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DOI: https://doi.org/10.34069/AI/2021.45.09.17
How to Cite:
Harkusha, A.H., Koretsky, O.P., Pokataiev, P.S., Bukanov, H.M., & Biliuk, A.V. (2021). The influence of the crisis on corporate
governance and its legislative regulation: evidence from Ukraine. Amazonia Investiga, 10(45), 158-174.
https://doi.org/10.34069/AI/2021.45.09.17
The influence of the crisis on corporate governance and its legislative
regulation: evidence from Ukraine
ВПЛИВ КРИЗИ НА КОРПОРАТИВНЕ УПРАВЛІННЯ ТА ЙОГО ЗАКОНОДАВЧЕ
РЕГУЛЮВАННЯ: ДОСВІД УКРАЇНИ
Received: July 16, 2021 Accepted: September 28, 2021
Written by:
Alina H. Harkusha
64
https://orcid.org/0000-0002-3299-8405
Oleg P. Koretsky
65
https://orcid.org/0000-0002-2182-1436
Pavlo S. Pokataiev
66
https://orcid.org/0000-0003-3806-2197
Hryhorii M. Bukanov
67
https://orcid.org/0000-0002-5398-5953
Andrii V. Biliuk
68
https://orcid.org/0000-0002-4348-8312
Abstract
The crisis caused by COVID-19 pandemic has
affected the world community, changed the usual
way of operating and managing each
organization. The article aims to outline possible
ways to optimize corporate management in crisis
conditions in Ukraine. Based on the statistical
methods the influence of COVID-19 pandemic
on the activity of organisations in these
conditions in Ukraine was determined, thus, this
period was characterized by enterprises’ income
fall, growing share of dismissed employees, new
challenges for administrative staff in the area of
innovation and change management etc. The
most significant factors influencing the
organization's crisis management were
classified: negative (economic loss, lack of
working capital, lack of demand for the products
of the company, reducing staff, closing the
economic areas that affect the company's
operations, interruptions in the work of
contractors) and positive (ensuring the stability
of wages, changes in labor legislation,
management flexibility, development of new
64
Associate Professor, Candidate of Juridical Sciences, Dnipropetrovsk State University of Internal Affairs, Dnipro city, Ukraine.
65
Associate Professor of Judiciary, Prosecutor's Office and advocacy Institution of higher education Lviv University business and
law, Lviv, Ukraine.
66
Doctor of Science in Public Administration, Doctor of Laws, Professor, Classical Private University, Zaporizhzhia city, Ukraine.
67
Candidate of Political Sciences, Associate Professor, Zaporizhzhia Polytechnic National University, Doctoral Student, Department
of Management and Project Management, Dnipropetrovsk Regional Institute of Public Administration of the National Academy of
Public Administration under the President of Ukraine, Dnipro city, Ukraine.
68
Candidate of Science in Public Administration, Classical Private University, Zaporizhzhia city, Ukraine.
Harkusha, A.H., Koretsky, O.P., Pokataiev, P.S., Bukanov, H.M., Biliuk, A.V. / Volume 10 - Issue 45: 158-174 / September, 2021
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forms of business, improving communication
between the administration of the organization
and the state). Determined that optimize crisis
management organization possible through the
implementation of management, economic and
legislative measures. The optimization of crisis
management of the organization will lead to
economic development and preservation of
human capital in the country.
Keywords: organizational structure, planning,
factors, leader, activities, Ukraine.
Introduction
Nowadays, there are significant changes caused
by the COVID-19 pandemic. In addition to the
rapid spread of coronavirus infection, the world
community has undergone significant changes in
economic, political, cultural and social spheres.
The crisis caused by the COVID-19 pandemic
has affected the world economy and international
standards of activity. The introduction of
quarantine measures may necessitate the search
for new approaches to enterprise management to
increase the efficiency of its activities. One of the
distinguishing features of the current crisis is its
uniqueness in terms of scale of spread and speed
of spread. Therefore, the measures taken during
the past crises (in 2008 and 2014), both in the
social, economic and legal spheres, may not be
sufficient to address the problems associated
with the current crisis.
The crisis caused by the pandemic may affect not
only the economic performance of organizations
It can cause global changes, ranging from the
organization’s activity format – the transition to
distance work, online meetings and negotiations,
to territorial mobility restriction because of
borders closure. The changes could affect the
leadership style of organizations heads, working
conditions, the ability to interact with
contractors.
An important aspect of changing approaches to
the corporate management is the legal support of
activities, which can currently be characterized
by shortcomings at both national and
international levels. An urgent problem
nowadays is the development of mechanism for
the implementation of measures aimed at
neutralizing and overcoming the crisis, as well as
the legal regulation of use of such a mechanism.
Therefore, it is important to analyze the legal support
of crisis management at the international and
national levels to optimize the activities of
organizations.
The article aims to outline possible ways to
optimize corporate management in crisis
conditions in Ukraine based on the analysis and
systematization of theoretical experience,
practical measures and legal support of crisis
management.
