Abstract
Research background: Globalization is a process of uniting the world into a single system of global properties. The globalization of the world economy finds expression in the process of the global space being altered where it transforms into a single zone open to the free and unrestricted movement of goods, services, information and capital. The spread of the COVID-19 pandemic has disrupted the unification of economic life rules and the transformation of the system of interstate regulation of global economic cooperation. There has been a disruption in technological, logistics and business chains resultant from the world’s leading national economies closing and many economic entities which operated in the “real economy” shutting down. These “pandemic-caused” factors have put substantial restrictions on the income of companies and their staff while also fueling unemployment. Purpose of the article: to research the company’s financial risks in the context of global changes caused by the pandemic. Methods: The study employs methods of analysis and synthesis, statistical data analysis as well as regression analysis. Findings & Value added: The main goal of the research is to study the main types of financial risks of an oil company, analyze the econometric model, and identify the main factors that affect the company’s solvency in the context of global changes.
Highlights
Towards the end of the twentieth century, rapidly evolving technological, economic, political, cultural, environmental and social processes among others ushered in a new era termed by scientists as the era of globalization
Globalization of the world economy finds expression in the process of the global space changing where it is transforming into a single zone open to unobstructed movement of goods, services, information, and capital
It is safe to say that the hypothesis about the impact of financial risks upon the degree of solvency is correct and further substantiated by the econometric model
Summary
Towards the end of the twentieth century, rapidly evolving technological, economic, political, cultural, environmental and social processes among others ushered in a new era termed by scientists as the era of globalization. The essence of it lies in the economic, political and cultural life of national states theretofore fragmented being woven into a single "planetary ball" along with humanitarian challenges and social and economic processes acquiring mutual nature for most states. The process of globalization as it pertains to the development of economic, cultural, political, and information integration is not completely characterized by a homogeneous "ascending" trend. The authors of the research have noted a significant feature of the contemporary process of globalization that is structural globalization which is characterized by the increasing density of large-scale networks of interaction all over the world as compared to the density of smaller networks >1@
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