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The Impact of COVID-19 Outbreak on Business Sustainability & Financial...
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The Impact of COVID-19 Outbreak on Business Sustainability & Financial Risk Analysis

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Sustainability and Finance".

Deadline for manuscript submissions: closed (30 September 2023) | Viewed by 29778

Special Issue Editors

Dr. Assunta Di Vaio

E-Mail Website
Guest Editor
Department of Law, University of Naples “Parthenope”, Via G. Parisi, 13, 80132 Naples, Italy
Interests: managerial accounting for the decision-making processes in the public and private sector; management control systems; sustainable accounting and reporting; non-financial disclosure and sustainable development goals (SDGs); environmental disclosure; intellectual capital and human resource disclosure; sustainable business models; shipping, cruise and port management; risk systems; artificial intelligence, IoT and blockchain technology
Special Issues, Collections and Topics in MDPI journals
Dr. Rohail Hassan

E-Mail Website
Guest Editor
Othman Yeop Abdullah Graduate School of Business (OYAGSB), Universiti Utara Malaysia, 06010 UUM Sintok, Kedah Darul Aman, Malaysia
Interests: corporate finance; corporate governance; time-series analysis; panel data analysis; risk management; firm financial performance; financial markets and analysis; entrepreneurship; business administration; sustainability; organizational studies

Special Issue Information

Dear Colleagues,

The outbreak of coronavirus disease 2019 (COVID-19), first identified in Wuhan, quickly spread all over China as well as many other countries, such as Singapore, Japan, and the USA. By early February 2020, this highly epidemic sickness had caused thousands of confirmed cases and killed more than 1500 people in mainland China. In the past, three major countrywide outbreaks had occurred, namely, the severe acute respiratory syndrome (SARS) outbreak in 2003 in mainland China, the Middle East respiratory syndrome (MERS) outbreak in 2012 in Saudi Arabia, and the MERS outbreak in 2015 in South Korea. These outbreaks resulted in more than 10,000 confirmed cases in total (de Wit et al., 2016). This kind of epidemic sickness can rapidly spread by a group of infectious agents through several methods of interactions and threaten the health condition of a large number of people in a short time (Medina, 2018). As COVID-19 rapidly spread from China to other parts of the world, the impacts on public health, safety and security, businesses, transportation, and travel, and on the management of critical facilities and services have generated an urgent need for new, novel, relevant, interdisciplinary research.

The COVID-19 pandemic is likely to have a lasting impact on communities and the world's economy for months, if not years, to come. It is expected that this outbreak will have a more significant impact on the economies of China and the USA than the epidemic of SARS in 2003. While healthcare systems throughout the world scramble to combat this emergency, businesses, such as tourism, banking, hospitality, airlines, and restaurants, are being hit hard with the immediate impact. Many other companies, particularly manufacturing, are struggling to get back to their regular operation because of the strict cordoning-off policies implemented in many cities in China and all over the world. For those firms in operation, knowing how to ensure the safety of employees and provide the needed support in this challenging time are also enormous challenges. However, some of the first sectors of the economy to bear the brunt of this impact already are tourism, hospitality, banking, and travel, with key tourist cities around the world being hit the hardest, while still being expected to lead the response to this crisis.

How have business entities (services and manufacturing industries, i.e., financial institutions and markets, hospitals, universities, airlines, cruise ships, airports, and other businesses) on the front lines responded to this crisis? How have communities implemented and managed quarantine and “red zones” to contain the disease? What lessons and resources need to be shared, and where are gaps and deficiencies in the response and recovery from COVID-19? What has been the impact of the disease on business sustainability and financial risk analysis? The potential topics of the collection will cover a wide set of issues dealing with the influence of COVID-19 on the global economy, international financial markets, and management practices. In particular, the scope of the issue encompasses the impact of COVID-19 on companies, social development, people’s lives, management practices, education, schools and universities, economy, and finance, as well as forecasting, prediction, and risk management techniques. Given the urgency and scale of the impact from the COVID-19 outbreak on China and the world’s businesses, this is the right moment for management scholars to practice responsible scholarship and contribute to society. 

In line with this, the Journal of Risk and Financial Management (JRFM) welcomes submissions in the form of viewpoints, research notes, case studies, literature reviews, and research articles for a Special Issue titled “The Impact of COVID-19 Outbreak on Business Sustainability and Financial Risk Analysis”. The goal of the Special Issue is to provide a forum for scholars, from both micro and macro management fields, to share management insights on the COVID-19 outbreak.

