Managing Financial Risks of Global Companies Through Corporate Social Responsibility: The Specifics of Sustainable Employment in Developed and Developing Countries

Abstract

The motivation for this research was the desire to disclose the social nature of the financial risks of global companies: the authors attempted a scientific explanation of the influence of corporate social responsibility, which is manifested through the preservation and creation of additional jobs, on the financial risks of global companies. The research aims to establish the interdependence between financial risks and sustainable employment in global companies. This goal is achieved using the SEM (structural equation modeling) method based on corporate statistics from the Fortune “Global 500” rankings for 2021–2023. As a result, the consequences of global companies’ CSR (corporate social responsibility) practices in personnel management and financial risk management are modeled and described through quantitative and qualitative patterns. The established regularities proved that for developed and developing countries, the larger the number of employees, the lower the financial risks of global companies—the risk of a decrease in profitability, the risk of loss of profit, and the risk of depreciation of assets. The main conclusion is that there is a close systemic relationship between the financial risks of global companies and their workforce size, suggesting that CSR is key to highly effective financial risk management. A clear distinction between the practices of financial risk management through CSR in developed and developing countries forms the basis of the theoretical significance of the research results. The authors provide recommendations to improve the current practice of financial risk management in global companies by integrating it more closely with personnel management practices, highlighting their managerial relevance. It is proposed that corporate strategies for global companies in developed countries should focus on reducing the risk of declining profitability, as CSR has the most pronounced and consistent impact on this particular financial risk. In developing countries, corporate strategies are recommended to be structured by diversifying the areas of CSR application, with the most promising in financial risk management being the reduction in asset depreciation risk and the reduction in profitability risk. The findings of this research have practical significance because they enhance the predictability of CSR activities of global companies and open up opportunities for highly accurate forecasting of the financial risk implications of ensuring sustainable employment by global companies, considering the specificities of developed and developing countries.

1. Introduction

Financial risks are a crucial reference point for managing global companies. Financial indicators, particularly revenue, profit, and asset value, determine the ability of global companies to adapt to changing market conditions. These financial indicators should be viewed through the lens of risk due to their susceptibility to changes, the unpredictability of these changes, and the significant negative consequences that deteriorating values of these indicators can have on global companies.

Financial risk management makes it possible to forecast changes in the aforementioned financial indicators in the operations of global companies and manage these changes by preventing risk events (e.g., declining profitability, loss of profit, and asset depreciation) and mitigating their negative impacts on the companies. However, it is important to note the limitations of financial risk management for global companies.

Currently, global companies lack the ability to exert significant influence on the global market environment, either due to high competition in these markets or the implementation of large-scale regulatory measures by national and supranational governments. This is particularly evident in the challenges global companies face in securing a presence in certain markets and attracting additional investments for their growth. As a result, financial risk management for global companies is necessarily focused on adjusting internal business processes.

Personnel management is one of the most effective and universal tools available to global companies for financial risk management, which provides a pronounced effect in the short term. However, despite the strong appeal of personnel management for global companies, there is currently no consensus on how exactly personnel should be managed in the interests of financial risk management. Two alternative approaches to personnel management exist.

The first approach can be termed classical because it has evolved historically and has been employed for many decades. This approach involves workforce reduction as an emergency measure in financial risk management. The apparent advantage of this method lies in reducing the labor cost burden on international companies during periods of downturn, temporary production halts, or acute shortages of financial resources.

The second approach can be called innovative because it has solidified only recently, emerging with the onset of the Decade of Action. This approach is increasingly practiced by global companies. It considers the less apparent and potentially long-term consequences of workforce reduction, such as brain drain, the loss of intangible assets, the ability to create intangible assets, and the deterioration of the company’s reputation as an employer, which can hinder future efforts to attract essential talents.

The essence of this innovative approach lies in global companies demonstrating corporate social responsibility (CSR) toward their employees by preserving and creating new jobs. This ensures sustainable employment, provides workers with stable jobs, retains valuable talent and intangible assets, and maintains a positive reputation for companies as employers.

The challenge arises from the uncertainty of the connection between sustainable employment and the financial risks faced by global companies. The lack of in-depth study on these cause-and-effect relationships and the insufficient scientific and methodological development of the second approach hinder the widespread adoption of CSR practices among global companies because they cannot be certain of deriving significant positive effects (e.g., reducing their financial risks) from ensuring sustainable employment.

In the existing literature, CSR and sustainable employment are primarily treated as separate domains of company management and personnel management, distinct from financial management, which is studied independently as another area of company management. This research seeks to contribute to resolving this issue by aiming to establish the interdependence between financial risks and sustainable employment in global companies.

The motivation for this research was the desire to disclose the social nature of the financial risks of global companies. As is known, social factors play an important role in the stock market: the expectation of investors, their risk appetite, following others, or, on the contrary, opposition to the panic behavior of others. Similarly to investments in the stock market, sales volumes and the business reputation of global companies, the shares of which are traded in the stock market, could be subject to the influence of social factors, which are poorly studied and are unknown to modern science.

This paper strives towards filling the gap in the existing literature, which consists of insufficient elaboration on the issues of the connection between financial risks and the corporate social responsibility of global companies. This paper attempts to scientifically explain the influence of the corporate social responsibility of global companies, which is manifested through the preservation and creation of additional jobs, on their financial risks.

This paper’s contribution to the development of the literature consists of an explanation of the social nature of the financial risks of global companies. The authors’ conclusions are important for corporate management policymakers because they disclose social factors, which were previously considered errors (unpredictable and uncontrolled mistakes), during the development and implementation of strategies for the management of the financial risks of global companies. Due to the authors’ recommendations, corporate management policymakers will be able to forecast the consequences of financial risk management more precisely and achieve higher effectiveness in the practice of global companies.

The novelty of this research lies in rethinking CSR and sustainable employment within global companies from the perspective of the relationship between this personnel management practice and the financial risks companies face. The scientific novelty of this research also involves clarifying the specific impacts of sustainable employment on the financial risks of global companies in developed and developing countries.

The innovativeness of this research consists of the novelty of the research objects: based on the latest statistics for 2021–2023, we studied the experience of developed and developing countries in isolation, which allowed us, for the first time, to reveal differences in the models of the management of financial risks with the help of manifestation of corporate social responsibility (through preservation and creation of additional jobs) in developed and developing countries. Therefore, the authors developed unique models for managing the financial risks of global companies through CSR in the context of ensuring sustainable employment with a focus on developed and developing countries.

2. Literature Review

2.1. Sustainable Employment and Its Impact on the Financial Risks of Global Companies

Drawing on the works of (Kalandarovna et al. 2020; Mo et al. 2024; Odilova 2023), the authors define sustainable employment as a personnel management practice where global companies demonstrate CSR. This approach offers several advantages. First, it provides stable employment for employees. Second, it helps retain valuable personnel and intangible assets and enhances the company’s reputation as an employer. In turn, a strong reputation allows companies to attract top talents from the labor market and even recruit exceptional employees from competitors.

The performed overview of corporate social responsibility allowed us to reveal the following main elements of sustainable development: opportunities for the development of human capital of company employees with the help of corporate training in support of lifelong learning; social justice of wages, career opportunities for employees, and inclusivity of personnel—openness for all employees, regardless of their sex, age, and health; favorability of conditions at workplaces to develop human potential of employees, including through support of knowledge-intensive employment; and employment for green and digital personnel.

The most accurate and objective quantitative measure of employment sustainability is the number of employees within a company. The maintenance and growth of jobs within companies serve as indicators of sustainable employment and CSR in personnel management. A literature review revealed that existing sources note and scientifically confirm a wide range of non-financial benefits of sustainable employment and CSR in personnel management, including support for sustainable development goals, particularly SDG 8 (Chahal and Rani 2024; Nasr-Allah et al. 2020), increased employee loyalty to companies as employers (Osovtsev et al. 2018), and productivity growth (D. Milica and J. Milica 2019).

The published research also highlights that CSR in personnel management is gaining increasing popularity worldwide. Global companies from developed countries, which were the first to launch large-scale CSR initiatives in personnel management and have since firmly integrated these initiatives into their corporate strategies, have achieved the greatest success in ensuring sustainable employment (Raies 2023). Global companies from developing countries, which later joined these efforts, are also making significant progress in ensuring sustainable employment. However, they have yet to reach the level of their counterparts from developed countries (Galoyan et al. 2023; Liang and Liu 2024; You et al. 2023).

However, the financial implications of sustainable employment and CSR in personnel management remain unclear, representing a gap in the literature and prompting the following research question (RQ1): What impact does the number of employees have on the financial risks of global companies?

In the available literature (Fernández-Portillo et al. 2023; Jiang and Fan 2022; Zhang et al. 2024), the researchers compare an excessively large workforce to ballast that companies need to shed to alleviate their situation during economic crises and realize their automation potential, thereby strengthening their digital competitiveness and improving operational efficiency.

In contrast, several other sources, including Bogoviz et al. (2018); Kim (2024); Song et al. (2024), provide evidence of companies deriving financial benefits from sustainable employment and CSR in personnel management. On this basis, the authors proposed the following hypothesis (H): the larger the number of employees, the lower the financial risks of global companies. The hypothesis is tested by modeling the impact of the number of employees on the financial risks of global companies.

2.2. Financial Risks Faced by Global Companies and Their Management Through Workforce Adjustments

The theoretical foundation of this research is the concept of corporate financial risk management (Ergasheva et al. 2023; Inshakova et al. 2021). According to this concept, financial risks for global companies, as discussed in this research, is understood as the deterioration of financial performance indicators (Lucchetta 2024; Zarova and Tursunov 2022).

Financial risk management involves deliberate managerial actions by global company representatives to adjust operational parameters in a way that reduces financial risks, which means preventing, mitigating, or halting the decline in financial performance indicators. The primary financial risks for global companies include the following:

• The risk of declining profitability due to reduced revenue generated by their operations (Xin et al. 2024);
• The risk of profit loss, which involves a decrease in the overall profit earned by global companies (Khasanov et al. 2019);
• The risk of asset depreciation, where the market value of a company’s assets decreases (De La Vega Caceres 2024).

Additionally, there are several additional indicators of financial performance, which include profit margin, return on assets (ROAs), and return on equity (ROE). However, statistical data on the above additional indicators of financial performance are not included in the international rankings of companies and are available only in the corporate financial reporting of certain companies. To form a sufficiently large sample for serious statistical analysis and receive data that are correct for a large number of global companies, we focused only on revenue, profit, and assets, which are the indicators of financial effectiveness, the data for which are available in the official international rankings, such as Fortune (2024).

A review of the available scholarly literature revealed that workforce adjustments are frequently cited as one of the main and most promising measures in the financial risk management of global companies (Beena et al. 2022). However, the practical consequences of this measure remain insufficiently clarified in existing publications. Some studies are based on past experiences that show a reduction in financial risks for global companies through workforce downsizing, particularly in the period before the Decade of Action (Clark 2018; Dhasmana 2021; Madhani 2017). However, others emphasize the need to ensure sustainable employment during the Decade of Action but lack sufficient recent evidence to substantiate its advantages for reducing financial risks in global companies (Brewster and Brookes 2024; Mushtaq and Akhtar 2024; Thuan et al. 2024).

Thus, there is uncertainty regarding the current implications of CSR practices in human resource management for the financial risks of global companies, representing a gap in the literature and leading to the following research question (RQ2): What impact do the financial risks of global companies have on their employee numbers? A content analysis of the existing literature suggests that as the number of employees increases, financial risks for global companies may either rise (due to increased costs in human resource management) or fall. Specifically, the risk of declining profitability may decrease with an increase in the workforce of global companies due to greater employee loyalty and their enhanced involvement in improving quality and increasing sales (Hajek and Munk 2024).

The risk of profit loss may diminish with the expansion of the global workforce by preserving the most valuable and augmenting unique and sought-after intangible assets (competencies, technologies, know-how, and progressive corporate culture), which underpin strong and difficult-to-replicate competitive advantages and generate profits (Vásquez et al. 2024). The risk of asset depreciation may be reduced with a growing number of employees due to the strengthening of goodwill based on the companies’ reputation as employers (Mardonov et al. 2021).

Together with this, the above indicators are closely interconnected in the unified system of the financial risks of global companies. Thus, the number of personnel determines the loyalty of employees to the global company. The preservation and creation of additional jobs strengthen the reputation of the global company as the employer, allowing it to keep and attract the best personnel from the labor market. Due to high loyalty to the global company and valuing their jobs, employees of the global company demonstrate higher labor efficiency and manufacture products of higher quality. This provides a responsible company with additional income (including the “scale effect”) because it increases sales volumes and reduces the share of defects.

In their turn, consumers also demonstrate increased loyalty to the global company as a supplier of products to the world market. Other reasons are that the company is a responsible employer and it sells large numbers of products and guarantees a high quality of products. This additionally increases sales volumes and guarantees a stable demand for products of the global company even in case of the growth of prices and in the conditions of economic crises.

Increased innovative activity and a reduced share of defects allow global companies to reduce expenditures. Combined with the above growth of incomes, this ensures an increase in the profitability of their activities. Growth of income alone raises the market capitalization of global companies’ assets. In addition to this, investors manifest increased loyalty to global companies which are responsible employers and sell high-quality products, which further increases the market cost of these global companies.

To provide a more precise answer to RQ2, this research examines the latest corporate data from global companies, using it to model the relationship and interdependence between their financial risks and employee numbers.

3. Materials and Methods

The economic significance of this research lies in identifying the patterns of change in financial performance indicators of global companies influenced by the financial risk management measure of altering their workforce size. To rely on sufficiently detailed, reliable, and comparable corporate statistics across various companies and obtain high-accuracy data from a representative sample of numerous international firms, this research utilizes the Fortune (2024) “Global 500” ranking.

The source of data in this paper is the ranking of the most profitable global companies (transnational corporations) of the world “Global 500”, which is compiled annually by Fortune (2024). The criterion for inclusion of countries in the research sample is the presence of at least one company from these countries in the ranking of Fortune (2024) in at least one period from 2021 to 2023. The methods of data processing are such methods of statistical analysis and regression analysis, which is used to determine economic and mathematical dependencies of variables, and the SEM method, which is used to join the revealed dependencies into a system.

To cover multiple periods, create a larger sample, and examine the most recent contemporary experience, this research is based on data from 2021 to 2023. The advantage of the selected sample of global companies is its immunity to errors and biases related to geography (the sample includes global companies from various countries worldwide) and business cycle fluctuations (the authors exclude data from 2020, a year marked by the pandemic and COVID-19 crisis, focusing instead on a phase of economic and entrepreneurial stability).

The authors processed Fortune (2024) data, systemically organizing the information (see Appendix A). Thus, statistics for developed countries (

Table A1. Statistics for developed countries.

