Strategic Approach to Monitoring the Risk Resilience and Financial security of Companies in the Passenger Air Transport Industry

AbsTRACT

The relevance of the study is due to the social significance of the Russian passenger air transportation industry, its high exposure to complex risks due to the sanctions policy of unfriendly countries, the turbulence and uncertainty of existing risk factors, the need for state regulation and control over the functioning of companies in the industry, as well as the lack of an effective system for monitoring its sustainable development. In 2022, the Government of the Russian Federation approved a comprehensive program for the development of the aviation industry in the Russian Federation until 2030. In this regard, the purpose of the study was to develop a strategic approach to monitoring the risk tolerance of companies in the passenger air transportation industry based on a comprehensive analytical toolkit that provides a vector definition of strategic indicators of their sustainable development. The scientific novelty of the proposed strategic approach lies in the development of a business analysis algorithm as a sequence of analytical procedures that make it possible to form a sustainable development strategy, as well as monitor the risk tolerance and financial security of companies in the passenger air transportation industry. The strategic approach includes three logically connected stages: sectoral-industry analysis, identification of risk factors and assessment of their impact on the company using improved methods of strategic analysis; formation of a target matrix of the company’s competitive advantages, focused on a stakeholder approach to sustainable development; definition of a system of strategic indicators for monitoring the risk tolerance of the company. The theoretical significance of the study lies in the development and adaptation of the industry analysis methodology to the specifics and needs of the passenger air transportation industry for its sustainable development in a highly turbulent economy. The improved tools of strategic analysis, focused on a balanced assessment and differentiated accounting of risk factors affecting the industry and a particular company, the complexity of their impact, as well as increasing the feasibility of a sustainable development strategy, have practical significance. The results may be useful for key stakeholders of airlines, including the Federal Air Transport Agency, in order to minimize the risks of implementing a comprehensive program for the development of the aviation industry, as well as monitoring information on the state of financial security of socially significant companies.

1. Ivanter V. V., Porfiryev B. N., Sorokin D. E., et al. How to boost the development of the Russian economy: Priority actions (suggestions for the main activities of the state until 2024). Finance: Theory and Practice. 2018;22(S 7):4-15. DOI: 10.26794/2587-5671-2018-0-0-4-15

2. Bodrunov S. D. The birth of a new era: Challenges for Russia and the world. Nauchnye trudy Vol’nogo ekonomicheskogo obshchestva Rossii = Scientific Works of the Free Economic Society of Russia. 2022;235(3):55-62. (In Russ.). DOI: 10.38197/2072-2060-2022-235-3-55-62

3. Glaziev S. Yu. Management of innovative processes in the new technological and world economic structures. Ekonomicheskoe vozrozhdenie Rossii = Economic Revival of Russia. 2022;(2):24-27. (In Russ.). DOI: 10.37930/1990-9780-2022-2-72-24-27

4. Sukharev O. S. Sectoral analysis of economic growth. In: Proc. Int. conf. “Economic and technological modernization of Russia: Lessons of history and modern challenges. In memory of D.E. Sorokin”. Moscow: Institute of Economics of RAS; 2022:156-170. (In Russ.).

5. Tsygalov Yu.M., Strizhov S. A. ESG-transformation policies and procedures for Russian companies. Upravlencheskoe konsul’tirovanie = Administrative Consulting. 2022;(7):88-95. (In Russ.). DOI: 10.22394/1726- 1139-2022-7-88-95

6. Kogdenko V. G., Kazakova N. A. Monitoring the development sustainability of metallurgical companies. Chernye metally. 2022(11):73-80. (In Russ.). DOI: 10.17580/chm.2022.11.09

7. Loseva O.V., Kosorukova I.V., Fedotova M.A., Tazikhina T.V., Abdikeev N.M. Valuation of digital intellectual assets: Principles, factors, approaches and methods. Finance: Theory and Practice. 2022;26(4):6-28. DOI: 10.26794/2587-5671-2022-26-4-6-28

8. Burkaltseva D.D., Vorobyov Yu.N., Blazhevich O.G., Frolova E.E., Puhart A.A. Financial and economic security of business as a primary element in the economic system: Сalculation of the integrated indicator of economic security. Revista Espacios. 2017;38(33):1-14.

9. Lukasevich I. Ya., Lvova N. A. How to measure distance to bankruptcy: Solutions for the emerging market. Menedzhment i biznes-administrirovanie = Management and Business Administration. 2019;(1):165-178. (In Russ.).

10. Grewal J., Riedl E.J., Serafeim G. Market reaction to mandatory nonfinancial disclosure. Management Science. 2018;65(7):3061-3084. DOI: 10.1287/mnsc.2018.3099

11. Efimova O.V. information on ESG risks and its disclosure in corporate reporting. Auditorskie vedomosti = Audit Journal. 2023;(1):188-191. (In Russ.). DOI: 10.17686/17278058_2023_1_188

12. Efimova O.V., Rozhnova O.V. Research methodology for corporate disclosure of business social responsibility: Conceptual approach. Uchet. Analiz. Audit = Accounting. Analysis. Auditing. 2021;8(5):28-40. (In Russ.). DOI: 10.26794/2408-9303-2021-8-5-28-40

13. Melnik M. V. Ensuring the economic security of corporate structures. Innovatsionnoe razvitie ekonomiki = Innovative Development of Economy. 2020;(6):310-318. (In Russ.).

14. Kazakova N., Shuvalova E., Chemarina A., Nikanorov A., Kurochkina I., Sokolova E. The mechanism for creating an effective international strategic alliance in the field of air transportation. In: Kabashkin I., Yatskiv I., Prentkovskis O., eds. Proc.18th Int. conf. on reliability and statistics in transportation and communication (RelStat’18). (Riga, 17-20 October, 2018). Cham: Springer-Verlag; 2019:704-713. (Lecture Notes in Networks and Systems. Vol. 68). DOI: 10.1007/978-3-030-12450-2_67

15. Clark C. The conditions of economic progress. London: Macmillan and Co., Ltd.; 1940. 515 p.

16. Frenkel A. A., Tikhomirov B. I., Surkov A. A. Ups and downs of business activity in the waves of crises, the coronavirus pandemic and unprecedented Western sanctions. Finance: Theory and Practice. 2023;27(1):6-17. DOI: 10.26794/2587-5671-2023-27-1-6-17

17. Simchenko N., Tsohla S. Revisiting the issue of the place of economic experiment in the study of the economic dynamics cyclicity. Journal of Advanced Research in Law and Economics. 2016;7(6):1485-1493.

18. Safiullin M. R., Yelshin L. A. Sanctions pressure on the Russian economy: Ways to overcome the costs and benefits of confrontation within the framework of import substitution. Finance: Theory and Practice. 2023;27(1):150-161. DOI: 10.26794/2587-5671-2023-27-1-150-161