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

Raya H. Karlibaeva, Dmitry A. Lipinsky (), Vera A. Volokhina, Elena A. Gureeva and Ivan N. Makarov
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Raya H. Karlibaeva: Department of Joint Programs of Tashkent State University of Economics and Ural State University of Economics, Tashkent State University of Economics, Tashkent 100066, Uzbekistan
Dmitry A. Lipinsky: Institute of Law, Togliatti State University, Tolyatti 445020, Russia
Vera A. Volokhina: Institute of Management, Economics and Entrepreneurship, Orenburg State University, Orenburg 460018, Russia
Elena A. Gureeva: High School of Management, Plekhanov Russian University of Economics, Moscow 115093, Russia
Ivan N. Makarov: Department of Management and General Humanitarian Disciplines, Financial University under the Government of the Russian Federation, Lipetsk Branch, Lipetsk 398050, Russia

Risks, 2024, vol. 12, issue 8, 1-28

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.

Keywords: risks to companies; sustainable development of entrepreneurship; management of operational risks; corporate social responsibility; responsible HRM; international companies (search for similar items in EconPapers)
JEL-codes: C G0 G1 G2 G3 K2 M2 M4 (search for similar items in EconPapers)
Date: 2024
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