IDEAS home Printed from https://ideas.repec.org/a/gam/jrisks/v10y2022i3p58-d764240.html
   My bibliography  Save this article

Program-Targeted Approach to Managing Financial Risks of Sustainable Development Based on Corporate Social Responsibility in the Decade of Action

Author

Listed:
  • Liudmila I. Khoruzhy

    (Institute of Economics and Management of Agro-Industrial Complex, Russian State Agrarian University—Moscow Timiryazev Agricultural Academy, 127434 Moscow, Russia)

  • Valery I. Khoruzhy

    (Department of Taxes and Tax Administration, Financial University under the Government of the Russian Federation, 125167 Moscow, Russia)

  • Bogdan S. Vasyakin

    (Department of Psychology, Plekhanov Russian University of Economics, 115093 Moscow, Russia)

  • Wenhao Shen

    (Department of World Economy, Saint Petersburg State University of Economics, 191023 Saint Petersburg, Russia)

Abstract

This paper aims to find the prospects of improving the practice of managing financial risks of sustainable development in the Decade of Action. We substantiate—based on economic and mathematical modeling based on a sample of 185 countries—that the existing (project-based) approach to managing financial risks of sustainable development, which was successfully implemented in the pre-crisis period (2015–2019), demonstrates reduced effectiveness at the beginning of the Decade of Action (2020–2021). This showed a marked increase in the overall level of financial risk, as well as an increase in the importance of private investment, in financing sustainable development in the first two years of the Decade of Action (2020–2021) compared to 2018–2019. Additionally, the features of the continents are identified: Africa, America and the Caribbean, Asia, and Europe, and specific recommendations are proposed for them on the financial risk management of sustainable development in the Decade of Action. This paper’s originality lies in the development of a new program-targeted approach to managing financial risks of sustainable development, which, due to its increased flexibility and the use of the market mechanism—is optimal for the conditions of the pandemic and will allow the ensuring of the full-scale (quantitative characteristics) financial provision of the SDGs in the Decade of Action using private investments. This paper’s novelty is also due to the recommendation on the improvement of financial risk management based on corporate social responsibility (qualitative characteristics) to support the implementation of the SDGs in the Decade of Action.