Literature review
The issue of organization management in a crisis
situation is a research area of scientists in various
fields - economics, management, law,
psychology, sociology. L. Barton (2007) as a
result of crisis management study developed a
manual on preparation for crisis, sabotage and
disaster. W.T. Coombs (2014) explores the issue
of crisis communication. W. Johansen (2017)
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studies the practical and theoretical issues of
crisis consulting. O. Lerbinger (2012) examines
crisis management from the perspective of
dealing with disasters, conflicts and weapons.
V.O. Shtejnyk (2017) notes the importance of
management as one of the integral functions of
any organized socio-economic system, designed
to ensure the preservation and development of
this system (p. 376). Fishhuk and Gholyshevsjka
(2011) studied the dependence of the enterprise
development level and the effectiveness of
organization management on the provision of
financial management. The concept of crisis is
characterized as "an event with low probability
and strong impact, which threatens the viability
of the organization and is characterized by
ambiguity of causes, consequences and solutions,
as well as the belief that decisions should be
taken promptly" (Pearson, Clair, 1998).
S. Hermann (1963) determined that the essence
of the crisis is made up of three mandatory
components, by which the crisis can be
distinguished from other unpleasant events. We
are talking about: 1) surprise; 2) threat; 3) lack of
time required for reaction. Kostj (2010)
identified the importance of taking into account
the legal regulation and involvement of useful
information resources to build an effective
organization management system.
S.V. Stavchenko (2018) studies crisis situations
as components of political governance.
Hermann (1972) believes that a situation can be
considered as a crisis when it is perceived as
unexpected for the affected people, poses a threat
to them and must be overcome in a timely
manner. The current situation, which emerged in
2019 made the opportunity to work from home
more popular than ever, putting a cloud over the
future of travel and meetings, which are part of
everyday business life. In view of this, it can be
noted that the current crisis is characterized by
unpredictability, and organizational mechanisms
may be unable to forecast and prevent crisis
consequences, which may threaten the existence
of organizations, the lofty objectives of
institutions (Gostin, Wiley, 2020).
O.V. Levchuk (2017) notes that the most
pressing challenges of globalization, which can
create numerous threats to the economic security
of the state, are: the instability of the global
financial system, which is accompanied by an
imbalance in world trade and investment flows
between the world's largest economic centers;
expansion of world markets for certain types of
products, goods and services; spread of crisis
phenomena; expansion of the advanced countries
of the world; lack of resources for expanded
development.
The special properties of an effective crisis
management system are (M.V. Metkin, 2004):
flexibility and adaptability, ability to strengthen
informal management, motivation of enthusiasm,
patience, confidence, search for the most
acceptable typological features of management
in difficult situations, reduction of centralism in
order to ensure timely situational response to
emerging problems, strengthening of integration
processes allowing to concentrate efforts and
more effectively use the potential of competence.
1. G. Meyers., J. Holusha (1986) found that
crisis benefits can be drivers for organization
development. Researchers have identified
the following benefits from the impact of
crisis situations on organizations: 1. "Birth
of Heroes".
2. Accelerating the process of internal and
organizational changes (restructuring),
which management is reluctant to go under
normal conditions ("Union Carbide").
3. Awareness and recognition of existing
problems that have previously been ignored
("Procter & Gamble", "Dalkon Shield").
4. Optimal redistribution of human resources
in the process of change ("United
Technologies", "Bamiff Airlines").
5. Implementation of new (revolutionary)
strategies ("General Motors", "Caterpillar").
6. Focusing on early warning systems in the
future ("Bank of Boston").
7. New competitive advantages (abilities and
opportunities) after the crisis ("Levies",
"Coca-Cola").
Considering the mechanisms of crisis
management, A.Iu. Poghrebnjak (2015),
interprets them as a set of interconnected and
complementary elements, the coordinated
interaction of which helps to identify, prevent
and overcome the crisis, under the influence of
external and internal factors. In the process of
identifying the need for anti-crisis management,
the main goal of anti-crisis measures is
determined - the state in the future, that can
change relative to the present and is worth,
desirable or necessary to achieve.
L.O. Lighonenko (2001) notes that crises often
take place in two phases, when after a sharp
deterioration of the situation comes a period of
gradual stabilization (adaptation).
COVID-19 changed the corporate management
in three areas:
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1. Companies become resistant to crisis
conditions, focus on long-term goals.
Organizations integrating different types of
capital (private, joint-stock, state, credit) are
more likely to operate in a sustained way.
2. Nationalism is being revived in
organizations, which can guarantee the
absence of foreign property influence on the
stable activity of the organization.
3. There is an expansion of corporate goals due
to the uncertainty of the future economic
environment condition (Gelter &
Puaschunder, 2021).
According to a study by A.V. Vorfolomeeva
(2020) the impact of the COVID-19 crisis on the
activities of organizations in Ukraine is assessed:
− the changes are not noticeable at all – 41 %
of respondents;
− reduction of organization production – 37 %
of respondents;
− ceasing organization activities – 21 % of
respondents;
− increasing the organization production – 1 %
of respondents (Vorfolomeev, 2020).
