Sustainable Development of Entrepreneurship through Operational Risk Management: The Role of Corporate Social Responsibility

Abstract

The goal of this paper was to study the role of corporate social responsibility (by the example of responsible HRM) in the sustainable development of entrepreneurship through operational risk management. The correlation analysis method was used to find a close connection between the number of employees and operational risks to international companies from “Global 500” in 2021–2023. The regression analysis method was used to compile the economic and mathematical model of the sustainable development of international entrepreneurship, which demonstrated wide opportunities for operational risk management through responsible HRM. The method of trend analysis allowed determining scenarios of the sustainable development of international entrepreneurship, which demonstrated that in the Decade of Action, the success of operational risk management is largely determined by the activity of the use of responsible HRM practices. The main conclusion is that responsible HRM facilitates the reduction of operational risks to modern companies, but practices of responsible HRM have different impacts on operational risks to companies: some practices (creation of knowledge-intensive jobs and stimulation of the innovative activity of employees through support for research talents) reduce operational risks, while some practices (stimulation of the growth of labor efficiency and attraction of female researchers to the staff) have a contradictory impact, and other practices (development of human capital through corporate training) increase operational risks. The theoretical significance is because the paper discloses the previously unknown consequences of responsible HRM as a special sphere of manifestation of corporate social responsibility for the operational risks of companies. The practical significance is because the compiled scenarios disclose the perspective of the sustainable development of companies through the improvement of the management of their operational risks based on responsible HRM. The managerial significance is that the proposed recommendations from the authors for the practical implementation of the optimistic scenario can be milestones for companies and can be used to improve the practice of operational risk management of companies.

1. Introduction

Risks largely determine the scale and character of business activity, as well as its results. Special attention should be paid to operational risks, which pose a large threat to entrepreneurship. This is because, in case of operational risks, the period of their management could be short, for operational risks can put the company at the break-even point, thus leading to the termination of its existence. Given the fact that risks destabilize the activities of business structures, it would be expedient to consider risks from the position of the sustainable development of entrepreneurship.

At that, we should differentiate the sustainable development of economic systems at the macroeconomic scale, measured from the position of the achieved results in the sphere of implementation of the Sustainable Development Goals (SDGs) and the sustainable development of entrepreneurship at the microeconomic scale, measured primarily from the positions of companies’ stability as the reflection of their market position’s sustainability. Support for the SDGs is important, but it is secondary at the micro level, for if the company loses its market position, its potential in the sphere of support for the SDGs will also be depleted.

However, practices of operational risk management that strengthen companies’ position in the market but contradict the SDGs cannot be treated as support for the sustainable development of entrepreneurship. That is why, in the Decade of Action, the selection of such practices of corporate management that are not contradictory and ensure the complex effect—reducing operational risks and supporting the SDGs—is very interesting from the scientific and practical point of view. One of the most promising practices of this kind is corporate social responsibility.

In most of the existing sources of modern literature, the most actively researched aspect of corporate social responsibility is companies’ responsibility for the quality of issued products. In this aspect, everything is rather simple and non-contradictory. Thus, by raising the quality of products, including not only the improvement of technical but also environmental properties, as well as an increase in the level of service and after-sales support, companies support a wide range of the SDGs and improve their market positions.

Not everything is clear regarding a much less studied aspect of corporate social responsibility: responsible management of human resources (HRM). While in the past, due to high human intensity of business operations, the keeping of employees and support for human capital development strengthened the positions of companies in the market and reduced their operational risks, everything has changed now. In the course of technological progress, business operations become less human-intensive. Because of this, responsible HRM can contradict the management of operational risks of companies.

While responsible HRM makes a generally recognized and large contribution to the achievement of the SDGs at the micro level, the consequences of responsible HRM for the operational risks of companies are uncertain and require clarification. This determines the importance of the study of the role of corporate social responsibility (by the example of responsible HRM) in the sustainable development of entrepreneurship through operational risk management, which is the goal of this paper.

This paper’s motivation lies in the striving towards bridging the gap in the existing literature on the topic of responsible HRM and operational risk to companies, which are studied in isolation with uncertainty of their interaction which this paper tries to disclose and clarify. The main concepts of this research are as follows. International entrepreneurship is the subject of the business environment, which manifests corporate social responsibility most actively and systemically and which feels the influence of operational risks most acutely due to the global character of its activities since the business environment in the world markets is more volatile and less predictable.

Responsible HRM, as one of the main practices of manifestation of corporate social responsibility, which involves the creation of knowledge-intensive jobs, stimulation of the growth of labor productivity, corporate training, the attraction of female researchers to the staff, and support for research talents. Sustainable development of entrepreneurship is a point of contact for operational risks and responsible HRM. Financial risks are a threat to the sustainable development of entrepreneurship, and responsible HRM envisages the implementation of the corresponding Sustainable Development Goals (SDGs). In aggregate, this determines companies’ sustainability.

The main results of this research, which are given below, include the following: (1) explanation of the value of responsible HRM for the reduction of operational risks to international companies; (2) operational risk management through responsible HRM in the model of the sustainable development of international entrepreneurship; (3) determination of the scenarios of the sustainable development of international entrepreneurship through operational risk management with the help of responsible HRM.

The scientific novelty of this paper lies in the concretization of the contribution of corporate social responsibility (by the example of responsible HRM) to the reduction of operational risks to companies. The theoretical significance of the paper is that practices of responsible HRM are classified by the criterion of their contribution to the reduction of operational risks to companies. The practical significance of this paper is that the concentration of companies’ efforts in the sphere of corporate social responsibility on the selected most effective practices of responsible HRM allows companies to raise the effectiveness of operational risk management.

2. Literature Review

2.1. The System of Operational Risks to Companies and the Contribution of Operational Risk Management to the Sustainable Development of Entrepreneurship

The theoretical basis of this research is the concept of operational risks to companies. According to this concept, based on the works by Xing (2024) and Lang et al. (2024), operational risks to companies are treated in this paper as deterioration of their financial situation, i.e., loss of income, profit, and assets and losses as a result of inadequate or incorrect internal processes, actions of employees and systems, or external events. Since the deterioration of a company’s financial situation can have many manifestations, it is possible to distinguish a large range of operational risks to companies. The performed overview of the existing scientific literature allows for a systematization of operational risks to companies. Thus, the following risks were distinguished:

• Risk of reduction of income (Gara et al. 2024), the sign of which is the reduction of companies’ revenues in value terms ($ millions) in the considered period compared to the preceding period, i.e., negative yearly revenue change in per cent;
• Risk of reduction of profit (Lai and Hu 2024), the sign of which is the reduction of profits in value terms ($ millions) in the considered period compared to the preceding period, i.e., negative yearly profit change in per cent;
• Risk of reduction of asset value (Ouyang et al. 2024), including reduction of market capitalization (Baruník and Ellington 2024) and loss of intangible assets (Khasanov et al. 2019), the signs of which are reduction of assets in value terms ($ millions), reduction of market capitalization in % of GDP, reduction of unicorn valuation in % of GDP, and intangible asset intensity, top 15 in %, in the considered period compared to the preceding period;
• Risk of depreciation of global business reputation (Al-Ghazali et al. 2024), the sign of which is the reduction of global brand value, top 5000 in % of GDP, in the considered period compared to the preceding period;
• Risk of outflow of venture investments (Ben Lahouel et al. 2024; Zhu and Chen 2024), the signs of which are reduction of venture capital (VC) investors, deals/bn PPP$ GDP, VC recipients, deals/bn PPP$ GDP and VC received, value, % of GDP, in the considered period compared to the preceding period.

