IDEAS home Printed from https://ideas.repec.org/a/gam/jrisks/v10y2022i2p42-d751243.html
   My bibliography  Save this article

Socially-Oriented Approach to Financial Risk Management as the Basis of Support for the SDGs in Entrepreneurship

Author

Listed:
  • Anna N. Zhilkina

    (Department of Finance and Credit, State University of Management, 99 Ryazansky Ave., 109542 Moscow, Russia)

  • Marina V. Karp

    (Department of Accounting, Auditing and Taxation, State University of Management, 99 Ryazansky Ave., 109542 Moscow, Russia)

  • Anna V. Bodiako

    (Department of Audit and Corporate Reporting at the Faculty of Taxes, Audit and Business Analysis, Financial University under the Government of the Russian Federation, 125167 Moscow, Russia)

  • Samal M. Smagulova

    (Department of World Economy and International Economic Relations, State University of Management, 99 Ryazansky Ave., 109542 Moscow, Russia)

  • Tatiana M. Rogulenko

    (Department of Accounting, Auditing and Taxation, State University of Management, 99 Ryazansky Ave., 109542 Moscow, Russia)

  • Svetlana V. Ponomareva

    (Department Audit and Internal Control, Saint Petersburg State University of Economics, 191023 Saint Petersburg, Russia)

Abstract

This paper demonstrates that the level of financial risks and the impact of the COVID-19 pandemic and crisis on them are high. The existing approach to financial risk management is not very effective and does not allow coping with financial risks in entrepreneurship, not even in a certain category of countries. As a prospective alternative, we offer a new socially-oriented approach. The theoretical value of the paper lies in the offering and scientific substantiation of a new hypothesis: that the SDGs could and should be constantly supported by business in their financial risk management with the help of the socially-oriented approach, which is available and expedient for use under the conditions of economic crisis. The practical value of the received results is as follows: the developed new (alternative) socially-oriented approach to financial risk management in entrepreneurship allows increasing the effectiveness of financial risk management in entrepreneurship and raising its robustness against the current COVID-19 crisis. The social importance of the obtained conclusions and results is that the developed approach allows for and stimulates continuous support for the SDGs in entrepreneurship.

