Table A2 Classification of... | Emerald Publishing

Table A2

Classification of macro-environmental risk factors

Author(s)/Year	Market and customer	Economic and financial	Political	IT	Performance	Environmental
Jayarao et al. (2024)				✓ New type of risks arising from a pandemic situation ✓ Cybersecurity vulnerabilities ✓ Security risks to information systems
Kong et al. (2024)		✓ Changes or extensions of buyer payment terms
Araudova et al. (2023)	✓ New type of business risks arising from a pandemic situation		✓ Changes in regulations that affect business operations
Urbano et al. (2023)		✓ Trends that affect investment decisions
Chen and Wu (2022)					✓ Supply-chain disruptions ✓ Lack of a proactive RM approach hindering business performance ✓ Decreased customer consumption
Urbaniak et al. (2022)	✓ Lack of collaboration of suppliers	✓ Suppliers weak financial situation			✓ Supply-chain disruptions ✓ Weak supplier relationships	✓ Situations such as floods, tsunamis, earthquakes or fire
Drydakis (2022)	✓ Changes in the purchasing behaviour of customers ✓ Markets are located in medium or high-risk countries	✓ Pandemic situation impacting on economic activity	✓ Policy making and governance exacerbating societal intolerance	✓ Cyber threats or complex cyber-attacks	✓ Pandemic situation impacting company performance
Cheng et al. (2021)		✓ Changing tax, interest or exchange rates ✓ Financial institutions´ complexity in granting loans ✓ Supplier financial instability ✓ Indirect economic impacts	✓ Political decisions affecting company´s performance			✓ Climate change ✓ Natural catastrophes
Grondys et al. (2021)	✓ Strong competitors in the sector ✓ Market-environment change or disruption ✓ Volatility of market prices or drop in market demand ✓ Loss of customers ✓ Unreliable suppliers ✓ New type of business risks arising from a pandemic situation	✓ Increased energy costs ✓ Increased interest or exchange rates and inflation ✓ Poor availability or financial resources (grants, loans) ✓ Economic uncertainty or unpredictability of economic phenomena (stagnation, recession) ✓ Unknown threats arising from an economic downturn	✓ Increased compulsory contribution related to law or regulation ✓ Tax tightening ✓ Uncertainty or volatility in the country´s political environment		✓ Supplier unreliability ✓ Loss of key partners
Dvorsky et al. (2021)	✓ Threat of new, strong competitors ✓ Risks associated with unforeseen events or unanticipated risk factors
Georgios (2019)	✓ Market instability or uncertainty
Javaid and Iqbal (2017)				✓ Cybersecurity and IT risks
Frequency of elements	13	13	6	5	8	3

Author(s)/Year	Market and customer	Economic and financial	Political	IT	Performance	Environmental
Jayarao et al. (2024)				✓ New type of risks arising from a pandemic situation ✓ Cybersecurity vulnerabilities ✓ Security risks to information systems
Kong et al. (2024)		✓ Changes or extensions of buyer payment terms
Araudova et al. (2023)	✓ New type of business risks arising from a pandemic situation		✓ Changes in regulations that affect business operations
Urbano et al. (2023)		✓ Trends that affect investment decisions
Chen and Wu (2022)					✓ Supply-chain disruptions ✓ Lack of a proactive RM approach hindering business performance ✓ Decreased customer consumption
Urbaniak et al. (2022)	✓ Lack of collaboration of suppliers	✓ Suppliers weak financial situation			✓ Supply-chain disruptions ✓ Weak supplier relationships	✓ Situations such as floods, tsunamis, earthquakes or fire
Drydakis (2022)	✓ Changes in the purchasing behaviour of customers ✓ Markets are located in medium or high-risk countries	✓ Pandemic situation impacting on economic activity	✓ Policy making and governance exacerbating societal intolerance	✓ Cyber threats or complex cyber-attacks	✓ Pandemic situation impacting company performance
Cheng et al. (2021)		✓ Changing tax, interest or exchange rates ✓ Financial institutions´ complexity in granting loans ✓ Supplier financial instability ✓ Indirect economic impacts	✓ Political decisions affecting company´s performance			✓ Climate change ✓ Natural catastrophes
Grondys et al. (2021)	✓ Strong competitors in the sector ✓ Market-environment change or disruption ✓ Volatility of market prices or drop in market demand ✓ Loss of customers ✓ Unreliable suppliers ✓ New type of business risks arising from a pandemic situation	✓ Increased energy costs ✓ Increased interest or exchange rates and inflation ✓ Poor availability or financial resources (grants, loans) ✓ Economic uncertainty or unpredictability of economic phenomena (stagnation, recession) ✓ Unknown threats arising from an economic downturn	✓ Increased compulsory contribution related to law or regulation ✓ Tax tightening ✓ Uncertainty or volatility in the country´s political environment		✓ Supplier unreliability ✓ Loss of key partners
Dvorsky et al. (2021)	✓ Threat of new, strong competitors ✓ Risks associated with unforeseen events or unanticipated risk factors
Georgios (2019)	✓ Market instability or uncertainty
Javaid and Iqbal (2017)				✓ Cybersecurity and IT risks
Frequency of elements	13	13	6	5	8	3

Source(s): Created by the authors