Year	Company Name	Country	Number of Employees	Revenues ($Millions)	Profits ($Millions)	Assets ($Millions)
2023	BHP Group	Australia	39,210	71,502	30,900	95,166
2023	Woolworths Group	Australia	197,773	44,126	5754	22,975
2023	OMV Group	Austria	22,308	65,523	3897	60,210
2023	Anheuser-Busch InBev	Belgium	166,632	57,786	5969	212,943
2023	Shell	UK	93,000	386,201	42,309	443,024
2023	BP	UK	67,600	248,891	−2487	288,120
2023	Chevron	UK	43,846	246,252	35,465	257,709
2023	AmerisourceBergen	UK	41,500	238,587	1699	56,561
2023	Samsung Electronics	UK	270,372	234,129	42,398	356,470
2023	Costco Wholesale	UK	304,000	226,954	5844	64,166
2023	Hon Hai Precision Industry	UK	767,062	222,535	4751	134,618
2023	Industrial & Commercial Bank of China	UK	427,587	214,766	53,589	5,742,860
2023	China Construction Bank	UK	376,682	202,753	48,145	5,016,806
2023	Microsoft	UK	221,000	198,270	72,738	364,840
2023	Stellantis	UK	272,367	188,888	17,669	198,629
2023	Agricultural Bank of China	UK	452,258	187,061	38,524	4,919,030
2023	Ping An Insurance	UK	344,223	181,566	12,454	1,614,738
2023	Cardinal Health	UK	46,035	181,364	−933	43,878
2023	Cigna	UK	70,231	180,516	6668	143,932
2023	Marathon Petroleum	UK	17,800	180,012	14,516	89,904
2023	Phillips 66	UK	13,000	175,702	11,024	76,442
2023	Sinochem Holdings	UK	223,448	173,834	−1	229,659
2023	China Railway Engineering Group	UK	314,792	171,669	2035	234,956
2023	Valero Energy	UK	9743	171,189	11,528	60,982
2023	Gazprom	UK	468,000	167,832	17,641	352,199
2023	China National Offshore Oil	UK	81,775	164,762	16,988	219,416
2023	China Railway Construction	UK	342,098	163,037	1800	221,617
2023	China Baowu Steel Group	UK	245,675	161,698	2493	179,760
2023	Mitsubishi	UK	79,706	159,371	8723	166,889
2023	Ford Motor	UK	173,000	158,057	−1981	255,884
2023	Mercedes-Benz Group	UK	168,797	157,782	15,252	277,436
2023	Home Depot	UK	471,600	157,403	17,105	76,445
2023	Bank of China	UK	306,182	156,924	33,811	4,192,115
2023	General Motors	UK	167,000	156,735	9934	264,037
2023	Elevance Health	UK	102,300	156,595	6025	102,772
2023	JD.com	UK	450,679	155,533	1543	86,303
2023	JPMorgan Chase	UK	293,723	154,792	37,676	3,665,743
2023	China Life Insurance	UK	180,619	151,487	6859	888,306
2023	Electricité de France	UK	165,028	150,902	−18,869	414,137
2023	Equinor	UK	21,936	150,806	28,746	158,021
2023	BMW Group	UK	149,475	149,991	18,870	263,470
2023	Kroger	UK	430,000	148,258	2244	49,623
2023	Enel	UK	65,124	147,790	1769	234,332
2023	Centene	UK	74,300	144,547	1202	76,870
2023	ENI	UK	32,188	140,607	14,606	162,323
2023	China Mobile Communications	UK	452,202	139,597	14,718	331,724
2023	China Communications Construction	UK	221,017	138,270	1255	344,369
2023	Verizon Communications	UK	117,100	136,835	21,256	379,680
2023	China Minmetals	UK	183,298	133,541	877	153,155
2023	Walgreens Boots Alliance	UK	262,500	132,703	4337	90,124
2023	Allianz	UK	159,253	129,059	7087	1,089,944
2023	Alibaba Group Holding	UK	235,216	126,813	10,625	255,263
2023	Xiamen C&D	UK	40,959	125,971	454	104,907
2023	Honda Motor	UK	197,039	124,912	4813	185,853
2023	Petrobras	UK	45,149	124,474	36,623	187,191
2023	Shandong Energy Group	UK	232,841	124,089	33	137,900
2023	E.ON	UK	69,378	121,646	1926	142,988
2023	China Resources	UK	379,944	121,643	4662	331,830
2023	Fannie Mae	UK	8000	121,596	12,923	4,305,288
2023	China Energy Investment	UK	310,753	121,584	5699	281,587
2023	Comcast	UK	186,000	121,427	5370	257,275
2023	AT&T	UK	160,700	120,741	−8524	402,853
2023	Deutsche Telekom	UK	206,759	120,108	8415	318,596
2023	Pemex	UK	120,054	118,537	4994	115,262
2023	Meta Platforms	UK	86,482	116,609	23,200	185,727
2023	Bank of America	UK	216,823	115,053	27,528	3,051,375
2023	China Southern Power Grid	UK	271,202	113,674	1516	166,026
2023	SAIC Motor	UK	154,863	110,612	2396	143,552
2023	Hyundai Motor	UK	72,689	110,412	5705	203,299
2023	China Post Group	UK	752,547	110,271	4897	2,131,968
2023	COFCO	UK	103,537	110,222	1766	100,848
2023	Reliance Industries	UK	376,000	109,523	8307	208,710
2023	Engie	UK	96,454	109,175	227	251,268
2023	Target	UK	440,000	109,120	2780	53,335
2023	AXA	UK	90,443	109,067	7021	743,376
2023	SK	UK	124,499	105,959	851	154,620
2023	Mitsui	UK	46,811	105,694	8353	115,873
2023	Indian Oil	UK	32,791	105,349	1219	53,808
2023	Xiamen ITG Holding Group	UK	32,856	103,090	290	46,715
2023	Itochu	UK	133,051	103,029	5914	98,777
2023	Dell Technologies	UK	133,000	102,301	2442	89,611
2023	Archer Daniels Midland	UK	41,181	101,556	4340	59,774
2023	Citigroup	UK	238,104	101,078	14,845	2,416,676
2023	CITIC Group	UK	172,761	100,769	3904	1,536,521
2023	United Parcel Service	UK	404,700	100,338	11,548	71,124
2023	Pfizer	UK	83,000	100,330	31,372	197,205
2023	Deutsche Post DHL Group	UK	554,975	99,324	5636	72,853
2023	Banco Santander	UK	204,300	99,231	10,102	1,850,881
2023	PowerChina	UK	182,424	99,020	621	187,768
2023	Nestlé	UK	275,000	98,931	9712	146,174
2023	Life Insurance Corp. of India	UK	104,036	98,535	4483	557,673
2023	Lowe’s	UK	244,500	97,059	6437	43,708
2023	Nippon Telegraph and Telephone	UK	338,651	97,049	8962	190,665
2023	PTT	UK	30,628	96,162	2604	98,832
2023	Huawei Investment & Holding	UK	207,000	95,490	5283	154,237
2023	Johnson & Johnson	UK	152,700	94,943	17,941	187,378
2023	Sinopharm	UK	201,508	94,075	1101	81,654
2023	FedEx	UK	518,249	93,512	3826	85,994
2023	COSCO Shipping	UK	107,793	93,181	6233	161,552
2023	Humana	UK	67,100	92,870	2806	43,055
2023	Bosch Group	UK	421,338	92,766	1367	106,964
2023	BASF	UK	111,481	91,847	−660	90,132
2023	People’s Insurance Co. of China	UK	177,852	91,535	3639	218,805
2023	Royal Ahold Delhaize	UK	249,000	91,486	2678	51,808
2023	ENEOS Holdings	UK	44,617	91,437	1062	74,993
2023	Hengli Group	UK	170,125	90,944	356	48,633
2023	Amer International Group	UK	23,175	90,498	1497	31,835
2023	Carrefour	UK	334,640	90,062	1418	60,340
2023	Energy Transfer	UK	12,565	89,876	4756	105,643
2023	BNP Paribas	UK	193,122	89,564	10,724	2,845,023
2023	State Farm Insurance	UK	60,519	89,328	−6654	318,243
2023	Seven & I Holdings	UK	125,701	88,078	2095	77,461
2023	HSBC Holdings	UK	219,199	87,807	16,035	2,966,530
2023	China FAW Group	UK	119,487	87,679	3846	86,465
2023	China Telecommunications	UK	392,726	87,166	2061	151,749
2023	Freddie Mac	UK	7819	86,717	9327	3,208,333
2023	PepsiCo	UK	315,000	86,392	8910	92,187
2023	Zhejiang Rongsheng Holding Group	UK	23,316	86,166	170	56,816
2023	Assicurazioni Generali	UK	82,061	85,750	3063	553,827
2023	Wuchan Zhongda Group	UK	24,247	85,710	581	21,030
2023	Petronas	UK	49,771	85,365	20,999	161,493
2023	Sony	UK	112,994	85,255	6923	241,383
2023	Pertamina	UK	33,596	84,888	3807	87,811
2023	XMXYG	UK	15,364	83,639	300	42,458
2023	Christian Dior	UK	180,597	83,283	6097	140,792
2023	Wells Fargo	UK	238,000	82,859	13,182	1,881,016
2023	Walt Disney	UK	195,800	82,722	3145	203,631
2023	China North Industries Group	UK	216,339	82,689	1788	75,355
2023	Tencent Holdings	UK	108,436	82,440	27,984	228,808
2023	Japan Post Holdings	UK	227,369	82,291	3185	2,230,764
2023	ConocoPhillips	UK	9500	82,156	18,680	93,829
2023	Aviation Industry Corp. of China	UK	383,000	81,671	1528	185,527
2023	Maersk Group	UK	104,260	81,529	29,198	93,680
2023	Tesla	UK	127,855	81,462	12,556	82,338
2023	Hitachi	UK	322,525	80,389	4796	94,180
2023	Procter & Gamble	UK	106,000	80,187	14,742	117,208
2023	ArcelorMittal	UK	154,352	79,844	9302	94,547
2023	Tesco	UK	222,306	79,687	903	55,843
2023	Unilever	UK	127,056	63,182	8038	83,035
2023	Rio Tinto Group	UK	53,726	55,554	12,420	96,744
2023	Vodafone Group	UK	98,103	47,550	12,316	169,051
2023	Barclays	UK	87,400	45,023	7309	1,820,526
2023	AstraZeneca	UK	83,500	44,351	3288	96,483
2023	GSK	UK	69,400	43,035	18,439	72,338
2023	J. Sainsbury	UK	107,000	37,910	249	32,347
2023	Anglo American	UK	105,000	35,118	4514	67,407
2023	Taikang Insurance Group	UK	59,011	34,837	1615	197,971
2023	CRRC Group	UK	170,184	34,697	902	74,224
2023	Coop Group	UK	82,054	34,684	589	23,736
2023	TongLing Nonferrous Metals Group	UK	21,797	34,590	5	14,646
2023	SK Hynix	UK	31,944	34,567	1727	82,571
2023	Shanghai Pharmaceuticals Holding	UK	47,877	34,486	835	28,727
2023	Shandong Hi-Speed Group	UK	54,097	34,455	445	191,751
2023	Suzuki Motor	UK	70,012	34,292	1634	34,486
2023	3M	UK	92,000	34,229	5777	46,455
2023	Inditex	UK	116,323	34,119	4327	32,556
2023	British American Tobacco	UK	52,077	34,096	8219	184,670
2023	Linde	UK	65,010	33,364	4147	79,658
2023	Compass Group	UK	513,707	32,564	1421	20,870
2023	Brookfield	Canada	202,500	92,769	2056	441,284
2023	Alimentation Couche-Tard	Canada	122,000	62,810	2683	29,592
2023	Royal Bank of Canada	Canada	91,427	52,062	12,265	1,405,792
2023	Cenovus Energy	Canada	5998	51,406	4956	41,241
2023	Toronto-Dominion Bank	Canada	94,945	48,700	13,535	1,406,019
2023	Suncor Energy	Canada	16,558	44,928	6975	62,463
2023	George Weston	Canada	221,285	43,838	1396	36,139
2023	Enbridge	Canada	12,050	40,964	2308	132,581
2023	Nutrien	Canada	24,700	37,884	7660	54,586
2023	Magna International	Canada	158,000	37,840	592	27,789
2023	Power Corp. of Canada	Canada	37,300	37,419	1510	541,559
2023	Bank of Nova Scotia	Canada	90,979	36,390	7701	989,455
2023	Bank of Montreal	Canada	46,722	34,730	10,513	835,312
2023	Canadian Natural Resources	Canada	10,035	32,503	8404	56,206
2023	Energi Danmark Group	Denmark	220	48,717	1251	5044
2023	DSV	Denmark	76,283	33,321	2484	22,827
2023	TotalEnergies	France	101,279	263,310	20,526	303,864
2023	Crédit Agricole	France	72,758	86,471	5718	2,312,852
2023	Vinci	France	271,648	65,750	4479	119,494
2023	Société Générale	France	115,466	63,417	2122	1,586,435
2023	Saint-Gobain	France	155,685	53,847	3158	59,087
2023	Renault	France	105,812	49,924	−356	126,246
2023	Sanofi	France	91,573	47,738	8804	135,212
2023	Groupe BPCE	France	96,936	47,723	4156	1,633,720
2023	Bouygues	France	196,154	46,696	1023	64,655
2023	Orange	France	130,307	45,721	2257	116,997
2023	Veolia Environnement	France	202,210	45,105	753	78,216
2023	SNCF Group	France	276,271	43,594	2551	141,949
2023	L’Oréal	France	87,369	40,241	6002	49,983
2023	La Poste	France	238,033	37,224	1265	824,922
2023	Schneider Electric	France	135,000	35,945	3657	62,279
2023	Finatis	France	188,864	35,851	−155	35,065
2023	ELO Group	France	166,397	35,799	35	22,010
2023	Air Liquide	France	67,109	31,483	2902	52,836
2023	Volkswagen	Germany	67,5805	293,685	15,223	602,612
2023	Uniper	Germany	7008	288,309	−19,961	129,616
2023	Siemens	Germany	311,000	77,860	4027	148,184
2023	Munich Re Group	Germany	41,389	75,747	3610	318,574
2023	Deutsche Bahn	Germany	324,136	59,210	−262	81,415
2023	Energie Baden-Wurttemberg	Germany	25,339	58,901	1828	74,160
2023	Talanx	Germany	23,669	56,029	1233	206,073
2023	Daimler Truck Holding	Germany	102,888	53,582	2803	68,255
2023	Bayer	Germany	101,369	53,365	4365	133,244
2023	Edeka Zentrale	Germany	408,900	49,481	416	10,396
2023	ZF Friedrichshafen	Germany	161,901	46,068	239	41,553
2023	ThyssenKrupp	Germany	96,494	44,502	1229	36,671
2023	Fresenius	Germany	282,024	42,954	1443	81,535
2023	Deutsche Bank	Germany	84,930	42,285	5701	1,434,280
2023	Continental	Germany	199,038	41,449	70	40,468
2023	RWE	Germany	18,278	40,352	2858	147,831
2023	Phoenix Pharma	Germany	35,178	38,045	252	14,784
2023	Hapag-Lloyd	Germany	14,248	36,331	17,912	41,279
2023	Lufthansa Group	Germany	93,083	34,466	832	46,238
2023	SAP	Germany	111,961	32,469	2402	76,994
2023	Metro	Germany	86,910	32,186	−361	12,574
2023	Siemens Energy	Germany	92,000	31,367	−437	50,052
2023	Accenture	Ireland	721,000	61,594	6877	47,263
2023	CRH	Ireland	75,800	33,368	3847	45,188
2023	Medtronic	Ireland	95,000	31,686	5039	90,981
2023	Intesa Sanpaolo	Italy	95,574	38,836	4579	1,041,054
2023	Poste Italiane	Italy	121,033	33,528	1584	279,155
2023	Toyota Motor	Japan	375,235	274,491	18,110	559,765
2023	Nissan Motor	Japan	139,418	78,287	1639	132,579
2023	Toyota Tsusho	Japan	66,944	72,760	2099	48,042
2023	Nippon Life Insurance	Japan	88,528	71,213	873	659,896
2023	Dai-ichi Life Holdings	Japan	60,997	70,329	1421	463,906
2023	Mitsubishi UFJ Financial Group	Japan	127,122	68,567	8249	2,913,963
2023	AEON	Japan	369,404	67,985	159	90,607
2023	Marubeni	Japan	49,546	67,898	4012	59,919
2023	Panasonic Holdings	Japan	233,391	61,903	1962	60,717
2023	Idemitsu Kosan	Japan	16,795	61,424	1874	36,653
2023	Nippon Steel Corporation	Japan	114,029	58,923	5127	72,074
2023	Tokyo Electric Power	Japan	38,007	57,616	−913	102,178
2023	Sumitomo	Japan	78,221	50,370	4176	76,136
2023	Tokio Marine Holdings	Japan	43,217	49,119	2781	208,677
2023	SoftBank Group	Japan	63,339	48,542	−7167	330,996
2023	Denso	Japan	164,572	47,292	2325	55,813
2023	Sumitomo Mitsui Financial Group	Japan	111,381	45,378	5954	2,037,280
2023	Mizuho Financial Group	Japan	51,258	42,693	4104	1,915,460
2023	KDDI	Japan	49,659	41,902	5005	89,782
2023	Meiji Yasuda Life Insurance	Japan	47,385	40,018	634	367,499
2023	JFE Holdings	Japan	64,241	38,925	1201	41,616
2023	MS&AD Insurance Group Holdings	Japan	38,584	38,796	1193	188,341
2023	Mitsubishi Electric	Japan	149,655	36,967	1580	42,056
2023	Daiwa House Industry	Japan	49,768	36,261	2278	46,271
2023	Mitsubishi Chemical Group	Japan	68,639	34,239	710	43,498
2023	Sompo Holdings	Japan	49,057	34,037	673	108,937
2023	Aisin	Japan	116,649	32,528	278	31,157
2023	Bridgestone	Japan	129,260	31,298	2287	37,612
2023	Sumitomo Life Insurance	Japan	45,336	31,218	1033	321,398
2023	Mitsubishi Heavy Industries	Japan	76,859	31,050	964	41,245
2023	Airbus	The Netherlands	134,267	61,805	4467	123,712
2023	Louis Dreyfus	The Netherlands	16,300	59,931	1006	21,613
2023	LyondellBasell Industries	The Netherlands	19,300	50,451	3882	36,365
2023	ING Group	The Netherlands	58,232	48,062	12,754	1,042,282
2023	Ingka Group	The Netherlands	177,192	46,135	315	58,116
2023	EXOR Group	The Netherlands	80,932	45,977	4446	89,307
2023	X5 Retail Group	The Netherlands	353,196	37,494	651	18,224
2023	GasTerra	The Netherlands	101	37,338	38	17,109
2023	PKN ORLEN Group	Poland	64,494	62,326	7520	62,060