The specific topics of the Special Issue include (but are not limited to) the following:

  • The impacts of the outbreak on firms, especially SMEs’ business sustainability and financial risk analysis;
  • COVID-19 and the stability of the financial system (asset markets, equity markets, commodity markets, monetary policy, banking sector, etc.);
  • Firm's business strategies during and after the outbreak;
  • Big data-driven financial sector;
  • AI-based epidemic network analysis;
  • Estimating the risk of global economic costs of COVID-19;
  • MCDM models in the field of financial management;
  • IoT application in the financial sector;
  • Cloud-based framework for financial management;
  • How to facilitate virtual work from home and the financial sustainability of the education sector and universities;
  • Social entrepreneurship in responding to the outbreak.

Prof. Dr. Assunta Di Vaio
Dr. Rohail Hassan
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • financial risk (modelling, calculation, simulation, forecasting, and assessment)
  • COVID-19 impact on the economy, companies, and SMEs
  • COVID-19 impact on finance and banking sector
  • COVID-19 impact on education and universities
  • financial risk analysis
  • IoT-based application
  • big data analytics
  • financial analytics
  • data mining
  • business sustainability and sustainable business practices
  • sustainable development goals
  • sustainable business model
  • economic sustainability
  • financial sector
  • universities
  • airlines
  • environmental sustainability

Published Papers (6 papers)

