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The Impact of COVID-19 on Economy, Energy, and Environment
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The Impact of COVID-19 on Economy, Energy, and Environment

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Energy and Environment: Economics, Finance and Policy".

Deadline for manuscript submissions: closed (31 March 2023) | Viewed by 51320

Special Issue Editor

Dr. Kentaka Aruga

E-Mail Website
Guest Editor
Graduate School of Humanities and Social Sciences, Saitama University, 255 Shimo-Okubo, Sakura-ku, Saitama City, Japan
Interests: agricultural market; fisheries market; oil market; natural gas market; coal market; energy transition; energy security; energy-environmental Kuznets curve; time series analysis; discrete choice experiment; altruistic consumption
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

As the human impact on the natural environment has reduced after the COVID-19 related lockdown was imposed in various countries, it is becoming crucial to learn the indirect effects of the COVID-19 pandemic on the environment from diminished economic activities. It is known that the level of energy consumption decreased during the lockdowns in several countries, and this led to lower levels of greenhouse gas emissions. This Special Issue aims to collect studies providing useful information to discover such impacts of the COVID-19 on the economy, energy, and environment.

We would like to welcome to this Special Issue various topics revealing how the COVID-19 pandemic is influencing economic activities, and how changes in such activities have an influence on the energy sector (including impacts on energy markets), and how shifts in energy use have mitigated the human impact on the environment. The Special issue invites submissions on diverse topics relevant but not limited to the following areas:

  • Effects of lockdown on global/local economies, energy sectors, and the environment;
  • COVID-19 and its effect on energy markets;
  • COVID-19 and its impact on the financial sector;
  • COVID-19 and changes in environmental pollution (including greenhouse gas emissions).

Dr. Kentaka Aruga
Guest Editor

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

  • COVID-19 
  • Lockdown 
  • Economic shock 
  • Structural change 
  • Risk and uncertainty 
  • Energy market 
  • Economic impact 
  • Investment decision 
  • Health industry 
  • Consumption 
  • Environmental impact

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Published Papers (11 papers)