2023	Trafigura Group	Singapore	12,347	318,476	6994	98,634
2023	Wilmar International	Singapore	100,000	73,399	2403	60,402
2023	Olam Group	Singapore	62,467	39,836	457	23,828
2023	Kia	Republic of Korea	35,847	67,055	4191	58,596
2023	POSCO Holdings	Republic of Korea	38,175	65,850	2446	78,716
2023	LG Electronics	Republic of Korea	74,000	64,953	927	43,846
2023	Korea Electric Power	Republic of Korea	49,237	54,650	−18,954	186,655
2023	Hanwha	Republic of Korea	54,918	48,245	1017	167,871
2023	HD Hyundai	Republic of Korea	23,316	47,138	1091	52,125
2023	GS Caltex	Republic of Korea	3322	45,343	2161	20,699
2023	KB Financial Group	Republic of Korea	25,876	43,622	3405	557,387
2023	LG Chem	Republic of Korea	40,000	40,241	1430	54,035
2023	Hyundai Mobis	Republic of Korea	33,125	40,210	1925	44,045
2023	Korea Gas	Republic of Korea	4254	40,069	1157	49,624
2023	Samsung C&T	Republic of Korea	17,647	33,436	1584	46,887
2023	CJ Corp.	Republic of Korea	67,361	31,703	157	38,348
2023	Samsung Life Insurance	Republic of Korea	5224	31,243	1227	251,332
2023	Repsol	Spain	23,426	72,536	4471	63,982
2023	Iberdrola	Spain	40,090	56,741	4564	165,030
2023	Banco Bilbao Vizcaya Argentaria	Spain	115,675	45,766	6752	760,920
2023	Telefónica	Spain	103,651	42,063	2115	116,988
2023	Naturgy Energy Group	Spain	7112	35,723	1734	43,096
2023	ACS	Spain	116,702	35,355	703	40,098
2023	Volvo	Sweden	94,921	46,828	3236	60,369
2023	Glencore	Switzerland	81,706	255,984	17,320	132,583
2023	Roche Group	Switzerland	103,613	69,596	13,014	95,319
2023	Novartis	Switzerland	101,703	51,828	6955	117,453
2023	Swiss Re	Switzerland	14,408	45,998	472	170,676
2023	Chubb	Switzerland	34,000	43,166	5313	199,144
2023	UBS Group	Switzerland	72,597	42,950	7630	1,104,364
2023	Zurich Insurance Group	Switzerland	59,498	41,750	4603	377,782
2023	Kuehne + Nagel International	Switzerland	75,194	41,278	2770	15,951
2023	Migros Group	Switzerland	70,880	31,576	491	87,312
2023	Walmart	USA	2,100,000	611,289	11,680	243,197
2023	Amazon	USA	1,541,000	513,983	−2722	462,675
2023	Exxon Mobil	USA	62,000	413,680	55,740	369,067
2023	Apple	USA	164,000	394,328	99,803	352,755
2023	UnitedHealth Group	USA	400,000	324,162	20,120	245,705
2023	CVS Health	USA	259,500	322,467	4149	228,275
2023	Berkshire Hathaway	USA	383,000	302,089	−22,819	948,452
2023	Alphabet	USA	190,234	282,836	59,972	365,264
2023	McKesson	USA	48,000	276,711	3560	62,320
2023	U.S. Postal Service	USA	576,065	78,620	56,046	46,115
2023	Albertsons	USA	198,650	77,650	1514	26,168
2023	General Electric	USA	172,000	76,555	225	187,788
2023	MetLife	USA	45,000	69,898	2539	666,611
2023	Goldman Sachs Group	USA	48,500	68,711	11,261	1,441,799
2023	Sysco	USA	70,510	68,636	1359	22,086
2023	Bunge	USA	23,000	67,232	1610	24,580
2023	RTX	USA	182,000	67,074	5197	158,864
2023	Boeing	USA	156,000	66,608	−4935	137,100
2023	StoneX Group	USA	3615	66,036	207	19,860
2023	Lockheed Martin	USA	116,000	65,984	5732	52,880
2023	Morgan Stanley	USA	82,427	65,936	11,029	1,180,231
2023	Intel	USA	131,900	63,054	8014	182,103
2023	HP	USA	58,000	62,983	3203	38,587
2023	TD Synnex	USA	28,500	62,344	651	29,734
2023	IBM	USA	303,100	60,530	1639	127,243
2023	HCA Healthcare	USA	250,500	60,233	5643	52,438
2023	Prudential Financial	USA	39,583	60,050	−1438	689,917
2023	Caterpillar	USA	109,100	59,427	6705	81,943
2023	Merck	USA	68,000	59,283	14,519	109,160
2023	World Kinect	USA	5214	59,043	114	8165
2023	New York Life Insurance	USA	15,050	58,445	−1127	392,126
2023	Enterprise Products Partners	USA	7300	58,186	5490	68,108
2023	AbbVie	USA	50,000	58,054	11,836	138,805
2023	Plains GP Holdings	USA	4100	57,342	168	29,207
2023	Dow	USA	37,800	56,902	4582	60,603
2023	American International Group	USA	26,200	56,437	10,276	526,634
2023	American Express	USA	77,300	55,625	7514	228,354
2023	Publix Super Markets	USA	242,000	54,942	2918	31,047
2023	Charter Communications	USA	101,700	54,022	5055	144,523
2023	Tyson Foods	USA	142,000	53,282	3238	36,821
2023	Deere	USA	82,239	52,577	7131	90,030
2023	Cisco Systems	USA	83,300	51,557	11,812	94,002
2023	Nationwide	USA	24,791	51,450	988	264,511
2023	Allstate	USA	54,250	51,412	−1311	97,957
2023	Delta Air Lines	USA	95,000	50,582	1318	72,288
2023	Liberty Mutual Insurance Group	USA	50,000	49,956	414	160,316
2023	TJX	USA	329,000	49,936	3498	28,349
2023	Progressive	USA	55,063	49,611	722	75,465
2023	American Airlines Group	USA	129,700	48,971	127	64,716
2023	CHS	USA	10,014	47,792	1679	18,825
2023	Performance Food Group	USA	34,825	47,194	113	12,378
2023	PBF Energy	USA	3616	46,830	2877	13,549
2023	Nike	USA	79,100	46,710	6046	40,321
2023	Best Buy	USA	71,100	46,298	1419	15,803
2023	Bristol-Myers Squibb	USA	34,300	46,159	6327	96,820
2023	United Airlines Holdings	USA	92,795	44,955	737	67,358
2023	Thermo Fisher Scientific	USA	130,000	44,915	6950	97,154
2023	Qualcomm	USA	51,000	44,200	12,936	49,014
2023	Abbott Laboratories	USA	115,000	43,653	6933	74,438
2023	Coca-Cola	USA	82,500	43,004	9542	92,763
2023	Oracle	USA	143,000	42,440	6717	109,297
2023	Nucor	USA	31,400	41,513	7607	32,479
2023	TIAA	USA	16,070	40,911	494	634,457
2023	Massachusetts Mutual Life Insurance	USA	10,662	40,281	1485	381,336
2023	General Dynamics	USA	106,500	39,407	3390	51,585
2023	Capital One Financial	USA	55,943	38,373	7360	455,249
2023	HF Sinclair	USA	5223	38,205	2923	18,126
2023	Dollar General	USA	170,000	37,845	2416	29,083
2023	Arrow Electronics	USA	22,300	37,124	1427	21,763
2023	Occidental Petroleum	USA	11,973	37,095	13,304	72,609
2023	Northwestern Mutual	USA	8323	36,921	912	340,390
2023	Travelers	USA	32,175	36,884	2842	115,717
2023	Northrop Grumman	USA	95,000	36,602	4896	43,755
2023	USAA	USA	36,820	36,297	−1296	204,005
2023	Honeywell International	USA	97,000	35,466	4966	62,275
2023	US Foods Holding	USA	29,000	34,057	265	12,773
2023	Warner Bros. Discovery	USA	37,500	33,817	−7371	134,001
2023	Lennar	USA	12,012	33,671	4614	37,984
2023	D.R. Horton	USA	13,237	33,480	5858	30,351
2023	Jabil	USA	250,000	33,478	996	19,717
2023	Cheniere Energy	USA	1551	33,428	1428	41,266
2023	Broadcom	USA	20,000	33,203	11,495	73,249
2023	Starbucks	USA	402,000	32,250	3282	27,978
2023	Molina Healthcare	USA	15,000	31,974	792	12,314
2023	Uber Technologies	USA	32,800	31,877	−9141	32,109
2023	Philip Morris International	USA	79,800	31,762	9048	61,681
2023	Netflix	USA	12,800	31,616	4492	48,595
2023	NRG Energy	USA	6603	31,543	1221	29,146
2023	Mondelez International	USA	91,000	31,496	2717	71,161
2023	Danaher	USA	80,000	31,471	7209	84,350
2023	Salesforce	USA	79,390	31,352	208	98,849
2023	Paramount Global	USA	27,400	31,331	1104	58,393
2023	CarMax	USA	30,621	31,126	485	26,183
2022	BHP Group	Australia	34,478	60,817	11,304	108,927
2022	Woolworths Group	Australia	210,067	50,211	1548	29,407
2022	Coles Group	Australia	120,000	29,056	750	13,583
2022	OMV Group	Austria	22,434	42,038	2586	61,168
2022	Anheuser-Busch InBev	Belgium	169,339	54,304	4670	217,627
2022	Umicore	Belgium	11,050	28,650	732	10,284
2022	Shell	UK	82,000	272,657	20,101	404,379
2022	BP	UK	65,900	164,195	7565	287,272
2022	Tesco	UK	231,223	84,192	2032	66,219
2022	HSBC Holdings	UK	219,697	77,330	13,917	2,957,939
2022	Aviva	UK	22,062	64,240	2704	485,481
2022	Rio Tinto Group	UK	49,345	63,495	21,094	102,896
2022	Legal & General Group	UK	10,743	62,505	2819	789,067
2022	Unilever	UK	148,044	62,006	7152	85,383
2022	Lloyds Banking Group	UK	57,955	58,476	7954	1,200,621
2022	Vodafone Group	UK	96,941	52,932	2425	170,749
2022	GSK	UK	90,096	46,915	6030	107,129
2022	Anglo American	UK	62,000	41,554	8562	65,985
2022	J. Sainsbury	UK	117,000	40,832	925	35,389
2022	Barclays	UK	81,600	37,562	9873	1,874,737
2022	AstraZeneca	UK	83,100	37,417	112	105,363
2022	British American Tobacco	UK	54,365	35,322	9353	186,033
2022	Phoenix Group Holdings	UK	8045	33,750	−1151	452,064
2022	Linde	UK	72,327	30,798	3826	81,605
2022	Brookfield Asset Management	Canada	181,000	75,731	3966	391,003
2022	Power Corp. of Canada	Canada	33,700	55,489	2368	523,983
2022	Manulife Financial	Canada	38,000	49,315	5668	726,731
2022	Royal Bank of Canada	Canada	85,301	45,981	12,751	1,376,289
2022	Alimentation Couche-Tard	Canada	124,000	45,760	2706	28,395
2022	George Weston	Canada	215,298	43,925	344	37,288
2022	Toronto-Dominion Bank	Canada	89,464	38,275	11,367	1,394,315
2022	Enbridge	Canada	11,950	37,549	4937	133,733
2022	Cenovus Energy	Canada	5938	36,979	468	42,848
2022	Magna International	Canada	158,000	36,242	1514	29,086
2022	Bank of Nova Scotia	Canada	89,488	31,226	7651	955,674
2022	Suncor Energy	Canada	16,922	31,191	3286	66,317
2022	Maersk Group	Denmark	85,375	61,787	17,942	72,271
2022	DSV	Denmark	77,958	28,988	1782	24,678
2022	Fortum	Finland	19,140	132,894	874	170,165
2022	TotalEnergies	France	101,309	184,634	16,032	293,458
2022	AXA	France	92,398	144,447	8624	881,733
2022	Credit Agricole	France	75,711	107,695	6910	2,358,087
2022	Electricité de France	France	163,423	99,861	6045	410,418
2022	Carrefour	France	319,565	87,831	1268	54,199
2022	BNP Paribas	France	189,765	85,301	11,218	2,995,363
2022	Engie	France	171,474	83,622	4329	256,204
2022	Christian Dior	France	162,254	75,924	5848	139,119
2022	Vinci	France	219,299	59,389	3071	113,725
2022	Société Générale	France	124,089	59,058	6670	1,665,079
2022	CMA CGM	France	72,282	55,976	17,894	51,984
2022	Renault	France	156,466	54,639	1050	129,322
2022	Saint-Gobain	France	167,816	52,212	2981	58,651
2022	Orange	France	139,698	50,275	276	122,877
2022	Groupe BPCE	France	98,727	48,433	4733	1,723,716
2022	Sanofi	France	95,442	46,318	7358	136,715
2022	Bouygues	France	124,651	44,508	1330	50,758
2022	SNCF Group	France	270,296	41,088	1052	141,810
2022	La Poste	France	244,980	40,919	2446	905,467
2022	L’Oréal	France	85,412	38,175	5435	48,906
2022	ELO Group	France	153,005	37,677	407	24,093
2022	Finatis	France	196,350	37,458	−196	36,146
2022	Schneider Electric	France	128,000	34,175	3788	62,020
2022	Veolia Environnement	France	169,741	33,706	478	60,349
2022	Danone	France	98,105	28,708	2275	51,643
2022	Volkswagen	Germany	672,789	295,820	18,187	601,028
2022	Mercedes-Benz Group	Germany	172,425	158,306	27,201	295,428
2022	Allianz	Germany	155,411	144,517	7815	1,295,531
2022	BMW Group	Germany	118,909	131,522	14,640	260,972
2022	Deutsche Telekom	Germany	216,528	128,631	4937	320,210
2022	Deutsche Post DHL Group	Germany	548,042	96,652	5974	72,304
2022	Bosch Group	Germany	402,614	93,106	2382	111,111
2022	BASF	Germany	111,047	92,929	6530	99,355
2022	E.ON	Germany	69,733	91,463	5546	136,166
2022	Munich Re Group	Germany	39,281	83,052	3468	355,205
2022	Siemens	Germany	303,000	75,516	7362	161,610
2022	Deutsche Bahn	Germany	323,716	55,658	−1088	81,686
2022	Talanx	Germany	23,954	53,420	1195	224,585
2022	Bayer	Germany	99,637	52,118	1182	136,714
2022	Edeka Zentrale	Germany	404,900	51,950	415	10,608
2022	ZF Friedrichshafen	Germany	157,549	45,299	780	43,614
2022	Continental	Germany	190,875	45,163	1720	40,751
2022	Fresenius	Germany	281,011	44,361	2150	81,821
2022	DZ Bank	Germany	28,913	41,005	2360	713,209
2022	ThyssenKrupp	Germany	101,275	40,648	−137	42,612
2022	Deutsche Bank	Germany	82,969	40,188	2898	1,506,190
2022	Energie Baden-Wurttemberg	Germany	24,519	38,010	429	81,038
2022	Phoenix Pharma	Germany	33,205	36,107	208	12,055
2022	Heraeus Holding	Germany	16,159	34,886	427	7952
2022	Siemens Energy	Germany	92,000	34,036	−541	51,098
2022	SAP	Germany	107,415	32,919	6214	80,919
2022	Metro	Germany	86,527	29,594	−67	14,839
2022	RWE	Germany	18,867	28,998	853	161,805
2022	Accenture	Ireland	624,000	50,533	5907	43,176
2022	CRH	Ireland	77,400	30,981	2565	44,670
2022	Medtronic	Ireland	90,000	30,117	3606	93,083
2022	Assicurazioni Generali	Italy	74,621	117,155	3366	666,538
2022	Enel	Italy	66,279	104,052	3771	235,291
2022	ENI	Italy	32,689	91,951	6882	156,639
2022	Intesa Sanpaolo	Italy	97,698	46,584	4948	1,215,456
2022	Poste Italiane	Italy	118,969	37,492	1866	323,736
2022	Toyota Motor	Japan	372,817	279,338	25,371	557,522
2022	Mitsubishi	Japan	80,728	153,690	8346	180,480
2022	Honda Motor	Japan	204,035	129,547	6294	197,456
2022	Itochu	Japan	136,722	109,434	7302	100,104
2022	Nippon Telegraph and Telephone	Japan	333,840	108,216	10,514	196,543
2022	Mitsui	Japan	44,336	104,665	8143	122,917
2022	Japan Post Holdings	Japan	232,112	100,278	4466	2,502,652
2022	Hitachi	Japan	368,247	91,375	5194	114,385
2022	Sony	Japan	108,900	88,321	7853	251,058
2022	ENEOS Holdings	Japan	41,852	80,133	4781	79,468
2022	Seven & I Holdings	Japan	127,196	78,458	1890	75,888
2022	AEON	Japan	288,064	78,155	58	101,017
2022	Marubeni	Japan	49,623	75,743	3777	67,998
2022	Nissan Motor	Japan	141,983	74,995	1919	134,845
2022	Nippon Life Insurance	Japan	92,737	74,392	3087	727,963
2022	Dai-ichi Life Holdings	Japan	62,296	73,082	3644	542,634
2022	Toyota Tsusho	Japan	65,218	71,465	1978	50,598
2022	Panasonic Holdings	Japan	240,198	65,774	2273	66,087
2022	Nippon Steel Corporation	Japan	115,667	60,612	5673	72,089
2022	SoftBank Group	Japan	59,721	55,384	−15,205	391,604
2022	Mitsubishi UFJ Financial Group	Japan	135,042	54,087	10,067	3,078,263
2022	Idemitsu Kosan	Japan	16,606	52,336	2488	37,898
2022	Tokio Marine Holdings	Japan	43,048	52,199	3743	224,412
2022	Denso	Japan	167,950	49,099	2349	61,216
2022	Sumitomo	Japan	74,253	48,916	4128	78,924
2022	KDDI	Japan	48,829	48,486	5986	91,297
2022	Tokyo Electric Power	Japan	37,939	47,269	50	105,869
2022	MS&AD Insurance Group Holdings	Japan	39,962	45,685	2339	206,193
2022	Mitsubishi Electric	Japan	145,696	39,852	1811	42,072
2022	Daiwa House Industry	Japan	48,831	39,520	2005	45,480
2022	JFE Holdings	Japan	64,296	38,858	2564	43,554
2022	Meiji Yasuda Life Insurance	Japan	48,179	37,516	1618	397,023
2022	Sompo Holdings	Japan	47,776	37,099	2002	113,564
2022	Sumitomo Mitsui Financial Group	Japan	101,023	36,597	6290	2,122,598
2022	Mitsubishi Chemical Holdings	Japan	69,784	35,403	1577	45,910
2022	Mizuho Financial Group	Japan	52,464	35,279	4722	1,952,608
2022	Aisin	Japan	117,177	34,873	1264	34,641
