SUSTAINABLE BUSINESS DEVELOPMENT IN THE CONTEXT OF THE CONTEMPORARY RISKS AND CHALLENGES

Yuliia Kostynets; Valeriia Kostynets

doi:10.36690/2674-5208-2023-1-4

Authors

Yuliia Kostynets Heinrich Heine University of Dusseldorf https://orcid.org/0000-0001-6427-675X
Valeriia Kostynets Heinrich Heine University of Dusseldorf https://orcid.org/0000-0002-4222-7620

DOI:

https://doi.org/10.36690/2674-5208-2023-1-4

Keywords:

development, sustainable business development, smart regulation, resilience, tourism, hospitality, Russian invasion in Ukraine

Abstract

The direction of our research is based on the problem of sustainable business development in the context of the global risks and contemporary challenges. In the article, the authors emphasize the need to find new ways of business development in the conditions of contemporary crises and challenges, among which a key place is given to the COVID-19 and Russian military aggression in Ukraine.Accordingly, the research hypothesis consists in the assumption that the effective management of the economic development of business should be based on a deep understanding of contemporary challenges and global risks affecting the development of each specific country currently in the medium and long term. The main goal of the research is to develop a model of the process of smart business regulation, taking into account consumer behavior in conditions of contemporary risks and challenges. The article notes that the basis of the proposed model of smart regulation in the conditions of modern challenges lies in decision-making theories based on uncertainty. In conclusion, the authors note that the development and implementation of smart regulation, focused on risks and challenges proportional to them, is an important approach to increasing efficiency, strengthening effectiveness and reducing the overall burden on the economy. The article finds that the COVID-19 crisis and Russia's military aggression in Ukraine have demonstrated the obstacles that regulation can create for crisis response when it is disproportionate to the risk or when the trade-offs between different risks are not adequately anticipated. It also demonstrates the importance of regulatory flexibility and emergency management, as well as the use of new technologies. The use of the proposed model is especially relevant in the context of the impact of future risks - threats to the ecosystem, epidemiology threats, security threats, threats of digital rights violations, and threats to economic stability.

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Author Biographies

Yuliia Kostynets, Heinrich Heine University of Dusseldorf

Doctor of Science (Economics), Associate Professor, Professor of the Department of Marketing, Economics, Management and Administration, Vice-Rector International, National Academy of Management (Kyiv. Ukraine), Guest Researcher of the Department of Business Administration, esp. Marketing, Heinrich Heine University of Dusseldorf, Germany;

Valeriia Kostynets, Heinrich Heine University of Dusseldorf

Doctor of Science (Economics), Associate Professor, Associate Professor of the Department of Management, Vadym Hetman Kyiv National Economic University, Kyiv, Ukraine, Guest Researcher of the Department of Business Administration, esp. Marketing, Heinrich Heine University of Dusseldorf, Germany

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