Geopolitical risk and corporate innovation: Evidence from China

被引：24
|
作者：
Jia, Shaoqing [1 ]
Yang, Liuyong [1 ]
Zhou, Fangzhao [2 ]
机构：
[1] Zhejiang Univ, Sch Econ, Hangzhou 310058, Zhejiang, Peoples R China
[2] Jiangnan Univ, Sch Business, Wuxi 214122, Jiangsu, Peoples R China
来源：
JOURNAL OF MULTINATIONAL FINANCIAL MANAGEMENT | 2022年 / 66卷
关键词：
Geopolitical risk; Corporate innovation; R & Patent; Risk exposure; RESEARCH-AND-DEVELOPMENT; ECONOMIC-POLICY UNCERTAINTY; POLITICAL UNCERTAINTY; PROFITABILITY; SENTIMENT;
D O I：
10.1016/j.mulfin.2022.100772
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study examines the impact of geopolitical risk (GPR) on corporate innovation in China. Using the GPR Index constructed by Caldara and Iacoviello (2018), we find that, first, GPR has a significantly positive effect on corporate innovation. Second, the effect is more pronounced for state-owned firms and firms with more government subsidies, overseas businesses, and product market competition. Third, GPR motivates firms to innovate mainly through the degree of threat. Finally, heterogeneous exposure to GPR is positively correlated with corporate innovation. This study enriches the empirical research on the impact of GPR on corporate decision-making.
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页数：22
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