The COVID-19 Crisis: Datasets and Data Analysis to Reduce Risks

A special issue of Risks (ISSN 2227-9091).

Deadline for manuscript submissions: closed (31 December 2023) | Viewed by 11950

Special Issue Editors


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Guest Editor
Consortium of Sustainable Development and Technological Leadership, Russia and Рeoples’ Friendship University of Russia (RUDN University), 117198 Moscow, Russia
Interests: sustainable development and SDGs; corporate responsibility and social entrepreneurship; business management; economic crisis management and financial crisis management
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Guest Editor
Department of Economics and Econometrics, Altai State University, Barnaul, Russia
Interests: employment; labour market; labour productivity; university management; digital economy; economic growth; circular economy

Special Issue Information

Dear Colleagues,

The COVID-19 crisis is a global economic depression that has erupted against the background of a pandemic. This Special Issue focuses on the risks associated with the COVID-19 outbreak and the search for risk management solutions to accelerate the recovery from the global depression and mitigate its effects.

This Special Issue welcomes applied research related to the collection, systematisation, processing and analysis of data through the creation and use of datasets on the risks of COVID-19 in economics, finance and business. The value of large-scale (globally scoped) empirical research based on datasets lies in the creation of high-precision econometric models that allow identifying the risks of the COVID-19 crisis that are common to the countries of the world and develop universal applied risk management solutions in order to unite the efforts of the global community in the fight against with the socio-economic consequences of the virus threat.

In this Special Issue, it is also planned to pay attention to the characteristics of risks in countries of different categories (for example, by income level, by geographical location, by participation in the processes of economic integration and globalisation), as well as the development of various risk management measures that take these characteristics into account.

Topics covered in this Special Issue (but not limited to) include:

  • Risks of economic growth and development, in particular, the risks of the rate of economic growth slowing down, a reduction in exports, an increase in dependence on imports, deepening regional inequality, as well as managing these risks by increasing economic freedom and openness of the economy, optimising state budget revenues and expenditures, as well as the development of the digital economy;
  • Entrepreneurial and corporate risks, including risks of investments, innovations, tax risks, as well as methods and approaches to risk management through integration, improved management of various types of resources, as well as automation and digital transformation of business processes;
  • Social risks, including the risks of unemployment, the transition to remote employment and the development of new (for example, digital) competencies, as well as the possibility of managing these risks through reducing inequality, increasing the availability of education, expanding social guarantees and social support, as well as developing the information society.

Prof. Dr. Elena Popkova
Dr. Svetlana V. Lobova
Guest Editors

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Keywords

  • COVID-19 crisis
  • datasets and data analysis
  • economic risks
  • entrepreneurial risks
  • social risks
  • risk management

Published Papers (7 papers)