2022	Mitsubishi Heavy Industries	Japan	77,991	34,364	1011	42,141
2022	Sumitomo Life Insurance	Japan	42,954	32,042	406	354,125
2022	Canon	Japan	184,034	32,005	1956	41,265
2022	Fujitsu	Japan	124,216	31,930	1626	27,443
2022	Takeda Pharmaceutical	Japan	47,347	31,771	2048	108,542
2022	Suzuki Motor	Japan	69,193	31,765	1427	34,224
2022	Sumitomo Electric Industries	Japan	281,075	29,980	857	31,360
2022	Toshiba	Japan	116,224	29,705	1733	30,760
2022	Bridgestone	Japan	135,636	29,570	3590	39,737
2022	Medipal Holdings	Japan	14,454	29,296	262	14,080
2022	ArcelorMittal	Luxembourg	157,909	76,571	14,956	90,512
2022	Stellantis	The Netherlands	281,595	176,663	16,789	195,298
2022	Royal Ahold Delhaize	The Netherlands	259,000	89,386	2656	51,975
2022	Aegon	The Netherlands	22,271	63,663	2341	532,403
2022	Airbus	The Netherlands	126,495	61,658	4981	121,712
2022	Louis Dreyfus	The Netherlands	15,737	49,569	697	23,626
2022	Ingka Group	The Netherlands	174,225	47,546	1887	65,011
2022	EXOR Group	The Netherlands	74,353	47,011	2030	103,593
2022	LyondellBasell Industries	The Netherlands	19,100	46,173	5610	36,742
2022	ING Group	The Netherlands	57,660	33,851	7036	1,079,297
2022	X5 Retail Group	The Netherlands	340,928	29,922	580	17,165
2022	Randstad	The Netherlands	39,530	29,127	908	12,553
2022	Equinor	Norway	21,126	90,924	8563	147,120
2022	PKN ORLEN Group	Poland	35,424	34,026	2881	26,490
2022	Trafigura Group	Singapore	9031	231,308	3100	90,066
2022	Wilmar International	Singapore	100,000	65,794	1890	58,718
2022	Olam Group	Singapore	62,548	34,987	511	23,786
2022	Samsung Electronics	Republic of Korea	266,673	244,335	34,294	358,982
2022	Hyundai Motor	Republic of Korea	121,403	102,775	4319	196,855
2022	SK	Republic of Korea	117,438	88,081	1722	139,160
2022	LG Electronics	Republic of Korea	75,000	66,862	902	45,002
2022	POSCO Holdings	Republic of Korea	36,619	66,421	5773	77,665
2022	Kia	Republic of Korea	51,975	61,050	4160	56,251
2022	Korea Electric Power	Republic of Korea	48,809	52,356	−4645	177,638
2022	Hanwha	Republic of Korea	53,198	46,171	787	170,282
2022	LG Chem	Republic of Korea	40,000	37,830	3207	43,028
2022	SK Hynix	Republic of Korea	38,352	37,574	8391	81,105
2022	KB Financial Group	Republic of Korea	26,187	37,197	3853	558,637
2022	Hyundai Mobis	Republic of Korea	33,702	36,442	2056	43,320
2022	Samsung Life Insurance	Republic of Korea	4975	30,654	1284	287,258
2022	GS Caltex	Republic of Korea	3259	30,182	919	19,844
2022	CJ Corp.	Republic of Korea	64,259	30,134	240	35,304
2022	Samsung C&T	Republic of Korea	15,331	30,109	1429	46,486
2022	Banco Santander	Spain	194,479	78,689	9605	1,814,464
2022	Repsol	Spain	22,923	52,335	2955	63,961
2022	Telefónica	Spain	104,150	46,439	9621	124,175
2022	Iberdrola	Spain	38,702	46,246	4593	161,172
2022	Banco Bilbao Vizcaya Argentaria	Spain	110,432	39,807	5501	753,700
2022	ACS	Spain	105,553	38,317	3601	40,550
2022	Inditex	Spain	165,042	32,572	3811	32,442
2022	Mercadona	Spain	95,800	30,170	804	12,690
2022	Volvo	Sweden	89,195	43,388	3822	56,992
2022	Investor	Sweden	14,812	30,948	26,585	87,892
2022	Glencore	Switzerland	81,284	203,751	4974	127,510
2022	Nestlé	Switzerland	276,000	95,293	18,498	152,769
2022	Roche Group	Switzerland	100,920	72,054	15,242	101,358
2022	Zurich Insurance Group	Switzerland	54,914	69,867	5202	435,826
2022	Novartis	Switzerland	104,323	52,877	24,021	131,795
2022	Swiss Re	Switzerland	13,985	46,739	1437	181,567
2022	Chubb	Switzerland	31,000	40,963	8539	200,054
2022	UBS Group	Switzerland	71,385	40,638	7457	1,117,182
2022	Kuehne + Nagel International	Switzerland	73,516	35,891	2223	16,085
2022	Coop Group	Switzerland	82,697	33,649	612	23,681
2022	Migros Group	Switzerland	73,546	31,658	732	85,619
2022	Holcim	Switzerland	70,000	29,362	2515	65,750
2022	Credit Suisse Group	Switzerland	50,110	29,044	−1806	829,856
2022	ABB	Switzerland	104,400	28,945	4546	40,260
2022	Walmart	USA	2,300,000	572,754	13,673	244,860
2022	Amazon	USA	1,608,000	469,822	33,364	420,549
2022	Apple	USA	154,000	365,817	94,680	351,002
2022	CVS Health	USA	258,000	292,111	7910	232,999
2022	UnitedHealth Group	USA	350,000	287,597	17,285	212,206
2022	Exxon Mobil	USA	63,000	285,640	23,040	338,923
2022	Berkshire Hathaway	USA	372,000	276,094	89,795	958,784
2022	McKesson	USA	66,500	263,966	1114	63,298
2022	Alphabet	USA	156,500	257,637	76,033	359,268
2022	AmerisourceBergen	USA	40,000	213,989	1540	57,338
2022	Costco Wholesale	USA	288,000	195,929	5007	59,268
2022	Cigna	USA	72,963	174,078	5365	154,889
2022	AT&T	USA	202,600	168,864	20,081	551,622
2022	Microsoft	USA	181,000	168,088	61,271	333,779
2022	Cardinal Health	USA	46,827	162,467	611	44,453
2022	Chevron	USA	42,595	162,465	15,625	239,535
2022	Home Depot	USA	490,600	151,157	16,433	71,876
2022	Walgreens Boots Alliance	USA	258,500	148,579	2542	81,285
2022	Marathon Petroleum	USA	17,700	14,1032	9738	85,373
2022	Elevance Health	USA	98,200	138,639	6104	97,460
2022	Kroger	USA	420,000	137,888	1655	49,086
2022	Ford Motor	USA	183,000	136,341	17,937	257,035
2022	Verizon Communications	USA	118,400	133,613	22,065	366,596
2022	JPMorgan Chase	USA	271,025	127,202	48,334	3,743,567
2022	General Motors	USA	157,000	127,004	10,019	244,718
2022	Centene	USA	72,500	125,982	1347	78,375
2022	Meta Platforms	USA	71,970	117,929	39,370	165,987
2022	Comcast	USA	189,000	116,385	14,159	275,905
2022	Phillips 66	USA	14,000	114,852	1317	55,594
2022	Valero Energy	USA	9804	108,332	930	57,888
2022	Dell Technologies	USA	133,000	106,995	5563	92,735
2022	Target	USA	450,000	106,005	6946	53,811
2022	Fannie Mae	USA	7400	101,543	22,176	4,229,166
2022	United Parcel Service	USA	400,945	97,287	12,890	69,405
2022	Lowe’s	USA	270,000	96,250	8442	44,640
2022	Bank of America	USA	208,248	93,851	31,978	3,169,495
2022	Johnson & Johnson	USA	141,700	93,775	20,878	182,018
2022	Archer Daniels Midland	USA	39,979	85,249	2709	56,136
2022	FedEx	USA	508,650	83,959	5231	82,777
2022	Humana	USA	95,500	83,064	2933	44,358
2022	Wells Fargo	USA	247,848	82,407	21,548	1,948,068
2022	State Farm Insurance	USA	53,586	82,225	1281	325,349
2022	Pfizer	USA	79,000	81,288	21,979	181,476
2022	Citigroup	USA	221,768	79,865	21,952	2,291,413
2022	PepsiCo	USA	309,000	79,474	7618	92,377
2022	Intel	USA	121,100	79,024	19,868	168,406
2022	U.S. Postal Service	USA	584,902	77,041	−4930	46,405
2022	Procter & Gamble	USA	101,000	76,118	14,306	119,307
2022	General Electric	USA	168,000	74,196	−6520	198,874
2022	International Business Machines	USA	297,800	72,344	5743	132,001
2022	Albertsons	USA	195,750	71,887	1620	28,123
2022	MetLife	USA	43,000	71,080	6554	759,708
2022	Prudential Financial	USA	40,916	70,934	7724	937,582
2022	Walt Disney	USA	171,000	67,418	1995	203,609
2022	Energy Transfer	USA	12,558	67,417	5470	105,963
2022	Lockheed Martin	USA	114,000	67,044	6315	50,873
2022	Freddie Mac	USA	7301	65,898	12,109	3,025,586
2022	Goldman Sachs Group	USA	43,900	64,989	21,635	1,463,988
2022	Raytheon Technologies	USA	174,000	64,388	3864	161,404
2022	HP	USA	51,000	63,487	6503	38,610
2022	Boeing	USA	142,000	62,286	−4202	138,552
2022	Morgan Stanley	USA	74,814	61,121	15,034	1,188,140
2022	Bunge	USA	22,000	59,152	2078	23,819
2022	HCA Healthcare	USA	244,000	58,752	6956	50,742
2022	AbbVie	USA	50,000	56,197	11,542	146,529
2022	Dow	USA	35,700	54,968	6311	62,990
2022	Tesla	USA	99,290	53,823	5519	62,131
2022	Allstate	USA	54,500	53,228	1599	99,440
2022	American International Group	USA	36,600	52,057	9388	596,112
2022	Best Buy	USA	81,375	51,761	2454	17,504
2022	Charter Communications	USA	93,700	51,682	4654	142,491
2022	Sysco	USA	57,710	51,298	524	21,414
2022	Merck	USA	67,500	51,216	13,049	105,694
2022	New York Life Insurance	USA	14,344	51,199	277	379,985
2022	Caterpillar	USA	107,700	50,971	6489	82,793
2022	Cisco Systems	USA	79,500	49,818	10,591	97,497
2022	TJX	USA	340,000	48,550	3283	28,462
2022	Publix Super Markets	USA	232,000	48,394	4412	31,524
2022	ConocoPhillips	USA	9900	48,349	8079	90,661
2022	Liberty Mutual Insurance Group	USA	45,000	48,200	3068	15,6043
2022	Progressive	USA	49,077	47,702	3351	71,132
2022	Nationwide	USA	24,134	47,376	1617	278,412
2022	Tyson Foods	USA	137,000	47,049	3047	36,309
2022	Bristol-Myers Squibb	USA	32,200	46,385	6994	109,314
2022	Nike	USA	73,300	44,538	5727	37,740
2022	Deere	USA	75,550	44,024	5963	84,114
2022	American Express	USA	64,000	43,663	8060	188,548
2022	Abbott Laboratories	USA	113,000	43,075	7071	75,196
2022	StoneX Group	USA	3242	42,534	116	18,840
2022	Plains GP Holdings	USA	4100	42,078	60	29,978
2022	Enterprise Products Partners	USA	6911	40,807	4638	67,526
2022	TIAA	USA	15,065	40,526	4061	698,191
2022	Oracle	USA	132,000	40,479	13,746	131,107
2022	Thermo Fisher Scientific	USA	129,000	39,211	7725	95,123
2022	Coca-Cola	USA	79,000	38,655	9771	94,354
2022	General Dynamics	USA	103,100	38,469	3257	50,073
2022	CHS	USA	9941	38,448	554	17,576
2022	USAA	USA	37,335	37,470	3300	210,677
2022	Northwestern Mutual	USA	7585	36,751	978	334,654
2022	Nucor	USA	28,800	36,484	6828	25,823
2022	Exelon	USA	31,518	36,347	1706	133,013
2022	Massachusetts Mutual Life Insurance	USA	10,052	35,900	319	383,292
2022	Northrop Grumman	USA	88,000	35,667	7005	42,579
2022	3M	USA	95,000	35,355	5921	47,072
2022	Travelers	USA	30,492	34,816	3662	120,466
2022	Arrow Electronics	USA	20,700	34,477	1108	19,536
2022	Honeywell International	USA	99,000	34,392	5542	64,470
2022	Dollar General	USA	163,000	34,220	2399	26,327
2022	Qualcomm	USA	45,000	33,566	9043	41,240
2022	CarMax	USA	32,647	33,197	1151	26,338
2022	Capital One Financial	USA	50,767	32,033	12,390	432,381
2022	TD Synnex	USA	27,000	31,614	395	27,666
2022	Philip Morris International	USA	69,600	31,405	9109	41,290
2022	World Fuel Services	USA	4414	31,337	74	5942
2022	Performance Food Group	USA	22,885	30,399	41	7846
2022	Delta Air Lines	USA	83,000	29,899	280	72,459
2022	American Airlines Group	USA	123,400	29,882	−1993	66,467
2022	Netflix	USA	11,300	29,698	5116	44,585
2022	Paramount Global	USA	25,115	29,579	4543	58,620
2022	US Foods Holding	USA	28,000	29,487	164	12,521
2022	Danaher	USA	79,000	29,453	6433	83,184
2022	Jabil	USA	238,000	29,285	696	16,654
2022	Starbucks	USA	383,000	29,061	4199	31,393
2022	Mondelez International	USA	79,000	28,720	4300	67,092
2021	BHP Group	Australia	31,589	42,931	7956	104,783
2021	Woolworths Group	Australia	215,000	42,678	781	26,503
2021	Coles Group	Australia	118,000	25,325	656	12,641
2021	Commonwealth Bank of Australia	Australia	43,585	24,362	6457	698,586
2021	Anheuser-Busch InBev	Belgium	163,695	47,358	1405	226,410
2021	BP	UK	68,100	183,500	−20,305	267,654
2021	Tesco	UK	242,911	81,248	7948	63,984
2021	HSBC Holdings	UK	226,059	80,429	5229	2,984,164
2021	Legal & General Group	UK	10,099	63,325	2061	779,962
2021	Aviva	UK	28,930	62,579	3588	655,965
2021	Unilever	UK	148,949	57,797	6359	82,801
2021	Prudential	UK	18,687	55,973	2118	516,097
2021	Vodafone Group	UK	96,506	51,055	131	182,044
2021	Rio Tinto Group	UK	47,474	44,611	9769	97,390
2021	GlaxoSmithKline	UK	94,066	43,732	7373	109,949
2021	Lloyds Banking Group	UK	61,576	43,441	1690	1,191,025
2021	J. Sainsbury	UK	117,000	37,944	−366	34,703
2021	Barclays	UK	83,000	35,405	3056	1,844,786
2021	British American Tobacco	UK	55,329	33,058	8208	188,222
2021	Anglo American	UK	64,000	30,902	2089	62,534
2021	Phoenix Group Holdings	UK	7653	28,493	1023	457,022
2021	BT Group	UK	99,700	27,863	1923	70,170
2021	Linde	UK	74,207	27,250	2501	88,229
2021	Centrica	UK	25,753	26,702	53	23,402
2021	AstraZeneca	UK	76,100	26,617	3196	66,729
2021	Compass Group	UK	548,143	25,413	170	19,030
2021	BAE Systems	UK	81,000	24,723	1666	37,634
2021	Brookfield Asset Management	Canada	151,000	62,752	−134	343,696
2021	Manulife Financial	Canada	37,000	58,840	4378	691,283
2021	Alimentation Couche-Tard	Canada	131,000	54,132	2354	25,680
2021	Power Corp. of Canada	Canada	30,000	48,183	1526	493,996
2021	Royal Bank of Canada	Canada	83,842	45,509	8497	1,218,350
2021	George Weston	Canada	220,000	40,793	718	37,750
2021	Toronto-Dominion Bank	Canada	89,598	39,900	8841	1,286,834
2021	Magna International	Canada	158,000	32,647	757	28,605
2021	Bank of Nova Scotia	Canada	92,001	32,501	5038	852,307
2021	Sun Life Financial	Canada	23,816	32,316	1863	253,640
2021	Enbridge	Canada	12,100	29,147	2508	125,855
2021	Bank of Montreal	Canada	43,360	25,665	3788	711,910
2021	Maersk Group	Denmark	83,624	39,740	2850	56,117
2021	Fortum	Finland	19,933	55,850	2077	70,748
2021	Nokia	Finland	92,039	24,899	−2875	44,291
2021	AXA	France	96,595	128,011	3605	984,656
2021	TotalEnergies	France	105,476	119,704	−7242	266,132
2021	Crédit Agricole	France	73,817	82,959	3067	2,399,948
2021	Carrefour	France	322,164	82,211	730	58,238
2021	BNP Paribas	France	193,319	81,632	8053	3,045,415
2021	Electricité de France	france	161,203	78,904	741	374,349
2021	Engie	France	172,703	63,525	−1750	187,464
2021	Société Générale	France	126,391	52,068	−294	1,789,137
2021	Christian Dior	France	139,409	50,878	2203	129,744
2021	Vinci	France	217,731	50,270	1415	111,568
2021	Renault	France	170,158	49,536	−9125	141,639
2021	Orange	France	142,150	48,165	5494	131,844
2021	ELO Group	France	160,606	47,607	773	28,282
2021	Groupe BPCE	France	98,790	43,476	1835	1,769,944
2021	Saint-Gobain	France	167,552	43,445	520	59,509
2021	Sanofi	France	99,412	42,580	14,031	140,161
2021	Bouygues	France	129,018	39,607	793	49,714
2021	Finatis	France	203,002	39,197	−212	39,315
2021	La Poste	France	219,625	35,534	2375	927,802
2021	SNCF Group	France	271,509	34,155	−3453	156,584
2021	L’Oréal	France	85,392	31,896	4060	53,366
2021	CMA CGM	France	90,792	31,445	1755	32,900
2021	Veolia Environnement	France	171,450	29,637	101	55,516
2021	Schneider Electric	France	126,328	28,667	2423	60,556
2021	Financière de l’Odet	France	79,207	27,470	244	68,531
2021	Danone	France	101,911	26,914	2229	52,349
2021	Volkswagen	Germany	662,575	253,965	10,104	608,368
2021	Daimler	Germany	288,481	175,827	4133	349,685
2021	Allianz	Germany	150,269	136,173	7756	1,297,243
