STUDY OF BIG THREE'S ROLE IN CAPITAL MANAGEMENT OF MULTINATIONAL ENTERPRISES
Abstract
The article is devoted to determining the role of the Big Three in the management of multinational enterprises' assets. The authors examine the transformation of approaches to capital management of multinational enterprises (MNEs) in the context of growing geo-economic tensions, digitalization, and the growing role of institutional investors. Particular attention is paid to the analysis of the influence of the so-called Big Three - BlackRock, Vanguard and State Street - on the strategic decisions of global corporations, in particular in terms of capital structure, implementation of ESG principles, risk management and corporate governance. It is established that the activities of these institutional players have a significant impact on global financial markets and transnational business, which is enhanced by digital platforms (in particular, Aladdin) that consolidate access to analytical models and asset management solutions. The authors analyze the current challenges associated with the concentration of financial power, the opacity of ESG ratings, and the contradictions between the declared principles of sustainable development and real investment strategies. The cases of BlackRock's participation in companies related to human rights violations, fossil fuel financing, and impact on climate policy are considered, which raises doubts about the effectiveness of existing self-regulatory mechanisms. It is shown that the Big Three not only change the architecture of corporate governance, but also form new configurations of global influence that require additional regulation and public control. The authors outline a scientific gap in the Ukrainian academic discourse on the role of institutional investors in global capital management. The authors suggest areas for further research, in particular, in the field of assessing the effectiveness of ESG tools, analyzing cyber risks of digital asset management platforms, and developing models for balancing the interests of key stakeholders in the context of the transformation of the global investment environment.
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