Socially-Oriented Approach to Financial Risk Management as the Basis of Support for the SDGs in Entrepreneurship

Anna N. Zhilkina, Marina V. Karp, Anna V. Bodiako, Samal M. Smagulova, Tatiana M. Rogulenko and Svetlana V. Ponomareva
Additional contact information
Anna N. Zhilkina: Department of Finance and Credit, State University of Management, 99 Ryazansky Ave., 109542 Moscow, Russia
Marina V. Karp: Department of Accounting, Auditing and Taxation, State University of Management, 99 Ryazansky Ave., 109542 Moscow, Russia
Anna V. Bodiako: Department of Audit and Corporate Reporting at the Faculty of Taxes, Audit and Business Analysis, Financial University under the Government of the Russian Federation, 125167 Moscow, Russia
Samal M. Smagulova: Department of World Economy and International Economic Relations, State University of Management, 99 Ryazansky Ave., 109542 Moscow, Russia
Tatiana M. Rogulenko: Department of Accounting, Auditing and Taxation, State University of Management, 99 Ryazansky Ave., 109542 Moscow, Russia
Svetlana V. Ponomareva: Department Audit and Internal Control, Saint Petersburg State University of Economics, 191023 Saint Petersburg, Russia

Risks, 2022, vol. 10, issue 2, 1-18

Abstract: This paper demonstrates that the level of financial risks and the impact of the COVID-19 pandemic and crisis on them are high. The existing approach to financial risk management is not very effective and does not allow coping with financial risks in entrepreneurship, not even in a certain category of countries. As a prospective alternative, we offer a new socially-oriented approach. The theoretical value of the paper lies in the offering and scientific substantiation of a new hypothesis: that the SDGs could and should be constantly supported by business in their financial risk management with the help of the socially-oriented approach, which is available and expedient for use under the conditions of economic crisis. The practical value of the received results is as follows: the developed new (alternative) socially-oriented approach to financial risk management in entrepreneurship allows increasing the effectiveness of financial risk management in entrepreneurship and raising its robustness against the current COVID-19 crisis. The social importance of the obtained conclusions and results is that the developed approach allows for and stimulates continuous support for the SDGs in entrepreneurship.

Keywords: socially-oriented approach; financial risk management; support for the SDGs; entrepreneurship (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 (1)

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Persistent link: https://EconPapers.repec.org/RePEc:gam:jrisks:v:10:y:2022:i:2:p:42-:d:751243

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