That is, according to research, 58% of companies
have experienced the negative effects of the
COVID-19 crisis. 82 Ukrainian manufacturing
companies took part in this survey
(Vorfolomeev, 2020).
In many countries, factories are closing,
production is slowing down, sales are falling, and
employment is reducing. Such COVID-19
effects can lead to a decline of the world
economy to levels lower than it was expected in
2020 (Şenol & Zeren, 2020).
Vysocjka (2020) notes that the pandemic caused
by the COVID-19 virus, could have the impetus
for the manifestation of the global financial
crisis, which has been brewing for years.
Employees can expect their organizations to be
sensitive to them, while those who use the
services and products of the organizations
closely can monitor developments to minimize
possible losses and not endanger their own health
(Sasaki et al., 2020).
As a result, COVID-19 could disrupt companies'
business practices. Business meetings and
operations could be replaced by online
operations, and work from home has become
more important than ever during the quarantine
period. Accordingly, many companies could
create new organizational structures to
implement effective crisis management (Buheji,
& Ahmed, 2020).
With the spread of coronavirus infection
COVID-19, countries of the world could face a
number of problematic issues (O.O. Reznikova,
2020). These issues may include:
− impossibility of early detection, assessment
and prevention of the threat;
− lack of sufficient capabilities, reserves,
alternative strategies in case of crisis;
− the absence or irrelevance of integrated
response plans, uniform standards and
agreed action protocols;
− insufficient level of readiness of medical
staff and law enforcement agencies to act in
a crisis situation and quarantine restrictions;
− unwillingness of government bodies, most
enterprises and the population to work under
quarantine conditions, including in the
remote mode;
− slow response on the part of authorized state
and local anti-crisis management bodies,
low efficiency of coordination of measures
at various levels, including due to
shortcomings in the legislation and / or non-
compliance;
− imperfection of the system of strategic
planning and analysis in the state, including
in terms of conducting a comprehensive
assessment of the threat impact and
appropriate response measures to various
areas of national security, monitoring the
effectiveness of response measures, etc.
Companies able to manage crisis situations with
the help of their effective leaders can take
advantage of opportunities staying afloat even
during a period of crisis (Hıdıroğlu, 2020). With
regard to COVID-19 crisis management, it has
been observed that surviving companies are
trying to implement anti-crisis management,
which is based on a new organization, such as
virtual organizations (Murat and Mısırlı, 2012).
Currently, the use of virtual communication is
becoming an important part of new organization
structures (Zhou, 2020). Flexibility of the
organizational structure in terms of adaptation to
change and development of the environment
becomes very important when the crisis begins
(Deverell, 2010). Therefore, participation of
concerned persons is important. Leaders'
approach to the crisis is very important for work
in harmony with concerned persons with
different interests, preferences and values
(Taneja, 2014). Concerned persons, any group or
community affected by an institution's activities,
can also be identified as any person, group, or
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institution that may influence an organization's
performance or goals (Stephens et al., 2005).
New strategic plans, new goals for employees,
new funding requirements, a new supply chain
management, new goals for subordinates, a new
organizational structure, new applications of
technological systems and implementations were
needed in business organizations in the recent
COVID-19 period (Ågerfalk et al.2020).
Anti-crisis management in modern conditions
could be influenced by politicization. To avoid
the negative consequences of politicization in
anti-crisis management, it is possible to increase
professional responsibility for rapid response to
the incident. In this context formal accountability
stands in the way of rapid response. Well-
established operational plans and emergency
processes can be one way to reduce the
politicization of disaster response and recovery
measures (Selves, 2003). In addition, attention
should be paid to the complementarity of the
relationship between the organization
administration and the state (Dekker and Hansen,
2004). This perspective restores public
confidence in the government and restores the
law's confidence in the administration. Finally,
managerial values and political control can be
balanced during the anti-crisis governance under
a constitutional safeguard as Rohr (1986) states.
In this case, crisis managers can be responsible
subjects of crisis management.
Based on this, as well as taking into account the
problematic issues, that were identified during
the implementation of measures to combat the
spread of coronavirus COVID-19 in the world, it
is advisable to implement a number of urgent and
promising measures: creation of a risk
assessment system, improvement of crisis
management, formation of state and international
security centers (Reznikov, 2020).
Sjoma B.B. (2020) notes that crises caused by
globalization can be mitigated by means of
developing appropriate international, national,
sectoral, regional programs and mechanisms to
prevent, regulate and manage them. For example,
in the United States, measures to combat the
consequences of the spread of COVID-19 are
developed and implemented by more than 100
federal authorities and agencies, as well as the
Federal Reserve System within their
competence. A key, but not the only guideline in
the development of strategies to support the
economy was a package of measures enshrined
in the CARES Act – Coronavirus Aid, Relief and
Economic Security Act, signed by the President
of the United States on March 27, 2020 - 14 days
after the declaration of a state of emergency in
the country. The implementation of the proposed
measures provides for the allocation of more than
$ 2.2 billion to offset the negative effects of the
pandemic in an extremely wide range of areas.
