Behavioral errors in corporate risk management and investment decisions in the time of the COVID-19 pandemic and their impact on selected macroeconomic indicators in Poland

The COVID-19 pandemic has caused great turbulence in global financial markets. IN particularly destructive way has affected the situation in enterprises, causing irrational attitudes towards corporate risk as well as investment policy among corporate management. Therefore, the first goal of our research project will be to investigate whether managers managers of enterprises listed on the Warsaw Stock Exchange are susceptible to selected behavioral errors, described by psychologists, related to the irrational ones risk preferences. Additionally, we want to investigate whether the vulnerability to these errors may affect selected managerial practices in the area of ​​risk management and investment policy. The second goal of our project is to build the so-called the agent-based model (ABM), which is a new form of simulation in social sciences. This model will check is there a connection from the micro level, i.e. between the irrational practices mentioned above management resulting from susceptibility to behavioral errors and the macro level, i.e. some macroeconomic indicators in Poland, such as aggregate investment, employment and increase. Finally, it is worth pointing to the theoretical and practical benefits of implementation of this research project. First, there is still very little research on the subject psychological determinants of decision making by corporate managers. After the second, even less research uses the above-mentioned innovative simulation approach, which is multi-agent modeling. Our project will be implemented under the agreement of cooperation between the Collegium of World Economy of the Warsaw School of Economics and The Faculty of Psychology at the University of Warsaw. In addition, we will cooperate with University School of Advanced Studies (IUSS) in Padua, Italy. We are finally planning involvement of doctoral students, which may contribute to the education of young academic staff. All these factors prove not only the high scientific, but also the social level the benefits of implementing our research project