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

Sergei G. Vagin, Elena I. Kostyukova, Natalia E. Spiridonova and Tatiana M. Vorozheykina
Additional contact information
Sergei G. Vagin: Faculty of Economic Sciences, National Research University “Higher School of Economics”, 101000 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

Risks, 2022, vol. 10, issue 2, 1-13

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.

Keywords: corporate social responsibility; COVID-19 crisis management; financial risk management; sustainable development (search for similar items in EconPapers)
JEL-codes: C G0 G1 G2 G3 K2 M2 M4 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
https://www.mdpi.com/2227-9091/10/2/35/pdf (application/pdf)
https://www.mdpi.com/2227-9091/10/2/35/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jrisks:v:10:y:2022:i:2:p:35-:d:741091

Access Statistics for this article

Risks is currently edited by Mr. Claude Zhang

More articles in Risks from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().