Monitoring the Modern Experience of Financial Risk Management in Russia Based on Corporate Social Responsibility for Sustainable Development
Abstract
:1. Topicality, Aims and Scope
2. Theoretical Background
3. Data and Method
- -
- Index “responsibility and openness”, as the indicator of responsible HRM (csr1);
- -
- Index “vector of sustainable development”, as the indicator of support of the SDGs (csr2).
4. The Main Results
5. Discussion of Contribution to the Literature
6. Findings
Supplementary Materials
Author Contributions
Funding
Informed Consent Statement
Conflicts of Interest
References
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Research Task | Research Method | Use of the Method |
---|---|---|
Determining the level of financial risks of Russian companies in the 2020–2021 period and the impact of CSR (in terms of the distinguished directions) on it | Horizontal analysis | Analysis of the change in the financial indicators of companies in 2020 compared with 2019, and in 2021 compared with 2020 |
Correlation analysis | Assessment of the contribution of the directions of CSR to the change in the financial indicators of companies’ activity in the 2020–2021 period | |
Modelling and measuring the contribution of CSR (in terms of the distinguished directions) to the reduction in the financial risks of Russian companies in 2020 | Regression analysis | Determining the dependence of the financial results of companies in 2020 on their implemented directions of CSR |
Evaluating the perspective of the reduction in the financial risks of Russian companies for the 2022–2024 period based on CSR | Least-squares method | Evaluation (forecasting) of the consequences of an increase in CSR in each direction for the financial results of companies |
Company | Sales (∆fr1) | Profits (∆fr2) | Assets (∆fr3) | Market Value (∆fr4) | ||||
---|---|---|---|---|---|---|---|---|
2020/ 2019 | 2021/ 2020 | 2020/ 2019 | 2021/ 2020 | 2020/ 2019 | 2021/ 2020 | 2020/ 2019 | 2021/ 2020 | |
Gazprom | 104.81 | −26.18 | −82.33 | −4158.15 | 1653.54 | −11.09 | −80.13 | 20.89 |
Rosneft | 75.86 | −44.21 | −98.84 | −81.65 | −71.79 | −0.48 | −82.35 | 61.54 |
LukOil | 90.33 | −38.26 | −92.26 | 2018.18 | −88.83 | −14.84 | −93.49 | 26.94 |
Novatek | −74.94 | −27.27 | 1.71 | −93.01 | 1147.12 | −14.15 | −92.03 | 37.09 |
Transneft | −14.88 | −12.80 | −82.05 | −25.00 | 1420.58 | −18.78 | −70.86 | 3.73 |
Tatneft | −45.66 | −31.08 | −79.83 | −53.33 | 490.15 | −14.07 | −94.72 | 3.59 |
Novolipetsk Steel | −37.77 | −8.91 | −90.05 | 8.33 | 332.65 | 2.06 | 4.59 | 100.96 |
Polyus | n/a | 25.00 | n/a | −15.79 | n/a | −12.05 | n/a | 22.48 |
Magnitogorsk Iron & Steel | −4.18 | −13.51 | −90.78 | −19.18 | 538.30 | −9.52 | −15.85 | 65.57 |
Alrosa | −67.35 | n/a | −79.80 | n/a | 384.21 | n/a | 4.61 | n/a |
Polymetal International | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Estimate | Sales | Profits | Assets | Market Value |
---|---|---|---|---|
Arithmetic mean of growth (∆fr) | 2.91 | −77.14 | 645.10 | −57.80 |
Coefficient of variation of growth (∆fr) | 2389.23 | −39.25 | 96.87 | −73.97 |
Correlation between the arithmetic mean and the index “responsibility and openness” | 67.73 | −0.58 | −0.03 | −35.83 |
Correlation between the arithmetic mean and the index “vector of sustainable development” | 48.58 | −5.75 | 17.02 | −8.89 |
Estimate | Sales | Profits | Assets | Market Value |
---|---|---|---|---|
Arithmetic mean of growth (∆fr) | −19.69 | −268.84 | −10.33 | 38.09 |
Coefficient of variation of growth (∆fr) | −104.29 | −598.79 | −66.32 | 84.53 |
Correlation between the arithmetic mean and the index “responsibility and openness” | −41.79 | −17.87 | 0.84 | 2.23 |
Correlation between the arithmetic mean and the index ““vector of sustainable development”” | −34.55 | −74.49 | 27.74 | 2.50 |
Parameters of Regression Models | Regression Models | ||||||||
---|---|---|---|---|---|---|---|---|---|
fr1 | fr2 | fr3 | fr4 | ||||||
Coefficients of Regression | T−Stat | Coefficients of Regression | T−Stat | Coefficients of Regression | T−Stat | Coefficients of Regression | T−Stat | ||
Regression statistics | At constant | −96.16 | −1.03 | −20.30 | −1.83 | −423.05 | −2.42 | −32.80 | −0.98 |
At csr1 | 5.59 | 2.07 | 0.63 | 1.96 | 4.70 | 0.93 | 1.88 | 1.94 | |
At csr2 | 29.01 | 1.03 | 6.39 | 1.92 | 130.53 | 2.48 | 13.19 | 1.31 | |
R−sq | 0.5882 | 0.6854 | 0.6405 | 0.6073 | |||||
Significance F | 0.02874 | 0.0009794 | 0.016705 | 0.023763 |
Financial Risk | Manifestation of the Risk in Practice | Advantages of CSR for Financial Risk Management | |
---|---|---|---|
from Responsible HRM | from the Support of SDGs | ||
SDG 4, SDG 5, SDG 8, SDG 10 | Other SDGs | ||
Risk of reduction in sales | prevented in 2020; by −19.69% in 2021. | prevention in 2020 (r2 = 67.73%) | prevention in 2020 (r2 = 48.58%) |
Risk of reduction in profit | by −77.14% in 2020; by −268.84% in 2021; | - | - |
Risk of reduction in assets | prevented in 2020; by −10.33% in 2021; | reduction in 2021 (r2 = 0.84%) | prevention in 2020 (r2 = 17.02%) and reduction in 2021 (r2 = 27.74) |
Risk of reduction in market value | by −57.80% in 2020; prevented in 2021. | prevention in 2021 (r2 = 2.23%) | prevention in 2021 (r2 = 2.50%) |
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Berzon, N.I.; Novikov, M.M.; Pozharskaya, E.L.; Bakhturina, Y.I. Monitoring the Modern Experience of Financial Risk Management in Russia Based on Corporate Social Responsibility for Sustainable Development. Risks 2022, 10, 92. https://doi.org/10.3390/risks10050092
Berzon NI, Novikov MM, Pozharskaya EL, Bakhturina YI. Monitoring the Modern Experience of Financial Risk Management in Russia Based on Corporate Social Responsibility for Sustainable Development. Risks. 2022; 10(5):92. https://doi.org/10.3390/risks10050092
Chicago/Turabian StyleBerzon, Nikolai I., Maksim M. Novikov, Elena L. Pozharskaya, and Yulia I. Bakhturina. 2022. "Monitoring the Modern Experience of Financial Risk Management in Russia Based on Corporate Social Responsibility for Sustainable Development" Risks 10, no. 5: 92. https://doi.org/10.3390/risks10050092