Analysis of Financial Risk Management Model in Knowledge-Based Startup Companies

Abstract

The aim of the present study is to examine the current status of financial risk management in knowledge-based startup companies of auditing firms located in Tehran provinces. The research method is descriptive-survey. The statistical population includes all senior and middle managers of auditing firms located in Tehran provinces, with a total of 112 individuals, of whom 87 were selected based on Morgan's table. In this study, simple random sampling was used to select the statistical samples. A questionnaire was utilized for data collection. The risk management questionnaire included causal factors (opportunity identification, financing), contextual conditions (material and moral support from the government, business expansion speed, competitors, profitability stabilization stage, environmental turbulence, technology, market), intervening factors (consulting, environmental uncertainties, financial risk hazards, research challenges, threats and weaknesses), marketing (financial strategies, inability to develop and implement financial strategies, weaknesses in executive management), and outcomes and feedbacks (fulfillment of social responsibilities, increased investor confidence, profitability effectiveness). These were identified as factors influencing the recognition of financial risk management in knowledge-based companies in Tehran province. To confirm the reliability and validity of the data collection tool, Cronbach's alpha was used, and expert opinions from management specialists were considered. Structural equation modeling tests revealed that: the inability to implement financial strategies and financial risk management in Tehran-based knowledge-based startups has a factor loading of 0.48; social and physical responsibility fulfillment and financial risk management in Tehran-based knowledge-based startups have a factor loading of 0.51; competitive strategy adoption and financial risk management in Tehran-based knowledge-based startups have a factor loading of 0.79; governmental financial and technical support and financial risk management in Tehran-based knowledge-based startups have a factor loading of 0.63; attracting investors in financial risk-taking projects and financial risk management in Tehran-based knowledge-based startups have a factor loading of 0.68; executive management weaknesses and financial risk management in Tehran-based knowledge-based startups have a factor loading of 0.43; and identifying entrepreneurial opportunities and financial risk management in Tehran-based knowledge-based startups have a factor loading of 0.37. These relationships are direct and statistically significant. In this study, the t-values for the financial risk management dimensions were estimated to range from 2.57 to 7.21, with the highest t-value corresponding to attracting investors in risk-taking financial projects (M5) and the lowest t-value corresponding to the inability to implement financial strategies (M1).