Based on the existing finance literature (D’Amico et al. 2024; Yang 2024), operational risk to companies is treated in this paper as deterioration of their financial state. Financial risk is a feature of a company’s position in the market and, therefore, is largely determined by an environment that is external to the company–market environment (Duan et al. 2024). The components of operational risk are as follows.

First, unfavorable change in demand, which leads to the reduction of sales volume, and, accordingly, to the reduction of revenue and profit of companies (Deng et al. 2024). Employees can influence this component of operational risk to companies through the growth of product quality and the level of service in the interaction with consumers, as well as informing the wider public about the company being a responsible employer. This raises the value and attractiveness of its products for buying compared to substitute products (Hojer and Mataigne 2024).

Second, the reduction of the investment attractiveness of companies is expressed in the decrease in the cost of their assets, depreciation of their global business reputation, and outflow of venture investments (Huang et al. 2024). Employees can influence this component of operational risk to companies through the creation of new assets, in particular, intangible assets, which have a large value in the market (Yang et al. 2024). Labor productivity of employees, quality of products, and level of service, as well as the business reputation of the company as an employer, largely determine its investment attractiveness (Hu and Ni 2024).

Financial risks have a strong negative effect on the activities of modern companies. Under the pressure of operational risks, companies suffer losses and leave target markets (Horvath and Yang 2024).

Financial risk management is a managerial process in the company’s activities, which is aimed at the reduction of its operational risks (Frintrup and Hilgers 2024; Guo et al. 2024; Liu 2024). Financial risk management is decisive for the sustainable development of entrepreneurship, which is treated, according to Musallam (2024) and Tursunov (2022), as a process of an increase in the market access of companies that support the SDGs in their activities.

Therefore, for the management of operational risks to companies to ensure their sustainable development, this management must not only reduce operational risks to companies but also contribute to the achievement of the SDGs.

2.2. Corporate Social Responsibility as a Tool of Operational Risk Management of Companies in Support of Their Sustainable Development

The performed literature review (Tee et al. 2024; Zhu and Wagner 2024) defines corporate social responsibility as companies adopting voluntary responsibility to interested parties for the consequences of their activities over their responsibility that is mandatory by law. In the context of interested parties, it is possible to distinguish several aspects of corporate social responsibility.

For example, the aspects of corporate social responsibility that were most developed in the literature are as follows: responsibility to payment of dividends, the manifestation of which involves the adoption of higher dividends than required by law and/or practiced in the sphere. The companies’ abilities to pay stock dividends are directly determined by the success of the management of their operational risks. That is why the manifestation of responsibility to shareholders during the operational risk management of companies ensures their sustainable development (Hsiao et al. 2024).

Second, responsibility to consumers for the quality of sold products, the manifestation of which involves companies’ ensuring higher quality of their products than required by the corresponding quality standards. Product quality raises consumers’ loyalty to the company, increasing its market success. Therefore, a manifestation of responsibility to consumers during companies’ operational risk management ensures their sustainable development (Azzam and Abu-Shamleh 2024).

One of the least studied aspects of corporate social responsibility, which deserves in-depth study, is responsibility to employees, which manifests as responsible HRM. Responsible HRM is a special sphere of human resources management, which involves mandatory support for the SDGs (Aust et al. 2024; Brewster and Brookes 2024; Nakra and Kashyap 2023). This differentiates responsible HRM from personnel management and any management connected with human capital (Labelle et al. 2024). As a result of the content analysis of the existing publications, we distinguished the following main manifestations of responsible HRM, which are practiced by modern companies, which are compared in this paper to SDGs, to demonstrate their contribution to the sustainable development of entrepreneurship:

• Creation of knowledge-intensive jobs in support of SDG 8 (Sozinova et al. 2023);
• Stimulation of the growth of labor efficiency in support of SDG 8 (Bashir et al. 2024);
• Development of human capital through corporate training in support of SDG 4 (Mamaeva et al. 2020);
• Attraction of female researchers to the staff in support of SDG 5 (Shevyakova et al. 2019);
• Stimulation of the innovative activity of employees through support for research talents in support of SDG 9 (Bogoviz et al. 2020).

Though the issues of responsible HRM were studied in detail in the existing publication, they do not disclose the implications of responsible HRM for operational risks to companies, which is a literature gap. This paper strives towards filling this gap in the literature and sets the following research question. RQ: What influence do responsible HRM practices have on operational risks to companies?

Galoyan et al. (2023b) and Liang et al. (2024) write that responsible HRM can restrain the sustainable development of entrepreneurship, raising its operational risks, since the competitiveness of manual productions and companies that artificially preserve workplaces is further reducing compared to rivals which implement highly effective automatization.

Contrary to them, other authors, in particular Jin et al. (2024), Liu and Chiang (2024) and Vaughan et al. (2024), state that automatization does not eliminate but transforms modern companies’ need for human resources, due to which the need for responsible HRM does not disappear but changes—it is necessary to reconsider the practices of responsible HRM and select the ones that contribute the most to the reduction of operational risks to companies. Galoyan et al. (2023a) and Lobova et al. (2020) present scientific arguments in favor of the fact that despite automatization, modern companies require personnel. Based on this, the following general hypothesis is offered here.

H. 

Responsible HRM contributes to the reduction of operational risks to modern companies.

Then, the general hypothesis allows for the fact that practices of responsible HRM have different impacts on operational risks to companies: some practices reduce operational risks while other practices have contradictory impacts or increase operational risks. Within the general hypothesis, the following sub-hypotheses are offered:

H₁. 

Operational risks of companies are reduced due to the creation of knowledge-intensive jobs.

H₂. 

Operational risks of companies are reduced due to stimulation of the growth of labor efficiency.

H₃. 

Operational risks of companies are reduced due to corporate training.

H₄. 

Operational risks of companies are reduced due to the attraction of female researchers in the staff.

H₅. 

Operational risks of companies are reduced due to the growth of support for research talents.

Financial risk management and manifestation of corporate social responsibility have a strong positive effect on sustainable development, improving the financial position of companies that implement the SDGs and raising their competitiveness compared to companies that support the SDGs less actively or companies that do not support the SDGs (Martini et al. 2023; Qamar et al. 2023). To check the proposed general hypothesis H, this paper conducts the economic and mathematical modeling of the influence of the above practices of responsible HRM on the manifestations of the operational risks of companies that are unified into a system (by the example of leading international companies from different countries).

