harmonising financial objectives with societal demands for security and stability. Furthermore, the article provides strategic recommendations for government policy, emphasising the need for fiscal incentives and robust institutional frameworks to mitigate risks for private capital. The study concludes that ethical finance serves not merely as a moral imperative but as a strategic economic tool, essential for fostering postwar development and ensuring financial stability. The article also highlights the importance of strengthening institutional mechanisms, implementing rigorous impact assessment methodologies, and advancing educational initiatives designed to foster a professional culture of responsible investment within the corporate sector, thereby providing a clear direction for further scientific inquiry.

Keywords: ethical finance; corporate sustainability; ESG-criteria; financial reporting; sustainable development goals; postwar recovery; financial mobilisation; corporate financial responsibility.

Fig.: 1. Bibl.: 25.

Lytvynov Yevhenii A. – Lecturer, Department of Management, Business and Administration, Simon Kuznets Kharkiv National University of Economics (9a Nauky Ave., Kharkiv, 61166, Ukraine)
Email: [email protected]
Anichkin Volodymyr O. – Postgraduate Student, Department of Finance, Banking and Insurance, State Biotechnological University (44 Alchevskykh Str., Kharkiv, 61002, Ukraine)
Email: [email protected]

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