FINANCIAL RISK MANAGEMENT IN THE CONTEXT OF NEW CHALLENGES TRIGGERED BY THE CRISIS

The purpose of this article is to study the manner in which firms promote a risk management adapted to current economic changes, while shifting from an old challenge (the role of indebtedness in maximizing firm value) to a new one: financial fragility and vulnerability to crises. Our premises were: on the one hand, in the context of major imbalances, an increase in debt financing amplifies risks, causing firms to become more financially fragile; on the other hand, internal financing, being more stable and durable, entails minimal risk levels and improves financial vulnerability to crises. The study also emphasises that the current economic and financial system needs to be financed more prudently, in order to sustain a more stable and durable growth rate. Thus, previous coordinates regarding the optimization of irms' financial structure need to be redefined so as to ensure financial sustainability.