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Financial Risk Management Based on Corporate Social Responsibility in the Interests of Sustainable Development

Author

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  • Sergei G. Vagin

    (Faculty of Economic Sciences, National Research University “Higher School of Economics”, 101000 Moscow, Russia
    Department of Modern Technologies of Management, MIREA—Russian Technological University, 119454 Moscow, Russia)

  • Elena I. Kostyukova

    (Department of Accounting and Finance, Stavropol State Agrarian University, 355017 Stavropol, Russia)

  • Natalia E. Spiridonova

    (Department of Economic Analysis and Auditing, Voronezh State University, 394006 Voronezh, Russia)

  • Tatiana M. Vorozheykina

    (Department of Organisation of Production, Russian State Agrarian University—Moscow Timiryazev Agricultural Academy (RSAU—MAA named after K.A. Timiryazev), 127550 Moscow, Russia)

Abstract

This paper aims to study the perspectives of sustainable development amid the COVID-19 pandemic and crisis in 2021, backed by financial risk management and corporate social responsibility. To achieve this goal, the authors use the methods of regression analysis, horizontal and trend analysis, and variation analysis. As a result, it is proven—for the first time—that in isolation, investments and corporate social responsibility do not contribute positively to sustainable development. In addition, the authors determine the absence of the outflow of investments from the world economy during crises. Based on this, a new approach to crisis management of sustainable development is developed—it is based on stimulating corporate social responsibility, for which the complex recommendations in the sphere of state management are offered. The theoretical significance of the conclusions made consists in specifying the essence of financial risk management of sustainable development, which has to be conducted with a strict connection to and based on corporate social responsibility. The practical significance of the developed new approach and offered recommendations on its practical implementation consists of strengthening the scientific and methodological provision of economic crisis management of COVID-19 and the maximization of its contribution to sustainable development to support the Decade of Action.

Suggested Citation

  • 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.
    • Handle: RePEc:gam:jrisks:v:10:y:2022:i:2:p:35-:d:741091
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    1. Aleksei V. Bogoviz & Svetlana V. Lobova & Alexander N. Alekseev, 2022. "The Concept of Corporate Social Responsibility Based on Integrating the SDGs into Corporate Strategies: International Experience and the Risks for Profit," Risks, MDPI, vol. 10(6), pages 1-27, June.
    2. 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.
    3. 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.

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