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Research

17 pages, 1666 KiB  
Article
Japanese Economic Performance after the Pandemic: A Sectoral Analysis
by Willem Thorbecke
J. Risk Financial Manag. 2023, 16(5), 267; https://doi.org/10.3390/jrfm16050267 - 11 May 2023
Viewed by 6562
Abstract
The COVID-19 crisis battered the Japanese economy. The purpose of this paper is to investigate whether the pandemic has left scars. To this end, it employs out-of-sample forecasting models and detailed stock market data for 30 sectors and disaggregated current account data for [...] Read more.
The COVID-19 crisis battered the Japanese economy. The purpose of this paper is to investigate whether the pandemic has left scars. To this end, it employs out-of-sample forecasting models and detailed stock market data for 30 sectors and disaggregated current account data for the 3 years after the first case occurred. The findings indicate that stock prices in sectors such as tourism, education, and cosmetics remain far below forecasted values after three years. Office equipment and semiconductor stock prices initially fell more than predicted but have since recovered. Other sectors such as bicycle parts and home appliances gained at first but are now performing as expected. Sectors such as home delivery and electronic entertainment continue to outperform. The results also indicate that income flows from Japanese investments abroad are much larger than forecasted, keeping the Japanese current account in surplus even as imports of oil and commodities have created persistent trade deficits. Since the travails of hard-hit sectors such as tourism reflect their exposure to the COVID-19 pandemic rather than bad choices made by firms, policymakers should consider employing cost-effective ways to stimulate economic activity in these sectors. Full article
(This article belongs to the Special Issue The Impact of COVID-19 on Economy, Energy, and Environment)
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21 pages, 410 KiB  
Article
Growth of Venture Firms under State Capitalism with Chinese Characteristics: Qualitative Comparative Analysis of Fuzzy Set
by Kyung Hwan Yun and Chenguang Hu
J. Risk Financial Manag. 2023, 16(2), 138; https://doi.org/10.3390/jrfm16020138 - 18 Feb 2023
Cited by 1 | Viewed by 2278
Abstract
This study builds upon the venture growth literature and venture legitimation mechanisms and investigates how venture firms in China can acquire legitimacy and necessary resources from state stakeholders for venture growth during the COVID-19 pandemic. To offer a context-specific perspective of Chinese ventures’ [...] Read more.
This study builds upon the venture growth literature and venture legitimation mechanisms and investigates how venture firms in China can acquire legitimacy and necessary resources from state stakeholders for venture growth during the COVID-19 pandemic. To offer a context-specific perspective of Chinese ventures’ legitimation strategies, we discuss that under Chinese state capitalism, these ventures need to follow lingering socialist values, such as equality and social stability, to be recognized as appropriate business operations by state audiences. Furthermore, we discuss that access to necessary resources for venture growth is limited during crises. Based on the understanding of particular contexts of Chinese state capitalism and the COVID-19 pandemic, we examine how various sets of a venture’s identity, associative, and organizational mechanisms influence venture growth during crises in China. In addition, we consider serial entrepreneurship as a contextual factor affecting the effectiveness of causal effects. This study applies the fuzzy-set qualitative comparative analysis method to take a configurational approach and identify multiple concurrent causality of legitimacy mechanisms on venture growth. We conduct a survey and analyze data from 107 entrepreneurs of Chinese technology ventures during the COVID-19 pandemic. Findings show that Chinese ventures with or without repeat entrepreneurs can actively utilize various sets of legitimation mechanisms to acquire legitimacy and necessary resources from Chinese state audiences for venture growth during adversity. This study provides comprehensive understanding and practical implications on Chinese ventures’ legitimation strategies for venture growth during crises. Full article
(This article belongs to the Special Issue The Impact of COVID-19 on Economy, Energy, and Environment)
19 pages, 587 KiB  
Article
The Role of E-Accounting Adoption on Business Performance: The Moderating Role of COVID-19
by Abdalwali Lutfi, Saleh Nafeth Alkelani, Hamza Alqudah, Ahmad Farhan Alshira’h, Malek Hamed Alshirah, Mohammed Amin Almaiah, Adi Alsyouf, Mahmaod Alrawad, Abdelhameed Montash and Osama Abdelmaksoud
J. Risk Financial Manag. 2022, 15(12), 617; https://doi.org/10.3390/jrfm15120617 - 19 Dec 2022
Cited by 37 | Viewed by 5053
Abstract
In the last decade, information systems (ISs) have made dynamic developments in light of their ability to enhance the performances of businesses. In relation to this, an organization that is effectively and efficiently managed often displays optimum performance using financial systems such as [...] Read more.