This example is appropriate from the point of
view of the speed of response to the current
situation in the context of a pandemic and a
sufficiently large-scale involvement of the
country's forces in solving urgent problematic
problems.
Thus, for example, anti-crisis management in
Austria and Germany, in the aspect of personnel
management, involves the adaptation of rules to
ensure access for workers who are in quarantine
and cannot work remotely, on paid leave. So,
workers in Austria continue to receive wages during
4-12 weeks, and in Germany during 6 weeks. In
the UK, workers can self-isolate due to COVID-
19 virus at will and receive guaranteed sick leave
payments, even in the absence of symptoms. Such
measures in the field of personnel management and
their regulatory support allow organizations to
retain human resources in the company and to
anticipate the emergence of conflicts in the
organization.
O.O. Reznikova (2020) argues that the crisis
situation caused by the spread of coronavirus
COVID-19, may raise the issue of building
national stability, the formation of an appropriate
legal framework and organizational system, the
development of its individual components,
including crisis management. That is, the
coronavirus could only become a catalyst that
exposed the long-standing problems of the world
economy, namely:
1. Interdependence of national economies.
Disruption of trade flows, closure of
transport links, blocking of economic
activity due to the introduction of quarantine
have become the reason for the decline in
business activity.
2. Weakening of the role of the state.
Globalization processes have separated
states from performing of certain functions
in favor of transnational corporations. The
pandemic made these functions necessary
again. However, not all states are even
capable of performing such functions as
planning, management and control.
3. Lack of effective mechanisms of global
interaction. The real threat has shown the
inability of world leaders to act
harmoniously in the interests not of an
individual country, but of humanity as a
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whole. State leaders act exclusively in the
national interest (as evidenced by cases of
uncoordinated closure of borders, refusal to
accept patients, pay contributions to the
WHO, purchase of medical supplies for
cash, etc.).
Anti-crisis management involves a lot of skills
and experience, as it relates to the process of
changing the reality and persuasion of public
opinion from in the context of an organization,
which protects its point of view and interests
(Zamoum and Gorpe, 2018).
Methodology
The research methodology used in this article
included theoretical and statistical methods. The
first group of methods was used to identify the
main features of the object of study - crisis
management, and the changes that have occurred
in it as a result of the Covid-19 pandemic, as well
as to summarize the main characteristics of
corporate governance. At this stage of the study,
using the method of classification and systematic
analysis identified positive (development of
leadership qualities, detection problems in
corporate management, rational redistribution of
human resources, innovation implementation,
identification of competitive advantages of the
organization, development of new forms of
business, flexibility of management, cooperation
within the organization, mobilization of
resources, situational decision making, transition
to remote working, ensuring stable labour
remuneration of the company staff, amendments
to labor legislation in terms of sick pay, changes
in working hours and holidays, vacations,
complementary communication between the
organization administration and the state) and
negative (lack of demand, impossibility to work
remotely, change of legal processing, staff
reduction, change of organizational structure,
absence of staff on the workplace, lack of
necessary documentation for processing of
operations, interruptions in the activities of
contractors, closing of premises, trading
platforms, closing of areas on which organization
depends, reduced availability of raw materials,
transport and logistics difficulties, lack of social
communication, lack of working capital,
economic losses, socio-psychological instability
in the organization) factors that affect corporate
governance due to changes caused by new
economic conditions.
Factors were selected based on statistical results
of nationwide research conducted among
Ukrainian organizations in 2020-20201 years
(Global Recruitment & Consulting Ukraine,
2021; Ukrainian Marketing Group, 2021;
Vorfolomeev, 2020).
Within the empirical method, the degree of
influence of factors on corporate governance is
determined by using the collective expertise
technique. Each factor was rated an expert on a
scale of 1 to 9, where 1 - the smallest influence
factor on corporate governance 9 - most
influence factor. Using the method of pairwise
comparisons based on multidimensional scaling,
the most significant factors influencing corporate
governance during the crisis were identified. The
algorithm of the study includes the following
stages:
1) pairwise comparison of factors. The first
factor is compared with the second, then the
third one and so on, until the moment when
all the factors are compared with each other;
2) calculation of the total value of the factor;
3) calculation of the general degree of
influence of the factor in percentage;
4) ranking factors, determining the most
influential of them.
Using abstraction and generalization in the final
stages of the study, groups of factors whose
impact should be minimized and groups of
factors that contribute to effective corporate
governance are identified.
Results and discussion
Improving crisis management, taking into
account the situation in the world, provides:
− ensuring the uninterrupted operation of
organizations that produce goods and
provide services that are critical to the needs
of the population and the security and
defense sector
− identification of measures to ensure the
continuity of management functions at the
international, national and regional levels:
− development of an action plan to ensure
uninterrupted supply of resources in an
emergency.
However, СOVID-19 pandemic made a shift in
enterprises’ management system and its legal
regulation due to a number of problems and
changes caused by new conditions.