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Research

19 pages, 356 KiB  
Article
A Global Analysis of the COVID-19 Pandemic and Capital Structure in the Consumer Goods Sector
by Dwi Risma Deviyanti, Herry Ramadhani, Yoremia Lestari Ginting, Yunita Fitria, Yanzil Azizil Yudaruddin and Rizky Yudaruddin
J. Risk Financial Manag. 2023, 16(11), 472; https://doi.org/10.3390/jrfm16110472 - 2 Nov 2023
Cited by 5 | Viewed by 2472
Abstract
Understanding a company’s capital structure is essential for optimizing financial resources amid the challenges posed by the COVID-19 pandemic. This research examines how the pandemic affected the capital structures of global consumer goods companies across industries, market types, and regions. In this study, [...] Read more.
Understanding a company’s capital structure is essential for optimizing financial resources amid the challenges posed by the COVID-19 pandemic. This research examines how the pandemic affected the capital structures of global consumer goods companies across industries, market types, and regions. In this study, a fixed effects model was employed to analyze panel-data regression data spanning from 2018 to 2022, encompassing 1491 companies across 80 countries. The results revealed a significant and positive impact of COVID-19 on capital structure in the initial two years, contrasting with a negative trend in the third year, notably in the short-term debt to total assets ratio. The pandemic’s influence on the capital structure varied across sectors, markets, and regions, starting with a consistent positive impact before shifting to a negative and significant effect. The study provides valuable insights for businesses, policymakers, and researchers grappling with the financial implications of external shocks like the pandemic. It underscores the importance of prudent financial decision-making, leveraging the opportunities stemming from a conservative debt approach, and the growing reliance on short-term debt while staying adaptable in response to evolving market dynamics and economic changes. Full article
(This article belongs to the Special Issue The Impact of COVID-19 Outbreak on Business Sustainability & Financial Risk Analysis)
17 pages, 1164 KiB  
Article
Comparison of the Asymmetric Relationship between Bitcoin and Gold, Crude Oil, and the U.S. Dollar before and after the COVID-19 Outbreak
by Yadong Liu, Nathee Naktnasukanjn, Anukul Tamprasirt and Tanarat Rattanadamrongaksorn
J. Risk Financial Manag. 2023, 16(10), 455; https://doi.org/10.3390/jrfm16100455 - 20 Oct 2023
Cited by 1 | Viewed by 2188
Abstract
This paper aims to reveal the asymmetric co-integration relationship and asymmetric causality between Bitcoin and global financial assets, namely gold, crude oil and the US dollar, and make a comparison for their asymmetric relationship before and after the COVID-19 outbreak. Empirical results show [...] Read more.
This paper aims to reveal the asymmetric co-integration relationship and asymmetric causality between Bitcoin and global financial assets, namely gold, crude oil and the US dollar, and make a comparison for their asymmetric relationship before and after the COVID-19 outbreak. Empirical results show that there is no linear co-integration relationship between Bitcoin and global financial assets, but there are nonlinear co-integration relationships. There is an asymmetric co-integration relationship between the rise in Bitcoin prices and the decline in the US Dollar Index (USDX), and there is a nonlinear co-integration relationship between the decline of Bitcoin and the rise and decline in the prices of the three financial assets. To be specific, there is a Granger causality between Bitcoin and crude oil, but not between Bitcoin and gold/US dollar. Before the outbreak of the COVID-19 pandemic, there was an Asymmetric Granger causality between the decline in gold prices and the rise in Bitcoin prices. After the outbreak of the pandemic, there is an asymmetric Granger causality between the decline in crude oil prices and the decline in Bitcoin prices. The COVID-19 epidemic has led to changes in the causality between Bitcoin and global financial assets. However, there is not a linear Granger causality between the US dollar and Bitcoin. Last, the practical implications of the findings are discussed here. Full article
(This article belongs to the Special Issue The Impact of COVID-19 Outbreak on Business Sustainability & Financial Risk Analysis)
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15 pages, 478 KiB  
Article
The Impact of Intellectual Capital and Ownership Structure on Firm Performance
by Znar Ahmed, Muhammad Rosni Amir Hussin and Kashan Pirzada
J. Risk Financial Manag. 2022, 15(12), 553; https://doi.org/10.3390/jrfm15120553 - 25 Nov 2022
Cited by 9 | Viewed by 3196
Abstract
Even though several studies have been done on intellectual capital, ownership structure, and firm performance, their status has remained uncertain in developing countries like Malaysia. Prior studies have generally focused on a single industry and overlooked the input of all Malaysian non-financial firms. [...] Read more.
Even though several studies have been done on intellectual capital, ownership structure, and firm performance, their status has remained uncertain in developing countries like Malaysia. Prior studies have generally focused on a single industry and overlooked the input of all Malaysian non-financial firms. This study investigates the impact of intellectual capital, its components, and ownership structure on firm performance. This study employs a balanced panel data examination for the data of 409 non-financial firms from 11 sectors listed on Bursa, Malaysia for five years (2016–2020). The modified value-added intellectual coefficient model was applied to examine the effect of IC efficiency on firm performance. The empirical findings revealed that IC efficiency, human capital efficiency, structural capital efficiency, capital employed efficiency, and relational capital efficiency are positively and significantly related to firm performance. However, physical and structural capital is the most substantial element of intellectual capital efficiency in augmenting profitability. In addition, government and foreign ownership positively affect firm performance. The research will help managers, policymakers, and investors understand how IC investments increase performance and make prudent investment choices in government and foreign ownership firms. Full article
(This article belongs to the Special Issue The Impact of COVID-19 Outbreak on Business Sustainability & Financial Risk Analysis)
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15 pages, 1074 KiB  
Article
The Effect of Tax Fairness, Peer Influence, and Moral Obligation on Sales Tax Evasion among Jordanian SMEs
by Nayef Mohammad Al-Rahamneh and Zainol Bidin
J. Risk Financial Manag. 2022, 15(9), 407; https://doi.org/10.3390/jrfm15090407 - 13 Sep 2022
Cited by 7 | Viewed by 5517
Abstract