In the last decade, information systems (ISs) have made dynamic developments in light of their ability to enhance the performances of businesses. In relation to this, an organization that is effectively and efficiently managed often displays optimum performance using financial systems such as electronic accounting (e-accounting). Thus, essentially, e-accounting is utilized for the automation of operational processes and for improving business efficiency and performance. More currently, e-accounting dynamic development has laid credence to the performance of businesses in a way that the influence cannot be exaggerated. Nevertheless, past studies evidenced that successful e-accounting depends on critical success factors, and hence this study primarily aims to conduct an evaluation of e-accounting using DeLone and McLean’s information system model (DM ISM) among firms in Jordan. More specifically, this study determines the influence of information quality, system quality, service quality, system usage, and user satisfaction on business performance. The current study adopted a quantitative method, applying a self-administered survey questionnaire for the purpose of data collection from 104 e-accounting users. This study employed partial least squares structural equation modeling (PLS-SEM) to validate the data, and based on the findings, system quality and information quality affect system use; service quality of e-accounting had no significant impact on use, but e-accounting use had a significant influence on the satisfaction of users. Moreover, e-accounting system use and user satisfaction positively influence business performance. This study is an extension of the current IS literature, particularly of those focused on determining the effects of e-accounting benefits. This study validated the proposed model in the context of Jordanian firms and contributes to both the literature on and practice of e-accounting. This study provided implications, limitations, and recommendations for future research. Full article
(This article belongs to the Special Issue The Impact of COVID-19 on Economy, Energy, and Environment)
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12 pages, 316 KiB  
Article
Cultural Differences between University Students in Online Learning Quality and Psychological Profile during COVID-19
by Simone Nomie Sato, Emilia Condes Moreno, Adriana Rico Villanueva, Paulo Orquera Miranda, Pascual Chiarella, Jose Francisco Tornero-Aguilera and Vicente Javier Clemente-Suárez
J. Risk Financial Manag. 2022, 15(12), 555; https://doi.org/10.3390/jrfm15120555 - 28 Nov 2022
Cited by 5 | Viewed by 2927
Abstract
During the COVID-19 pandemic, educational systems had to adapt to the social and health situation immediately. This led to the appearance of the asynchronous teaching model. Throughout the pandemic at an educational level, we can distinguish three phases, eminently online, hybrid, and face-to-face. [...] Read more.
During the COVID-19 pandemic, educational systems had to adapt to the social and health situation immediately. This led to the appearance of the asynchronous teaching model. Throughout the pandemic at an educational level, we can distinguish three phases, eminently online, hybrid, and face-to-face. However, the perception of educational quality in these three educational moments, considering the psychometric profile and cultural differences comparing Ibero-American countries, has not been studied. The study aims to analyze the psychological profile, and perception of quality in the teaching–learning processes at the university stage, during the three processes of educational transition during COVID-19: online, hybrid, and face-to-face. Thus, 1093 university students from Ibero-American countries were studied. Through a questionnaire, demographic, academic, and psychological variables were analyzed during three phases of the pandemic. Data suggest that Latin American students had higher levels of trait anxiety and stress perception, as well as higher levels of loneliness, during the online teaching phase (lockdown), but higher grades and higher levels of motivation compared to Europeans. Indeed, Latin Americans showed greater convenience, and preference for online learning methods. However, during the face-to-face teaching phase, European students presented greater motivation and grades, showing a greater preference for this method of learning than Latin American students. Factors such as resilience, a more unfavorable and pronounced pandemic evolution, and greater social inequities, may explain the present results. Furthermore, the present study suggests that despite the effect of the pandemic on mental health, online education is postulated as an effective teaching–learning alternative. Indeed, online teaching models have come to stay, not as a substitute, but as a tool, an essential focus of attention on these models should be conducted in European countries, while the governments of Latin American countries ensure that the infrastructures and resources are equitable to be able to correctly implement this teaching model. Full article
(This article belongs to the Special Issue The Impact of COVID-19 on Economy, Energy, and Environment)
16 pages, 573 KiB  
Article
Institutional Investors’ Willingness to Pay for Green Bonds: A Case for Shanghai
by Yoshihiro Zenno and Kentaka Aruga
J. Risk Financial Manag. 2022, 15(11), 508; https://doi.org/10.3390/jrfm15110508 - 3 Nov 2022
Cited by 4 | Viewed by 3307
Abstract
The issuance of green bonds has been increasing since 2016 in China, and the number of papers covering the topic is growing. In previous studies on greenium, not much has been investigated from the institutional investors’ perspective. The study estimates the institutional investors’ [...] Read more.
The issuance of green bonds has been increasing since 2016 in China, and the number of papers covering the topic is growing. In previous studies on greenium, not much has been investigated from the institutional investors’ perspective. The study estimates the institutional investors’ level of greenium by surveying the institutional investors in Shanghai, China, from October 23 to 1 November 2021, using the double-bound dichotomous choice (DBDC) contingent valuation method (CVM). The study also analyzes the effects of variables that are known to be important for the green bond based on previous studies. The study identifies that there is a greenium level of 0.47%. Among the seven variables tested with logit regression models, the credit and currency of the bond had a positive effect on the greenium. The study provides helpful insights for issuers’ strategic planning and could be a stepping stone to increasing issuance not only for the Chinese green bond market but also for the global green bond market. Full article