Thus, a large percentage of enterprises appeared
unprotected under quarantine conditions and
almost a third of them terminated their activity
(29%). About a half of enterprises had resources
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and were able to maintain activity up to 1 month,
a quarter of them – 2-3 months and only 3% of
businesses were able to work for a long time
under special conditions (remote employment,
changes in organizational structure etc.) (Figure
1).
a) Activity of enterprises in terms of quarantine
b) Time that the business can work and not go bankrupt
Figure. 1. Activity of enterprises under the conditions of COVID-19 pandemic in Ukraine (% of
respondents)
Source: data of Union of Ukrainian Entrepreneurs, processed by Ukrainian Marketing Group
Also, among the main consequences of
quarantine conditions for many Ukrainian
companies was the reduction of income and
dismissal of employees. In particular, 33% of
managers indicate that incomes have decreased
by 91-100%, and 24% of them emphasize the
decline of incomes by 51-75%. At the same time,
only half of the enterprises (namely 52%) did not
dismiss employees at all and were ready to work
in new conditions, including the latest forms of
work with the staff (distance work etc.) (Figure
2).
58%
29%
13%
0 10 20 30 40 50 60 70
Not specified
Terminate its activity
Continue its activity
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a) income fall since the beginning of quarantine
b) Share of dismissed employees
Figure. 2. Losses of enterprises in Ukraine caused by COVID-19 pandemic in the period of quarantine
(% of respondents)
Source: data of Union of Ukrainian Entrepreneurs, processed by Ukrainian Marketing Group
Analyses of pandemic influence on different
professional areas (Figure 3) demonstrates that
just administrative management (administrative
staff) suffered a lot from COVID-19 pandemic
(61%) along with such areas as production (66%)
and sales (58%). As for top-management, the
negative consequences on this professional group
were lower (24%) and 13% of its representatives
has even benefited from the conditions of
pandemic (for example, developing strategic,
crisis skills implementing innovations, using new
methods of management etc.). The areas of
jurisprudence and accounting, which ensure the
normative and legislative part of corporate
governance have remained mostly stable (option
“didn’t change” 76% and 78% accordingly). This
emphasize that improvement of corporate
governance and its legislative regulation in
Ukraine should be based not only on legal
changes but also on enhancement and
development of managerial and administrative
skills of the administrative staff aimed at
innovations and changes implementation in new
social and economic conditions caused by
COVID-19 pandemic.
1%
24%
21%
13%
0%
5%
1%
1%
33%
0 5 10 15 20 25 30 35
hard to say
more than 100% (debts, unprofitable business)
91-100%
76-90%
51-75%
26-50%
10-25%
up to 10%
currently no fall
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Figure. 3. Influence of COVID-19 pandemic on different professional areas
(% of respondents)
Source: data of Global Recruitment & Consulting Ukraine
The development of the organization may
depend to some extent on the management
effectiveness and corporate management legal
regulation.
Such results, caused by the СOVID-19
pandemic, have led to a shift in corporate
governance and its legislative regulation towards
crisis measures. The main aspects of the crisis
emergence are the presence of three elements:
unexpectedness, threat to the organization
activity and the lack of time to solve problems
caused by the crisis. Crisis Management aims to
avoid and minimize the risks and negative effects
of the crisis, involving information resources,
making quick and timely decisions. In these
conditions crisis management provides for
measures aimed at:
− identification of the consequences of the
crisis;
− combating the effects of the crisis;
− creation of a system of measures aimed
at preventing possible future crisis
periods.
Corporate management in the crisis period,
including period of pandemics, such as COVID-19,
is characterized by the following features:
− identification of organizational skills of
managers;
− coordination of measures aimed at
preventing the crisis and ensure the smooth
operation of the organization;
− strengthening informal management of the
company;
− reduction of centralism;
− the adoption of innovative solutions;
− flexibility of organizational structure.
The consequences of the management crisis can
be positive and negative (Table 1).
Table 1.
Consequences of the Covid-19 crisis for the organization
The positive consequences of the crisis for the
management:
The negative consequences of the corporate
management crisis:
1. Manifestation of leadership qualities being able to
bring the company to a new high level.
1. Lack of time to solve problems of corporate
management.
2. Detection of latent problems in the corporate
management.
2. Economic losses.
3. Rational redistribution of human resources.
3. Uncertainty of further activities of the organization.
4. Introduction of innovations in management.
4. Socio-psychological instability in the organization.
5. Identification of competitive advantages of the
organization.
5. Loss of human resources.
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So, given all the above, it should be noted that the
new economic conditions caused by the COVID-
19 pandemic have influenced the activities of
organizations and the economic sphere in
general. This influence caused the following:
− redistribution of human capital;
− change of the companies` organizational
structure;
− a large number of organizations go online;
− legislative regulation of the organization
activities is changing.
To develop the ways for increasing the efficiency
of corporate governance in Ukraine it is
necessary to identify factors (negative and
positive) caused by COVID-19 pandemic as the
new system of corporate governance in Ukraine
should be aimed at decreasing of first ones and
enhancement of the second.