Suggested Citation

  • Liudmila I. Khoruzhy & Valery I. Khoruzhy & Bogdan S. Vasyakin & Wenhao Shen, 2022. "Program-Targeted Approach to Managing Financial Risks of Sustainable Development Based on Corporate Social Responsibility in the Decade of Action," Risks, MDPI, vol. 10(3), pages 1-20, March.
    • Handle: RePEc:gam:jrisks:v:10:y:2022:i:3:p:58-:d:764240
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2227-9091/10/3/58/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2227-9091/10/3/58/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Şenay Ağca & John R. Birge & Zi'ang Wang & Jing Wu, 2023. "The impact of COVID‐19 on supply chain credit risk," Production and Operations Management, Production and Operations Management Society, vol. 32(12), pages 4088-4113, December.
    2. Alexey S. Kharlanov & Yuliya V. Bazhdanova & Teimuraz A. Kemkhashvili & Natalia G. Sapozhnikova, 2022. "The Case Experience of Integrating the SDGs into Corporate Strategies for Financial Risk Management Based on Social Responsibility (with the Example of Russian TNCs)," Risks, MDPI, vol. 10(1), pages 1-19, January.
    3. Marco Migliorelli, 2021. "What Do We Mean by Sustainable Finance? Assessing Existing Frameworks and Policy Risks," Post-Print hal-03476960, HAL.
    4. Yubin Yang & Xuejian Chu & Ruiqi Pang & Feng Liu & Peifang Yang, 2021. "Identifying and Predicting the Credit Risk of Small and Medium-Sized Enterprises in Sustainable Supply Chain Finance: Evidence from China," Sustainability, MDPI, vol. 13(10), pages 1-19, May.
    5. Hooi Hooi Lean & Fabio Pizzutilo, 2021. "Performances and risk of socially responsible investments across regions during crisis," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 3556-3568, July.
    6. Susan T. Jackson, 2021. "Risking Sustainability: Political Risk Culture as Inhibiting Ecology-Centered Sustainability," Risks, MDPI, vol. 9(11), pages 1-15, October.
    7. Akhmadi Akhmadi & Yeni Januarsi, 2021. "Profitability and Firm Value: Does Dividend Policy Matter for Indonesian Sustainable and Responsible Investment (SRI)-KEHATI Listed Firms?," Economies, MDPI, vol. 9(4), pages 1-23, November.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Monica Laura Zlati & Romeo Victor Ionescu & Valentin Marian Antohi, 2022. "Modelling the Vulnerability of Financial Accounting Systems during Global Challenges: A Comparative Analysis," Mathematics, MDPI, vol. 10(9), pages 1-21, April.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Anggita Langgeng WIJAYA & Ima Widha RATNASARI, 2023. "The Effect of the Audit Committee on the Firm Value of State-Owned Enterprises in Indonesia: The Mediation Role of Financial Performance," CECCAR Business Review, Body of Expert and Licensed Accountants of Romania (CECCAR), vol. 4(6), pages 60-72, June.
    2. Ahad, Muhammad & Imran, Zulfiqar Ali & Shahzad, Khurram, 2024. "Safe haven between European ESG and energy sector under Russian-Ukraine war: Role of sustainable investments for portfolio diversification," Energy Economics, Elsevier, vol. 138(C).
    3. Ghaemi Asl, Mahdi & Ben Jabeur, Sami & Ben Zaied, Younes, 2024. "Analyzing the interplay between eco-friendly and Islamic digital currencies and green investments," Technological Forecasting and Social Change, Elsevier, vol. 208(C).
    4. Satish Kumar & Dipasha Sharma & Sandeep Rao & Weng Marc Lim & Sachin Kumar Mangla, 2025. "Past, present, and future of sustainable finance: insights from big data analytics through machine learning of scholarly research," Annals of Operations Research, Springer, vol. 345(2), pages 1061-1104, February.
    5. Erik Syawal Alghifari & Ardi Gunardi & Jaja Suteja & Indah Khoerun Nisa & Zalfa Amarananda, 2022. "Investment Decisions of Energy Sector Companies on the Indonesia Stock Exchange: Theory and Evidence," International Journal of Energy Economics and Policy, Econjournals, vol. 12(6), pages 73-79, November.
    6. Hilbrich, Sören, 2021. "What is social finance? Definitions by market participants, the EU taxonomy for sustainable activities, and implications for development policy," IDOS Discussion Papers 29/2021, German Institute of Development and Sustainability (IDOS).
    7. Yiyu Xia, 2022. "A Study on Evolution Game of Accounts Receivable Pledge Financing in Supply Chain Finance Model," International Business Research, Canadian Center of Science and Education, vol. 15(12), pages 1-39, December.
    8. 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.
    9. Mauro Aliano & Lucianna Cananà & Tiziana Ciano & Stefania Ragni & Massimiliano Ferrara, 2025. "On the dynamics of a SIR model for a financial risk contagion," Quality & Quantity: International Journal of Methodology, Springer, vol. 59(2), pages 1177-1201, April.
    10. Zhen-Song Chen & Jia Zhou & Chen-Ye Zhu & Zhu-Jun Wang & Sheng-Hua Xiong & Rosa M. Rodríguez & Luis Martínez & Mirosław J. Skibniewski, 2023. "Prioritizing real estate enterprises based on credit risk assessment: an integrated multi-criteria group decision support framework," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-53, December.
    11. Ved Dilip Beloskar & S. V. D. Nageswara Rao, 2024. "Screening activity matters: Evidence from ESG portfolio performance from an emerging market," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(3), pages 2593-2619, July.
    12. Shadrach Baa-Naa Kundi & Philip Attuquayefio, 2025. "Assessing the Nexus between Climate Finance and State Vulnerability in Africa," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(1), pages 1816-1840, January.
    13. Shiyun Li, 2025. "Leveraging Big Data for SME Credit Risk Assessment: A Novel BP-KMV and GARCH Integration," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(1), pages 3321-3349, March.
    14. 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.
    15. Chen, Shi & Wang, Mengjie & Huang, Fu-Wei & Chang, Ching-Hui & Lin, Jyh-Jiuan, 2025. "Downcycling in circular production through sustainable insurance under cap-and-trade regulation and carbon tariffs," Energy Economics, Elsevier, vol. 142(C).
    16. Samridhi Kapoor & Manoj Govind Kharat & Shreyanshu Parhi & Mukesh Govind Kharat & Shatrudhan Pandey, 2024. "Striving for Business Sustainability: Understanding the Interplay and Impact of Sustainable Finance, Environmental Social Governance Strategy, and Information Technology Integration on Sustainable Ent," Circular Economy and Sustainability, Springer, vol. 4(4), pages 2749-2774, December.
    17. Phoebe Koundouri & Conrad Landis & Konstantinos Dellis & Angelos Plataniotis, 2025. "Integrating Sustainable Development Goals in Environmental, Social and Governance Criteria and the Sustainability Transformation of the EU Business Sector," DEOS Working Papers 2526, Athens University of Economics and Business.
    18. Huipo Wang & Meng Liu, 2025. "Credit Risk Assessment of Green Supply Chain Finance for SMEs Based on Multi-Source Information Fusion," Sustainability, MDPI, vol. 17(4), pages 1-21, February.
    19. Veronika V. Yankovskaya & Timur A. Mustafin & Dmitry A. Endovitsky & Artem V. Krivosheev, 2022. "Corporate Social Responsibility as an Alternative Approach to Financial Risk Management: Advantages for Sustainable Development," Risks, MDPI, vol. 10(5), pages 1-18, May.
    20. Ozili Peterson. K., 2021. "Making Sustainble Finance Sustainable," Financial Internet Quarterly (formerly e-Finanse), Sciendo, vol. 17(3), pages 64-70, September.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jrisks:v:10:y:2022:i:3:p:58-:d:764240. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.