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Research

44 pages, 4088 KiB  
Article
Risks for Companies during the COVID-19 Crisis: Dataset Modelling and Management through Digitalisation
by Tatiana V. Skryl, Elena B. Gerasimova, Yuliya V. Chutcheva and Sergey V. Golovin
Risks 2023, 11(9), 157; https://doi.org/10.3390/risks11090157 - 31 Aug 2023
Viewed by 1188
Abstract
The goal is to create a systemic risk profile of companies during the COVID-19 crisis, which reflects their cause-and-effect relationships and risk management. The research objects are the following types of risks for companies listed in “Global-500” (Fortune) and the top 55 most [...] Read more.
The goal is to create a systemic risk profile of companies during the COVID-19 crisis, which reflects their cause-and-effect relationships and risk management. The research objects are the following types of risks for companies listed in “Global-500” (Fortune) and the top 55 most competitive digital economies of the world (IMD) in 2017–2022: (1) risk of reduction in competitiveness (rank), (2) risk of reduction in revenue, and (3) risk of reduction in profit. The research methodology is based on the method of structural equation modelling (SEM), which allowed for exploring the cause-and-effect relationships between risk changes and digital risk management for companies during the COVID-19 crisis. As a result, based on the SEM model, it was proven that risks for companies during the COVID-19 crisis only slightly increased compared with that at the pre-crisis level. It was determined that companies faced large risks during the COVID-19 crisis in developed countries. It was discovered that, due to successful adaptation, risk management of companies assuaged the manifestations of the COVID-19 crisis in the economy. The key conclusion is that, under the conditions of a crisis of a non-economic nature (e.g., the COVID-19 crisis), companies independently and successfully manage their risks with the help of measures of digitalisation: corporate risk management with the limitation of state intervention is preferable. The contribution to the literature consists of the development of the concept of risks for companies by clarifying the specifics of risks and risk management of companies during the COVID-19 crisis. The theoretical significance lies in the fact that the authors’ conclusions rethought the risks for companies under the conditions of a crisis given the special context of a crisis of a non-economic nature (via the example of the COVID-19 crisis). The practical significance is that the developed novel approach to risk management of companies through digitalisation, which is based on the experience of the COVID-19 crisis, will be useful for risk management of companies under the conditions of future crises of non-economic nature caused by epidemics/pandemics and/or environmental disasters. Full article
(This article belongs to the Special Issue The COVID-19 Crisis: Datasets and Data Analysis to Reduce Risks)
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20 pages, 676 KiB  
Article
Dataset Analysis of the Risks for Russian IT Companies Amid the COVID-19 Crisis
by Tatiana M. Vorozheykina, Aleksei Yu. Shchetinin, Galina N. Semenova and Maria A. Vakhrushina
Risks 2023, 11(7), 127; https://doi.org/10.3390/risks11070127 - 11 Jul 2023
Viewed by 1100
Abstract
The motivation for this research was to strive towards specifying the risks for businesses under the conditions of the COVID-19 pandemic and crisis in the IT sector in Russia. This paper is aimed at performing a dataset analysis of the risks for Russian [...] Read more.
The motivation for this research was to strive towards specifying the risks for businesses under the conditions of the COVID-19 pandemic and crisis in the IT sector in Russia. This paper is aimed at performing a dataset analysis of the risks for Russian IT companies amid the COVID-19 crisis. The sample contains the top 100 largest IT companies in Russia in 2020 and covers the data on these companies for 2019–2020. The influence of the COVID-19 crisis pandemic on the risks for IT companies in Russia is assessed with the help of the authors’ methodological approach to the dataset analytics of companies’ risks with the use of the method of trend analysis, analysis of variance and the hierarchical synthesis concept by T. Saaty. A specific feature of the authors’ methodological approach is its taking into account of the pre-crisis level of risks for companies. Due to this, the authors’ methodological approach allows for the most precise and correct determination of the scale and character of the influence of the COVID-19 pandemic and crisis on the risks for companies. The role of human resources in the management of risks for IT companies under the conditions of the COVID-19 pandemic and crisis in Russia is determined with the help of regression analysis; the regularity of the change in revenue, and the position of the company in the ranking (its competitiveness) in terms of the growth of the number of employees, are described mathematically. The key conclusions are that the influence of the COVID-19 pandemic and crisis on the risks for IT companies in Russia in 2020 was weak, and human resources played an important role in risk management. The theoretical significance of the paper lies in its rethinking of human resources management of Russian IT companies from the position of risk amid the COVID-19 crisis. The practical significance of the authors’ conclusions lies in the discovery of the high risk resilience of Russian IT companies to the pandemic and the formation of their risk profile amid the COVID-19 crisis, in which the main, though low, risk is the risk of reduction in competitiveness, whilst the risk of reduction in revenue is minimal. Full article
(This article belongs to the Special Issue The COVID-19 Crisis: Datasets and Data Analysis to Reduce Risks)
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36 pages, 1366 KiB  
Article
Risk Mitigation in Agriculture in Support of COVID-19 Crisis Management
by Boris M. Leybert, Oksana V. Shmaliy, Zhanna V. Gornostaeva and Daria D. Mironova
Risks 2023, 11(5), 92; https://doi.org/10.3390/risks11050092 - 15 May 2023
Cited by 1 | Viewed by 1262
Abstract
The main focus of this article is the problem of exacerbating agricultural risks in the context of the COVID-19 crisis, which started against the background of the novel coronavirus (COVID-19) pandemic. The motivation for conducting the research presented in this article was the [...] Read more.
