Business Risks in COVID-19 Crisis Dataset Modeling: Regulatory vs. Marketing Tools of Risk Management
The research aims to identify the most promising regulatory and marketing tools for business risk management in the COVID-19 crisis and develop recommendations for improving the practice of these tools from a post-pandemic perspective. This paper is devoted to the scientific search for answers to tw...
| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English |
| Published: |
MDPI AG
2023-10-01
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| Series: | Risks |
| Subjects: | |
| Online Access: | https://www.mdpi.com/2227-9091/11/11/190 |
| _version_ | 1797457810226675712 |
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| author | Shakhlo T. Ergasheva Azizkhan A. Tillyakhodjaev Yokutxon K. Karrieva Elena G. Popkova Zhanna V. Gornostaeva |
| author_facet | Shakhlo T. Ergasheva Azizkhan A. Tillyakhodjaev Yokutxon K. Karrieva Elena G. Popkova Zhanna V. Gornostaeva |
| author_sort | Shakhlo T. Ergasheva |
| collection | DOAJ |
| description | The research aims to identify the most promising regulatory and marketing tools for business risk management in the COVID-19 crisis and develop recommendations for improving the practice of these tools from a post-pandemic perspective. This paper is devoted to the scientific search for answers to two research questions: RQ<sub>1</sub>: What tactical tools of business risk management are most effective in the COVID-19 crisis? RQ<sub>2</sub>: How to carry out strategic risk management of the business from a post-COVID perspective? The authors perform dataset modeling of business risks in the COVID-19 crisis and data analysis of the post-pandemic perspective of managing these risks, relying on data for 2016–2023, reflecting international experience in a representative sample. The key conclusion of this research is that the most complete and effective business risk management in times of COVID-19 crisis requires the integrated application of tools of state and corporate governance, that is, two-tier management: At the state and business levels. On this basis, the authors recommended applying the systemic approach to business risk management in times of the COVID-19 crisis, which includes a set of the most effective regulatory (financial support from the state budget and protectionism) and marketing (use of big data and analytics) tools of business risk management. The practical significance of the research results is that the recommended systemic approach to using regulatory and marketing tools can improve the effectiveness of tactical and strategic risk management in the COVID-19 crisis, thereby increasing business resilience to this crisis. The novelty is due to the fact that we selected the most effective tools of business risk management under the conditions of the COVID-19 crisis and proved the necessity to combine the tools of state and corporate management, which are substantiated, for the first time, not as mutually interchangeable, but complementary practices of risk management in the unique context of the COVID-19 crisis. |
| first_indexed | 2024-03-09T16:28:18Z |
| format | Article |
| id | doaj.art-4733f4d0e04b4a11a8f10c77a2c1ef3f |
| institution | Directory Open Access Journal |
| issn | 2227-9091 |
| language | English |
| last_indexed | 2024-03-09T16:28:18Z |
| publishDate | 2023-10-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Risks |
| spelling | doaj.art-4733f4d0e04b4a11a8f10c77a2c1ef3f2023-11-24T15:04:56ZengMDPI AGRisks2227-90912023-10-01111119010.3390/risks11110190Business Risks in COVID-19 Crisis Dataset Modeling: Regulatory vs. Marketing Tools of Risk ManagementShakhlo T. Ergasheva0Azizkhan A. Tillyakhodjaev1Yokutxon K. Karrieva2Elena G. Popkova3Zhanna V. Gornostaeva4Department of Accounting, Tashkent State University of Economics, Tashkent 100066, UzbekistanFaculty of Sports Management and Tourism, Uzbekistan State University of Physical Education and Sports, Chirchiq 111709, UzbekistanDepartment of Business Regulation and Logistics, Tashkent State University of Economics, Tashkent 100066, UzbekistanConsortium of Sustainable Development and Technological Leadership, Russia and RUDN University, 117198 Moscow, RussiaFaculty of Economics, Service and Entrepreneurship, Don State Technical University, 344002 Rostov-on-Don, RussiaThe research aims to identify the most promising regulatory and marketing tools for business risk management in the COVID-19 crisis and develop recommendations for improving the practice of these tools from a post-pandemic perspective. This paper is devoted to the scientific search for answers to two research questions: RQ<sub>1</sub>: What tactical tools of business risk management are most effective in the COVID-19 crisis? RQ<sub>2</sub>: How to carry out strategic risk management of the business from a post-COVID perspective? The authors perform dataset modeling of business risks in the COVID-19 crisis and data analysis of the post-pandemic perspective of managing these risks, relying on data for 2016–2023, reflecting international experience in a representative sample. The key conclusion of this research is that the most complete and effective business risk management in times of COVID-19 crisis requires the integrated application of tools of state and corporate governance, that is, two-tier management: At the state and business levels. On this basis, the authors recommended applying the systemic approach to business risk management in times of the COVID-19 crisis, which includes a set of the most effective regulatory (financial support from the state budget and protectionism) and marketing (use of big data and analytics) tools of business risk management. The practical significance of the research results is that the recommended systemic approach to using regulatory and marketing tools can improve the effectiveness of tactical and strategic risk management in the COVID-19 crisis, thereby increasing business resilience to this crisis. The novelty is due to the fact that we selected the most effective tools of business risk management under the conditions of the COVID-19 crisis and proved the necessity to combine the tools of state and corporate management, which are substantiated, for the first time, not as mutually interchangeable, but complementary practices of risk management in the unique context of the COVID-19 crisis.https://www.mdpi.com/2227-9091/11/11/190business risksCOVID-19 crisisregulatory toolsmarketing toolsdataset modelingdata analysis |
| spellingShingle | Shakhlo T. Ergasheva Azizkhan A. Tillyakhodjaev Yokutxon K. Karrieva Elena G. Popkova Zhanna V. Gornostaeva Business Risks in COVID-19 Crisis Dataset Modeling: Regulatory vs. Marketing Tools of Risk Management Risks business risks COVID-19 crisis regulatory tools marketing tools dataset modeling data analysis |
| title | Business Risks in COVID-19 Crisis Dataset Modeling: Regulatory vs. Marketing Tools of Risk Management |
| title_full | Business Risks in COVID-19 Crisis Dataset Modeling: Regulatory vs. Marketing Tools of Risk Management |
| title_fullStr | Business Risks in COVID-19 Crisis Dataset Modeling: Regulatory vs. Marketing Tools of Risk Management |
| title_full_unstemmed | Business Risks in COVID-19 Crisis Dataset Modeling: Regulatory vs. Marketing Tools of Risk Management |
| title_short | Business Risks in COVID-19 Crisis Dataset Modeling: Regulatory vs. Marketing Tools of Risk Management |
| title_sort | business risks in covid 19 crisis dataset modeling regulatory vs marketing tools of risk management |
| topic | business risks COVID-19 crisis regulatory tools marketing tools dataset modeling data analysis |
| url | https://www.mdpi.com/2227-9091/11/11/190 |
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