Managing Financial Risks Based on Corporate Social Responsibility for Sustainable Development II

A special issue of Risks (ISSN 2227-9091).

Deadline for manuscript submissions: 30 June 2024 | Viewed by 1834

Special Issue Editor


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Guest Editor
Consortium of Sustainable Development and Technological Leadership, Russia and Рeoples’ Friendship University of Russia (RUDN University), 117198 Moscow, Russia
Interests: sustainable development and SDGs; corporate responsibility and social entrepreneurship; business management; economic crisis management and financial crisis management
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Special Issue Information

Dear Colleagues,

The Sustainable Development Goals (SDGs) require reconsidering the approaches to managing financial risks in business management. Traditional solutions should be replaced by new and more responsible ones. The traditional practice of reducing personnel during periods of financial instability for a business is not applicable anymore since it raises financial risks instead of reducing them. Thus, the loss of human resources and corporate knowledge conceals the state of crisis in a business, postponing it to a later period due to the loss of competitive advantage. Similarly, investments in human resources development do not reduce the financial sustainability of a business but, on the contrary, increase them, strengthening the competitive positions of businesses in target markets.

The sustainable development of the modern economy dictates the necessity for the essential reconsideration of business practices. The mention of SDGs in corporate strategies and reports is not enough for their successful practical implementation. It is necessary to build SDGs in the practice of financial risk management with the help of corporate social responsibility. This Special Issue aims to form scientific and methodological provision for the formation and implementation of a new (alternative) approach to financial risk management, which is based on corporate social responsibility for sustainable development.

This Special Issue welcomes original research on the following topics:

  • Conceptual foundations of financial risk management based on corporate social responsibility for sustainable development;
  • Modern case experience of building SDGs into the corporate strategies of financial risk management based on corporate social responsibility;
  • Data set modeling and monitoring of the international experience of financial risk management based on corporate social responsibility for sustainable development in view of the specifics of developed and developing countries.

This issue is a continuation of the previous successful Special Issue “Managing Financial Risks Based on Corporate Social Responsibility for Sustainable Development”.

Prof. Dr. Elena Popkova
Guest Editor

Manuscript Submission Information

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Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Risks is an international peer-reviewed open access monthly journal published by MDPI.

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Keywords

  • financial risks
  • financial risk management
  • business management
  • corporate social responsibility
  • Sustainable Development Goals (SDGs)
  • sustainable development of economy
  • data set modeling

Published Papers (1 paper)

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Research

28 pages, 591 KiB  
Article
Responsible Innovations as Tools for the Management of Financial Risks to Projects of High-Tech Companies for Their Sustainable Development
by Elena G. Popkova, Muxabbat F. Xakimova, Marija A. Troyanskaya, Elena S. Petrenko and Olga V. Fokina
Risks 2024, 12(2), 21; https://doi.org/10.3390/risks12020021 - 27 Jan 2024
Viewed by 1469
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 [...] Read more.
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. Full article
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