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

Author

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  • 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
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    References listed on IDEAS

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    3. 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.
    4. 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.
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    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.

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