Geopolitical risk and corporate innovation: Evidence from China

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE

Journal of Multinational Financial Management Pub Date : 2022-12-01 DOI:10.1016/j.mulfin.2022.100772

Shaoqing Jia , Liuyong Yang , Fangzhao Zhou

引用次数: 6

Abstract

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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地缘政治风险与企业创新:来自中国的证据

本研究探讨地缘政治风险对中国企业创新的影响。利用Caldara和Iacoviello(2018)构建的GPR指数，我们发现，首先，GPR对企业创新具有显著的正向影响。其次，对于国有企业和政府补贴较多的企业、海外业务和产品市场竞争，这种影响更为明显。第三，GPR主要通过威胁程度激励企业创新。最后，GPR异质性暴露与企业创新呈正相关。本研究丰富了GPR对企业决策影响的实证研究。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Multinational Financial Management BUSINESS, FINANCE-

CiteScore

7.30

自引率

4.80%

发文量

审稿时长

30 days

期刊介绍： International trade, financing and investments have grown at an extremely rapid pace in recent years, and the operations of corporations have become increasingly multinationalized. Corporate executives buying and selling goods and services, and making financing and investment decisions across national boundaries, have developed policies and procedures for managing cash flows denominated in foreign currencies. These policies and procedures, and the related managerial actions of executives, change as new relevant information becomes available. The purpose of the Journal of Multinational Financial Management is to publish rigorous, original articles dealing with the management of the multinational enterprise. Theoretical, conceptual, and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • Foreign exchange risk management • International capital budgeting • Forecasting exchange rates • Foreign direct investment • Hedging strategies • Cost of capital • Managing transaction exposure • Political risk assessment • International working capital management • International financial planning • International tax management • International diversification • Transfer pricing strategies • International liability management • International mergers.