3. Materials and Methods

The methodology of this research involves the use of official international statistics as the basis. Corporate data, which are information about the activities of specific companies that are research objects in this paper, were collected from the materials of the rankings of Fortune (2024) “Global 500” for the last three years: 2021–2023. These data reflect the operational risks of companies; they have the following names and measuring units: “Revenues ($ millions)”, “Revenue Change (%)”, “Profits ($ millions)”, “Profit Change (%)” and “Assets ($ millions)”.

Data on entrepreneurial activities at the level of countries were collected from the materials of WIPO (2024) for 2023. These data have the following names and measuring units. First, data on operational risks to companies: “Intangible asset intensity, top 15, %”, “Global brand value, top 5000, % GDP”, “Market capitalization, % GDP”, “Venture capital (VC) investors, deals/bn PPP$ GDP”, “VC recipients, deals/bn PPP$ GDP”, “VC received, value, % GDP”, and “Unicorn valuation, % GDP”. Second, data on responsible HRM: “Knowledge-intensive employment, %”, “Labor productivity growth, %”, “Firms offering formal training, %”, “Females employed w/advanced degrees, %”, and “Research talent, % in businesses”.

The general hypothesis and, in particular, all five offered sub-hypotheses, are checked with the help of the regression analysis method. It is used to find the regression dependence of operational risks to companies (dependent variables) on the implementation of the practices of responsible HRM (independent variables). The positive influence of independent variables on dependent variables is proof of the corresponding hypotheses.

The goal is achieved with the help of the following tasks of this research.

First task: to explain the role of responsible HRM in the reduction of operational risks to international companies. To solve this task, we use the materials of the rankings Fortune (2024) “Global 500” for the last three years: 2021–2023. These rankings are unified into one data array to receive a large sample for the purpose of reliable results for each country. The sample of data on 25 countries (1500 observations) is given in Supplementary S1.

The method of correlation analysis for each country, according to which, in the sample of more than three observations, we calculate the correlation coefficients, reflect the connection between the number of employees and “Revenues ($millions)”, “Revenue Change”, ‘Profits ($millions)”, “Profit Change”, and “Assets ($millions)”. Positive values of correlation coefficients are a sign of the positive connection between the studied indicators.

Second task: to reveal the capabilities of operational risk management through responsible HRM in a model of sustainable development of international entrepreneurship. To solve this task, the method of regression analysis is used to determine the influence of responsible HRM practices on the operational risks to companies. The sample contains all 130 countries for which the statistics by WIPO (2024) are available. The materials of these statistics are the empirical basis for solving the task (Appendix A). Within this task, the following practices of responsible HRM (control–independent variables) are studied:

• “Knowledge-intensive employment, %” (RHRM1): the creation of knowledge-intensive jobs in support of SDG 8 contributes to the creation of intangible assets and the inflow of venture investments, potentially reducing the corresponding operational risks to companies. This variable is used to test the sub-hypothesis H₁.
• “Labor productivity growth, %” (RHRM2): stimulation of the growth of labor productivity in support of SDG 8 ensures fuller development of the human potential of the employees, potentially raising market capitalization and reducing the corresponding operational risk to companies. This variable is used to test the sub-hypothesis H₂.
• “Firms offering formal training, %” (RHRM3): development of human capital through corporate training in support of SDG 4 potentially raises the investment attractiveness and market capitalization of companies, contributing to the reduction of their corresponding operational risks. This variable is used to test the sub-hypothesis H₃.
• “Females employed w/advanced degrees, %” (RHRM4): attraction of female researchers to the staff in support of SDG 5 strengthens companies’ global business reputations, thus potentially reducing the corresponding operational risk to companies. This variable is used to test the sub-hypothesis H₄.
• “Research talent, % in businesses” (RHRM5): stimulation of the innovative activity of employees through support for research talents in support of SDG 9 facilitates the creation of intangible assets and an inflow of venture investments, which reduces the corresponding operational risks to companies. This variable is used to test the sub-hypothesis H₅.

All independent variables are measured in per cent, which ensures their compatibility during the treatment of their influence on dependent variables in the qualitative analysis of regression models. The resulting—dependent—variables are the following indicators, which characterize operational risks to companies:

• “Intangible asset intensity, top 15, %” (FR1) as the indicator of the risk of loss of intangible assets (measured in per cent);
• “Global brand value, top 5000, % GDP” (FR2) as the indicator of risk of depreciation of global business reputation (measured in % of GDP);
• “Market capitalization, % GDP” (FR3) as the indicator of risk of reduction of market capitalization (measured in % of GDP);
• “Venture capital (VC) investors, deals/bn PPP$ GDP” (FR4) as the indicator of risk of outflows of venture investments (measured in; deals/bn PPP$ GDP);
• “VC recipients, deals/bn PPP$ GDP” (FR5) as the indicator of risk of outflows of venture investments (measured in deals/bn PPP$ GDP);
• “VC received, value, % GDP” (FR6) as the indicator of risk of outflows of venture investments (measured in % of GDP);
• “Unicorn valuation, % GDP” (FR7) as the indicator of risk of the reduction of market capitalization (measured in % of GDP).

To ensure the correctness and reliability of the results of the regression analysis, we performed a variables multicollinearity test, correlation analysis, and the F-test. We selected practices of responsible HRM at which regression coefficients acquire positive values, which is a sign of a positive contribution of these practices to the reduction of operational risks to companies. Hypothesis H is deemed proven if most of the regression coefficients take positive values.

Third task: to determine scenarios of the sustainable development of international entrepreneurship through operational risk management with the help of responsible HRM. To solve this, we compiled the authors’ forecasts of the changes in the values of selected factor variables in the Decade of Action (until 2030). The method of random number generation based on arithmetic means and standard deviations was used to generate 100 random numbers for each variable. We compiled histograms of the normal distribution of forecast values.

For the realistic scenario, we selected the most probable values, for the optimistic scenario—the highest values from rather probable values, and for the pessimistic scenario—the lowest values from rather probable values. The obtained values were inserted into regression equations. The method of trend analysis was used to determine the growth rate of all variables for each scenario in 2030 compared to 2023. The authors’ recommendations for the practical implementation of the optimistic scenario were compiled.

4. Results

4.1. The Role of Responsible HRM in the Reduction of Operational Risks to International Companies

To solve the first task of this research and explain the role of responsible HRM in the reduction of operational risks to international companies, we used the materials of the rankings of Fortune (2024) “Global 500” for the last three years (2021–2023, Supplementary S1) to calculate the correlation coefficients that reflect the connection between the number of employees and “Revenues ($millions)”, “Revenue Change”, ‘Profits ($millions)”, “Profit Change”, and “Assets ($millions)”. The obtained results of the correlation analysis are presented in

Table 1. Cross-correlation of the number of employees and operational risks to international companies from “Global 500” in 2021–2023.