Tax evasion remains a complex issue for tax authorities, policymakers, and researchers. While socio-psychological factors have been researched, their impact on tax evasion among SMEs has not yet been determined. This paper empirically analyses the effects of tax fairness, peer influence and moral [...] Read more.
Tax evasion remains a complex issue for tax authorities, policymakers, and researchers. While socio-psychological factors have been researched, their impact on tax evasion among SMEs has not yet been determined. This paper empirically analyses the effects of tax fairness, peer influence and moral obligation, on sales tax evasion among Jordanian SME owners/managers. A survey was used to obtain data from three regions of Jordan (north, middle, south). Random sampling was utilized in selecting the prospective respondents from SMEs in three sectors (trade, service, manufacturing). A total of 212 usable questionnaires retrieved from the SMEs were analysed using Smart-PLS 3.0. The results revealed that tax fairness and moral obligation had a significant negative effect on sales tax evasion behaviour among SME owner-managers. On the other hand, peer influence positively and significantly impacted sales tax evasion behaviour. Thus, policymakers and tax authorities should incorporate these factors in developing effective strategies to reduce tax evasion in Jordan, which could result in an improvement in the country’s overall revenue collection. The findings also contribute to the scarcity of literature about the significance of socio-psychological factors in mitigating tax evasion by examining the effects of tax fairness, peer influence, and moral obligation on sales tax evasion. Full article
(This article belongs to the Special Issue The Impact of COVID-19 Outbreak on Business Sustainability & Financial Risk Analysis)
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19 pages, 1196 KiB  
Article
Fintech and Financial Health in Vietnam during the COVID-19 Pandemic: In-Depth Descriptive Analysis
by Robert Jeyakumar Nathan, Budi Setiawan and Mac Nhu Quynh
J. Risk Financial Manag. 2022, 15(3), 125; https://doi.org/10.3390/jrfm15030125 - 6 Mar 2022
Cited by 28 | Viewed by 8494
Abstract
The growing popularity of smartphones and the proliferation of technology have accelerated the development of the digital payment industry. Fintech enables customers to access financial services more efficiently and faster than traditional business, especially during the COVID-19 pandemic due to health protocols, including [...] Read more.
The growing popularity of smartphones and the proliferation of technology have accelerated the development of the digital payment industry. Fintech enables customers to access financial services more efficiently and faster than traditional business, especially during the COVID-19 pandemic due to health protocols, including restrictions on physical contact. This study investigates financial literacy, fintech adoption, and the impact of the COVID-19 crisis on the financial health of consumers in Vietnam. The relatively higher level of the unbanked population in Vietnam and the lower level of adult financial literacy compared with the ASEAN region motivated this study. Based on judgment sampling, participants were approached using the mall intercept technique, and those familiar with fintech were selected for the research interview. Thirty participants were interviewed and were given a survey form to be filled online using their mobile phones. Data analysis was conducted using IBM SPSS software version 23. Perceived ease of use, perceived usefulness, trust, brand image, government support, user innovativeness, and attitude are found to be significantly correlated with fintech adoption in Vietnam, while financial literacy was found to be not significantly correlated with fintech adoption. Furthermore, further analysis using multiple linear regression revealed user innovativeness and attitude have a positive impact towards fintech adoption, and in contrast, financial literacy showed significant negative impact on fintech. This inverse relationship could indicate that in Vietnam, fintech may play a role of bringing financial inclusion where people with lower financial literacy are able to use technology for financial transactions, which was previously inaccessible to them. This could also mean that Vietnamese with higher financial literacy do not see fintech as an important tool for their financial transactions, as they may already have strong access to traditional financial facilities. This research contributes to knowledge in the field of Fintech adoption in Vietnam at the time of the COVID-19 outbreak. To foster greater financial inclusivity and access for the Vietnamese consumers, policy makers could promote the development of fintech business infrastructure and regulatory sandboxes to foster fintech startups. Full article
(This article belongs to the Special Issue The Impact of COVID-19 Outbreak on Business Sustainability & Financial Risk Analysis)
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17 pages, 1107 KiB  
Article
The Print Media Convergence: Overall Trends and the COVID-19 Pandemic Impact
by Marina Sheresheva, Lyudmila Skakovskaya, Elena Bryzgalova, Anton Antonov-Ovseenko and Helen Shitikova
J. Risk Financial Manag. 2021, 14(8), 364; https://doi.org/10.3390/jrfm14080364 - 7 Aug 2021
Cited by 4 | Viewed by 6020
Abstract
The study presented in the paper aims to analyze the Russian print media market before and during the COVID-19 pandemic, as well as the prospects of local media transformation in the challenging environment. In the pre-pandemic decade, there was a growing body of [...] Read more.
The study presented in the paper aims to analyze the Russian print media market before and during the COVID-19 pandemic, as well as the prospects of local media transformation in the challenging environment. In the pre-pandemic decade, there was a growing body of literature on media convergence in emerging markets confirming that this concept is growing in importance as a strategic path of conventional media transformation. Still, the research on the Russian conventional media transformation is scarce, the impact of the COVID-19 pandemic risks on Russian print media and their business models have not been investigated so far. To fill the gap, we combined desk research, processing of published industry statistics, and data obtained by means of expert interviews. The results confirm that in the first decades of the 21st century Russian print media paid less attention to the opportunities of media convergence than Western ones. At the same time, those Russian conventional media that set ambitious goals for their future considered the adoption of the media convergence approach as crucial, even before the pandemic. The findings show the lack of systemic measures to improve the overall situation on the national media market that faces difficult times, and the need to take into account pandemic risks in the print media management activities. Full article
(This article belongs to the Special Issue The Impact of COVID-19 Outbreak on Business Sustainability & Financial Risk Analysis)
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