Using the example of the COVID-19 global crisis (2020), we prove the low effectiveness of the existing approach to managing the financial risks of investments based on commercial investments. For this, we performed an applied quantitative study based on the statistics from the World Bank for 2020 and the Forbes Global 2000 ranking in 2021, using as an example 17 developing countries with lower-middle and upper-middle incomes from different regions of the world. As an alternative, we suggest a new approach for managing the financial risks of investments, which is based on corporate social responsibility. It implies the placement of long-term, large-scale investments in social and ecological innovations based on the mechanism of public-private partnership. We substantiated the high effectiveness and advantages of the new approach. The new approach to financial risk management amid a crisis was more effective (in comparison with the existing approach) for businesses (ensures higher return on investments, allows avoiding losses), the government (contributes more to economic growth, the probability of which achievement is higher), and for society (supports SDGs to a larger extent and contributes to sustainable development). This paper contributes to the development of the Theory of Investments (Neo-Keynesianism) and fills a gap in the literature, bridging the gap between the Theory of Investments and the Theory of Sustainable Development—outlining the perspectives of the simultaneous overcoming of economic crises and supporting sustainable development during the management of financial investment risks based on corporate social responsibility.
The motivation for this research was the desire to disclose the potential for human potential development that is created by Industry 4.0. The goal of this paper is to study the modern international experience and prospects for implementing the social investment model of economic growth under the conditions of Industry 4.0 with the help of the development of digital education. The method of regression analysis is used to model the econometric dependence of human development on digital education in 2019–2021. The paper’s contribution to the literature consists in the development of scientific provisions of the concept of the social investment model of economic growth through reconsidering the approach to human potential development with the help of education under the conditions of Industry 4.0. Unlike the existing approach, which implies the foundation on traditional (pre-digital) education, this paper offers a new approach to human potential development under the conditions of Industry 4.0, which is based on digital education. The advantage of the authors’ approach is its allowing for the fullest use of new opportunities that open under the conditions of Industry 4.0. The main conclusion of this research is that under the conditions of Industry 4.0, the social investment model of economic growth should be based on digital education. The theoretical significance of the results obtained lies in their allowing reconsidering the role of education in the implementation of the social investment model of economic growth under the conditions of Industry 4.0. It is proved that this role is performed most successfully with the help of digital education. The practical significance of the conclusions is due to the fact that implementation of the authors’ recommendations will allow balancing the level of human development in the countries of distinguished categories: countries with the highest Gross Domestic Product (GDP) growth rate; countries with the highest level of human development; countries with the most developed digital education. The social significance of the paper consists in its support for the practical implementation of SDG 4, SDG 8, and SDG 10.
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