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Responsible Innovations as Tools for the Management of Financial Risks to Projects of High-Tech Companies for Their Sustainable Development

Author

Listed:
  • Elena G. Popkova

    (Department of Economics, RUDN University, 117198 Moscow, Russia)

  • Muxabbat F. Xakimova

    (Department of Innovative Education, Tashkent State University of Economics, Tashkent 100066, Uzbekistan)

  • Marija A. Troyanskaya

    (Department of State and Municipal Administration, Orenburg State University, 460018 Orenburg, Russia)

  • Elena S. Petrenko

    (Department of Theory of Management and Business Technologies, Plekhanov Russian University of Economics, 115093 Moscow, Russia)

  • Olga V. Fokina

    (Department of Management and Marketing, Vyatka State University, 610020 Kirov, Russia)

Abstract

This paper is devoted to the resolution of the problem of risk management in a high-risk market environment. The goal of this paper was to study the experience of and prospects for the use of responsible innovations as tools for managing the financial risks of high-tech companies’ projects for their sustainable development (using the example of companies in Russia’s IT sphere in 2022–2023). We used the SEM method to study the daily statistics of the Moscow Exchange in 2022–2023. As a result, we quantitatively measured the financial risks of Russian companies in the IT sphere in 2022–2023. The studied case experience of the IT sphere in 2022 confirmed that Russian high-tech companies actively implement responsible innovations based on ESG projects. Our main conclusion is that the financial risks of high-tech companies are reduced in the case of the implementation of responsible innovations. Therefore, it is advisable to implement responsible innovations for the sustainable development of high-tech companies in a high-risk market environment. The theoretical significance of our conclusions lies in the substantiation of the synergetic effect of financial risk management with the help of responsible innovations. The scientific novelty and contribution of this paper to the literature consist in its clarifying the sectorial (in the IT sphere) and market (in a high-risk market environment) specifics of managing the financial risks to companies. We also disclosed a poorly studied and largely unknown unique and leading experience of managing the financial risks of Russian high-tech companies in 2022–2023. The practical significance of our recommendations is that the compiled scenario can be used as a strategic benchmark for the most complete development of the potential of the sustainable development of Russian high-tech companies in 2024.

Suggested Citation

  • Elena G. Popkova & Muxabbat F. Xakimova & Marija A. Troyanskaya & Elena S. Petrenko & Olga V. Fokina, 2024. "Responsible Innovations as Tools for the Management of Financial Risks to Projects of High-Tech Companies for Their Sustainable Development," Risks, MDPI, vol. 12(2), pages 1-28, January.
    • Handle: RePEc:gam:jrisks:v:12:y:2024:i:2:p:21-:d:1327840
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    References listed on IDEAS

    as
    1. Chen, Liping & Zhang, Cheng, 2023. "The impact of financial agglomeration on corporate financialization: The moderating role of financial risk in Chinese listed manufacturing enterprises," Finance Research Letters, Elsevier, vol. 58(PD).
    2. Yulian Peng & Jianqing Zhou & Miaoxin Lin & Dawei Feng, 2023. "The Impact of IT Capability on Corporate Green Technological Innovation: Evidence from Manufacturing Companies in China," Journal of Information & Knowledge Management (JIKM), World Scientific Publishing Co. Pte. Ltd., vol. 22(01), pages 1-24, February.
    3. Xu, Xiaodong & Mu, Yayu & Wang, Juan, 2023. "Corporate risk and financial asset holdings," Pacific-Basin Finance Journal, Elsevier, vol. 81(C).
    4. Wang, Junkai & Qi, Baolei & Nie, Yaoxiang & Hussain, Muhammad Jameel, 2023. "Will the investment environment in the region where the company is located affect its financial risk? Evidence from Chinese listed companies," Finance Research Letters, Elsevier, vol. 57(C).
    Full references (including those not matched with items on IDEAS)

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