Country	Revenues ($millions)	Revenue Change	Profits ($millions)	Profit Change	Assets ($millions)
Australia	−0.1607	−0.2158	−0.5723	0.1576	−0.4610
Belgium	0.9489	−0.6037	0.6655	−0.7674	0.9971
Brazil	0.3761	−0.2081	−0.1656	−0.1189	−0.1737
Britain	0.2538	−0.1630	0.1252	−0.0966	0.2081
Canada	0.3868	−0.2768	−0.2687	−0.1110	−0.0827
China	0.7526	−0.0450	0.3401	−0.0819	0.3207
Denmark	−0.1791	−0.8972	0.3847	0.9954	0.7137
Finland	−0.7278	−0.6267	−0.9702	−0.9999	−0.6697
France	−0.1235	−0.0531	−0.3302	−0.0534	−0.1784
Germany	0.5239	−0.2053	0.2809	−0.1415	0.0176
India	0.4279	−0.0200	0.6272	−0.0995	0.7142
Ireland	0.9707	0.6066	0.7587	−0.1150	−0.4758
Italy	−0.5749	−0.2667	0.2466	0.6464	0.3373
Japan	0.5728	−0.0452	0.2850	0.0266	0.0821
Mexico	−0.6601	0.1283	0.4829	−0.2504	−0.9974
Netherlands	0.2668	0.1000	0.0651	0.0878	−0.2453
Russia	0.0702	0.0061	0.2942	−0.3779	0.1777
Saudi Arabia	−0.7380	−0.9988	−0.7789	−0.9715	−0.7170
Singapore	−0.7102	−0.3293	−0.4765	0.5108	−0.5807
South Korea	0.9240	−0.2100	0.6708	0.0708	0.2229
Spain	0.2650	−0.2948	−0.0318	−0.0193	0.6173
Sweden	0.2731	−0.9830	−0.9956	−0.1538	−0.8538
Switzerland	0.2350	0.0016	0.5529	0.1649	−0.1798
Turkey	0.9960	0.6701	0.9673	0.7416	0.1148
U.S.	0.7089	−0.0862	0.1482	0.0340	0.0235
Arithmetic mean	0.2031	−0.2006	0.0922	−0.0369	−0.0427
Number of positive values	17	6	16	10	13
Share of positive values, %	68	24	64	40	52

Source: Authors.

.

Results from Table 1 show that most of the correlation coefficients adopted positive values, which is a sign of the positive connection between the studied indicators. The number of employees demonstrated the following:

• Medium correlation with the financial measuring of profitability of international companies: 0.2031; the share of positive values of correlation coefficients among 25 countries equals 68%;
• Medium correlation with the growth rate of profitability of international companies: −0.2006; the share of positive values of correlation coefficients among 25 countries equals 24%;
• Medium correlation with the financial measuring of profit of international companies: 0.0922; the share of positive values of correlation coefficients among 25 countries equals 64%;
• Medium correlation with the growth rate of profit of international companies: −0.0369; the share of positive values of correlation coefficients among 25 countries equals 40%;
• Medium correlation with the asset value of international companies: −0.0427; the share of positive values of correlation coefficients among 25 countries equals 52%.

Thus, most of the arithmetic means of correlation coefficients took positive values. However, though an increase and preservation of the number of employees raise income, profit, and assets in the cost measuring, they hinder their growth. This allows characterization of the influence of the number of employees on the operational risks of international companies in 2021–2023 as contradictory.

However, to prove the offered general hypothesis, the results obtained require addition, for the change in revenue or assets can also be a result of the company’s policy, different market conditions, or even changes in energy or fuel prices. The number of employees depends on the specifics of the company, the use of equipment for production, and the type of activities—production or service.

A company’s productivity depends on the effectiveness of employees and their competence, not on their number. An increase or decrease in the number of employees may not affect the company’s productivity. That is why it is expedient to clarify the qualitative character of the influence of responsible HRM on operational risks to companies.

4.2. Financial Risk Management through Responsible HRM in the Model of the Sustainable Development of International Entrepreneurship

To solve the second task of this research and reveal the capabilities of operational risk management through responsible HRM, the model method of regression analysis was used in the model of the sustainable development of international entrepreneurship to find the influence of responsible HRM practices on operational risks to companies (Appendix A). The variables multicollinearity test was conducted (

Table 2. Multicollinearity test: cross-correlation, %.

	FR1	FR2	FR3	FR4	FR5	FR6	FR7	RHRM1	RHRM2	RHRM3	RHRM4	RHRM5
FR1	1.00	-	-	-	-	-	-	-	-	-	-	-
FR2	0.57	1.00	-	-	-	-	-	-	-	-	-	-
FR3	0.44	0.67	1.00	-	-	-	-	-	-	-	-	-
FR4	0.29	0.32	0.28	1.00	-	-	-	-	-	-	-	-
FR5	0.31	0.40	0.35	0.67	1.00	-	-	-	-	-	-	-
FR6	0.34	0.36	0.29	0.68	0.88	1.00	-	-	-	-	-	-
FR7	0.26	0.25	0.15	0.41	0.70	0.85	1.00	-	-	-	-	-
RHRM1	0.25	0.50	0.27	0.50	0.49	0.45	0.37	1.00	-	-	-	-
RHRM2	−0.12	−0.11	−0.10	−0.06	0.05	0.04	0.07	−0.15	1.00	-	-	-
RHRM3	−0.17	−0.13	−0.35	0.00	−0.11	−0.05	0.02	0.09	−0.01	1.00	-	-
RHRM4	0.22	0.43	0.20	0.43	0.47	0.40	0.38	0.86	−0.10	0.15	1.00	-
RHRM5	0.45	0.68	0.36	0.30	0.38	0.36	0.30	0.62	−0.02	0.01	0.62	1.00

Source: Authors.

).

None of the correlation coefficients exceeded 0.9 in Table 2. Therefore, paired variables exist, and the multicollinearity test was successfully passed. The arithmetic means of the coefficients of correlation with the totality of the factors of responsible HRM equals 0.1249 for “intangible asset intensity, top 15”; 0.2733—for “global brand value, top 5000”; 0.0764—for “market capitalization”; 0.2323—for “venture capital (VC) investors”; 0.2572—for “VC recipients”; 0.2400—for “VC received, value”; and 0.2252—for “unicorn valuation”.

The arithmetic mean of the coefficients of correlation with the totality of the indicators of operational risks equals 0.4038 for knowledge-intensive jobs; −0.0340—for labor efficiency; −0.1115—for corporate training; 0.3590—for female researchers in the staff, and 0.4037—for support for research talents. Regression analysis of the influence of the practices of responsible HRM on the risk of loss of intangible assets (FR1) and the risk of depreciation of global business reputation (FR2) is performed in

Table 3. Regression analysis of the influence of responsible HRM practices on the risk of loss of intangible assets (FR1) and the risk of depreciation of global business reputation (FR2).

