Risk analysis of companies’ activities on the basis of non-financial and financial statements
Keywords:
risk, analysis, non-financial report, financial reporting, management.
Abstract
Purpose. The purpose of the article is to study the degree of disclosure of information about the risks of economic activity of enterprises in non-financial statements and to find ways to improve the organization and methods of analysis of such risks based on the financial statements of companies.
Methodology / approach. The methodological basis of the study is a systematic approach, methods of generalization, comparison, abstraction, analysis, synthesis, induction and deduction, bibliometric analysis, cluster analysis, as well as methods of integrated economic analysis. The publications from the Scopus database, for 1988–01.04.2021, processed by VOSviewer software were the source of data for bibliographic and cluster analysis. The materials of the research on the state of disclosure of information about the risks of domestic enterprises of the food industry are based on their financial statements and management report.
Results. The article analyzes the state and degree of disclosure of information about the risks of economic activity in non-financial reports of domestic food industry enterprises. It is established that the enterprises of the studied industry most often provide information about the following risks: economic, currency, financial, political, legal, judicial, interest, personnel, price, commercial, as well as liquidity risk and market risk.
Originality / scientific novelty. Theoretical, methodological and organizational principles of risk analysis of companies based on non-financial and financial reports have been further developed. For the first time, we proposed our own approach to the methodology of analysis of such risks, based on financial reporting indicators. In particular, such analytical indicators include: financial risk – solvency, financial leverage; credit risk – investment coverage ratio, return on equity, return on assets; liquidity risk – coverage ratio, quick liquidity ratio, absolute liquidity ratio.
Practical value / implications. The practical value of the research is that the results obtained by the authors will contribute to the disclosure of information about the risks of economic activity of enterprises in non-financial statements. Analysis of the status and level of disclosure of information about the risks of domestic food industry enterprises in non-financial reports showed that most companies provided information about the following risks: economic, currency, financial, political, legal, judicial, interest, personnel, price, commercial, and risk liquidity and the risk of changes in market conditions. As a result, the author's methodological approach to the analysis of internal risks of the studied industry (credit, financial risks, liquidity risk) is proposed. The proposed methodology is based on the indicators of financial reporting and is part of a comprehensive risk analysis of the enterprise for the purposes of the risk management system.
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7. Viscusi W. K. Corporate risk analysis: a reckless act? Vol. 52. Stanford Law Review, 2000. Pp. 547–597.
8. Вітлінський В. В. Аналіз, оцінка і моделювання економічного ризику: моногр. Київ: ДЕМІУР, 1996. 212 с.
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12. Erdil A., Taçgın E. Potential risks and their analysis of the apparel & textile industry in Turkey: a quality-oriented sustainability approach. Fibres and Textiles in Eastern Europe. 2018. Vol. 26. Is. 6. Pp. 30–42 https://doi.org/10.5604/01.3001.0012.2526.
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14. Kiradoo G. Study and analysis of project risk, market risk and firm risk. International Journal of Management. 2019. Vol. 10. Is. 1. Pp. 94–103.
15. Kirikkaleli D. Analyses of wavelet coherence: financial risk and economic risk in China. Journal of Financial Economic Policy. 2021. Vol. 13. No. 5. Pp. 587–599. https://doi.org/10.1108/JFEP-08-2019-0174.
16. Korzhegulova A. A., Shakbutova A. Z., Koshkina O. V., Abdrakhmanova G. T., Madieva K. S. Risk analysis and hedging of financial instruments. Journal of Applied Economic Sciences. 2018. Vol. 13. Is. 6. Pp. 1588–1596.
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18. Li F., Schwarz L., Haasis H.-D. A framework and risk analysis for supply chain emission trading. Logistics Research. 2016. Vol. 9. 10. https://doi.org/10.1007/s12159-016-0135-x.
19. Öcal Н., Kamil А. The impact of risk indicators on sustainability (ESG) and broad-based indices: an empirical analysis from Germany, France, Indonesia and Turkey. International Journal of Sustainable Economy. 2021. Vol. 13. No. 1. Pp. 18–54. https://doi.org/10.1504/IJSE.2021.113319.
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22. Serrasqueiro R. M., Mineiro T. S. Corporate risk reporting: analysis of risk disclosures in the interim reports of public Portuguese non-financial companies. Contaduria y Administracion. 2018. Vol. 63. Is. 2. Pp. 1–23. https://doi.org/10.22201/fca.24488410e.2018.1615.
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Published
2021-12-20
How to Cite
Nazarova, K., Bezverkhyi, K., Hordopolov, V., Melnyk, T., & Poddubna, N. (2021). Risk analysis of companies’ activities on the basis of non-financial and financial statements. Agricultural and Resource Economics: International Scientific E-Journal, 7(4), 180-199. https://doi.org/10.51599/are.2021.07.04.10
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