As a result of theoretical analysis, the main
factors influencing corporate governance in the
new economic conditions caused by the COVID-
19 pandemic have been identified. Influence
factors are divided into two main groups,
according to the consequences they have on
corporate governance - negative and positive.
The method of paired comparisons based on
multidimensional scaling allowed to define
groups of factors the most negative and positive
impact on corporate governance. So, the
following is an assessment of the detailed list of
such factors using the method of paired
comparison (Table 2 and Table 3).
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Table 2.
Assessment of negative impact on organization activity caused by COVID-19 pandemic, influencing corporate governance in Ukraine.
№
Factor
№ of factor
Total, W
Root of
the n
degree of
W
Measure
of factor
influence
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1
Lack of demand
1,00
7,00
7,00
2,00
6,00
8,00
8,00
3,00
5,00
2,00
7,00
8,00
1,00
1,00
6,00
72,00
1,33
0,0710
3
2
Impossibility to work
remotely
0,14
1,00
0,25
0,14
0,33
4,00
3,00
2,00
4,00
0,20
0,25
3,00
0,20
0,14
2,00
20,65
1,22
0,0653
11
3
Change of legal
processing
0,14
4,00
1,00
0,20
1,00
2,00
1,00
0,50
0,33
0,33
0,33
6,00
0,20
0,33
6,00
23,36
1,23
0,0658
10
4
Staff reduction
0,50
7,00
5,00
1,00
7,00
8,00
8,00
4,00
4,00
0,50
0,25
9,00
0,20
0,20
8,00
62,65
1,32
0,0703
4
5
Change of
organizational structure
0,17
3,00
1,00
0,14
1,00
3,00
4,00
0,14
0,25
0,14
0,20
7,00
0,14
0,14
5,00
25,32
1,24
0,0662
9
6
Absence of staff on the
workplace
0,13
0,25
0,50
0,13
0,33
1,00
0,50
0,14
0,25
0,14
0,17
2,00
0,13
0,13
0,25
6,05
1,13
0,0602
14
7
Lack of necessary
documentation for
processing of
operations
0,13
0,33
1,00
0,13
0,25
2,00
1,00
0,14
0,14
0,14
0,14
4,00
0,13
0,13
0,50
10,16
1,17
0,0623
13
8
Interruptions in the
activities of contractors
0,33
0,50
2,00
0,25
7,00
7,00
7,00
1,00
3,00
1,00
3,00
8,00
0,17
0,17
6,00
46,42
1,29
0,0689
6
9
Closing of premises,
trading platforms
0,20
0,25
3,00
0,25
4,00
4,00
7,00
0,33
1,00
0,20
1,00
7,00
0,17
0,17
6,00
34,57
1,27
0,0676
8
10
Closing of areas on
which organization
depends
0,50
5,00
3,00
2,00
7,00
7,00
7,00
1,00
4,00
1,00
3,00
8,00
0,33
0,25
8,00
57,08
1,31
0,0699
5
11
Reduced availability of
raw materials,
transport and logistics
difficulties
0,14
4,00
3,00
4,00
5,00
6,00
7,00
0,33
1,00
0,33
1,00
7,00
0,33
0,20
6,00
45,33
1,29
0,0688
7
12
Lack of social
communication
0,13
0,33
0,17
0,11
0,14
0,50
0,25
0,13
0,14
0,13
0,14
1,00
0,11
0,11
0,50
3,89
1,09
0,0584
15
13
Lack of working capital
1,00
5,00
5,00
5,00
7,00
8,00
8,00
6,00
6,00
3,00
3,00
9,00
1,00
1,00
7,00
75,00
1,33
0,0712
2
14
Economic losses
1,00
7,00
3,00
5,00
7,00
8,00
8,00
6,00
6,00
4,00
5,00
9,00
1,00
1,00
8,00
79,00
1,34
0,0714
1
15
Socio-psychological
instability in the
organization
0,17
0,50
0,17
0,13
0,20
4,00
2,00
0,17
0,17
0,13
0,17
2,00
0,14
0,13
1,00
11,08
1,17
0,0626
12
Total
18,74
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Table 3.
Assessment of positive impact on organization activity caused by COVID-19 pandemic, influencing corporate governance in Ukraine.
