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Ecologically Responsible Entrepreneurship and Its Contribution to the Green Economy’s Sustainable Development: Financial Risk Management Prospects

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  • Vladimir S. Osipov

    (Department of Asset Management, Moscow State Institute of International Relations (MGIMO University) of the Ministry of Foreign Affairs of the Russian Federation, 119454 Moscow, Russia
    Department of Global Economics and Management of External Economic Activities, Lomonosov Moscow State University, 119991 Moscow, Russia)

  • Yuriy A. Krupnov

    (Institute of Economic Policy and Economic Security, Financial University under the Government of the Russian Federation, 125167 Moscow, Russia)

  • Galina N. Semenova

    (Department of Accounting and Taxation, Plekhanov Russian University of Economics, 115093 Moscow, Russia
    Department of Economics, Moscow Region State University, 141014 Mytishchi, Russia)

  • Maria V. Tkacheva

    (Department of Economic Security and Accounting, Voronezh State University, 394018 Voronezh, Russia)

Abstract

This paper’s goal is to develop a scientific methodology of financial risk management of ecologically responsible entrepreneurship for the sustainable development of the green economy. The originality of this paper is due to the fact that, for the first time, the financial risks of the green economy are considered through the prism of its sustainability. The paper’s novelty is due to the modelling and quantitative measuring of the impact of the COVID-19 pandemic and the financial and economic crisis on the financial risks to the green economy’s sustainability, in addition to the development of precise quantitative recommendations for financial risk management of the green economy. This enables an increase in its sustainability and reduces ecological disproportion in regions of the world (reducing the differences in the green economy’s sustainability among regions of the world through the management of green investments). The paper’s contribution to the literature consists of specifying the theory of financial risks to the green economy. According to the specified fundamental provisions of this theory, the essence of the process of green economy development is clarified (the “black box” is opened) as the increase in its contribution to sustainable development. As the indicator of achieving this development, an increase in the green economy’s sustainability is offered. A new source of achieving the goal is proposed, consisting of a financial risk management of ecologically responsible entrepreneurship based on (private) green investments.

Suggested Citation

  • Vladimir S. Osipov & Yuriy A. Krupnov & Galina N. Semenova & Maria V. Tkacheva, 2022. "Ecologically Responsible Entrepreneurship and Its Contribution to the Green Economy’s Sustainable Development: Financial Risk Management Prospects," Risks, MDPI, vol. 10(2), pages 1-19, February.
    • Handle: RePEc:gam:jrisks:v:10:y:2022:i:2:p:44-:d:752865
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    References listed on IDEAS

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    1. Juan Rafael Ruiz & Patricia Stupariu, 2021. "A green new deal and debt sustainability for the post COVID-19 world," International Review of Applied Economics, Taylor & Francis Journals, vol. 35(2), pages 288-307, March.
    2. Goenka, Aditya & Liu, Lin & Nguyen, Manh-Hung, 2021. "COVID-19 and a Green Recovery?," Economic Modelling, Elsevier, vol. 104(C).
    3. Hongmu Lee, 2021. "Risk Management in China," Springer Texts in Business and Economics, in: Risk Management, edition 1, chapter 16, pages 213-230, Springer.
    4. Wang, Xinyue & Wang, Qing, 2021. "Research on the impact of green finance on the upgrading of China's regional industrial structure from the perspective of sustainable development," Resources Policy, Elsevier, vol. 74(C).
    5. Sriyono & Sarwendah Biduri & Bayu Proyogi, 2021. "Acceleration of performance recovery and competitiveness through non-banking financing in SMEs based on green economy: impact of Covid-19 pandemic," Journal of Innovation and Entrepreneurship, Springer, vol. 10(1), pages 1-10, December.
    6. repec:hal:journl:hal-03549316 is not listed on IDEAS
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    Cited by:

    1. Denis E. Matytsin & Yelena S. Petrenko & Nadezhda K. Saveleva, 2022. "Corporate Social Responsibility in Terms of Sustainable Development: Financial Risk Management Implications," Risks, MDPI, vol. 10(11), pages 1-24, October.
    2. Tianning Zhang & Shamsheer ul Haq & Xiaodi Xu & Muhammad Nadeem, 2024. "Greening ambitions: exploring factors influencing university students' intentions for sustainable entrepreneurship," International Entrepreneurship and Management Journal, Springer, vol. 20(4), pages 2863-2899, December.

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