Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/258323 
Year of Publication: 
2022
Citation: 
[Journal:] Risks [ISSN:] 2227-9091 [Volume:] 10 [Issue:] 1 [Article No.:] 12 [Publisher:] MDPI [Place:] Basel [Year:] 2022 [Pages:] 1-19
Publisher: 
MDPI, Basel
Abstract: 
The motivation of this research consists in the following: the traditional commercial approach to financial risk management amid economic crises implies the reduction of corporate social responsibility, based on the assumption that this responsibility raises the financial risk of business. Due to this, the contribution of business to the achievement of the SDGs is not stable and is often negative, since practices of business management contradict the SDGs in crisis periods and hinder their achievement in society and the economy. However, the refusal from corporate social responsibility during a crisis does not guarantee the following increase in the level of business development in the period of stability. A study of the case experience of integrating the SDGs into corporate strategies of the largest Russian companies during the COVID-19 crisis improved the understanding of the contribution of corporate social responsibility to financial risk management of the business. Dynamic modelling showed that, in a crisis period, corporate social responsibility leads to a reduction of the financial risks of business-it is commercially profitable, similarly to the phase of stability, and critically important. Based on this, an alternative (new) approach to financial risk management is developed, which allows raising the effectiveness of this management amid economic crises (including the COVID-19 crisis) through the integration of the SDGs into corporate strategies and the manifestation of high social responsibility during crises.
Subjects: 
case study
Russian TNCs
SDGs
corporate strategies
financial risk management
social responsibility
COVID-19 crisis
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article
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