№
Factor
№ of factor
Total, W
Root of the n
degree of
W
Measure of
factor influence
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1
Development of leadership qualities
1,00
0,50
0,25
0,20
0,50
0,50
3,00
1,00
2,00
3,00
3,00
0,33
0,33
0,33
0,50
16,44
1,21
0,0654
11
2
Detection problems in corporate
management
2,00
1,00
0,50
0,33
1,00
0,50
0,33
0,50
0,50
0,33
3,00
0,14
0,20
0,33
0,25
10,91
1,17
0,0636
14
3
Rational redistribution of human resources
4,00
2,00
1,00
2,00
3,00
0,50
0,33
0,33
0,33
0,50
3,00
0,14
0,17
2,00
0,25
19,55
1,22
0,0662
9
4
Innovation implementation
5,00
3,00
1,00
1,00
0,25
1,00
0,50
3,00
3,00
3,00
5,00
0,25
0,20
0,25
0,25
26,7
1,24
0,0675
6
5
Identification of competitive advantages of
the organization
2,00
1,00
0,33
4,00
1,00
0,50
0,33
0,33
2,00
0,50
0,25
0,20
0,20
0,25
0,25
13,14
1,19
0,0644
13
6
Development of new forms of business (for
example, online)
2,00
2,00
2,00
1,00
2,00
1,00
2,00
2,00
4,00
3,00
1,00
0,50
0,50
2,00
0,50
25,5
1,24
0,0673
4
7
Flexibility of management
0,33
3,00
3,00
2,00
3,00
0,50
1,00
3,00
3,00
1,00
2,00
0,50
0,50
2,00
1,00
25,83
1,24
0,0674
3
8
Cooperation within the organization
1,00
2,00
3,00
0,33
3,00
0,50
0,33
1,00
0,50
0,25
0,25
0,20
0,20
0,33
0,50
13,39
1,19
0,0645
12
9
Mobilization of resources
0,50
2,00
3,00
0,33
0,50
0,25
0,33
2,00
1,00
0,33
0,33
0,33
0,33
0,50
0,50
12,23
1,18
0,0641
15
10
Situational decision making
0,33
3,00
2,00
0,33
2,00
0,33
1,00
4,00
3,00
1,00
0,50
0,50
0,50
0,50
0,50
19,49
1,22
0,0661
10
11
Transition to remote working
0,33
0,33
0,33
0,20
4,00
1,00
0,50
4,00
3,00
2,00
1,00
0,33
0,33
2,00
3,0
22,35
1,23
0,0667
8
12
Ensuring stable labour remuneration of the
company staff
3,00
7,00
7,00
4,00
5,00
2,00
2,00
5,00
3,00
2,00
3,00
1,00
2,00
3,00
2,00
51
1,30
0,0705
1
13
Amendments to labor legislation in terms
of sick pay
3,00
5,00
6,00
5,00
5,00
2,00
2,00
5,00
3,00
2,00
3,00
0,50
1,00
3,00
2,00
47,5
1,29
0,0702
2
14
Changes in working hours and holidays,
vacations
3,00
3,00
0,50
4,00
4,00
0,50
0,50
3,00
2,00
2,00
0,50
0,33
0,33
1,00
0,50
25,16
1,24
0,0673
7
15
Complementary communication between
the organization administration and the
state
2,00
4,00
4,00
4,00
4,00
2,00
2,00
2,00
2,00
2,00
0,33
0,50
0,50
2,00
1,00
32,33
1,26
0,0684
5
Total
18,43
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The results of ranking the factors indicate that the
following of them have the greatest influence:
negative impact – economic losses, lack of
working capital, lack of demand, staff reduction,
closing of areas on which organization depends,
interruptions in the activities of contractors;
positive impact – ensuring stable labour
remuneration of the company staff, amendments
to labor legislation in terms of sick pay,
flexibility of management, development of new
forms of business, complementary
communication between the organization
administration and the state.
The identified groups of factors can establish
basic ways to improve corporate governance and
minimize the negative effects COVID-19.
On this basis in the terms of unstable economic,
social and political conditions which characterize
the crisis COVID-19 period, it is necessary to
identify grouped factors reducing the
effectiveness of corporate governance.
Table 4.
Factors which may reduce the effectiveness of corporate governance.
Factor
Possible adverse effect
Indefinite duration of the crisis
The rapid loss of crisis plan topicality
Territorial mobility restrictions
Interruptions in the company's activities and
resources supply
Politicization of management
Delays in decision-making, reduced efficiency of the
company
Lack of an interaction model between the state
and the organization
Taking ineffective decisions
The human factor
Psychological tension in the team, loss of human
capital
Ensuring the uninterrupted operation of
organizations may have a positive impact on the
company's activities, but in the current COVID-
19 situation this may not always be implemented,
which is due to the strengthening of quarantine
restrictions and territorial mobility restrictions.
The implementation of an uninterrupted supply
of resources for the organization activities is
closely associated with decision-making at the
national and international levels in terms of
strengthening / weakening of restrictive
quarantine measures.
Effective crisis management can be hampered by
retardations and delays in the adoption of
relevant regulations and politicization of
management. Management decisions are more
related to coordination at the documentary level,
which can negatively affect the effective
overcoming of the crisis negative consequences.
Therefore, it may be important for effective crisis
management to establish a system for regulations
adoption at the state level and optimize the
documentation of decision-making at the
organizational level.
However, establishing a model of the
relationship between the organization and the
state can be complicated by different forms of
activity and structure of companies. In this
respect, establishing standards of interaction
between the state and companies, taking into
account the organization type, size and structure,
may be a possible solution.
Crisis management activities carried out on the
level of one organization may be less effective
than crisis management activities carried out at
the state level for all organizations. Therefore, in
the event of a crisis, it may be appropriate to
establish standardized crisis management
measures for all government organizations,
which will be able to ensure the continual activity
of companies and maintain economic stability.
