Economic sciences/7. Accounting and audit
Ph. D., Ass. Prof. Tetyana M. Korolyuk
Ternopil Ivan Pul’uj National Technical University, Ukraine
Essence of risk in Ph. D. theses in Ukraine
In
modern conditions the study of risk is carried out in all fields of science.
Scientists in the sphere of management, marketing, audit, economics and
production control, trade have been studying the essence of risk in details for
a long time, the notion being identified as «risk»,
«economic risk», «entrepreneurship risk» and «business risk». In order to realise the difference
between the mentioned notions let us systemize the treatment of definitions of
the notions «risk»,
«economic risk»,
«entrepreneurship risk» and «business risk» in the scientific investigations.
O.
A. Kovtun, O. Yu. Nychyporuk, Yu. O. Kovalenko, O. I. Mastykash, G. L.
Verbytska, O. Yu. Mishyn, N. S. Skopenko, O. I. Yusypovych, I. M. Vyhivska belong
to the first group of scientists, who concentrate their attention on the
definition of the notion «risk» in their papers [1]. Thus, O. A. Kovtun has found that multivariant notion «risk» is identified as two directions: the first – the
notion of risk from the point of view of the financial results of the activity;
the second – the treatment of risk taking advantage of the mathematic set of
notions of the probability theory. Both approaches do not contradict each other
and are connected by the subject of investigation. In the paper by O. Yu. Nychyporuk risk is proposed to be defined as the income decrease
or loss by the subject of economic activity in the case of disadvantageous for the
business events of the probability nature. In the paper by Yu. O. Kovalenko
risk was proved to be the objective stable element of any decision making,
because uncertainty is the unavoidable characteristics of the management
conditions. O. I. Mastykash proposes the definition of his own: «Risk is the situational characteristics of the subject of the economic
activity, which is followed by the alternatives of its development of the probability
nature and because of that they describe the uncertainty of the final result of
its activity» [1]. G. L. Verbytska treats the notion «risk»
not only as the probability of danger or failure, loss
of uncertainty under some conditions, overcoming of uncertainty and conflict in
the condition of unavoidable choice by the business subject, and combination of
possibility to obtain both disadvantageous and especially advantageous
deviations from expected results. O. Yu. Mishyn defines risk as the value of deviation
from goals, from expected results, the amount of failure taking into account
the impact of controlled and uncontrolled factors, direct and feed-back links
relatively the object of control. In the paper by N. S. Skopenko the definition
of risk is presented as the economic category of the dialectic
objective-subjective structure and is the element of any process: setting of
aims, estimation, control, decision making, which are sufficiently complicated
by the possibility of appearance of disadvantageous outcomes or obtaining the additional
effect as compared with that expected, caused by the multivariant possible
decisions in the case of uncomplete or untrue information taking into account the
impact of unpredictable factors of the external and internal environment. O. I.
Yusypovych treats risk as uncertainty, connected with the possibility to obtain
the result different from that expected, as the result of the changed
conditions while decision making. I. M. Vyhivska defines «risk» as the realized probability of disadvantageous or advantageous outcomes
of the business activity in the conditions of impact and change of external and
internal factors of activity as the result of realisation of the chosen control
decisions, which affect the financial state of the enterprise.
The
second group includes such scientists as V. V. Chepurko, O. Yu. Mishyn, O. R.
Bednarska, who analyse in their Ph. D. theses the notion «economic risk» [1]. So, V. V. Chepurko has defined
the category of economic risk as the apprehended relations between the reality
of economic system and possibilities of its transformation in some future identified
by the subject reality under the inexhaustible uncertainty, which can originate
from the interrelations of causes and effects, accidental and necessary,
internal and external conditions. O. Yu. Mishyn defines the economic risk as
the property of the entrepreneurship subject under the impact of external and
internal factors to transfer from the state of normal functioning into
unpredictable state, that is, into the state, which is worse, than that
expected, under which there appears the probability to lose some part of its
assets by the enterprise, less incomes or additional expenses caused by the
production-commercial activity operation. O. R. Bednarska proposed to treat economic
risk as the economic phenomenon, which describes the value of deviations of the
expected indices from those real results of the enterprise activity, which can
be predictable with certain probability, taking into account the available information
and multivariant decision making.
The
third group of scientists (I. G. Cherdantseva, O. A. Kovtun, M. A. Dyadyuk, N.
V. Radkevych) studies the notion «entrepreneurship risk» [1]. I. G. Cherdantseva defines the entrepreneurship risk as the
ability to conduct business activity in the conditions of uncertainty and need
to choose, which makes possible thanks to some entrepreneur’ traits, to
predict, to present and to decrease the disadvantageous impact of uncertainty
on the results of business activity while choosing the most effective decision
from some alternatives, obtaining the profit in these conditions. O. A. Kovtun
has stressed in her paper that entrepreneurship risk is the possibility to lose
resources, less income or exceeding of the expectable benefit, which result
from any types of activity dealing with the production of products consumer
goods and services, their selling, commodity-money and financial transactions,
commerce, as well as carrying out of social-economic and scientific-technological
projects. M. A. Dyadyuk treats entrepreneurship risk as the situational
characteristics of the risk subjects and objects interrelation while carrying
out different types and forms of entrepreneurship in the conditions of
uncertainty in achieving the desired outcome because of availability of variety
of alternatives and caused by it unavailability of complete confidence in the realisation
of the set goal. N. V. Radkevych has systematized the treatment and critical
analysis of the available points of view on the notion «entrepreneurship risk»: «Risk is the probability (threat) to lose the part of resources by the
entrepreneur, less income or additional expenses resulted from the business activity» [1].
The
fourth group of scientists (O. S. Dubrova, I. V. Kotchura, N. S. Skopenko, K. V.
Zhuravel) in their papers analyse the notion «business risk» [1]. O. S. Dubrova has concluded
that business risk is the specific feature of entrepreneurship activity dealing
with the overcoming of uncertainty in the situation, which does not exclude the
probability of the appearance of unpredictable outcomes. I. V. Kotchura
considers that the treatment of business risks for the industrial enterprises
is wider and deals not only with economic aspects of the enterprise activity,
but with the manufacturing, managerial, financial, etc. N. S. Skopenko defines
business risk as the probability of deviation of the business activity outcomes
from the effective and strategic goal tasks, which resulted from the uncertainty
of the hierarchic economic and social-political space of the enterprise
activity. K. V. Zhuravel has defined the essence of the economic category «business risk» as notion, which describes the
level of reality of undesirable development of the business activity of the enterprise
under certain case of decision making.
Thus,
in the Ph. D. theses «risk» is defined as the unexpectable outcome during decision making and covers
all spheres of activity of any business subject. Beside the general notion «risk» the scientists investigate the notion «economic risk», which is treated as one of its
types. The latter, in its turn, is sufficiently wider than those «business risk» and «entrepreneurship risk».
Literature
1.
Search result in the fund of electronic documents [Electronic resource] National Library of
Ukraine named after V. I. Vernadsky. – Access regime: http://www.irbis-nbuv.gov.ua/cgi-bin/irbis64r_81/cgiirbis_64.exe.