Monitoring the Modern Experience of Financial Risk Management in Russia Based on Corporate Social Responsibility for Sustainable Development

Nikolai I. Berzon, Maksim M. Novikov, Elena L. Pozharskaya and Yulia I. Bakhturina
Additional contact information
Nikolai I. Berzon: Faculty of Economic Sciences, National Research University “Higher School of Economics”, 101000 Moscow, Russia
Maksim M. Novikov: Diplomatic Academy of the Ministry of Foreign Affairs of the Russian Federation, Department of World Economy, 119034 Moscow, Russia
Elena L. Pozharskaya: Department of Psychology, Plekhanov Russian University of Economics, 115093 Moscow, Russia
Yulia I. Bakhturina: Department of Economic Security and Accounting, Voronezh State University, 394018 Voronezh, Russia

Risks, 2022, vol. 10, issue 5, 1-16

Abstract: Goal: To perform monitoring of the modern experience of CSR (corporate social responsibility) manifestation in Russia and to differentiate and quantitatively measure the contribution of the support of SDGs (Sustainable Development Goals) and responsible HRM (human resources management) to managing businesses’ financial risks. For this, a sample of the 11 largest companies of one sphere—the extracting industry—which are included in the ranking of Global 2000 Forbes for 2020 are used. Based on the sample, the authors determine the level of the financial risks of Russian companies in the 2020–2021 period and the impact of CSR (in terms of its distinguished indicators) on it. The authors model and measure the contribution of CSR (in terms of its distinguished directions) to the reduction in the financial risks of Russian companies in 2020 and assess the perspective of the decrease in the financial risks of Russian companies for the 2022–2024 period based on CSR. The novelty of this paper lies in the development of a proprietary classification of the directions of CSR by the criterion of contribution to financial risk management. According to the proprietary classification, the following aspects are distinguished: (1) support of SDGs and (2) responsible HRM. The uniqueness and originality of this paper are due to the fact that for the first time the authors perform quantitative measuring of the contribution of CSR (in terms of the distinguished directions—each in isolation) to managing businesses’ financial risks in developing countries based on the example of Russia.

Keywords: Russia’s experience; management of financial risks; corporate social responsibility (CSR); 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 (1)

Downloads: (external link)
https://www.mdpi.com/2227-9091/10/5/92/pdf (application/pdf)
https://www.mdpi.com/2227-9091/10/5/92/ (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:5:p:92-:d:799229

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 ().