The significance of the human factor for effective
crisis management can also be a factor that
adversely affects the company management. In
times of crisis, the psychological instability of
the staff and the company's manager can
increase, which can reduce the speed of crisis
response and decision-making. In this respect, it
may be appropriate to conduct psychological
training and instruction for the staff concerning
effective behavior in times of crisis, which can
positively affect the emotional and psychological
climate in the company's team.
Given the above, it is possible to identify the
ways to improve the efficiency of corporate
governance in Ukraine.
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Table 5.
Possible ways to increase the efficiency of corporate governance in Ukraine.
Measures
Results
Management
Involvement of third-party crisis managers in the
organization
Development of a plan of
activities to overcome the crisis
Redistribution of staff within the company
Optimization of activity and
preservation of human capital
Psychological trainings and corporate events for
managers and staff
Reducing psychological stress
and establishing an optimal
socio-psychological climate
Development of internal communication
protocols of the company
Optimization of the
communication and decision-
making process
Economic
Reorientation to Ukrainian contractors
Ensuring the continual activity
of the company
Saving wages
Ensuring the stability of the
company
Attracting funds to the organization from various
sources (investors, public funds, credit
institutions)
Ensuring sustained funding
Legislative
Adoption of the law "On safety and sustainability
of critical infrastructure"
Ensuring stable management of
the organization at the legislative
level
Amendments to labor legislation to preserve
wages for workers who are temporarily out of
work due to the effects of the pandemic
Preservation of human capital in
the organization and ensuring
economic, social and
psychological stability in
collective
Creation of a national network of authorized state
bodies for strategic analysis
The possibility of predicting the
negative consequences of the
crisis
Human resources, which can be manifested in
leadership skills (decision-making speed,
flexibility of management, creativity) and
reassessment of human resources of the company
are of particular importance in crisis
management. The ability to preserve human
resources during a crisis can be important for
crisis management. Crisis management includes
a comprehensive combination of organizational,
legal and personal changes. Organizational
changes include the company management
flexibility, coordination and cooperation within
the organization - between the management and
the staff, between structural authorities. Personal
changes include opportunities to change a
leadership style, accumulation of leadership
skills of a corporate leader, able to maintain the
social and psychological climate in the
organization, make timely decisions and respond
to any changes in the environment. Legal
changes include the adoption of legal regulations
providing the opportunity to make changes in the
corporate management - the transition to remote
working, ensuring stable labour remuneration of
the company staff, making amendments to labor
legislation in terms of sick pay, changes in
working hours and holidays, vacations.
In addition to enshrining organizational and legal
changes in regulations, it is important to establish
complementary communication between the
organization administration and the state, which
can help establish stability in the economic and
social spheres and increase public confidence
level in the state. Improving crisis management,
both in Ukraine and in the world, includes the
formation of relevant legislation. Thus, in
Ukraine it is expedient to adopt the law “On
security and sustainability of critical
infrastructure” and the national network of
authorized state bodies and scientific institutions
on strategic analysis.
In view of the features and consequences of the
COVID-19 crisis and measures of effective
corporate governance, it is possible to determine
that effective crisis management affects not only
the organization development, but also provides
for:
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− national economy development;
− preservation of human capital within the
country;
− reduction of psychological tension among
the population;
− political stability.
Conclusion
New economic conditions caused by the Covid-
19 pandemic have changed the ways of corporate
governance. According to a study of pandemic
impact on Ukrainian companies, it was found
that most of them suffered negative
consequences of Covid-19. The idea of the article
is to determine the features of corporate
governance in the new economic environment, to
analyze the factors that negatively affect the
management of the organization and the factors
that increase the efficiency of corporate
governance, and identify the negative effects of
crisis periods and ways to overcome them.
The paper aims to outline possible ways to
optimize corporate management in crisis
conditions in Ukraine. Analysis of theoretical
experience and statistics on changes in
companies during the crisis showed that
improving the management of the organization is
based on legislative changes and improving the
skills of administrative staff.
According to the results of the study, the
following factors have a negative impact on the
management of the organization: economic loss,
lack of working capital, lack of demand for the
products of the company, reducing staff, closing
the economic areas that affect the company's
operations, interruptions in the work of
contractors. The following factors have a positive
impact on the management of the organization in
crisis conditions: ensuring the stability of wages,
changes in labor legislation, management
flexibility, development of new forms of
business, improving communication between the
administration of the organization and the state.
The study showed that the optimization of
management of the organization in a crisis is
possible through the implementation of the
following measures: economic (reorientation to
Ukrainian contractors, saving wages, attracting
funds to the organization from various sources);
management (involvement of external crisis
managers, redistribution of staff, conducting
psychological trainings and corporate events,
development of internal communication
protocols of the company); legislative (adoption
of the law "On the security and stability of the
critical infrastructure" changes to labor
legislation to pay employees, creation of a
national network of authorized state bodies for
strategic analysis). As a result, this will ensure
the development of national economy and
preserve the human capital in Ukraine.
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