2021	Deutsche Telekom	Germany	226,291	115,083	4738	324,205
2021	BMW Group	Germany	120,726	112,794	4301	265,146
2021	Bosch Group	Germany	395,034	81,464	360	111,817
2021	Deutsche Post DHL Group	Germany	526,896	76,122	3394	67,685
2021	Munich Re Group	Germany	39,642	74,075	1380	364,626
2021	E.ON	Germany	78,126	70,382	1159	116,732
2021	BASF	Germany	110,302	69,464	−1208	98,261
2021	Siemens	Germany	293,000	63,936	4509	145,207
2021	Bayer	Germany	99,538	48,484	−11,959	143,241
2021	Talanx	Germany	23,527	46,788	767	221,553
2021	Deutsche Bahn	Germany	322,768	45,465	−6477	80,079
2021	Edeka Zentrale	Germany	402,000	44,159	315	10,567
2021	Continental	Germany	236,386	42,983	−1096	48,509
2021	Fresenius	Germany	277,822	41,336	1945	81,561
2021	ThyssenKrupp	Germany	103,598	39,659	10,725	42,766
2021	Deutsche Bank	Germany	84,659	37,853	550	1,621,487
2021	ZF Friedrichshafen	Germany	153,522	37,159	−940	44,950
2021	Metro	Germany	95,779	36,525	515	15,461
2021	Heraeus Holding	Germany	14,809	35,929	0	7055
2021	DZ Bank	Germany	28,061	35,498	994	727,638
2021	Phoenix Pharma	Germany	33,090	32,387	221	12,567
2021	SAP	Germany	102,430	31,150	5863	71,558
2021	Siemens Energy	Germany	92,000	30,723	−1797	50,434
2021	Boehringer Ingelheim	Germany	51,944	26,497	3489	45,142
2021	Accenture	Ireland	506,000	44,327	5108	37,079
2021	Medtronic	Ireland	104,950	28,913	4789	90,689
2021	CRH	Ireland	77,100	27,587	1122	44,944
2021	Assicurazioni Generali	Italy	72,644	97,129	1987	666,616
2021	Enel	Italy	66,717	74,047	2974	200,034
2021	ENI	Italy	31,495	50,121	−9839	134,187
2021	Intesa Sanpaolo	Italy	105,615	41,258	3734	1,226,999
2021	Poste Italiane	Italy	123,583	34,205	1375	333,311
2021	UniCredit Group	Italy	82,107	24,665	−3173	1,139,916
2021	Toyota Motor	Japan	366,283	256,722	21,180	562,994
2021	Honda Motor	Japan	211,374	124,241	6202	198,201
2021	Mitsubishi	Japan	82,997	121,543	1628	168,490
2021	Nippon Telegraph and Telephone	Japan	324,667	112,670	8643	207,645
2021	Japan Post Holdings	Japan	243,612	110,561	3945	2,692,027
2021	Itochu	Japan	148,887	97,753	3787	101,071
2021	Sony	Japan	109,700	84,893	11,054	238,290
2021	Hitachi	Japan	350,864	82,345	4732	107,169
2021	AEON	Japan	282,073	81,228	−671	107,765
2021	Nippon Life Insurance	Japan	95,352	76,984	3127	773,869
2021	Mitsui	Japan	44,509	75,562	3165	113,163
2021	Nissan Motor	Japan	139,507	74,170	−4233	148,753
2021	Dai-ichi Life Holdings	Japan	64,823	73,842	3432	574,988
2021	Panasonic	Japan	243,540	63,191	1557	61,908
2021	Marubeni	Japan	49,265	59,735	2126	62,739
2021	ENEOS Holdings	Japan	40,753	59,540	1075	72,865
2021	Toyota Tsusho	Japan	64,402	59,517	1270	47,270
2021	Mitsubishi UFJ Financial Group	Japan	137,997	56,838	7330	3,250,213
2021	SoftBank Group	Japan	58,786	56,214	47,053	413,657
2021	Tokyo Electric Power	Japan	37,891	55,343	1706	109,341
2021	Seven & I Holdings	Japan	97,154	54,442	1692	65,204
2021	Tokio Marine Holdings	Japan	43,257	51,517	1526	232,960
2021	KDDI	Japan	47,320	50,115	6146	95,256
2021	Denso	Japan	168,391	46,569	1180	61,191
2021	MS&AD Insurance Group Holdings	Japan	41,501	46,150	1362	218,287
2021	Nippon Steel Corporation	Japan	115,632	45,556	−306	68,481
2021	Sumitomo	Japan	74,920	43,818	−1444	73,056
2021	Mitsubishi Electric	Japan	145,653	39,539	1822	43,381
2021	Daiwa House Industry	Japan	48,807	38,929	1840	45,688
2021	Meiji Yasuda Life Insurance	Japan	46,928	38,004	1780	415,713
2021	Idemitsu Kosan	Japan	16,560	37,792	329	35,755
2021	Sumitomo Mitsui Financial Group	Japan	86,781	36,811	4838	2,193,348
2021	Sompo Holdings	Japan	48,115	36,283	1344	118,614
2021	Mitsubishi Heavy Industries	Japan	79,974	34,903	383	43,497
2021	Fujitsu	Japan	126,371	33,863	1912	28,845
2021	Aisin	Japan	118,359	33,260	997	36,411
2021	Sumitomo Life Insurance	Japan	42,954	33,183	254	371,556
2021	Mitsubishi Chemical Holdings	Japan	69,607	30,729	−71	47,805
2021	JFE Holdings	Japan	64,371	30,444	−206	42,088
2021	Mizuho Financial Group	Japan	54,492	30,357	4443	2,039,658
2021	Medipal Holdings	Japan	14,614	30,291	226	15,189
2021	Takeda Pharmaceutical	Japan	47,099	30,166	3547	116,748
2021	Suzuki Motor	Japan	68,,739	29,981	1381	36,495
2021	Canon	Japan	181,897	29,599	780	44,813
2021	Kansai Electric Power	Japan	31,933	29,171	1028	73,018
2021	Toshiba	Japan	117,300	28,813	1075	31,651
2021	NEC	Japan	114,714	28,243	1411	33,170
2021	Bridgestone	Japan	138,036	28,047	−218	40,586
2021	Chubu Electric Power	Japan	28,238	27,690	1389	51,414
2021	Sumitomo Electric Industries	Japan	286,784	27,532	532	30,578
2021	Mazda Motor	Japan	49,786	27,187	−299	26,378
2021	Subaru	Japan	36,070	26,698	722	30,847
2021	Alfresa Holdings	Japan	12,045	24,556	231	11,905
2021	ArcelorMittal	Luxembourg	167,743	53,270	−733	82,052
2021	Royal Dutch Shell	The Netherlands	87,000	183,195	−21,680	379,268
2021	EXOR Group	The Netherlands	263,284	136,186	−34	211,650
2021	Royal Ahold Delhaize	The Netherlands	249,000	85,158	1592	49,799
2021	Aegon	The Netherlands	22,322	58,211	−166	543,140
2021	Airbus	The Netherlands	131,349	56,872	−1291	134,734
2021	Ingka Group	The Netherlands	166,350	41,580	1323	62,381
2021	Louis Dreyfus	The Netherlands	15,708	33,564	382	23,253
2021	ING Group	The Netherlands	57,527	31,605	2564	1,142,896
2021	LyondellBasell Industries	The Netherlands	19,200	27,753	1420	35,403
2021	X5 Retail Group	The Netherlands	339,716	27,359	392	15,873
2021	Achmea	The Netherlands	13,921	26,843	732	114,615
2021	Equinor	Norway	21,245	45,818	−5510	121,972
2021	Trafigura Group	Singapore	8619	146,994	1699	56,986
2021	Wilmar International	Singapore	100,000	50,527	1534	51,020
2021	Olam International	Singapore	60,425	26,068	178	20,206
2021	Flex	Singapore	167,201	24,124	613	15,836
2021	Samsung Electronics	Republic of Korea	267,937	200,734	22,116	347,992
2021	Hyundai Motor	Republic of Korea	122,814	88,156	1208	192,605
2021	SK	Republic of Korea	114,842	70,839	161	126,633
2021	LG Electronics	Republic of Korea	75,000	53,625	1669	44,350
2021	Kia	Republic of Korea	51,899	50,155	1261	55,654
2021	Korea Electric Power	Republic of Korea	48,519	49,102	1688	186,899
2021	POSCO	Republic of Korea	35,393	48,713	1340	73,312
2021	Hanwha	Republic of Korea	53,801	43,169	181	175,892
2021	KB Financial Group	Republic of Korea	26,948	33,201	2929	561,843
2021	Hyundai Mobis	Republic of Korea	35,087	31,047	1296	44,620
2021	Samsung Life Insurance	Republic of Korea	5273	29,274	1073	309,657
2021	CJ Corp.	Republic of Korea	62,756	27,125	74	36,825
2021	SK Hynix	Republic of Korea	36,854	27,041	4031	65,483
2021	LG Chem	Republic of Korea	40,234	26,645	435	38,079
2021	Samsung C&T	Republic of Korea	16,075	25,613	878	49,987
2021	Banco Santander	Spain	184,720	73,630	−9994	1,845,796
2021	Telefónica	Spain	112,797	49,083	1803	128,561
2021	ACS	Spain	150,265	39,967	654	45,689
2021	Iberdrola	Spain	35,637	37,767	4115	149,938
2021	Banco Bilbao Vizcaya Argentaria	Spain	123,174	35,872	1487	900,932
2021	Repsol	Spain	23,203	32,188	−3748	60,336
2021	Mapfre Group	Spain	33,730	24,642	600	84,629
2021	Volvo	Sweden	91,843	36,754	2098	62,266
2021	Ericsson	Sweden	101,129	25,237	1899	33,098
2021	Glencore	Switzerland	87,822	142,338	−1903	118,000
2021	Nestlé	Switzerland	273,000	89,853	13,031	140,367
2021	Roche Group	Switzerland	101,465	64,285	15,229	97,485
2021	Zurich Insurance Group	Switzerland	52,930	59,001	3834	439,299
2021	Novartis	Switzerland	105,794	49,898	8072	132,059
2021	Swiss Re	Switzerland	13,189	43,338	−878	182,622
2021	UBS Group	Switzerland	71,551	39,298	6557	1,125,765
2021	Chubb	Switzerland	31,000	35,994	3533	190,774
2021	Credit Suisse Group	Switzerland	48,770	32,343	2843	911,976
2021	Migros Group	Switzerland	85,226	31,903	1882	82,369
2021	Coop Group	Switzerland	78,578	31,058	574	23,366
2021	ABB	Switzerland	105,600	30,142	5146	41,088
2021	Holcim	Switzerland	67,409	24,654	1808	60,235
2021	Walmart	USA	2,300,000	559,151	13,510	252,496
2021	Amazon	USA	1,298,000	386,064	21,331	321,195
2021	Apple	USA	147,000	274,515	57,411	323,888
2021	CVS Health	USA	256,500	268,706	7179	230,715
2021	UnitedHealth Group	USA	330,000	257,141	15,403	197,289
2021	Berkshire Hathaway	USA	360,000	245,510	42,521	873,729
2021	McKesson	USA	67,500	238,228	−4539	65,015
2021	AmerisourceBergen	USA	21,500	189,894	−3409	44,275
2021	Alphabet	USA	135,301	182,527	40,269	319,616
2021	Exxon Mobil	USA	72,000	181,502	−22,440	332,750
2021	AT&T	USA	230,760	171,760	−5176	525,761
2021	Costco Wholesale	USA	214,500	166,761	4002	55,556
2021	Cigna	USA	72,963	160,401	8458	155,451
2021	Cardinal Health	USA	48,000	152,922	−3696	40,766
2021	Microsoft	USA	163,000	143,015	44,281	301,311
2021	Walgreens Boots Alliance	USA	277,000	139,537	456	87,174
2021	Kroger	USA	465,000	132,498	2585	48,662
2021	Home Depot	USA	504,800	132,110	12,866	70,581
2021	JPMorgan Chase	USA	255,351	129,503	29,131	3,386,071
2021	Verizon Communications	USA	132,200	128,292	17,801	316,481
2021	Ford Motor	USA	186,000	127,144	−1279	267,261
2021	General Motors	USA	155,000	122,485	6427	235,194
2021	Anthem	USA	83,400	121,867	4572	86,615
2021	Centene	USA	71,300	111,115	1808	68,719
2021	Fannie Mae	USA	7700	106,437	11,805	3,985,749
2021	Comcast	USA	168,000	103,564	10,534	273,869
2021	Chevron	USA	47,736	94,692	−5543	239,790
2021	Dell Technologies	USA	158,000	94,224	3250	123,415
2021	Bank of America	USA	212,505	93,753	17,894	2,819,627
2021	Target	USA	409,000	93,561	4368	51,248
2021	Lowe’s	USA	280,000	89,597	5835	46,735
2021	Marathon Petroleum	USA	57,900	88,952	−9826	85,158
2021	Citigroup	USA	210,153	88,839	11,047	2,260,090
2021	Facebook	USA	58,604	85,965	29,146	159,316
2021	United Parcel Service	USA	408,255	84,628	1343	62,408
2021	Johnson & Johnson	USA	134,500	82,584	14,714	174,894
2021	Wells Fargo	USA	268,531	80,303	3301	1,955,163
2021	General Electric	USA	184,000	79,619	5704	253,452
2021	State Farm Insurance	USA	57,582	78,898	3739	299,105
2021	Intel	USA	110,600	77,867	20,899	153,091
2021	Humana	USA	48,700	77,155	3367	34,969
2021	International Business Machines	USA	364,800	73,620	5590	155,971
2021	U.S. Postal Service	USA	569,987	73,133	−9176	35,904
2021	Procter & Gamble	USA	99,000	70,950	13,027	120,700
2021	PepsiCo	USA	291,000	70,372	7120	92,918
2021	Albertsons	USA	300,000	69,690	850	26,598
2021	FedEx	USA	499,718	69,217	1286	73,537
2021	MetLife	USA	46,500	67,842	5407	795,146
2021	Freddie Mac	USA	6922	66,228	7326	2,627,415
2021	Phillips 66	USA	14,300	65,494	−3975	54,721
2021	Lockheed Martin	USA	114,000	65,398	6833	50,710
2021	Walt Disney	USA	203,000	65,388	−2864	201,549
2021	Archer Daniels Midland	USA	38,332	64,355	1772	49,719
2021	Valero Energy	USA	9964	60,115	−1421	51,774
2021	Boeing	USA	141,000	58,158	−11,873	152,136
2021	Prudential Financial	USA	41,671	57,033	−374	940,722
2021	HP	USA	53,000	56,639	2844	34,681
2021	Raytheon Technologies	USA	181,000	56,587	−3519	162,153
2021	StoneX Group	USA	29,50	54,140	170	13,475
2021	Goldman Sachs Group	USA	40,500	53,498	9459	1,163,028
2021	Sysco	USA	57,000	52,893	216	22,628
2021	Morgan Stanley	USA	68,097	52,047	10,996	1,115,862
2021	HCA Healthcare	USA	235,000	51,533	3754	47,490
2021	Cisco Systems	USA	77,500	49,301	11,214	94,853
2021	Charter Communications	USA	96,100	48,097	3222	144,206
2021	Merck	USA	73,500	47,994	7067	91,588
2021	Best Buy	USA	81,600	47,262	1798	19,067
2021	New York Life Insurance	USA	11,506	46,712	−822	359,313
2021	AbbVie	USA	47,000	45,804	4616	150,565
2021	Publix Super Markets	USA	227,000	45,204	3972	28,094
2021	Allstate	USA	42,010	44,791	5576	125,987
2021	Liberty Mutual Insurance Group	USA	45,000	43,796	758	145,377
2021	American International Group	USA	45,000	43,736	−5944	586,481
2021	Tyson Foods	USA	139,000	43,185	2061	34,456
2021	Progressive	USA	43,326	42,658	5705	64,098
2021	Bristol-Myers Squibb	USA	30,250	42,518	−9015	118,481
2021	Nationwide	USA	25,391	41,930	−138	256,589
2021	Pfizer	USA	78,500	41,908	9616	154,229
2021	Caterpillar	USA	97,300	41,748	2998	78,324
2021	TIAA	USA	14,953	41,619	558	654,252
2021	Bunge	USA	23,000	41,404	1145	23,655
2021	Oracle	USA	135,000	39,068	10,135	115,438
2021	Energy Transfer	USA	11,421	38,954	−648	95,144
2021	Dow	USA	35,700	38,542	1225	61,470
2021	American Express	USA	63,700	38,185	3135	191,367
2021	General Dynamics	USA	100,700	37,925	3167	51,308
2021	Nike	USA	75,400	37,403	2539	31,342
2021	Northrop Grumman	USA	97,000	36,799	3189	44,469
2021	USAA	USA	35,935	36,296	3907	200,348
2021	Deere	USA	69,634	35,540	2751	75,091
2021	Abbott Laboratories	USA	109,000	34,608	4495	72,548
2021	Northwestern Mutual	USA	6641	33,782	425	308,767
2021	Dollar General	USA	158,000	33,747	2655	25,863
2021	Exelon	USA	32,340	33,039	1963	129,317
2021	Coca-Cola	USA	80,300	33,014	7747	87,296
2021	Honeywell International	USA	103,000	32,637	4779	64,586
2021	Thermo Fisher Scientific	USA	84,362	32,218	6375	69,052
2021	3M	USA	94,987	32,184	5384	47,344
2021	TJX	USA	320,000	32,137	91	30,814
2021	Travelers	USA	30,294	31,981	2697	116,764
2021	Capital One Financial	USA	51,985	31,643	2714	421,602
2021	Tesla	USA	70,757	31,536	721	52,148
2021	Philip Morris International	USA	71,000	28,694	8056	44,815
2021	Arrow Electronics	USA	19,600	28,673	584	17,054
2021	CHS	USA	10,493	28,406	422	15,994
2021	Jabil	USA	240,000	27,266	54	14,397
2021	Enterprise Products Partners	USA	7130	27,200	3776	64,107
2021	Hewlett Packard Enterprise	USA	59,400	26,982	−322	54,015
2021	United Natural Foods	USA	28,300	26,743	−274	7587
2021	Mondelez International	USA	79,000	26,581	3555	67,810
2021	ViacomCBS	USA	24,225	26,186	2422	52,663
2021	Kraft Heinz	USA	38,000	26,185	356	99,830
2021	Dollar Tree	USA	129,772	25,509	1342	20,696
2021	Amgen	USA	24,300	25,424	7264	62,948
2021	U.S. Bancorp	USA	68,108	25,241	4959	553,905
2021	Performance Food Group	USA	20,000	25,086	−114	7720
2021	Netflix	USA	9400	24,996	2761	39,280
2021	Gilead Sciences	USA	13,600	24,689	123	68,407
2021	Synnex	USA	277,900	24,676	529	13,469
2021	Eli Lilly	USA	35,000	24,540	6194	46,633
2021	Truist Financial	USA	53,638	24,427	4482	509,228
2021	Rite Aid	USA	50,000	24,043	−91	9335