(This article belongs to the Special Issue The Impact of COVID-19 on Economy, Energy, and Environment)
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11 pages, 1498 KiB  
Article
Effects of the Human-Mobility Change during the COVID-19 Pandemic on Electricity Demand
by Kentaka Aruga
J. Risk Financial Manag. 2022, 15(10), 422; https://doi.org/10.3390/jrfm15100422 - 22 Sep 2022
Cited by 3 | Viewed by 1682
Abstract
This study investigated how the changes in the number of people’s visits to various locations during the COVID-19 pandemic influenced electricity demand. Using the autoregressive distributed lag (ARDL) model, the study reveals that while an increase in visits to groceries, pharmacies stores, and [...] Read more.
This study investigated how the changes in the number of people’s visits to various locations during the COVID-19 pandemic influenced electricity demand. Using the autoregressive distributed lag (ARDL) model, the study reveals that while an increase in visits to groceries, pharmacies stores, and transit stations increased electricity demand, an increase in the hours people spent at home had a negative impact on the demand during the period of the state of emergency (SOE). This study also demonstrates the differences in the effects of human-mobility changes on electricity demand among different SOE periods, which was probably related to the weakening in the effect of the SOE measures as people became accustomed to the SOE announcements. As the energy transition unfolds across the world, ensuring the optimization of integrated energy systems has never been more important; thus, the current study suggests that controlling human mobility could be one of the options through which policymakers could intervene in the energy-demand sector. Full article
(This article belongs to the Special Issue The Impact of COVID-19 on Economy, Energy, and Environment)
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21 pages, 698 KiB  
Article
COVID-19 Vaccinations and the Volatility of Energy Companies in International Markets
by Ender Demir, Renatas Kizys, Wael Rouatbi and Adam Zaremba
J. Risk Financial Manag. 2021, 14(12), 611; https://doi.org/10.3390/jrfm14120611 - 17 Dec 2021
Cited by 23 | Viewed by 3871
Abstract
The COVID-19 pandemic has elevated both the risk and volatility of energy companies. Can mass vaccinations restore stability within this sector? To answer this question, we investigate stock market data from fifty-eight countries from January 2020 to April 2021. We document that vaccination [...] Read more.
The COVID-19 pandemic has elevated both the risk and volatility of energy companies. Can mass vaccinations restore stability within this sector? To answer this question, we investigate stock market data from fifty-eight countries from January 2020 to April 2021. We document that vaccination programs assist in decreasing the volatility of energy stocks around the world. The drop in volatility is statistically and economically significant and robust to many considerations. The observed phenomenon survives a broad battery of control variables; it is also independent of the employed regression model or the volatility measurement approach. Moreover, the effect is not driven by the dynamics of the pandemic itself or the associated government interventions. Finally, we find the influence of vaccinations on energy stock volatility to be more pronounced in developed markets rather than in emerging ones. Our findings bear clear practical implications: policy makers around the world should consider the essential role of vaccinations in the energy sector. Full article
(This article belongs to the Special Issue The Impact of COVID-19 on Economy, Energy, and Environment)
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22 pages, 4894 KiB  
Article
Investigating the Causal Linkages among Inflation, Interest Rate, and Economic Growth in Pakistan under the Influence of COVID-19 Pandemic: A Wavelet Transformation Approach
by Muhammad Azmat Hayat, Huma Ghulam, Maryam Batool, Muhammad Zahid Naeem, Abdullah Ejaz, Cristi Spulbar and Ramona Birau
J. Risk Financial Manag. 2021, 14(6), 277; https://doi.org/10.3390/jrfm14060277 - 18 Jun 2021
Cited by 22 | Viewed by 8952
Abstract
This research is the earliest attempt to understand the impact of inflation and the interest rate on output growth in the context of Pakistan using the wavelet transformation approach. For this study, we used monthly data on inflation, the interest rate, and industrial [...] Read more.
This research is the earliest attempt to understand the impact of inflation and the interest rate on output growth in the context of Pakistan using the wavelet transformation approach. For this study, we used monthly data on inflation, the interest rate, and industrial production from January 1991 to May 2020. The COVID-19 pandemic has affected economies around the world, especially in view of the measures taken by governmental authorities regarding enforced lockdowns and social distancing. Traditional studies empirically explored the relationship between these important macroeconomic variables only for the short run and long run. Firstly, we employed the autoregressive distributed lag (ARDL) cointegration test and two causality tests (Granger causality and Toda–Yamamoto) to check the cointegration properties and causal relationship among these variables, respectively. After confirming the long-run causality from the ARDL bound test, we decomposed the time series of growth, inflation, and the interest rate into different time scales using wavelet analysis which allows us to study the relationship among variables for the very short run, medium run, long run, and very long run. The continuous wavelet transform (CWT), the cross-wavelet transform (XWT), cross-wavelet coherence (WTC), and multi-scale Granger causality tests were used to investigate the co-movement and nature of the causality between inflation and growth and the interest rate and growth. The results of the wavelet and multi-scale Granger causality tests show that the causal relationship between these variables is not the same across all time horizons; rather, it is unidirectional in the short-run and medium-run but bi-directional in the long-run. Therefore, this study suggests that the central bank should try to maintain inflation and the interest rate at a low level in the short run and medium run instead of putting too much pressure on these variables in the long-run. Full article