FR1	Regression statistics
	Multiple R	R-square	Adjusted R-square	Standard error	Observations	Level of significance
	0.4934	0.2434	0.2129	42.0774	130	0.01
	ANOVA
		df	SS	MS	F	Significance F
	Regression	5	70,626.6975	14,125.3395	7.9781 (Obs.)	1.5098 × 10−6
	Residual	124	219,542.9376	1770.5076	1.5162 (Table)	F-test is passed
	Total	129	290,169.6351	k1 = 5, k2 = 130 − 5 − 1 = 124
	Coefficients
	Y-intercept	RHRM1	RHRM2	RHRM3	RHRM4	RHRM5
	22.8101	0.0709	−3.1110	−0.3681	−0.4821	0.9196
	Standard error
	Y-intercept	RHRM1	RHRM2	RHRM3	RHRM4	RHRM5
	8.5639	0.4744	2.0717	0.1838	0.8282	0.1936
FR2	Regression statistics
	Multiple R	R-square	Adjusted R-square	Standard error	Observations	Level of significance
	0.7139	0.5097	0.4899	3.7187	130	0.01
	ANOVA
		df	SS	MS	F	Significance F
	Regression	5	1782.61	356.5220	25.7814 (Obs.)	9.1 × 10−18
	Residual	124	1714.75	13.8286	1.5162 (Table)	F-test is passed
	Total	129	3497.36	k1 = 5, k2 = 130 − 5 − 1 = 124
	Coefficients
	Y-intercept	RHRM1	RHRM2	RHRM3	RHRM4	RHRM5
	0.8223	0.0881	−0.2337	−0.0340	−0.1023	0.1288
	Standard error
	Y-intercept	RHRM1	RHRM2	RHRM3	RHRM4	RHRM5
	0.7567	0.0419	0.1831	0.0162	0.0732	0.0171

Source: Authors.

.

The results from Table 2 mean that the risk of loss of intangible assets by companies is 49.34% determined by the complex influence of the considered factors of responsible HRM. The regression equation took the following form:

FR1 = 22.8101 + 0.0709 × RHRM1 − 3.1110 × RHRM2 − 0.3681 × RHRM3 − 0.4821 × RHRM4 + 0.9196 × RHRM5

(1)

According to Equation (1), only two practices of responsible HRM reduce the risk of loss of intangible assets by companies. Thus, growth of the share of knowledge-intensive jobs by 1% leads to an increase in “intangible asset intensity, top 15” of 0.0709%. Growth of the share of companies that support research talents by 1% leads to an increase in “intangible asset intensity, top 15” of 0.9196%. For Equation (1), the F-test was passed at the level of significance of 0.01, which confirms its reliability.

In turn, the risk of depreciation of a global business reputation is 71.39% determined by the complex influence of the considered factors of responsible HRM. The regression equation took the following form:

FR2 = 0.8223 + 0.0881 × RHRM1 − 0.2337 × RHRM2 − 0.0340 × RHRM3 − 0.1023 × RHRM4 + 0.1288 × RHRM5

(2)

According to Equation (2), only two practices of responsible HRM reduce the risk of loss of intangible assets by companies. Thus, growth of the share of knowledge-intensive jobs by 1% leads to an increase in “global brand value, top 5000” of 0.0881% of GDP. Growth of the share of companies that support research talents by 1% leads to an increase in “global brand value, top 5000” of 0.1288% of GDP. For Equation (2), the F-test was passed at the level of significance of 0.01, which confirms its reliability. Regression analysis of the influence of responsible HRM practices on the risk of reduction of market capitalization is shown in

Table 4. Regression analysis of the influence of responsible HRM practices on the risk of reduction of market capitalization (FR2 and FR4).

FR3	Regression statistics
	Multiple R	R-square	Adjusted R-square	Standard error	Observations	Level of significance
	0.5184	0.2687	0.2392	46.7913	130	0.01
	ANOVA
		df	SS	MS	F	Significance F
	Regression	5	99,755.4	19,951.1	9.1125 (Obs.)	2.1 × 10−7
	Residual	124	271,489	2189.43	1.5162 (Table)	F-test is passed
	Total	129	371,244	k1 = 5, k2 = 130 − 5 − 1 = 124
	Coefficients
	Y-intercept	RHRM1	RHRM2	RHRM3	RHRM4	RHRM5
	40.6084	0.5547	−2.4479	−0.9207	−0.5053	0.6637
	Standard error
	Y-intercept	RHRM1	RHRM2	RHRM3	RHRM4	RHRM5
	9.5233	0.5275	2.3038	0.2044	0.9210	0.2153
FR7	Regression statistics
	Multiple R	R-square	Adjusted R-square	Standard error	Observations	Level of significance
	0.4075	0.1661	0.1324	2.4781	130	0.01
	ANOVA
		df	SS	MS	F	Significance F
	Regression	5	151.646	30.3292	4.9388	0.0004
	Residual	124	761.481	6.1410	1.5162 (Table)	F-test is passed
	Total	129	913.127	k1 = 5, k2 = 130 − 5 − 1 = 124
	Coefficients
	Y-intercept	RHRM1	RHRM2	RHRM3	RHRM4	RHRM5
	−0.6503	0.0279	0.1670	−0.0034	0.0588	0.0072
	Standard error
	Y-intercept	RHRM1	RHRM2	RHRM3	RHRM4	RHRM5
	0.5044	0.0279	0.1220	0.0108	0.0488	0.0114

Source: Authors.

.

The results from Table 4 mean that the change in market capitalization is 51.84% determined by the complex influence of the considered factors of responsible HRM. The regression equation took the following form:

FR3 = 40.6084 + 0.5547 × RHRM1 − 2.4479 × RHRM2 − 0.9207 × RHRM3 − 0.5053 × RHRM4 + 0.6637 × RHRM5

(3)

According to Equation (3), only two practices of responsible HRM reduce the risk of loss of intangible assets by companies. Thus, the growth of the share of knowledge-intensive jobs by 1% leads to an increase in market capitalization of companies of 0.5547 of GDP. Growth of the share of companies that support research talents by 1% leads to an increase in market capitalization of companies of 0.6637% of GDP. For Equation (3), the F-test was passed at the level of significance of 0.01, which proves its reliability.

In turn, “unicorn valuation” is 40.75% determined by the complex influence of the considered factors of responsible HRM. The regression equation took the following form:

FR7 = −0.6503 + 0.0279 × RHRM1 + 0.1670 × RHRM2 − 0.0034 × RHRM3 + 0.0588 × RHRM4 + 0.0072 × RHRM5

(4)

According to Equation (4), almost all (except for RHRM3) practices of responsible HRM reduce the risk of loss of intangible assets by companies. Thus, growth of the share of knowledge-intensive jobs by 1% leads to an increase in “unicorn valuation” of 0.0279% of GDP. Growth of labor efficiency by 1% leads to an increase in “unicorn valuation” of 0.1670% of GDP.

Growth of the share of female researchers in corporate staff by 1% leads to an increase in “unicorn valuation” of 0.0588% of GDP. Growth of the share of companies that support research talents by 1% leads to an increase in “unicorn valuation” of 0.0072% of GDP. For Equation (4), the F-test was passed at the level of significance of 0.01, which confirms its reliability. The regression analysis of the influence of responsible HRM practices on the risk of outflows of venture investments is conducted in

Table 5. Regression analysis of the influence of responsible HRM practices on the risk of outflows of venture investments (FR4, FR5, FR6).

