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Analyzing non-financial risks during the sustainable development of a trading company through the stakeholder approach

Vol. 16, Iss. 3, MARCH 2020

Received: 22 July 2019

Received in revised form: 15 August 2019

Accepted: 6 September 2019

Available online: 16 March 2020


JEL Classification: D81, G32, O12, Q01

Pages: 415–430

Basova M.M. Financial University under Government of Russian Federation, Moscow, Russian Federation

Subject The article discusses the sustainable development of a trading company.
Objectives I analyze non-financial risks through the stakeholder approach.
Methods The study relies upon the comprehensive and systems approach to analyzing non-financial risks from perspectives of various groups of stakeholders.
Results Trading companies pay much attention to non-financial risks. They refer to non-financial reports that inform various groups of stakeholders, verifying that the entity is economically, socially and environmentally responsible, thus reducing risks. The non-financial risk is analyzed in three steps, i.e. identification, description, measurement. To identify the non-financial risk, public reports of an entity shall provide stakeholders with the information they need. However, stakeholders may diverge in their interests and sometimes be far from productive cooperation, thus triggering some non-financial risks. The elimination of the conflict of interests is an important step to reduce the probability of the non-financial risk.
Conclusions and Relevance The entity evolves sustainably and contributes to the sustainable development of local communities and consequently reduces the non-financial risk if it cooperates effectively with various groups of stakeholders, invest in personnel advancement, satisfy consumers’ demand and retain them and find ways to beneficially cooperate with suppliers.

Keywords: stakeholder approach, conflict of interests, stakeholder, non-financial risk, risk detection, risk factor, business reputation


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