(This article belongs to the Special Issue The Impact of COVID-19 on Economy, Energy, and Environment)
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11 pages, 1051 KiB  
Article
Effects of the 2008 Financial Crisis and COVID-19 Pandemic on the Dynamic Relationship between the Chinese and International Fossil Fuel Markets
by Chaofeng Tang and Kentaka Aruga
J. Risk Financial Manag. 2021, 14(5), 207; https://doi.org/10.3390/jrfm14050207 - 5 May 2021
Cited by 12 | Viewed by 4129
Abstract
This study examines whether the dynamic relationship between the Chinese and international fossil markets changed during the 2008 financial crisis and is changing during the COVID-19 pandemic. The impact of the crises are analyzed by including the periods affected by the crises as [...] Read more.
This study examines whether the dynamic relationship between the Chinese and international fossil markets changed during the 2008 financial crisis and is changing during the COVID-19 pandemic. The impact of the crises are analyzed by including the periods affected by the crises as dummy variables in the VAR and VECM models. Monthly data for the 2000:1–2020:12 period were used in the study. Our results suggest that the effects of the COVID-19 on the linkages between the Chinese and international fossil fuel markets are not as evident compared to the 2008 financial crisis. The study identifies that the effects of the 2008 financial crisis and the COVID-19 pandemic on the linkages are mostly driven by the impacts of these crises on the Chinese fossil fuel markets. The study indicates the importance of controlling the risk involved in the Chinese fossil fuel market when events like the 2008 financial crisis and the COVID-19 pandemic are changing the linkages between the Chinese and international fossil fuel markets. Full article
(This article belongs to the Special Issue The Impact of COVID-19 on Economy, Energy, and Environment)
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23 pages, 1719 KiB  
Article
Gold against Asian Stock Markets during the COVID-19 Outbreak
by Imran Yousaf, Elie Bouri, Shoaib Ali and Nehme Azoury
J. Risk Financial Manag. 2021, 14(4), 186; https://doi.org/10.3390/jrfm14040186 - 20 Apr 2021
Cited by 51 | Viewed by 6219
Abstract
This study examines the safe-haven and hedging roles of gold against thirteen Asian stock markets during the COVID-19 outbreak. During the COVID-19 sub-period, gold is shown to be a strong hedge (diversifier) for the majority (minority) of Asian stock markets; it exhibits the [...] Read more.
This study examines the safe-haven and hedging roles of gold against thirteen Asian stock markets during the COVID-19 outbreak. During the COVID-19 sub-period, gold is shown to be a strong hedge (diversifier) for the majority (minority) of Asian stock markets; it exhibits the property of a strong safe-haven in China, Indonesia, Singapore, and Vietnam, and a weak safe-haven in Pakistan and Thailand. The optimal weights of all stock-gold portfolios are lower during the COVID-19 sub-period than the pre COVID-19 sub-period, suggesting that portfolio investors should increase their investment in gold during the COVID-19 sub-period. The hedging effectiveness for most Asian stock markets is higher during the COVID-19 sub-period. Further analyses show that the hedge portfolio returns in many cases are mostly driven by gold implied volatility and inflation expectations in both sub-periods. Our findings have useful implications for market participants holding investments in Asian stocks during stressful periods. Full article
(This article belongs to the Special Issue The Impact of COVID-19 on Economy, Energy, and Environment)
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12 pages, 1844 KiB  
Article
Changes in Human Mobility under the COVID-19 Pandemic and the Tokyo Fuel Market
by Kentaka Aruga
J. Risk Financial Manag. 2021, 14(4), 163; https://doi.org/10.3390/jrfm14040163 - 5 Apr 2021
Cited by 11 | Viewed by 3480
Abstract
The study identifies the impact of the changes in human mobility due to the announcement of the state of emergency to cope with the COVID-19 pandemic on the Tokyo gasoline, diesel, and kerosene markets. Indices reflecting the movements in the visits to transit [...] Read more.
The study identifies the impact of the changes in human mobility due to the announcement of the state of emergency to cope with the COVID-19 pandemic on the Tokyo gasoline, diesel, and kerosene markets. Indices reflecting the movements in the visits to transit stations and workplaces were used to capture the changes in human mobility from February 2020 to February 2021. The linear and nonlinear ARDL (NARDL) models were applied to investigate the relationship between the changes in human mobility indices and fuel prices. Although only the kerosene price received an impact from the human mobility changes in the linear ARDL model, the NARDL model revealed that when human mobility was increasing, the fuel price was affected positively and the negative shocks in the mobility had an adverse influence on the fuel price. The results of the study imply the importance of providing subsidies when a state of emergency reduces fuel demands due to the decline in human mobility and negatively affects the fuel retail industry. Full article
(This article belongs to the Special Issue The Impact of COVID-19 on Economy, Energy, and Environment)
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