FR4	Regression statistics
	Multiple R	R-square	Adjusted R-square	Standard error	Observations	Level of significance
	0.4987	0.2487	0.2184	0.3305	130	0.01
	ANOVA
		df	SS	MS	F	Significance F
	Regression	5	4.4843	0.8969	8.2110 (Obs.)	1 × 10−6
	Residual	124	13.5442	0.1092	1.5162 (Table)	F-test is passed
	Total	129	18.0284	k1 = 5, k2 = 130 − 5 − 1 = 124
	Coefficients
	Y-intercept	Y-intercept	Y-intercept	Y-intercept	Y-intercept	Y-intercept
	−0.1019	−0.1019	−0.1019	−0.1019	−0.1019	−0.1019
	Standard error
	Y-intercept	Y-intercept	Y-intercept	Y-intercept	Y-intercept	Y-intercept
	0.0673	0.0673	0.0673	0.0673	0.0673	0.0673
FR5	Regression statistics
	Multiple R	Multiple R	Multiple R	Multiple R	Multiple R	Multiple R
	0.5437	0.5437	0.5437	0.5437	0.5437	0.5437
	ANOVA
		df	SS	MS	F	Significance F
	Regression	5	0.6607	0.1321	10.4060 (Obs.)	2.4 × 10−8
	Residual	124	1.5746	0.0127	1.5162 (Table)	F-test is passed
	Total	129	2.2353	k1 = 5, k2 = 130 − 5 − 1 = 124
	Coefficients
	Y-intercept	RHRM1	RHRM2	RHRM3	RHRM4	RHRM5
	−0.0181	0.0028	0.0088	−0.0010	0.0024	0.0003
	Standard error
	Y-intercept	RHRM1	RHRM2	RHRM3	RHRM4	RHRM5
	0.0229	0.0013	0.0055	0.0005	0.0022	0.0005
FR6	Regression statistics
	Multiple R	R-square	Adjusted R-square	Standard error	Observations	Level of significance
	0.4808	0.2311	0.2001	0.0028	130	0.01
	ANOVA
		df	SS	MS	F	Significance F
	Regression	5	0.0003	5.9 × 10−5	7.4551 (Obs.)	3.8 × 10−6
	Residual	124	0.0010	8 × 10−6	1.5162 (Table)	F-test is passed
	Total	129	0.0013	k1 = 5, k2 = 130 − 5 − 1 = 124
	Coefficients
	Y-intercept	RHRM1	RHRM2	RHRM3	RHRM4	RHRM5
	−0.0005	0.00008	0.0002	−0.00001	0.000001	0.00001
	Standard error
	Y-intercept	RHRM1	RHRM2	RHRM3	RHRM4	RHRM5
	0.00057	0.00003	0.00013	0.00001	0.00005	0.00001

Source: Authors.

.

The results from Table 5 mean that the change in “venture capital investors, deals/bn PPP$ GDP” is 49.87% determined by the complex influence of the considered factors of responsible HRM. The regression equation took the following form:

FR4 = −0.1019 + 0.0116 × RHRM1 + 0.0030 × RHRM2 − 0.0010 × RHRM3 + 0.0006 × RHRM4 − 0.0003 × RHRM5

(5)

According to Equation (5), almost all (except for RHRM3) practices of responsible HRM reduce the risk of loss of intangible assets by companies. Thus, the growth of the share of knowledge-intensive jobs by 1% leads to an increase in “venture capital investors” of 0.0116 deals/bn PPP$ GDP. Growth of labor efficiency by 1% leads to an increase in “venture capital investors” of 0.0030% deals/bn PPP$ GDP. Growth of the share of female researchers in corporate staff by 1% leads to an increase in “venture capital investors” of 0.0006% deals/bn PPP$ GDP. For Equation (5), the F-test was passed at the level of significance of 0.01, which proves its reliability.

In turn, a change in “venture capital recipients, deals/bn PPP$ GDP” is 54.37% determined by the complex influence of the considered factors of responsible HRM. The regression equation took the following form:

FR5 = −0.0181 + 0.0028 × RHRM1 + 0.0088 × RHRM2 − 0.0010 × RHRM3 + 0.0024 × RHRM4 + 0.0003 × RHRM5

(6)

According to Equation (6), almost all (except for RHRM3) practices of responsible HRM reduce the risk of loss of intangible assets by companies. Thus, an increase in the share of knowledge-intensive jobs of 1% leads to an increase in “venture capital recipients” of 0.0028 deals/bn PPP$ GDP. Growth of labor efficiency by 1% leads to an increase in “venture capital recipients” of 0.0088 deals/bn PPP$ GDP.

Growth of the share of female researchers in corporate staff by 1% leads to an increase in “venture capital recipients” of 0.0024 deals/bn PPP$ GDP. Growth of the share of companies that support research talents by 1% leads to an increase in “venture capital recipients” of 0.0003 deals/bn PPP$ GDP. For Equation (6), the F-test was passed at the level of significance of 0.01, which proves its reliability.

The change in “venture capital received” is 48.08% determined by the complex influence of the considered factors of responsible HRM. The regression equation took the following form:

FR6 = −0.0005 + 0.00008 × RHRM1 + 0.0002 × RHRM2 − 0.000001 × RHRM3 + 0.000001 × RHRM4 + 0.00001 × RHRM5

(7)

According to Equation (7), almost all (except for RHRM3) practices of responsible HRM reduce the risk of loss of intangible assets by companies. Thus, growth of the share of knowledge-intensive jobs by 1% leads to an increase in “venture capital received” of 0.00008% of GDP. Growth of labor efficiency by 1% leads to an increase in “venture capital received” of 0.0002% of GDP.

Growth of the share of female researchers in corporate staff by 1% leads to an increase in “venture capital received” of 0.000001% of GDP. Growth of the share of companies that support research talents by 1% leads to an increase in “venture capital received” of 0.00001 of GDP. For Equation (7), the F-test was passed at the level of significance of 0.01, which proves its reliability.

Thus, most of the regression coefficients took positive values. Due to this, general hypothesis H is deemed proven. The key and non-contradictory role in operational risk management and the most significant role among the practices of responsible HRM belongs to the creation of knowledge-intensive jobs. The second position by significance belongs to the stimulation of the innovative activity of employees through support for research talents. Stimulation of the growth of labor efficiency and attraction of female researchers to the staff have a contradictory effect. The development of human capital through corporate training has a negative effect, which is connected with an increase in operational risks to companies. Therefore, this practice should be excluded from operational risk management.

4.3. Scenarios of the Sustainable Development of International Entrepreneurship through Operational Risk Management with the Help of Responsible HRM

To solve the third task of this research and to determine scenarios of the sustainable development of international entrepreneurship through operational risk management with the help of responsible HRM, we compiled the authors’ forecasts of the change in the values of the selected factor variables in the period of the Decade of Action (until 2030). In the method of random numbers generation based on the arithmetic means and standard deviations, we generated 100 random numbers for each of the selected variables: RHRM1, RHRM2, RHRM4, and RHRM5 (Appendix B). Histograms of the normal distribution of forecast values are built in Figure 1.