The main focus of this article is the problem of exacerbating agricultural risks in the context of the COVID-19 crisis, which started against the background of the novel coronavirus (COVID-19) pandemic. The motivation for conducting the research presented in this article was the desire to increase the resilience of agricultural companies to economic crises. This paper is aimed at studying the Russian experience of changing the production and financial risks of agricultural companies during the COVID-19 crisis, substantiating the important role of innovations in reducing these risks, and determining the prospects for risk management in agriculture based on innovations to increase its crisis resilience. Using the structural equation modelling (SEM) method, we modelled the contribution of innovations to the risk management of agriculture during the COVID-19 crisis. The advantages of the SEM method, compared to other conventional methods (e.g., independent correlation analysis or independent regression analysis), include the increased depth of analysis, its systemic character, and the consideration of multilateral connections between the indicators. Using the case-study method, a “smart” vertical farm framework is being developed, the risks of which are resistant to crises through the use of datasets and machine learning. The originality of this article lies in rethinking the risks of agriculture from the standpoint of “smart” technologies as a new risk factor and a way to increase resilience to crises. The theoretical significance of the results obtained is that they make it possible to systematically study the changes in the risks of agriculture in the context of the COVID-19 crisis, while outlining the prospects for increasing resilience to crises based on optimising the use of “smart” technologies. The practical significance of the article is related to the fact that the authors’ conclusions and applied recommendations on the use of datasets and machine learning by agricultural companies can improve the efficiency of agricultural risk management and ensure successful COVID-19 crisis management by agricultural companies. Full article
(This article belongs to the Special Issue The COVID-19 Crisis: Datasets and Data Analysis to Reduce Risks)
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19 pages, 1202 KiB  
Article
The COVID-19 Crises: The Threats, Uncertainties and Risks in Entrepreneurial Development
by Nadia Abdelhamid Abdelmegeed Abdelwahed and Bahadur Ali Soomro
Risks 2023, 11(5), 89; https://doi.org/10.3390/risks11050089 - 08 May 2023
Cited by 2 | Viewed by 1711
Abstract
The COVID-19 pandemic and its different waves brought several complications to people’s social lives and massively affected business activities worldwide. Accordingly, in this study, we explored the various COVID-19 threats, uncertainties, and risks that are faced by entrepreneurship, propensity, and development. We applied [...] Read more.
The COVID-19 pandemic and its different waves brought several complications to people’s social lives and massively affected business activities worldwide. Accordingly, in this study, we explored the various COVID-19 threats, uncertainties, and risks that are faced by entrepreneurship, propensity, and development. We applied a deductive approach in this study and utilized cross-sectional data that we collected through a questionnaire. We based this study’s findings on 320 valid cases. By employing structural equation modeling (SEM), we reveal that factors, such as quality of business environment (QoBE) and access to financial resources (AtFR,) have a positive and significant impact on entrepreneurial propensity (EP). On the other hand, the findings reveal that two factors, namely the uncertainties caused by the COVID-19 pandemic (UoCOVID-19) and the risk perceptions of the COVID-19 pandemic (RPoCOVID-19), have a negative effect on EP. This study’s findings provide valuable information about the COVID-19 pandemic and, on particular, on the development of EP among university students. In addition, this study’s findings guide and support policymakers and higher authorities in understanding the impact of the COVID-19 pandemic and other business-related factors for developing EP. Further, these findings support the creation of conducive business environments even during a global pandemic or another natural disaster. Finally, this study’s findings contribute other empirical evidence to enrich previous research on health, business, and management. Full article
(This article belongs to the Special Issue The COVID-19 Crisis: Datasets and Data Analysis to Reduce Risks)
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11 pages, 995 KiB  
Article
Financial Risk Management of the Russian Economy during the COVID-19 Pandemic
by Sergey Kolchin, Nadezda Glubokova, Mikhail Gordienko, Galina Semenova and Milyausha Khalilova
Risks 2023, 11(4), 74; https://doi.org/10.3390/risks11040074 - 11 Apr 2023
Cited by 2 | Viewed by 1781
Abstract
The research objects are the tax and budgetary policies of the Russian Federation. In this research, financial (budgetary) risks are understood as a decrease in the balance of the state (national) budget resulting from a reduction in revenues or an increase in expenditures. [...] Read more.
The research objects are the tax and budgetary policies of the Russian Federation. In this research, financial (budgetary) risks are understood as a decrease in the balance of the state (national) budget resulting from a reduction in revenues or an increase in expenditures. This research considers production in the main sectors of the economy as a key factor of financial risk during the COVID-19 pandemic. The research aims to analyze the main directions of the budgetary and tax policy of the Russian Federation that aimed at supporting the economy and the population during the spread of COVID-19, which is especially relevant in connection with the expected recession in a number of sectors of the economy and a decrease in the level of employment and, accordingly, the well-being of citizens. In these conditions, it is necessary to adjust the budgetary and tax policy to preserve the state’s social obligations and expand social and economic support for businesses and citizens to smooth out the negative consequences of the impact of restrictive measures. The authors applied systemic and institutional