Monitoring the Modern Experience of Financial Risk Management in Russia Based on Corporate Social Responsibility for Sustainable Development

Abstract

Goal: To perform monitoring of the modern experience of CSR (corporate social responsibility) manifestation in Russia and to differentiate and quantitatively measure the contribution of the support of SDGs (Sustainable Development Goals) and responsible HRM (human resources management) to managing businesses’ financial risks. For this, a sample of the 11 largest companies of one sphere—the extracting industry—which are included in the ranking of Global 2000 Forbes for 2020 are used. Based on the sample, the authors determine the level of the financial risks of Russian companies in the 2020–2021 period and the impact of CSR (in terms of its distinguished indicators) on it. The authors model and measure the contribution of CSR (in terms of its distinguished directions) to the reduction in the financial risks of Russian companies in 2020 and assess the perspective of the decrease in the financial risks of Russian companies for the 2022–2024 period based on CSR. The novelty of this paper lies in the development of a proprietary classification of the directions of CSR by the criterion of contribution to financial risk management. According to the proprietary classification, the following aspects are distinguished: (1) support of SDGs and (2) responsible HRM. The uniqueness and originality of this paper are due to the fact that for the first time the authors perform quantitative measuring of the contribution of CSR (in terms of the distinguished directions—each in isolation) to managing businesses’ financial risks in developing countries based on the example of Russia.

Dataset Analysis of the Risks for Russian IT Companies Amid the COVID-19 Crisis

“…The first one is the risk of reduction in revenue. Reduction in revenue is a serious threat to business, for it may lead to losses, insolvency, and bankruptcy (Berzon et al 2022;Vagin et al 2022). Under the conditions of the COVID-19 pandemic and crisis, the lockdown set restrictions on the production and sales activities of the business and reduced the volume of effective demand due to the reduction in the level of revenue in society, which, in sum, increased the risk of reduction in business revenue (Inshakova et al 2021).…”

Управління Ризиками В Аграрному Секторі: Фінансовий Аспект

“…Вагомий внесок у визначення природи ризиків, дослідження проблем управління фінансовими ризиками та їх практичне вирішення зробили й вітчизняні, і зарубіжні вчені, зокрема: І. Томащук [13], Н. Берзон [14], І. Король [15], В. Ніценко [16], Д. Кахан [17], К. Адамс [18], К. Габріель і К. Бейкер [19], Ю. де Мей [20],. Їхні праці й дотепер є актуальними.…”

“…У своїх наукових працях Н. Берзон, М. Новіков та інші фінансовий ризик підприємства трактують як "…зменшення вартості будь-яких фінансових показників діяльності підприємства: продажів, прибутку, активів і ринкової вартості". Зменшення фінансового ризику науковцями трактується як зростання значення будь-якого з перерахованих показників діяльності компанії [14]. Фінансові ризики виникають унаслідок коливань відсоткових ставок за позиковим капіталом або труднощів із грошовим потоком, якщо бракує коштів для погашення кредитів [25].…”

Financial Management of Listed Companies Based on Convolutional Neural Network Model in the Context of Epidemic

“…On the basis of an in-depth analysis of the shortcomings of the CE financial management system, an all-round risk management architecture with a “dual core” of internal control and risk management control is proposed. However, the new framework and the CE financial management system also have difficulties such as being too theoretical and obstacles to the translation of the guidance into practice [ 19 , 20 ]. Zinkewicz [ 21 ] explored the current status of ERM implementation in the insurance industry, and the effective implementation of ERM will face challenges from various aspects such as system design and data acquisition and integration.…”