Beyond Global ESG: The Social Dimension and Institutional Divergence in Responsible Business Conduct in RIC Countries

Responsible business conduct and ESG standards are increasingly shaped by divergent international and national assessment systems, yet comparative evidence on how emerging economies navigate this fragmentation remains limited. This study examines the role of the social dimension (S) in responsible business conduct across the RIC countries (Russia, India, and China). Using a purposive comparative design, the study analyzes the methodologies of five leading international ESG ratings (MSCI, S&P Global, FTSE Russell, ISS, LSEG) alongside three national systems: the EPS rating (Russia), NSE Sustainability Ratings (India), and the Corporate Social Credit System (China). The analysis reveals a fundamental institutional divergence: international ratings apply no fixed weight to S and subordinate it to industry materiality, whereas national systems assign S explicit regulatory or structural priority—structural in Russia, regulatory in India, and institutional in China. These findings demonstrate that S-dominance is a common but institutionally differentiated feature of RIC models, reflecting the priority of social challenges over environmental and governance ones. The study contributes to institutional and stakeholder theory by introducing the concept of multiple isomorphism trajectories and a typology of S-dominance, and it concludes that a multilayered assessment approach combining international ESG ratings, national RBC ratings, and primary corporate data is necessary for accurately evaluating ESG performance in RIC emerging markets.