Source: Compiled by the authors as a result of the systematization of Fortune (2024) materials.

) are separated from those for developing countries (

Table A2. Statistics for developing countries.

Year	Company Name	Country	Number of Employees	Revenues ($Millions)	Profits ($Millions)	Assets ($Millions)
2023	JBS	Brazil	260,000	72,626	2995	39,370
2023	Itaú Unibanco Holding	Brazil	101,094	63,884	5755	439,546
2023	Banco do Brasil	Brazil	85,953	55,870	5353	379,820
2023	Banco Bradesco	Brazil	81,222	51,587	4066	340,449
2023	Raízen	Brazil	44,738	47,721	474	22,001
2023	Vale	Brazil	64,516	44,287	18,788	86,894
2023	Caixa Econômica Federal	Brazil	86,959	37,066	1894	300,664
2023	Vibra Energia	Brazil	3364	35,155	298	7777
2023	State Grid	China	870,287	530,009	8192	710,763
2023	China National Petroleum	China	1,087,049	483,019	21,080	637,223
2023	Sinopec Group	China	527,487	471,154	9657	368,751
2023	China State Construction Engineering	China	382,492	305,885	4234	386,249
2023	Pacific Construction Group	China	301,565	79,478	5188	55,154
2023	Bank of Communications	China	91,823	78,213	13,699	1,883,724
2023	Jinneng Holding Group	China	470,839	77,761	359	160,235
2023	Guangzhou Automobile Industry Group	China	119,425	77,345	623	57,256
2023	Aluminum Corp. of China	China	130,416	76,946	1698	90,619
2023	Shaanxi Coal & Chemical Industry	China	138,047	75,871	1386	104,788
2023	Jiangxi Copper	China	33,248	74,927	464	30,396
2023	Shandong Weiqiao Pioneering Group	China	98,100	74,923	931	37,309
2023	China Vanke	China	131,817	74,901	3362	254,765
2023	China Merchants Group	China	276,019	73,283	8474	381,608
2023	China Merchants Bank	China	112,999	72,317	20,517	1,470,004
2023	Dongfeng Motor	China	134,637	68,416	1211	73,288
2023	China Poly Group	China	118,007	67,696	1288	265,106
2023	China Pacific Insurance (Group)	China	104,502	67,696	3658	315,534
2023	Beijing Automotive Group	China	95,000	67,282	296	68,342
2023	Greenland Holding Group	China	70,177	64,802	150	197,953
2023	Country Garden Holdings	China	69,932	63,979	−900	252,924
2023	China Huaneng Group	China	124,588	63,284	1125	205,184
2023	BYD	China	570,060	63,041	2471	71,603
2023	Lenovo Group	China	77,000	61,947	1608	38,920
2023	Shenghong Holding Group	China	39,059	61,251	428	29,893
2023	Industrial Bank	China	69,840	60,962	13,584	1,343,541
2023	Zhejiang Geely Holding Group	China	131,517	60,396	945	81,291
2023	HBIS Group	China	99,807	59,563	50	78,229
2023	Zhejiang Hengyi Group	China	21,261	57,332	−153	19,554
2023	China National Building Material Group	China	208,857	56,514	629	101,920
2023	China Electronics Technology Group	China	235,912	55,848	2665	86,146
2023	China Energy Engineering Group	China	116,263	54,890	545	98,548
2023	Tsingshan Holding Group	China	100,982	54,711	1457	20,139
2023	Shanghai Pudong Development Bank	China	64,731	54,028	7607	1,262,056
2023	State Power Investment	China	123,401	54,022	744	229,339
2023	China United Network Communications	China	244,508	52,766	1085	93,471
2023	Shaanxi Yanchang Petroleum (Group)	China	129,525	52,224	870	70,896
2023	China State Shipbuilding	China	204,497	51,799	2710	136,965
2023	Midea Group	China	166,243	51,393	4393	61,265
2023	Sinomach	China	125,370	51,126	−409	51,583
2023	Ansteel Group	China	163,992	50,041	608	69,740
2023	Jinchuan Group	China	28,930	49,467	1113	20,862
2023	Contemporary Amperex Technology	China	118,914	48,849	4568	87,130
2023	Zhejiang Communications Investment Group	China	41,757	46,617	859	121,861
2023	Susun Construction Group	China	151,135	46,138	1357	32,994
2023	Jingye Group	China	31,000	45,705	329	12,587
2023	China Huadian	China	92,857	45,113	1021	148,926
2023	China Minsheng Banking	China	62,615	44,582	5243	1,051,974
2023	China South Industries Group	China	156,613	43,429	1015	59,633
2023	Jiangsu Shagang Group	China	45,203	42,784	558	49,903
2023	Shanghai Construction Group	China	51,353	42,522	202	53,182
2023	China National Coal Group	China	147,293	41,997	1877	70,504
2023	Shanxi Coking Coal Group	China	214,769	41,662	355	75,193
2023	Xiaomi	China	32,543	41,631	368	39,655
2023	New Hope Holding Group	China	123,933	41,426	8	49,488
2023	China Electronics	China	184,940	40,326	−501	61,129
2023	Zijin Mining Group	China	48,836	40,187	2979	44,372
2023	S.F. Holding	China	162,823	39,765	918	31,439
2023	Guangzhou Municipal Construction Group	China	44,825	39,258	150	28,664
2023	China National Nuclear	China	181,700	39,054	1281	166,795
2023	China Taiping Insurance Group	China	68,386	38,706	116	182,634
2023	Shudao Investment Group	China	48,713	38,019	646	172,256
2023	Shenzhen Investment Holdings	China	103,117	37,888	907	153,290
2023	Jardine Matheson	China	425,000	37,724	354	89,148
2023	China Datang	China	89,210	37,606	182	123,159
2023	China Aerospace Science & Industry	China	141,260	37,371	2167	75,170
2023	Longfor Group Holdings	China	31,565	37,249	3622	114,072
2023	Shougang Group	China	91,165	36,853	189	75,225
2023	Hangzhou Iron and Steel Group	China	11,771	36,818	246	11,939
2023	Xinjiang Zhongtai Group	China	42,193	36,762	112	21,604
2023	Guangzhou Industrial Investment Holdings	China	88,022	36,589	234	42,301
2023	Haier Smart Home	China	109,586	36,201	2187	34,194
2023	Guangzhou Pharmaceutical Holdings	China	35,057	35,383	311	11,489
2023	Guangdong Guangxin Holdings	China	40,613	35,368	356	18,453
2023	Shaanxi Construction Engineering Holding	China	36,715	34,735	391	56,144
2023	Shanghai Delong Steel Group	China	46,403	33,534	253	21,003
2023	CK Hutchison Holdings	China	300,000	33,523	4684	147,143
2023	Anhui Conch Group	China	61,637	32,991	871	43,732
2023	Beijing Jianlong Heavy Industry Group	China	56,300	32,878	229	25,337
2023	Hunan Iron & Steel Group	China	35,492	32,723	1176	22,772
2023	Meituan	China	91,932	32,699	−994	35,446
2023	Lu’an Chemical Group	China	109,599	32,596	88	49,859
2023	Tongwei Group	China	42,381	31,944	1637	23,181
2023	New China Life Insurance	China	32,564	31,861	1460	181,964
2023	Luxshare Precision Industry	China	236,932	31,817	1362	21,514
2023	China National Aviation Fuel Group	China	13,796	31,650	411	10,472
2023	Chengdu Xingcheng Investment Group	China	39,094	31,304	186	157,644
2023	Guangxi Investment Group	China	33,856	31,263	84	108,649
2023	Xinjiang Guanghui Industry Investment	China	74,069	30,922	159	37,332
2023	Ecopetrol	Colombia	18,903	37,547	7435	62,548
2023	Oil & Natural Gas	India	37,047	78,746	4414	74,851
2023	Bharat Petroleum	India	9193	59,114	265	22,912
2023	State Bank of India	India	235,858	58,951	6930	725,264
2023	Tata Motors	India	81,811	43,661	301	40,936
2023	Rajesh Exports	India	135	42,306	178	2786
2023	America Movil	Mexico	176,014	42,724	3788	83,055
2023	Fomento Económico Mexicano	Mexico	354,309	33,482	1189	41,002
2023	Sberbank	Russia	210,661	55,877	3959	564,401
2023	Magnit	Russia	361,000	33,849	402	18,817
2023	Saudi Aramco	Saudi Arabia	70,496	603,651	159,069	663,541
2023	Koç Holding	Turkey	114,677	54,467	4216	84,577
2022	Petrobras	Brazil	45,532	83,966	19,875	174,348
2022	JBS	Brazil	250,000	65,036	3799	37,181
2022	Vale	Brazil	72,266	55,585	22,445	89,442
2022	Itaú Unibanco Holding	Brazil	99,598	41,175	4963	371,471
2022	Raízen	Brazil	30,359	35,858	590	21,234
2022	Banco Bradesco	Brazil	79,507	32,556	4297	300,805
2022	Banco do Brasil	Brazil	84,597	30,602	3402	340,976
2022	State Grid	China	871,145	460,617	7138	735,430
2022	China National Petroleum	China	1,090,345	411,693	9638	660,008
2022	Sinopec Group	China	542,286	401,314	8316	380,675
2022	China State Construction Engineering	China	368,327	293,712	4444	378,352
2022	Industrial & Commercial Bank of China	China	434,089	209,000	54,003	5,536,969
2022	China Construction Bank	China	375,531	200,434	46,899	4,762,831
2022	Ping An Insurance	China	355,982	199,629	15,754	1,596,641
2022	Agricultural Bank of China	China	455,174	181,412	37,391	4,576,306
2022	Sinochem Holdings	China	220,760	172,260	−198	241,750
2022	China Railway Engineering Group	China	310,817	166,452	1853	215,913
2022	China Railway Construction	China	366,833	158,203	1704	213,452
2022	China Life Insurance	China	182,646	157,095	3087	903,090
2022	Bank of China	China	306,322	152,409	33,573	4,206,862
2022	China Baowu Steel Group	China	230,884	150,730	2995	175,861
2022	JD.com	China	385,357	147,526	−552	78,164
2022	Alibaba Group Holding	China	254,941	132,936	9701	267,467
2022	China Mobile Communications	China	451,331	131,913	14,629	337,923
2022	China Minmetals	China	193,965	131,800	617	158,044
2022	China Communications Construction	China	220,519	130,664	1397	353,172
2022	China National Offshore Oil	China	80,957	126,920	9183	209,375
2022	SAIC Motor	China	146,145	120,900	3803	144,350
2022	Shandong Energy Group	China	243,124	120,012	174	118,292
2022	China Resources	China	362,706	119,601	4544	318,180
2022	Hengli Group	China	121,430	113,536	2375	48,073
2022	Amer International Group	China	22,398	112,049	2011	33,633
2022	Xiamen C&D	China	36,334	111,557	1114	103,720
2022	China FAW Group	China	118,648	109,405	3600	94,471
2022	Sinopharm	China	201,092	108,779	12,165	88,793
2022	China Post Group	China	748,920	108,669	5983	2,073,125
2022	China Energy Investment	China	317,168	107,095	5452	298,736
2022	China Southern Power Grid	China	282,006	104,119	1304	170,374
2022	COFCO	China	107,829	103,087	1498	107,998
2022	Huawei Investment & Holding	China	195,000	98,725	17,623	154,747
2022	PowerChina	China	181,330	96,422	679	180,336
2022	CITIC Group	China	148,108	96,126	4891	1,386,893
2022	Xiamen ITG Holding Group	China	28,977	93,791	383	38,713
2022	People’s Insurance Co. of China	China	184,364	92,182	3329	216,756
2022	Wuchan Zhongda Group	China	21,012	87,211	618	20,379
2022	Tencent Holdings	China	112,771	86,836	34,854	253,832
2022	Dongfeng Motor	China	141,681	86,122	1441	86,798
2022	Greenland Holding Group	China	79,999	84,454	958	231,278
2022	COSCO Shipping	China	107,551	84,130	6421	153,674
2022	China Telecommunications	China	394,600	83,596	1935	155,818
2022	China North Industries Group	China	213,957	81,785	1742	76,538
2022	Country Garden Holdings	China	100,705	81,091	4154	306,728
2022	Aluminum Corp. of China	China	138,717	80,407	1399	98,305
2022	Aviation Industry Corp. of China	China	380,000	79,332	855	194,947
2022	Pacific Construction Group	China	310,719	77,073	5594	52,675
2022	China Merchants Group	China	264,161	76,767	8526	394,950
2022	Bank of Communications	China	90,238	75,986	13,578	1,836,520
2022	XMXYG	China	14,372	75,094	410	33,035
2022	Beijing Automotive Group	China	100,000	74,687	318	78,756
2022	Jinneng Holding Group	China	506,364	74,588	−341	167,062
2022	Lenovo Group	China	75,000	71,618	2030	44,510
2022	China Merchants Bank	China	103,669	71,064	18,592	1,456,057
2022	Jiangxi Copper	China	31,654	70,914	465	31,144
2022	China Vanke	China	139,494	70,198	3492	305,205
2022	Zhejiang Rongsheng Holding Group	China	22,750	69,503	1171	57,389
2022	China Poly Group	China	110,785	69,007	2035	273,950
2022	China Pacific Insurance (Group)	China	107,000	68,313	4160	306,381
2022	Guangzhou Automobile Industry Group	China	112,113	66,955	607	57,355
2022	HBIS Group	China	116,572	66,150	220	80,062
2022	China National Building Material Group	China	206,910	64,417	604	102,682
2022	Shandong Weiqiao Pioneering Group	China	96,782	63,739	1758	40,151
2022	Industrial Bank	China	62,537	61,331	12,818	1,354,359
2022	Shaanxi Coal & Chemical Industry	China	130,914	61,299	597	104,161
2022	China Everbright Group	China	95,000	61,194	3708	1,027,704
2022	China Huaneng Group	China	125,365	60,049	682	210,935
2022	Ansteel Group	China	173,597	59,448	1141	77,451
2022	Sinomach	China	132,147	57,446	458	57,369
2022	Shanghai Pudong Development Bank	China	63,361	56,795	8217	1,280,955
2022	Zhejiang Geely Holding Group	China	128,928	55,860	1471	81,584
2022	China Electronics Technology Group	China	202,561	55,457	2152	85,806
2022	Tsingshan Holding Group	China	85,553	54,574	2386	18,129
2022	Shenghong Holding Group	China	35,788	53,948	941	27,223
2022	China State Shipbuilding	China	213,849	53,671	2611	139,158
2022	Midea Group	China	165,799	53,232	4430	61,074
2022	Shaanxi Yanchang Petroleum (Group)	China	129,018	51,813	546	73,318
2022	State Power Investment	China	121,470	51,518	−185	234,744
2022	Zhejiang Hengyi Group	China	23,222	50,974	178	20,085
2022	Xiaomi	China	33,427	50,898	2998	46,110
2022	China United Network Communications	China	242,661	50,828	978	93,400
2022	China Energy Engineering Group	China	119,574	50,345	600	85,423
2022	China Minsheng Banking	China	60,232	50,079	5330	1,094,565
2022	AIA Group	China	23,981	47,525	7427	339,874
2022	Jiangsu Shagang Group	China	45,398	47,072	2274	51,137
2022	China National Coal Group	China	149,898	46,665	691	69,829
2022	Susun Construction Group	China	153,242	46,478	1654	34,469
2022	Zhejiang Communications Investment Group	China	40,776	46,382	897	117,353
2022	China South Industries Group	China	162,498	44,374	737	61,762
2022	Shanghai Construction Group	China	51,369	43,572	584	55,693
2022	China Aerospace Science & Technology	China	180,521	43,420	3099	95,825
2022	China Electronics	China	191,126	43,118	−158	62,094
2022	China Huadian	China	92,217	42,855	374	149,250
2022	Shougang Group	China	96,432	42,090	211	81,636
2022	Shandong Iron & Steel Group	China	34,171	41,319	852	41,173
2022	China Taiping Insurance Group	China	68,441	41,091	473	177,684
2022	Hangzhou Iron and Steel Group	China	11,179	41,009	350	14,133
2022	Jinchuan Group	China	29,100	40,958	965	19,009
2022	China Aerospace Science & Industry	China	141,678	40,856	2108	79,845
2022	Taikang Insurance Group	China	58,853	40,608	3826	209,345
2022	Anhui Conch Group	China	59,739	39,700	1922	44,445
2022	New Hope Holding Group	China	130,887	39,169	336	58,947
2022	Guangzhou Municipal Construction Group	China	43,052	38,624	145	28,163
2022	Beijing Jianlong Heavy Industry Group	China	57,568	38,357	557	26,450
2022	China National Nuclear	China	181,100	38,328	1186	161,377
2022	Shenzhen Investment Holdings	China	86,030	37,599	1649	147,160
2022	CRRC Group	China	172,869	36,964	889	75,295
2022	Jingye Group	China	31,000	36,882	891	12,191
2022	CK Hutchison Holdings	China	300,000	36,134	4308	155,670
2022	Jardine Matheson	China	400,000	35,862	1881	91,489
2022	TongLing Nonferrous Metals Group	China	20,164	35,511	50	14,621
2022	Haier Smart Home	China	104,874	35,278	2026	34,234
2022	Zijin Mining Group	China	43,876	34,898	2430	32,839
2022	China Datang	China	91,005	34,700	−2904	130,691
2022	Longfor Group Holdings	China	44,065	34,630	3698	137,852
2022	Shudao Investment Group	China	49,493	34,549	428	157,911
2022	China National Aviation Fuel Group	China	13,877	34,519	430	10,848
2022	New China Life Insurance	China	34,434	34,476	2317	177,535
2022	Hunan Iron & Steel Group	China	33,764	34,061	1269	21,604
2022	Lu’an Chemical Group	China	99,132	34,043	−272	46,429
2022	Shanghai Pharmaceuticals Holding	China	47,056	33,459	790	25,729
2022	Shanxi Coking Coal Group	China	202,079	33,380	−427	71,504
2022	Xinjiang Zhongtai Group	China	39,141	32,890	48	19,770
2022	BYD	China	288,186	32,758	472	46,564
2022	S.F. Holding	China	177,129	32,120	662	33,044
2022	Guangxi Investment Group	China	35,369	31,962	79	105,327
2022	Yunnan Provincial Investment Holding Group	China	52,077	31,884	275	84,585
2022	Weichai Power	China	82,600	31,556	1435	43,615
2022	Xinjiang Guanghui Industry Investment	China	73,109	31,506	66	42,839
2022	Shandong Hi-Speed Group	China	52,407	31,136	686	179,340
2022	Hailiang Group	China	24,058	31,049	128	10,512
2022	Chengdu Xingcheng Investment Group	China	38,076	30,553	342	148,296
2022	Guangzhou Pharmaceutical Holdings	China	34,730	30,466	320	11,350
2022	Shanghai Delong Steel Group	China	46,054	30,343	788	19,515
2022	Gree Electric Appliances	China	81,884	29,402	3576	50,314
2022	Life Insurance Corp. of India	India	105,738	97,267	554	560,682
2022	Reliance Industries	India	342,982	93,982	8151	197,655
2022	Indian Oil	India	32,938	79,542	3370	54,120
2022	Oil & Natural Gas	India	38,252	65,962	6112	77,162
2022	State Bank of India	India	244,250	54,643	4750	706,560
2022	Bharat Petroleum	India	9193	46,867	1568	24,716
2022	Tata Motors	India	73,608	37,797	−1536	43,575
2022	Tata Steel	India	72,551	32,861	5391	37,622
2022	Rajesh Exports	India	181	32,650	135	3152
2022	Pertamina	Indonesia	34,183	57,509	2046	78,051
2022	Petronas	Malaysia	46,884	59,874	10,091	152,499
2022	Pemex	Mexico	123,842	73,761	−14,526	100,303
2022	America Movil	Mexico	181,205	49,702	9490	82,588
2022	Gazprom	Russia	468,000	137,732	28,405	360,802
2022	Lukoil	Russia	102,424	125,135	10,496	91,574
2022	Rosneft Oil	Russia	356,000	87,832	11,983	219,532
2022	Sberbank	Russia	287,866	50,278	16,973	549,136
2022	Saudi Aramco	Saudi Arabia	68,493	400,399	105,369	576,134
2022	PTT	Thailand	29,765	70,652	3389	92,767
2022	Koç Holding	Turkey	105,908	39,014	1710	77,018
2021	Petrobras	Brazil	49,050	56,683	1141	190,010
2021	JBS	Brazil	250,000	52,429	892	31,539
2021	Vale	Brazil	74,316	40,018	4881	92,007
2021	Itaú Unibanco Holding	Brazil	96,540	37,280	3667	388,789
2021	Banco Bradesco	Brazil	80,170	28,539	3073	308,962
2021	Banco do Brasil	Brazil	91,673	25,150	2300	326,125
2021	State Grid	China	896,360	386,618	5580	666,089
2021	China National Petroleum	China	1,242,245	283,958	4575	626,617
2021	Sinopec Group	China	553,833	283,728	6205	343,289
2021	China State Construction Engineering	China	356,864	234,425	3578	338,033
2021	Ping An Insurance	China	362,035	191,509	20,739	1,460,210
2021	Industrial & Commercial Bank of China	China	439,787	182,794	45,783	5,110,354
2021	China Construction Bank	China	373,814	172,000	39,283	4,311,457
2021	Agricultural Bank of China	China	462,592	153,885	31,293	4,169,356
2021	China Life Insurance	China	183,417	144,589	4648	776,309
2021	China Railway Engineering Group	China	308,483	141,384	1639	185,316
2021	Bank of China	China	309,084	134,046	27,952	3,739,871
2021	China Railway Construction	China	364,632	131,992	1486	190,916
2021	Huawei Investment & Holding	China	197,000	129,184	9362	134,384
2021	China Mobile Communications	China	455,721	111,826	12,920	304,528
2021	JD.com	China	314,906	108,087	7160	64,718
2021	SAIC Motor	China	143,261	107,555	2961	140,907
2021	China Communications Construction	China	213,438	106,868	1165	306,555
2021	Alibaba Group Holding	China	251,462	105,866	22,224	257,978
2021	China Minmetals	China	205,015	102,015	491	150,652
2021	China FAW Group	China	121,002	101,076	2867	74,933
2021	Hengli Group	China	118,496	100,773	2373	40,748
2021	Amer International Group	China	20,180	100,281	1852	31,047
2021	China Resources	China	370,955	99,438	4330	275,692
2021	Shandong Energy Group	China	244,832	97,861	1162	104,997
2021	China Baowu Steel Group	China	234,570	97,643	3629	155,413
2021	China Post Group	China	827,231	96,304	4698	1,811,048
2021	Dongfeng Motor	China	145,756	86,856	1116	85,096
2021	People’s Insurance Co. of China	China	193,494	84,290	2904	192,500
2021	China Southern Power Grid	China	288,974	83,699	999	155,172
2021	China National Offshore Oil	China	80,058	83,296	4802	193,366
2021	China Energy Investment	China	326,641	80,716	4102	274,035
2021	PowerChina	China	180,883	78,487	689	161,989
2021	Sinopharm	China	176,686	77,278	1259	70,865
2021	COFCO	China	109,839	76,856	1378	102,649
2021	CITIC Group	China	148,283	74,689	3843	1,265,206
2021	China Evergrande Group	China	123,276	73,514	1170	352,668
2021	Beijing Automotive Group	China	110,000	72,147	340	81,894
2021	China Telecommunications	China	400,945	71,401	1886	139,129
2021	China North Industries Group	China	212,960	71,018	1511	67,420
2021	Tencent Holdings	China	85,858	69,864	23,166	204,356
2021	Bank of Communications	China	90,716	67,606	11,409	1,639,481
2021	Jinneng Holding Group	China	472,860	67,535	8	157,498
2021	Country Garden Holdings	China	93,899	67,080	5076	308,936
2021	Aviation Industry Corp. of China	China	407,344	66,964	916	161,221
2021	Greenland Holding Group	China	86,251	66,096	2174	214,151
2021	Xiamen C&D	China	28,928	64,112	953	66,968
2021	Pacific Construction Group	China	295,281	64,038	2218	44,741
2021	Sinochem	China	72,237	63,544	809	97,620
2021	China Pacific Insurance (Group)	China	110,940	61,186	3563	271,418
2021	Lenovo Group	China	71,500	60,742	1178	37,991
2021	China Vanke	China	140,565	60,741	6017	286,474
2021	ChemChina	China	141,250	60,492	−816	131,406
2021	China Merchants Bank	China	90,867	60,433	14,108	1,281,448
2021	China Merchants Group	China	246,002	60,281	5919	340,741
2021	Wuchan Zhongda Group	China	18,549	58,546	398	16,345
2021	Xiamen ITG Holding Group	China	21,374	58,279	286	23,534
2021	China Poly Group	China	106,403	58,072	1949	240,687
2021	Guangzhou Automobile Industry Group	China	103,688	57,724	576	51,345
2021	China National Building Material Group	China	202,844	57,115	103	91,973
2021	XMXYG	China	11,671	54,324	279	26,058
2021	China Everbright Group	China	78,600	53,429	2571	907,879
2021	Industrial Bank	China	59,630	53,314	9656	1,209,808
2021	Aluminum Corp. of China	China	152,681	53,191	321	96,920
2021	HBIS Group	China	121,247	52,761	6	74,411
2021	Shanghai Pudong Development Bank	China	61,686	52,628	8444	1,219,641
2021	AIA Group	China	23,397	50,359	5779	326,121
2021	Shaanxi Coal & Chemical Industry	China	126,707	49,314	121	91,350
2021	China Minsheng Banking	China	59,262	49,076	4972	1,065,170
2021	Jiangxi Copper	China	24,528	48,820	195	25,945
2021	China COSCO Shipping	China	110,338	47,998	1471	13,0251
2021	Shaanxi Yanchang Petroleum (Group)	China	131,093	47,529	161	68,054
2021	Zhejiang Geely Holding Group	China	125,764	47,191	1352	74,391
2021	China State Shipbuilding	China	218,956	46,845	1875	132,019
2021	China Huaneng Group	China	128,560	45,750	312	181,995
2021	Zhejiang Rongsheng Holding Group	China	20,493	44,726	627	40,749
2021	China United Network Communications	China	242,121	44,034	800	89,268
2021	Tsingshan Holding Group	China	75,102	42,448	1129	13,205
2021	Shandong Weiqiao Pioneering Group	China	100,395	41,879	1236	37,716
2021	Sinomach	China	139,453	41,712	571	54,391
2021	Midea Group	China	149,239	41,407	3945	55,231
2021	State Power Investment	China	123,727	40,323	344	202,933
2021	China Energy Engineering Group	China	120,963	39,439	508	73,015
2021	China Aerospace Science & Technology	China	179,085	38,742	2735	79,504
2021	Jiangsu Shagang Group	China	45,060	38,665	1145	46,318
2021	Zhejiang Hengyi Group	China	22,019	38,562	152	17,406
2021	Shenghong Holding Group	China	32,272	38,440	520	17,639
2021	Anhui Conch Group	China	59,823	37,930	1878	37,624
2021	China Aerospace Science & Industry	China	145,148	37,697	1955	58,852
2021	Suning.com Group	China	69,398	36,565	−620	32,502
2021	Yango Longking Group	China	28,670	36,264	540	72,576
2021	China Electronics	China	180,822	35,931	−97	53,588
2021	Jinchuan Group	China	29,220	35,907	360	17,602
2021	Xiaomi	China	22,074	35,633	2950	38,878
2021	Taikang Insurance Group	China	56,899	35,476	3484	173,121
2021	China Taiping Insurance Group	China	65,900	35,461	415	150,764
2021	CRRC Group	China	179,374	34,778	748	66,932
2021	China South Industries Group	China	164,918	34,455	853	54,926
2021	China Huadian	China	93,331	34,440	585	131,961
2021	CK Hutchison Holdings	China	300,000	34,347	3758	161,804
2021	China Electronics Technology Group	China	179,390	34,311	1880	69,212
2021	Cedar Holdings Group	China	23,856	33,837	50	18,875
2021	Shanghai Construction Group	China	48,609	33,526	486	49,250
2021	Sunac China Holdings	China	64,436	33,418	5166	169,871
2021	China National Nuclear	China	183,400	32,663	1188	139,810
2021	Jardine Matheson	China	403,000	32,647	−394	93,526
2021	Jingye Group	China	31,000	32,528	607	10,709
2021	Shandong Iron & Steel Group	China	50,131	31,990	129	57,270
2021	New Hope Holding Group	China	140,757	31,606	515	48,435
2021	Shenzhen Investment Holdings	China	75,102	31,144	1661	129,558
2021	Ansteel Group	China	119,331	30,886	259	52,135
2021	Shanxi Coking Coal Group	China	212,698	30,454	160	67,853
2021	Haier Smart Home	China	99,299	30,395	1287	31,182
2021	TongLing Nonferrous Metals Group	China	22,501	30,301	−26	14,266
2021	Shougang Group	China	97,235	30,054	43	78,469
2021	New China Life Insurance	China	36,309	29,545	2072	153,927
2021	Weichai Power	China	81,600	28,622	1334	41,494
2021	Hailiang Group	China	20,176	28,467	117	9348
2021	China General Technology	China	52,945	28,379	558	34,593
2021	Beijing Jianlong Heavy Industry Group	China	61,300	28,362	494	23,685
2021	Zhejiang Communications Investment Group	China	38,466	28,168	707	91,171
2021	China Datang	China	100,721	27,928	317	122,079
2021	Shanghai Pharmaceuticals Holding	China	48,136	27,813	652	22,864
2021	Guangxi Investment Group	China	33,005	27,708	41	91,595
2021	Xinjiang Guanghui Industry Investment	China	73,963	27,448	59	42,635
2021	China National Coal Group	China	131,121	27,105	485	63,259
2021	Longfor Group Holdings	China	35,426	26,746	2899	117,266
2021	Guangzhou Municipal Construction Group	China	38,367	26,682	127	23,703
2021	Guangzhou Pharmaceutical Holdings	China	34,371	26,070	299	9133
2021	China Resources Land	China	48,414	26,027	4352	133,186
2021	Yunnan Provincial Investment Holding Group	China	51,442	25,887	279	72,724
2021	WH Group	China	107,000	25,589	828	18,715
2021	Huayang New Material Technology Group	China	99,487	25,188	−173	39,670
2021	Zijin Mining Group	China	36,860	24,855	943	27,941
2021	Gree Electric Appliances	China	83,952	24,710	3214	42,792
2021	China Reinsurance (Group)	China	63,914	24,376	828	69,514
2021	Reliance Industries	India	236,334	62,912	6619	180,649
2021	State Bank of India	India	245,652	51,919	3019	662,540
2021	Indian Oil	India	33,439	50,433	2916	48,528
2021	Oil & Natural Gas	India	30,105	46,597	2189	74,280
2021	Rajesh Exports	India	377	34,805	114	3209
2021	Tata Motors	India	75,278	34,013	−1812	46,916
2021	Bharat Petroleum	India	9257	31,315	2178	22,012
2021	Pertamina	Indonesia	34,564	41,470	1051	69,144
2021	Petronas	Malaysia	48,679	42,563	−5680	142,804
2021	América Móvil	Mexico	186,851	47,326	2181	81,591
2021	Pemex	Mexico	123,899	44,384	−23,683	96,826
2021	Gazprom	Russia	467,000	87,870	1872	315,933
2021	Lukoil	Russia	100,769	71,856	210	81,061
2021	Rosneft Oil	Russia	356,000	53,376	2033	207,671
2021	Sberbank	Russia	285,555	43,264	10,527	487,263
2021	Saudi Aramco	Saudi Arabia	79,800	229,766	49,287	510,266
2021	PTT	Thailand	29,421	51,648	1207	84,834
2021	Koç Holding	Turkey	100,641	26,179	1321	84,826