The obtained values are inserted into the regression Equations (1)–(7). The method of trend analysis is used to determine the rate of growth of the values of all variables for each scenario in 2030 compared to 2023 (

Table 6. Scenarios of the sustainable development of international entrepreneurship through operational risk management with the help of responsible HRM until 2030.

Variable	Basic Values, 2023	Realistic Scenario		Optimistic Scenario		Pessimistic Scenario
		Value	Change Compared to 2023, %	Value	Change Compared to 2023, %	Value	Change Compared to 2023, %
RHRM1	24.90	32.04	28.68	47.89	92.34	8.26	−66.83
RHRM2	1.02	1.51	47.49	3.11	203.77	0.71	−30.65
RHRM3	25.97	25.97	0.00	25.97	0.00	25.97	0.00
RHRM4	12.32	17.29	40.38	28.43	130.83	6.15	−50.07
RHRM5	20.57	24.16	17.48	54.95	167.19	3.64	−82.30
FR1	24.81	24.71	−0.39	43.80	76.57	12.01	−51.58
FR2	3.28	3.75	14.27	7.60	131.59	0.34	−89.64
FR3	35.43	38.08	7.47	57.76	63.01	18.85	−46.80
FR4	0.17	0.25	49.53	0.44	163.18	0.00	−100.00
FR5	0.07	0.11	57.93	0.20	187.14	0.00	−100.00
FR6	0.0016	0.0020	22.46	0.0040	144.91	0.00	−100.00
FR7	1.00	1.60	60.38	3.18	218.76	0.00	−100.00

Source: Authors.

).

In Table 6, the most probable values from Figure 1 are selected for the realistic scenario. The realistic scenario involves the following:

• Growth of the share of knowledge-intensive jobs by 28.68% (from 24.90% in 2023 to 32.04% by 2030);
• An increase in the growth rate of labor efficiency of 47.49% (from 1.02% in 2023 to 1.51% by 2030);
• Growth of the share of female researchers in corporate staff by 40.38% (from 12.32% in 2023 to 17.29% by 2030);
• Growth of the share of companies that support research talents by 17.48% (from 20.57% in 2023 to 24.16% by 2030).

Due to the growth of the activity of implementing the main practices of responsible HRM, operational risks to companies are reduced in the following ways:

• “Intangible asset intensity, top 15” will reduce by 0.39% (from 24.81% in 2023 to 24.71% by 2030);
• “Global brand value, top 5000” grows by 14.27% (from 3.28% of GDP in 2023 to 3.75% of GDP by 2030);
• “Market capitalization” grows by 7.47% (from 35.43% of GDP in 2023 to 38.08% of GDP by 2030);
• “Venture capital (VC) investors” grow by 49.53% (from 0.17 deals/bn PPP$ GDP in 2023 to 0.25 deals/bn PPP$ GDP by 2030);
• “VC recipients” grow by 57.93% (from 0,07 deals/bn PPP$ GDP in 2023 to 0.11 deals/bn PPP$ GDP by 2030);
• “VC received, value” grows by 22.46% (from 0.0016% of GDP in 2023 to 0.0020% of GDP by 2030);
• “Unicorn valuation” grows by 30.38% (from 1.00% of GDP in 2023 to 1.60% of GDP by 2030).

For the pessimistic scenario, the lowest values from rather probable ones were selected in Figure 1. The pessimistic scenario involves the following:

• A decrease in the share of knowledge-intensive jobs by 66.83% (down to 8.26% by 2030);
• A decrease in the growth rate of labor efficiency of 30.65% (down to 0.71% by 2030);
• A reduction of the share of female researchers in corporate staff by 50.07% (down to 6.15% by 2030);
• A reduction of the share of companies that support research talents by 82.30% (down to 3.64% by 2030).

Due to the growth of the activity of implementing the main practices of responsible HRM, operational risks to companies are reduced in the following ways:

• “Intangible asset intensity, top 15” is reduced by 51.58% (down to 12.01% by 2030);
• “Global brand value, top 5000” is reduced by 89.64% (down to 0.34% of GDP by 2030);
• “Market capitalization” is reduced by 46.80% (down to 18.85% of GDP by 2030);
• “Venture capital (VC) investors” is reduced by 100.00% (down to 0 deals/bn PPP$ GDP by 2030);
• “VC recipients” is reduced by 100.00% (down to 0 deals/bn PPP$ GDP by 2030);
• “VC received, value” is reduced by 100.00% (down to 0% of GDP by 2030);
• “Unicorn valuation, % GDP” is reduced by 100.00% (down to 0% of GDP by 2030).

For the optimistic scenario, the highest values from rather probable ones in Figure 1 are selected. Due to the growth of the activity of implementing the main practices of responsible HRM, operational risks to companies are reduced in the following ways:

• “Intangible asset intensity, top 15” grows by 76.57% (up to 43.80% by 2030);
• “Global brand value, top 5000” grows by 131.59% (up to 7.60% of GDP by 2030);
• “Market capitalization” grows by 63.01% (up to 57.76% of GDP by 2030);
• “Venture capital (VC) investors” grow by 163.18% (up to 0,44 deals/bn PPP$ GDP by 2030);
• “VC recipients” grow by 187.14% (up to 0.20 deals/bn PPP$ GDP by 2030);
• “VC received, value” grows by 144.91% (up to 0.004% of GDP by 2030);
• “Unicorn valuation, % GDP” grows by 218.76% (up to 3.18% of GDP by 2030).

For the practical implementation of the optimistic scenario, the following recommendations from the authors are offered:

• Growth of the share of knowledge-intensive jobs by 92.34% (up to 47.89% by 2030);
• An increase in the growth rate of labor efficiency by 203.77% (up to 3.11% by 2030);
• Growth of the share of female researchers in corporate staff by 130.83% (up to 58.43% by 2030);
• Growth of the share of companies that support research talents by 167.19% (up to 54.95% by 2030).

5. Discussion

This paper’s contribution to the literature consists of the development of the concept of operational risks of companies (Xing 2024; Lang et al. 2024) through clarification of the role of corporate social responsibility (by the example of responsible HRM) in the management of operational risks of companies. The paper answered the RQ and explained the influence of responsible HRM practice on operational risks to companies, proving the general hypothesis H (confirming Galoyan et al. 2023a; Lobova et al. 2020). The authors’ conclusions are presented in

Table 7. Influence of responsible HRM on operational risks to companies: existing literature vs. this paper.