Suggested Citation

  • Anna N. Zhilkina & Marina V. Karp & Anna V. Bodiako & Samal M. Smagulova & Tatiana M. Rogulenko & Svetlana V. Ponomareva, 2022. "Socially-Oriented Approach to Financial Risk Management as the Basis of Support for the SDGs in Entrepreneurship," Risks, MDPI, vol. 10(2), pages 1-18, February.
    • Handle: RePEc:gam:jrisks:v:10:y:2022:i:2:p:42-:d:751243
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2227-9091/10/2/42/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2227-9091/10/2/42/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Youssef Zizi & Amine Jamali-Alaoui & Badreddine El Goumi & Mohamed Oudgou & Abdeslam El Moudden, 2021. "An Optimal Model of Financial Distress Prediction: A Comparative Study between Neural Networks and Logistic Regression," Risks, MDPI, vol. 9(11), pages 1-24, November.
    2. Lance Wentzel & Julius Ayodeji Fapohunda & Rainer Haldenwang, 2022. "The Relationship between the Integration of CSR and Sustainable Business Performance: Perceptions of SMEs in the South African Construction Industry," Sustainability, MDPI, vol. 14(3), pages 1-22, January.
    3. Özgür Arslan-Ayaydin & James Thewissen, 2016. "The financial reward for environmental performance in the energy sector," Energy & Environment, , vol. 27(3-4), pages 389-413, May.
    4. Mouna Aloui & Bassem Salhi & Anis Jarboui, 2019. "Market risk, corporate governance, and the regulation during the recent financial crisis," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 15(5), pages 700-718, May.
    5. Jiaqi Jiang & Yun Feng, 2021. "The interaction of risk management tools: Financial hedging, corporate diversification and liquidity," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(2), pages 2396-2413, April.
    6. Abdul Waheed & Qingyu Zhang, 2022. "Effect of CSR and Ethical Practices on Sustainable Competitive Performance: A Case of Emerging Markets from Stakeholder Theory Perspective," Journal of Business Ethics, Springer, vol. 175(4), pages 837-855, February.
    7. Sergei G. Vagin & Elena I. Kostyukova & Natalia E. Spiridonova & Tatiana M. Vorozheykina, 2022. "Financial Risk Management Based on Corporate Social Responsibility in the Interests of Sustainable Development," Risks, MDPI, vol. 10(2), pages 1-13, February.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. An-Chi Wu & Duc-Dinh Kao, 2022. "Mapping the Sustainable Human-Resource Challenges in Southeast Asia’s FinTech Sector," JRFM, MDPI, vol. 15(7), pages 1-26, July.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Bilić Irena & Primorac Dinko & Trkulja Željka Marčinko, 2023. "Virtue Ethics, Managerial Profession and Personality Traits: The Extension of Mintzberg’s Managerial Traits," Business Systems Research, Sciendo, vol. 14(2), pages 145-157, December.
    2. Iveta Cirule & Inga Uvarova, 2022. "Open Innovation and Determinants of Technology-Driven Sustainable Value Creation in Incubated Start-Ups," JOItmC, MDPI, vol. 8(3), pages 1-33, September.
    3. M. Tina Dacin & Jeffrey S. Harrison & David Hess & Sheila Killian & Julia Roloff, 2022. "Business Versus Ethics? Thoughts on the Future of Business Ethics," Journal of Business Ethics, Springer, vol. 180(3), pages 863-877, October.
    4. Dina Ait Lahcen, 2023. "Synthetic Reading Of The Different Approaches And Models For Assessing The Risk Of Business Failure [Lecture Synthétique Des Diverses Approches Et Modèles D'Évaluation Du Risque De La Défaillance D," Post-Print hal-04009420, HAL.
    5. Zaheer Alam & Yasir Bin Tariq, 2023. "Corporate Sustainability Performance Evaluation and Firm Financial Performance: Evidence from Pakistan," SAGE Open, , vol. 13(3), pages 21582440231, July.
    6. Doumpos, Michalis & Andriosopoulos, Kostas & Galariotis, Emilios & Makridou, Georgia & Zopounidis, Constantin, 2017. "Corporate failure prediction in the European energy sector: A multicriteria approach and the effect of country characteristics," European Journal of Operational Research, Elsevier, vol. 262(1), pages 347-360.
    7. Mohammed Hossain & Yasean A. Tahat & Naser AbuGhazaleh, 2024. "Unlocking the Sustainable Workplace Equality Policy (SWEP): Evidence from an Emerging Country," Sustainability, MDPI, vol. 16(2), pages 1-22, January.
    8. Gargallo, Pilar & Lample, Luis & Miguel, Jesús A. & Salvador, Manuel, 2024. "Sequential management of energy and low-carbon portfolios," Research in International Business and Finance, Elsevier, vol. 69(C).
    9. Iman Harymawan & Mohammad Nasih & Dian Agustia & Fajar Kristanto Gautama Putra & Hadrian Geri Djajadikerta, 2022. "Investment efficiency and environmental, social, and governance reporting: Perspective from corporate integration management," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 29(5), pages 1186-1202, September.
    10. Hui Wang & Haiming Chen & Vincent Tawiah, 2023. "Does Ethical Behaviour Affect Sustainable Development? Evidence from Developed and Developing Countries," Sustainability, MDPI, vol. 15(13), pages 1-16, June.
    11. Hao Liu & Weilun Huang, 2022. "Sustainable Financing and Financial Risk Management of Financial Institutions—Case Study on Chinese Banks," Sustainability, MDPI, vol. 14(15), pages 1-18, August.
    12. Alla Mostepaniuk & Elsie Nasr & Razan Ibrahim Awwad & Sameer Hamdan & Hasan Yousef Aljuhmani, 2022. "Managing a Relationship between Corporate Social Responsibility and Sustainability: A Systematic Review," Sustainability, MDPI, vol. 14(18), pages 1-23, September.
    13. Brian Baldassarre & Giulia Calabretta & Ingo Oswald Karpen & Nancy Bocken & Erik Jan Hultink, 2024. "Responsible Design Thinking for Sustainable Development: Critical Literature Review, New Conceptual Framework, and Research Agenda," Journal of Business Ethics, Springer, vol. 195(1), pages 25-46, November.
    14. Aleksandra Szymura, 2022. "Risk Assessment of Polish Joint Stock Companies: Prediction of Penalties or Compensation Payments," Risks, MDPI, vol. 10(5), pages 1-22, May.
    15. Pedro Antonio Martín-Cervantes & María del Carmen Valls Martínez, 2023. "Unraveling the relationship between betas and ESG scores through the Random Forests methodology," Risk Management, Palgrave Macmillan, vol. 25(3), pages 1-29, September.
    16. Dimitrios Koutmos, 2024. "Twitter Economic Uncertainty and Herding Behavior in ESG Markets," JRFM, MDPI, vol. 17(11), pages 1-19, November.
    17. Weihua Qu & Na Sun, 2024. "Does CSR Improve the Quality of Economic Growth? Based on the Perspective of Green Innovation," Sustainability, MDPI, vol. 16(15), pages 1-26, August.
    18. Andrea Caccialanza & Riccardo Torelli, 2024. "The role of trade associations in promoting corporate sustainability transition and reporting: A case study in the food supply chain," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(5), pages 4469-4486, September.
    19. Qiang Li & Wenjuan Ruan & Tiantian Sun & Erwei Xiang, 2020. "Corporate governance and corporate environmental investments: Evidence from China," Energy & Environment, , vol. 31(6), pages 923-942, September.
    20. Silvana Secinaro & Valerio Brescia & Davide Calandra & Buerhan Saiti, 2020. "Impact of climate change mitigation policies on corporate financial performance: Evidence‐based on European publicly listed firms," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 27(6), pages 2491-2501, November.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jrisks:v:10:y:2022:i:2:p:42-:d:751243. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.