Source: Compiled by the authors as a result of the systematization of Fortune (2024) materials.

). Two time series data sets for each category of countries have been compiled, merging statistics from 2021 to 2023 into a unified data set. The geographical structure of global companies from developed countries is illustrated in Figure 1, while that from developing countries is shown in Figure 2.

As can be seen in Figure 2, the geographic mix of global companies from developed countries is dominated by companies from the USA (23%), UK (21%), and Japan (14%).

As shown in Figure 2, the geographical structure of global companies from developing countries is dominated by companies from China (83%), Brazil (5%), and India (5%).

Descriptive statistics for the studied sample are given in

Table 1. Descriptive statistics for the research sample.

Category of Countries	Year	Number of Employees (EPL)	Revenues ($Millions) (Rrvn)	Profits ($Millions) (Rpft)	Assets ($Millions) (Rast)
Developed countries	2023	141,361	86,113.42	6339.92	341,530.23
	2022	129,257	73,753.65	6788.26	319,019.80
	2021	129,483	63,162.83	3216.96	321,081.39
Developing countries	2023	139,795	69,092.67	3923.16	185,567.91
	2022	158,136	80,067.16	5118.31	332,358.77
	2021	158,170	64,247.94	3452.49	306,979.61

Source: Compiled by the authors as a result of systematization of the materials of Fortune (2024).

.

As shown in Table 1, the number of employees of global companies in 2023 in developed countries is 1.12% higher than in developing countries. The number of employees of global companies in developed countries in 2023 grew by 8.56%, compared to 2022, and before that, it had decreased by 0.17%, compared to 2021. The number of employees of global companies in developing countries in 2023 decreased by 13.12%, compared to 2022, and before that, it decreased by 0.02%, compared to 2021. On the whole, the level of corporate social responsibility (from the position of the preservation and creation of additional jobs as measures of employment support) is higher in developed countries than in developing countries.

The revenues of global companies in 2023 in developed countries are by 24.63% higher than in developing countries. Revenues of global companies in developed countries in 2023 grew by 14.35% compared to 2022, and before that, it grew by 14.36%, compared to 2021. The revenues of global companies in developing countries in 2023 decreased by 15.88% compared to 2022, and before that, they grew by 19.76% compared to 2021. On the whole, the risk of a decrease in revenues is higher in developing countries than in developed countries.

The profits of global companies in 2023 in developed countries are 61.60% higher than in developing countries. The profits of global companies in developed countries in 2023 decreased by 7.07% compared to 2022, and before that, they grew by 52.61% compared to 2021. The profits of global companies in developing countries in 2023 decreased by 30.46% compared to 2022, and before that, they grew by 32.55% compared to 2021. On the whole, the risk of profit loss is higher in developing countries than in developed countries.

The assets of global companies in 2023 in developed countries are 84.05% higher than in developing countries. The assets of global companies in developed countries in 2023 grew by 6.59% compared to 2022, and before that, they decreased by 0.65% compared to 2021. The assets of global companies in developing countries in 2023 decreased by 79.10% compared to 2022, and before that, they grew by 7.64% compared to 2021. On the whole, the risk of depreciation of assets is higher in developing countries than in developed countries.

This research aims to overcome the limitations of previous research by examining not just a one-way relationship (the impact of workforce size on financial risks or vice versa) but a bidirectional relationship between financial risks and workforce size in global companies. Therefore, structural equation modeling (SEM) has been chosen as the research method.

The choice of SEM over the commonly used regression analysis in other studies is justified by the ability of SEM to establish bidirectional relationships between variables, which regression analysis cannot achieve. SEM is also preferred over correlation analysis because it allows the authors to determine the strength of relationships and mathematically describe the patterns of their mutual influence.

The measure of workforce size in global companies is the “number of employees” (EPL, persons). The financial risk indicators for global companies are “revenues ($millions)” (Rrvn—a decrease indicates reduced profitability), “profits ($millions)” (Rpft—a reduction reflects a loss of profit), and “assets ($millions)” (Rast—a decline indicates asset depreciation).

The SEM methodology in this research involves the following:

• Establishing the relationships between variables using correlation analysis;
• Determining the dependencies of Rrvn, Rpft, and Rast on EPL separately and the systemic dependency of EPL on Rrvn, Rpft, and Rast;
• Generalizing the established interdependencies and integrating them into a unified SEM model.

The SEM model is compiled given the fact that corporate social responsibility is the indicator of the mitigation of financial risk and support of sustainable development. The SEM model strives towards demonstrating the mutual influence of the financial risks of global companies and sustainability of the employment of their employees (number of jobs), demonstrating, on the one hand, the regularity of the change in revenues, profits, and assets of global companies in the course of the creation of additional jobs and, on the other hand, the change in the number of jobs in global companies in the course of the change in their financial risks: the risk of decrease in revenues, risk of profit loss, and the risk of depreciation of assets.

The reliability and quality of the established relationships are evaluated using Fisher’s F-test and Student’s t-test. Hypothesis H (originates with an observation due to Hisham Sati) is considered validated if the regression coefficients (b) are positive in all regression equations of Rrvn, Rpft, and Rast relative to EPL.

4. Results

4.1. Model of Developed Countries

Rrvn, Rpft, and Rast are a set of variables for which there is a probability of the presence of the problem of multicollinearity with each other and with the variable EPL. To check the presence of multicollinearity, we calculated a simple (paired) correlation according to Pearson (

Table 2. Variables’ multicollinearity test for developed countries.

Correlation	EPL	Rrvn	Rpft	Rast
EPL	1	-	-	-
Rrvn	0.5797	1	-	-
Rpft	0.1594	0.4446	1	-
Rast	0.0668	0.1327	0.2891	1

Source: calculated and developed by the authors.

).

The results of the test (Table 2) showed that neither of the coefficients of paired correlation were sufficiently high (0.9) for the variables to overlap significantly. Therefore, repeated variables (multicollinearity of variables) are absent. A correlation and regression analysis of the data from Table A1 was carried out to establish the regularities of changes in the values of financial indicators of the activities of global companies in correlation with changes in the number of employees of these companies in developed countries in 2021–2023. Its results are shown in

Table 3. Dependence of Rrvn on EPL in developed countries in 2021–2023.

Regression Statistics
Multiple R	R2	Normalized R2	Standard Error	Observations
0.5797	0.3360	0.3354	53,756.7056	1046
Variance analysis
	df	SS	MS	Significance
Regression	1	1.52672 × 1012	1.52672 × 1012	0.01
Residual	1044	3.01693 × 1012	2,889,783,398.5495
Total	1045	4.54366 × 1012
Fisher’s F-test
k1	k2	Observed F	Tabular F	Significance F
1	1046 − 1 − 1 = 1044	528.3176	6.6592	6.2536 × 10−95
Regression coefficients, standard errors, and Student’s t-test
	Coefficients (b)	Standard error	t-statistics	p-value
Constant	46,322.7041	2076.5019	22.3080	1.9 × 10−90
EPL	0.2138	0.0093	22.9852	6.3 × 10−95

Source: calculated and developed by the authors.

,

Table 4. Dependence of Rpft on EPL in developed countries in 2021–2023.

Regression Statistics
Multiple R	R2	Normalized R2	Standard Error	Observations
0.1594	0.0254	0.0245	10,151.6472	1046
Variance analysis
	df	SS	MS	Significance
Regression	1	2,805,276,250.1445	2,805,276,250	0.01
Residual	1044	1.0759 × 1011	103,055,941.5893
Total	1045	1.10396 × 1011
Fisher’s F-test
k1	k2	Observed F	Tabular F	Significance F
1	1046 − 1 − 1 = 1044	27.2209	6.6592	2.1883 × 10−7
Regression coefficients, standard errors, and Student’s t-test
	Coefficients (b)	Standard error	t-statistics	p-value
Constant	4259.9804	392.1355	10.8635	4 × 10−26
EPL	0.0092	0.0018	5.2174	0.0000002

Source: calculated and developed by the authors.

,

Table 5. Dependence of Rast on EPL in developed countries in 2021–2023.

Regression Statistics
Multiple R	R2	Normalized R2	Standard Error	Observations
0.0668	0.0045	0.0035	656,735.1917	1046
Variance analysis
	df	SS	MS	Significance
Regression	1	2.02026 × 1012	2.02026 × 1012	0.05
Residual	1044	4.50278 × 1014	4.31301 × 1011
Total	1045	4.52299 × 1014
Fisher’s F-test
k1	k2	Observed F	Tabular F	Significance F
1	1046 − 1 − 1 = 1044	4.6841	3.8504	0.0307
Regression coefficients, standard errors, and Student’s t-test
	Coefficients (b)	Standard error	t-statistics	p-value
Constant	295,052.1735	25,368.2184	11.6308	1.7 × 10−29
EPL	0.2460	0.1137	2.1643	0.0307

Source: calculated and developed by the authors.

and

Table 6. Dependence of EPL on Rrvn, Rpft, and Rast in developed countries in 2021–2023.

Regression statistics
Multiple R	R2	Normalized R2	Standard Error	Observations
0.5903	0.3484	0.3465	144,491.3110	1046
Variance analysis
	df	SS	MS	Significance
Regression	1	1.1632 × 1013	3.87748 × 1012	0.01
Residual	1044	2.1755 × 1013	20,877,738,951.4450
Total	1045	3.3387 × 1013
Fisher’s F-test
k1	k2	Observed F	Tabular F	Significance F
3	1046 − 3 − 1 = 1042	185.7232	3.8005	1.83 × 10−96
Regression coefficients, standard errors, and Student’s t-test
	Coefficients (b)	Standard error	t-statistics	p-value
Constant	15,472.4335	6949.1883	2.2265	0.0262
Rrvn	1.7187	0.0757	22.7108	0.0000
Rpft	−2.2290	0.5027	−4.4343	1 × 10−5
Rast	0.0054	0.0071	0.7550	0.4504

Source: calculated and developed by the authors.

.

The results from Table 3 indicate that the risk of profitability decline of global companies in developed countries in 2021–2023 is determined by 57.97% by the change in the number of employees of these companies. The high quality and reliability of the established relationship are evidenced by Fisher’s F-test (observed F = 528.3176) and Student’s t-test (t-statistic = 22.9852) passed at the significance level of 0.01.