Sphere of Comparison			Existing Literature	This Paper
				Character of Connection	Quantitative Assessment of the Connection
Connection between selected operational risks to companies and their responsible HRM	Risk of loss of intangible assets		(Khasanov et al. 2019)	weak	12.49%
	Risk of depreciation of global business reputation		(Al-Ghazali et al. 2024)	weak	27.33%
	Risk of decrease in market capitalization	Market capitalization, % GDP	weak	7.64%	7.64%
		Unicorn valuation, % GDP	weak	22.52%	22.52%
	Risk of venture investment outflows	Venture capital (VC) investors, deals/bn PPP$ GDP	strong	23.23%	23.23%
		VC recipients, deals/bn PPP$ GDP	strong	25.72%	25.72%
		VC received, value, % GDP	strong	24.00%	24.00%
Influence of the practices of responsible HRM of the reduction of operational risks of companies	Creation of knowledge-intensive jobs		(Sozinova et al. 2023)	strong positive	40.38%
	Stimulation of the growth of labor efficiency		(Bashir et al. 2024)	contradictory	−3.40%
	Development of human capital through corporate training		(Mamaeva et al. 2020)	negative	−11.15%
	Attraction of female researchers to the staff		(Shevyakova et al. 2019)	contradictory	35.90%
	Stimulation of the innovative activity of employees through support for research talents		(Bogoviz et al. 2020)	strong positive	40.37%

Source: Developed and compiled by the authors.

in contrast to the existing literature.

As shown in Table 6, the determined connection between the selected operational risks to companies and their responsible HRM differs from the ideas of this connection in the existing literature.

• Unlike Khasanov et al. (2019), the connection with the risk of loss of intangible assets is weak: it is assessed at 12.49% and is positive only with RHRM1 and RHRM5;
• Unlike Al-Ghazali et al. (2024), the connection with the risk of depreciation of global business reputation is weak: it is assessed at 27.33% and is positive only with RHRM1 and RHRM5;
• Unlike Baruník and Ellington (2024), the connection with the risk of reduction of market capitalization is weak: it is assessed at 7.64% for “market capitalization” (it is positive only with RHRM1 and RHRM5) and at 22.52% for “unicorn valuation”;
• In support of Ben Lahouel et al. (2024) and Zhu and Chen (2024), the connection with the risk of venture investments outflows is strong: it is assessed at 23.23% with “venture capital (VC) investors, deals/bn PPP$ GDP” (it is positive with RHRM1, RHRM2, RHRM4), at 25.72% with “VC recipients, deals/bn PPP$ GDP” (it is positive with RHRM1, RHRM2, RHRM4, and RHRM5), and at 24.00% with “VC received, value, % GDP” (it is positive with RHRM1, RHRM2, RHRM4, and RHRM5).

The general hypothesis H was proven. It was confirmed that responsible HRM does contribute to the reduction of operational risks in modern companies. However, the revealed influence of responsible HRM practices on the reduction of operational risks to companies is different from the provisions of the existing research and publications.

• To confirm Sozinova et al. (2023), the influence of knowledge-intensive jobs is strong and positive: it is assessed at 40.38% and is positive with all resulting variables. This confirmed sub-hypothesis H₁ and proved that the operational risks of companies are reduced due to the creation of knowledge-intensive jobs.
• Unlike Bashir et al. (2024), the influence of labor efficiency is contradictory: it is assessed at −3.40% and is positive only with FR4-FR7. This partially proved the sub-hypothesis H₂, which needs further in-depth cross-checking. Therefore, future research should specify how exactly stimulation of the growth of labor efficiency influences operational risks of companies—perhaps, with the help of quantitative–qualitative studies by the example of concrete companies.
• Unlike Mamaeva et al. (2020), the influence of corporate training is negative: it is assessed at −11.15% and is negative with all resulting variables. This disproved the sub-hypothesis H₃; this shows that the operational risks of companies do not reduce, but grow due to corporate training.
• Unlike Shevyakova et al. (2019), the influence of female researchers on the staff is contradictory: it is assessed at 35.90% and is positive only with FR4-FR7. This partially proved the sub-hypothesis H₄, which needs further in-depth cross-checking. Therefore, future research should specify how the attraction of female researchers to the staff influences the operational risks of companies—perhaps, with the help of quantitative–qualitative studies by the example of concrete companies.
• To confirm Bogoviz et al. (2020), the influence of support for research talents is strong and positive: it is assessed at 40.37% and positive with all resulting variables (except for FR4). This proved the sub-hypothesis H₅: operational risks of companies are reduced due to the growth of support for research talents.

The theoretical implications of this paper consist of the detalization of the scientific provisions of the concept of operational risks to companies as the theory used in this paper. In particular, the theoretical contribution of the paper is connected with the development of a new classification of the practices of responsible HRM by the criterion of their contribution to the reduction of operational risks to companies.

In the authors’ classification, the following practices are distinguished: (1) practices of responsible HRM that reduce operational risks (creation of knowledge-intensive jobs and stimulation of the innovative activity of employees through support for research talents); (2) practices of responsible HRM that have a contradictory effect on operational risks (stimulation of the growth of labor productivity and attraction of female research in personnel); (3) practices of responsible HRM that raise operational risks (development of human capital through corporate training).

6. Conclusions

Thus, the key results of this paper are brought down to the following:

(1)

We established a close connection between the number of employees and operational risks to international companies from “Global 500” in 2021–2023. Based on this connection, we proved the contradictory influence of responsible HRM on the operational risks of international companies.

(2)

We compiled the economic and mathematical model of the sustainable development of international entrepreneurship, which demonstrated wide opportunities for operational risk management through responsible HRM.

(3)

We determined scenarios of the sustainable development of international entrepreneurship, which showed that in the Decade of Action, the successfulness of operational risk management is largely determined by the activity of the use of responsible HRM practices.

The main conclusion is that responsible HRM facilitates the reduction of operational risks to modern companies, but responsible HRM practices have different effects on operational risks to companies: some practices (creation of knowledge-intensive jobs and stimulation of the innovative activity of employees through support for research talents) reduce operational risks; others (stimulation of the growth of labor efficiency and attraction of female researchers to the staff) have a contradictory effect, and another (development of human capital through corporate training) increases operational risks.

The theoretical significance is because the paper disclosed previously unknown implications of responsible HRM as a special part of the manifestation of corporate social responsibility for the operational risks of companies. We specified the practices of responsible HRM, which pose the highest value in the aspect of reduction of operational risks to companies. At that, it is shown that despite total automatization, entrepreneurial activities largely preserve high human intensity, and the significance of responsible HRM is not lost and continues to play an important role in the reduction of operational risks to companies.

The practical significance consists of the fact that the compiled scenarios demonstrated the perspective of the sustainable development of companies through the improvement of the management of their operational risks based on responsible HRM. The managerial significance is that the proposed recommendations for the practical implementation of the optimistic scenario can be milestones for companies and can be used to improve the practice of operational risk management of companies.

The revealed contradictory consequences for companies’ operational risks of such practices of responsible HRM as stimulation of the growth of labor productiveness and attraction of female researchers to the staff, and negative consequences, connected with an increase in operational risks to companies, of such practice of responsible HRM as development of human capital through corporate training, require further in-depth research. In future research, it is expedient to study the connection between these practices of responsible HRM and operational risks to companies in more detail, to specify the reasons for their contradictory and negative influence on these risks and reveal the opportunities for ensuring the positive effect of these practices of responsible HRM on operational risks to companies.