approaches and statistical methods. The main results of the research reflect the need to (1) implement support measures (tax and budgetary incentives) for small and medium-sized enterprises, on which the crisis provoked by the COVID-19 pandemic has had the most destructive impact, and (2) to expand the volume of budgetary financing of social programs for financial risk management of the Russian economy during the COVID-19 pandemic. Compositionally, the article consists of the following sections: the introduction, which provides an overview of the publication activity in the field of financing measures to overcome the spread of COVID-19 and substantiates the relevance and purpose of the study; the literature review, which lists modern authors whose works were aimed at studying similar issues as well as the methodological apparatus used by them, which are suitable for adaptation; the section ‘materials and methods’, which provides more adaptive methods of other people’s research and the authors selected in accordance with them are listed; the results section, in which the authors present the main array of statistical data, which is then discussed. At the end of the article, the authors draw conclusions about the applied fiscal policy tools that can be used effectively in the new economic reality. Full article
(This article belongs to the Special Issue The COVID-19 Crisis: Datasets and Data Analysis to Reduce Risks)
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18 pages, 1046 KiB  
Article
Dataset Analysis of Pandemic Risks and Risk Management Prospects Based on Management and Marketing in Conditions of COVID-19 Recession
by Anastasiya A. Sozinova and Elena G. Popkova
Risks 2023, 11(2), 37; https://doi.org/10.3390/risks11020037 - 08 Feb 2023
Cited by 2 | Viewed by 1712
Abstract
The motivation for the research was the suddenness of the COVID-19 pandemic and the unavailability of health measures (well-established treatment and vaccination) at the beginning of 2020, which caused an uncontrollable increase in the incidence of disease worldwide and high mortality. The research [...] Read more.
The motivation for the research was the suddenness of the COVID-19 pandemic and the unavailability of health measures (well-established treatment and vaccination) at the beginning of 2020, which caused an uncontrollable increase in the incidence of disease worldwide and high mortality. The research aims to conduct a dataset analysis of pandemic risks and risk management perspectives based on management and marketing during the COVID-19 recession. The dataset aggregated the statistics on management, marketing, and morbidity during COVID-19 for most countries worldwide that provide data for international statistics (141 countries). Using the developed methodological approach, the authors evaluate the contribution of management and marketing in the fight against the viral threat. The authors calculated specific indices that reflect the contribution of each management and marketing factor separately to combat the viral threat in the second and third trimesters of 2020. The novelty of this research lies in the fact that the dataset study provides a systemic coverage of international experience and develops a universal economic approach to pandemic risk management. The theoretical significance of the research findings is that they reveal differences in the capabilities of economic risk management of a pandemic as the viral threat changes. The practical significance of the research lies in the fact that the results obtained in the third trimester of 2020 make it possible to adjust the policy of the state and corporate risk management of the COVID-19 pandemic during the subsequent pandemic waves, in the post-pandemic period, and in future epidemics and pandemics. Economic measures fill the existing gap, making up for the lack of risk management measures in the early phases of the COVID-19 pandemic. Full article
(This article belongs to the Special Issue The COVID-19 Crisis: Datasets and Data Analysis to Reduce Risks)
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26 pages, 865 KiB  
Article
Risks of Entrepreneurship amid the COVID-19 Crisis
by Tatiana N. Litvinova
Risks 2022, 10(8), 163; https://doi.org/10.3390/risks10080163 - 11 Aug 2022
Cited by 6 | Viewed by 1989
Abstract
The COVID-19 crisis is unique in that it is caused by a pandemic and has created a special context for entrepreneurship in 2020. The motivation for this study is, firstly, to concretise and accurately quantify the impacts of the pandemic on entrepreneurship. Secondly, [...] Read more.
The COVID-19 crisis is unique in that it is caused by a pandemic and has created a special context for entrepreneurship in 2020. The motivation for this study is, firstly, to concretise and accurately quantify the impacts of the pandemic on entrepreneurship. Secondly, to clearly identify the specific business risks emerging or intensifying in the context of the pandemic; and thirdly, to distinguish between the impact of the economic crisis and the pandemic on entrepreneurship. This paper aims at studying the risks of entrepreneurship amid the COVID-19 pandemic and crisis. The paper’s sample consists of the top 10 countries that are leaders by the COVID-19 case rate in the world, starting 22 October 2020 up to 22 February 2022. The method of trend analysis is used to find and quantitatively measure the manifestations of the pandemic (case rate and mortality) on the entrepreneurial risks. Economic and mathematical modelling, with the help of correlation and regression analysis, showed that healthcare factors—the COVID-19 case rate and mortality—are not the key reasons for high entrepreneurial risks in 2020 and have a small influence on them. This paper’s contribution to the literature consists in specifying the cause-and-effect links between the COVID-19 pandemic and crisis and entrepreneurial risks. The theoretical significance of the results obtained consists in their proving the uniqueness of the COVID-19 crisis from the position of entrepreneurial risks. The paper’s originality consists in specifying the influence of the COVID-19 pandemic on entrepreneurial risks, explaining—thoroughly and in detail—the essence of these risks, and opening possibilities for highly-effective risk management. Full article
(This article belongs to the Special Issue The COVID-19 Crisis: Datasets and Data Analysis to Reduce Risks)
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