It should be noted that employment here is not the adjusting coefficient as its growth leads to revenue, which means a reduction in the financial risk. In this case, employment is not skilled work; it is rather skilled human capital. On the other hand, a reduction in employment by one unit leads to a decline in revenue of 0.21 million. Here, employment is the adjusting coefficient as its reduction leads to a decrease in revenue and an increase in financial risk, which again signifies the role of human capital. However, in the context of this research, it is focused on EPL as a dependent variable and Rrvn, Rpft, and Rast as independent variables in isolation.

The results from Table 4 indicate that the risk of profit loss for global companies in developed countries during 2021–2023 is explained by 15.94% due to changes in their workforce size. The high quality and reliability of this established relationship are confirmed by Fisher’s F-test (observed F = 27.2209) and Student’s t-test (t-statistic = 5.2174), both significant at the 0.01 level.

The results from Table 5 indicate that the risk of asset depreciation for global companies in developed countries during 2021–2023 is explained by 6.68% due to changes in their workforce size. The high quality and reliability of this relationship are confirmed by Fisher’s F-test (observed F = 4.6841) and Student’s t-test (t-statistic = 2.1643), both significant at the 0.05 level.

The results from Table 6 show that changes in the workforce size of global companies in developed countries during 2021–2023 are explained by 59.03% due to financial risks. The high quality and reliability of this relationship are confirmed by Fisher’s F-test (observed F = 185.7232) and Student’s t-test (t-statistics: Rrvn = 22.7108, Rpft = −4.4343, and Rast = 0.7550).

As a result of generalizing the interdependencies established in Table 3, Table 4, Table 5 and Table 6, the indicators have been integrated into a unified SEM model (Figure 3).

Based on the SEM model shown in Figure 3, the following patterns have been identified in developed countries regarding changes in the financial performance indicators of global companies in relation to changes in their workforce size:

• A decrease in the risk of declining profitability by USD 0.2138 million for each additional employee;
• A reduction in the risk of profit loss by USD 0.0092 million for each additional employee;
• A decrease in the risk of asset depreciation by USD 0.2460 million for each additional employee;
• An increase in the workforce by 1.7187 employees for each additional USD 1 million in revenue;
• A reduction in the workforce by 2.2290 employees for each additional USD 1 million in profit;
• An increase in the workforce by 0.0054 employees for each additional USD 1 million in asset value.

The established regularities proved hypothesis H, demonstrating its correctness for developed countries. The regression coefficients (b) adopted positive values in all equations of regression dependence on EPL: in the equation for Rrvn (b = 0.2138), for Rpft (b = 0.0092), and Rast (b = 0.2460). Therefore, in developed countries, the higher the number of employees, the lower the financial risks of global companies—the risk of a decrease in revenues, the risk of profit loss, and the risk of depreciation of assets. This points to the expedience of ensuring sustainable development through the creation of additional jobs to fight the financial risks of global companies in developed countries.

4.2. Model for Developing Countries

Similar to developed countries, to reveal the presence/absence of multicollinearity in the statistics for developing countries, we calculated simple (paired) correlation according to Pearson (

Table 7. Variables’ multicollinearity test for developed countries.

Correlation	EPL	Rrvn	Rpft	Rast
EPL	1	-	-	-
Rrvn	0.6383	1	-	-
Rpft	0.1645	0.5599	1	-
Rast	0.3186	0.3199	0.5094	1

Source: calculated and compiled by authors.

).

The results of the test (Table 7) showed that neither of the coefficients of paired correlation were sufficiently high (0.9) for the variables to overlap significantly. Therefore, repeated variables (multicollinearity of variables) are absent. To identify patterns in the changes in the financial performance indicators of global companies in relation to workforce size in developing countries during 2021–2023, the authors conducted a correlation and regression analysis of the data from Table A2. The results are presented in

Table 8. Dependence of Rrvn on EPL in developing countries in 2021–2023.

Regression Statistics
Multiple R	R2	Normalized R2	Standard Error	Observations
0.6383	0.4074	0.4060	54,785.7654	431
Variance analysis
	df	SS	MS	Significance
Regression	1	8.85289 × 1011	8.85289 × 1011	0.01
Residual	429	1.28763 × 1012	3,001,480,094.6046
Total	430	2.17292 × 1012
Fisher’s F-test
k1	k2	Observed F	Tabular F	Significance F
1	431 − 1 − 1 = 429	294.9507	6.6943	1.0802 × 10−50
Regression coefficients, standard errors, and Student’s t-test
	Coefficients (b)	Standard error	t-statistics	p-value
Constant	28,210.2646	3647.5533	7.7340	7.5031 × 10−14
EPL	0.2817	0.0164	17.1741	1.0802 × 10−50

Source: calculated and developed by the authors.

,

Table 9. Dependence of Rpft on EPL in developing countries in 2021–2023.

Regression Statistics
Multiple R	R2	Normalized R2	Standard Error	Observations
0.1645	0.0271	0.0248	11,403.3478	431
Variance analysis
	df	SS	MS	Significance
Regression	1	1,551,887,012.2767	1,551,887,012.2767	0.01
Residual	429	55,785,589,829.3056	130,036,339.9285
Total	430	57,337,476,841.5823
Fisher’s F-test
k1	k2	Observed F	Tabular F	Significance F
1	431 − 1 − 1 = 429	11.9343	6.6943	0.0006
Regression coefficients, standard errors, and Student’s t-test
	Coefficients (b)	Standard error	t-statistics	p-value
Constant	2390.8912	759.2176	3.1492	0.0018
EPL	0.0118	0.0034	3.4546	0.0006

Source: calculated and developed by the authors.

,

Table 10. Dependence of Rast on EPL in developing countries in 2021–2023.

Regression Statistics
Multiple R	R2	Normalized R2	Standard Error	Observations
0.3186	0.1015	0.0994	639,933.7464	431
Variance analysis
	df	SS	MS	Significance
Regression	1	1.98406 × 1013	1.98406 × 1013	0.01
Residual	429	1.75682 × 1014	4.09515 × 1011
Total	430	1.95523 × 1014
Fisher’s F-test
k1	k2	Observed F	Tabular F	Significance F
1	431 − 1 − 1 = 429	48.4489	6.6943	1.2766 × 10−11
Regression coefficients, standard errors, and Student’s t-test
	Coefficients (b)	Standard error	t-statistics	p-value
Constant	81,145.1998	42,605.8199	1.9046	0.0575
EPL	1.3336	0.1916	6.9605	1.2766 × 10−11

Source: calculated and developed by the authors.

and

Table 11. Dependence of EPL on Rrvn, Rpft, and Rast in developing countries in 2021–2023.

Regression Statistics
Multiple R	R2	Normalized R2	Standard Error	Observations
0.7209	0.5197	0.5163	112,014.8480	431
Variance analysis
	df	SS	MS	Significance
Regression	1	5.7975 × 1012	1.9325 × 1012	0.01
Residual	1044	5.35771 × 1012	1.2547 × 1010
Total	1045	1.11552 × 1013
Fisher’s F-test
k1	k2	Observed F	Tabular F	Significance F
3	431 − 3 − 1 = 427	154.0169	3.8278	1.195 × 10−67
Regression coefficients, standard errors, and Student’s t-test
	Coefficients (b)	Standard error	t-statistics	p-value
Constant	32,214.2232	7863.1775	4.0968	5 × 10−5
Rrvn	1.7706	0.0918	19.2829	4.7 × 10−60
Rpft	−5.8012	0.6224	−9.3209	6.2 × 10−19
Rast	0.0670	0.0093	7.1873	3 × 10−11

Source: calculated and developed by the authors.

.

The results from Table 8 indicate that the risk of declining profitability for global companies in developing countries during 2021–2023 is explained by 63.83% due to changes in workforce size. The high quality and reliability of this relationship are confirmed by Fisher’s F-test (observed F = 594.9507) and Student’s t-test (t-statistic = 17.1741), both significant at the 0.01 level.

According to Table 9, changes in workforce size account for 16.45% of the risk of profit loss for global companies in developing countries during 2021–2023. The high quality and reliability of this relationship are supported by Fisher’s F-test (observed F = 11.93473) and Student’s t-test (t-statistic = 3.4546), both significant at the 0.01 level.

According to Table 10, the risk of asset depreciation for global companies in developing countries from 2021 to 2023 is explained by 31.86% due to changes in workforce size. The high quality and reliability of this relationship are confirmed by Fisher’s F-test (observed F = 48.4489) and Student’s t-test (t-statistic = 6.9605), both significant at the 0.01 level.

The results from Table 11 indicate that changes in workforce size for global companies in developing countries during 2021–2023 are determined by 72.09% due to the financial risks faced by these companies. The high quality and reliability of this relationship are confirmed by Fisher’s F-test (observed F = 154.0169) and Student’s t-test (t-statistics: Rrvn = 19.2829, Rpft = −9.3209, and Rast = 7.1873).

As a result of summarizing the interdependencies established in Table 8, Table 9, Table 10 and Table 11, these indicators have been integrated into a unified SEM model (Figure 4).

Based on the SEM model shown in Figure 4, the following patterns have been identified in developing countries regarding changes in the financial performance indicators of global companies in relation to changes in workforce size:

• A decrease in the risk of declining profitability by USD 0.2817 million for each additional employee;
• A reduction in the risk of profit loss by USD 0.0118 million for each additional employee;
• A decrease in the risk of asset depreciation by USD 1.3336 million for each additional employee;
• An increase in workforce size by 1.7706 employees for each additional USD 1 million in revenue;
• A reduction in workforce size by 5.8012 employees for each additional USD 1 million in profit;
• An increase in workforce size by 0.0670 employees for each additional USD 1 million in asset value.

The established regularities confirmed hypothesis H, proving its correctness for developing countries. The regression coefficients (b) took positive values in all equations for regression dependence on EPL: in the equation for Rrvn (b = 0.2817), for Rpft (b = 0.0118), and Rast (b = 1.3336). Therefore, in developing countries, the higher the number of employees, the lower the financial risks of global companies—the risk of a decrease in revenues, the risk of profit loss, and the risk of depreciation of assets. This points to the expedience of ensuring sustainable development through the creation of additional jobs to fight the financial risks of global companies in developing countries.

5. Discussion and Conclusions

The research continues the academic discussion initiated by (Ergasheva et al. 2023; Inshakova et al. 2021; Lucchetta 2024; Zarova and Tursunov 2022), contributing to the literature by advancing the concept of corporate financial risk management through a refined understanding of the interdependence between financial risks and the workforce size of global companies. In doing so, the research addresses a gap in scholarly knowledge concerning the intersection of financial risk management and human resource management in global corporations. The findings are summarized and compared with the existing literature in

Table 12. Summary of results and comparison with the literature.

			Research Questions (RQs)
			RQ1: What Impact Does the Number of Employees Have on the Financial Risks of Global Companies?	RQ2: What Impact Do the Financial Risks of Global Companies Have on Their Employee Numbers?
The answer in the existing literature	Answer		Negative impact: the smaller the number of employees, the lower the financial risks of global companies	Negative impact: the financial risks of global companies are reduced by reducing the number of employees
	Source		Fernández-Portillo et al. (2023); Jiang and Fan (2022); Zhang et al. (2024)	Hajek and Munk (2024); Salinas Vásquez et al. (2024); Mardonov et al. (2021)
The new answer obtained from this research	Answer		Positive impact: the larger the number of employees, the lower the financial risks of global companies (the impact is more pronounced in developing countries)	Contradictory impact: workforce size increases as the risk of declining profitability and asset depreciation decreases but also rises as the risk of profit loss grows (this effect is more pronounced in developing countries)
	Developed countries	Correlation	0.5797 with the risk of falling profitability; 0.1594 with the risk of loss of profit; 0.0668 with the risk of depreciation of assets.	0.5903 with the financial risk system of global companies
		Regression coefficients (b)	0.2138 with the risk of falling profitability; 0.0092 with the risk of loss of profit; 0.2460 with the risk of depreciation of assets.	1.7187 with the risk of falling profitability; −2.2290 with the risk of loss of profit; 0.0054 with the risk of depreciation of assets.
	Developing countries	Correlation	0.6383 with the risk of falling profitability; 0.1645 with the risk of loss of profit; 0.3186 with the risk of depreciation of assets.	0.7209 with the financial risk system of global companies
		Regression coefficients (b)	0.2817 with the risk of falling profitability; 0.0118 with the risk of loss of profit; 1.3336 with the risk of depreciation of assets.	1.7706 with the risk of falling profitability; −5.8012 with the risk of loss of profit; 0.0670 with the risk of depreciation of assets.

Source: developed by the authors.

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Thus, according to the summarized results in Table 12, the research provides answers to both research questions and confirms the proposed hypothesis. The main conclusion is that there is a strong systemic interconnection between the financial risks of global companies and their workforce size, suggesting that CSR is key to highly effective financial risk management.

The scientific reasoning behind this conclusion is based on the fact that maintaining staff levels and creating additional jobs enhance the human resources, innovation, production, and marketing potential of global companies. This increases loyalty toward global companies, boosts the market value of their assets, strengthens competitive advantages, and expands their presence in global markets, ultimately leading to higher revenue and profit.

In contrast to Galoyan et al. (2023); Liang and Liu (2024); Raies (2023); and You et al. (2023), it is shown that the impact of CSR in human resource management and ensuring sustainable employment on reducing financial risks is more pronounced in developing countries than in developed ones. While developed countries were the first to launch large-scale CSR initiatives in HR management, global companies in developing countries derive greater financial benefits from similar initiatives, making them equally, if not more, interested in ensuring sustainable employment for their workers.

The new answer to RQ₁ is that, unlike the findings of (Fernández-Portillo et al. 2023; Jiang and Fan 2022; Zhang et al. 2024), the impact of CSR in HR management and ensuring sustainable employment is not negative but positive for financial risk management: the larger the workforce, the lower the financial risks for global companies. Thus, hypothesis H is confirmed, supporting the conclusions of Bogoviz et al. (2018); Kim (2024); and Song et al. (2024). Specifically, the following patterns in the financial performance of global companies relative to workforce changes have been identified and substantiated:

• A pattern of reduced risk of declining profitability as workforce size increases by USD 0.2138 million per employee in developed countries and by USD 0.2817 million per employee in developing countries (with correlations of 57.97% in developed countries and 63.83% in developing countries);
• A pattern of reduced risk of profit loss as workforce size increases, by USD 0.0092 million per employee in developed countries and by USD 0.0118 million per employee in developing countries (with correlations of 16.94% in developed countries and 16.45% in developing countries);
• A pattern of reduced risk of asset depreciation as workforce size increases, by USD 0.2460 million per employee in developed countries and by USD 1.3336 million per employee in developing countries (with correlations of 6.68% in developed countries and 31.86% in developing countries).

The new answer to RQ₂ is that contrary to the findings of Hajek and Munk (2024); Salinas Vásquez et al. (2024); and Mardonov et al. (2021), global companies do not abandon but rather increasingly and actively utilize CSR in human resource management and ensure sustainable employment when managing most of their financial risks. Workforce size increases as the risk of declining profitability and asset depreciation decreases but also rises as the risk of profit loss grows. Specifically, the following patterns have been identified and substantiated regarding changes in the workforce size of global companies relative to changes in financial performance indicators (with correlations of 59.03% in developed countries and 72.09% in developing countries):

• A pattern of increasing workforce size by 1.7187 employees per million dollars of revenues in developed countries and by 1.7706 employees in developing countries;
• A pattern of decreasing workforce size by 2.2290 employees per million dollars of profits in developed countries and by 5.8012 employees in developing countries;
• A pattern of increasing workforce size by 0.0054 employees per million dollars of asset value in developed countries and by 0.0670 employees in developing countries.

The above regularities show that during the management of the risk of a decrease in revenues and the risk of depreciation of assets with the help of the existing strategies of financial risk management, global companies in developed and developing countries increase the number of personnel, which supports sustainable employment. However, during the management of the risk of profit loss with the help of the existing strategies of financial risk management, global companies in developed and developing countries reduce the number of personnel (cut staff), which hinders sustainable development.

The proposed recommendations from the authors will allow us to deal with this lack of strategy for the financial risk management of global companies through integrating corporate social responsibility into them. Due to this, implementation of the improved strategies of financial risk management will allow for the preservation and creation of new jobs in the process of managing financial risks: the risk of a decrease in revenues, the risk of depreciation of assets, and the risk of profit loss for systemic support of sustainable development.

The theoretical significance of this research lies in its clear distinction between financial risk management practices through CSR in developed and developing countries, supported by numerous examples of specific companies from these categories and their recent experiences. Based on official international statistics for 2021–2023, the research identifies and mathematically describes the quantitative and qualitative patterns of changes in financial risks and workforce size in their interdependence, with separate models for developed and developing countries.

This distinction allows the authors to scientifically prove that global companies in developing countries should not only adhere to CSR in their personnel management to support the UN’s global initiative on the SDGs during the Decade of Action but also to derive specific financial benefits. Furthermore, they should not merely replicate the models of developed countries but instead develop and implement their own unique CSR models in human resource management, considering the specific findings of this research—namely, the patterns of sustainable employment returns for financial risk management.

The managerial significance of the identified patterns, consolidated into models, lies in their ability to enhance contemporary financial risk management practices of global companies through closer integration with human resource management practices. The results presented in this research provide a robust scientific and methodological foundation for developing corporate strategies for the practical implementation of an innovative approach to global human resource management through CSR, ensuring sustainable employment as a source of financial risk management—tailored to the needs of both developed and developing countries.

It is suggested that corporate strategies for global companies in developed countries focus on reducing the risk of declining profitability, as CSR’s impact on this financial risk is the most evident and consistent. For global companies in developing countries, it is recommended to build strategies by diversifying CSR applications, with the most promising areas for financial risk management being the reduction in asset depreciation and declining profitability risks.

Possibilities for the practical application of the results obtained, in particular, the authors’ recommendations for the development and implementation of strategies for the management of the financial risks of global companies, are connected with the integration of promising measures of manifestation of corporate social responsibility through the preservation and creation of additional jobs into these strategies. This will provide additional advantages for global companies, which are connected with the commercialization of corporate social responsibility.

Here, national context should be taken into account. Despite the fact that a vivid effect for corporate social responsibility is established in developed and developing countries, which is connected with the reduction in financial risks of global companies, this effect is expressed differently for different financial risks and different categories of countries. The difference between developed and developing countries is seen at the level of institutes. Therefore, when developing and implementing the strategies for the management of the financial risks of global companies with the help of their corporate social responsibility, it is necessary to take into account the national institutional context and adapt these strategies to it.

The generalized consideration of global companies at the level of the categories of developed and developing countries allowed us to reveal common features that are peculiar to these categories on the one hand but, on the other hand, did not allow for a detailed study of the institutional features of the business environment of each country, which is a limitation of the results obtained. In future studies, to deal with this limitation, it is advisable to conduct in-depth research of the institutional business environment by the example of concrete countries and specify the framework recommendations, offered in this paper, for their adaptation to the business environment of each country.

The practical significance of the identified patterns and models lies in their ability to enhance the predictability of CSR implementation by global companies and provide high-precision forecasts of the impact of sustainable employment on financial risks, considering the specific contexts of developed and developing countries.