Rủi ro địa chính trị và đổi mới doanh nghiệp nhỏ và vừa
Tóm tắt: 186
|
PDF: 141
##plugins.themes.academic_pro.article.main##
Author
-
Đỗ Khắc TrungTrường Đại học Kinh tế - Đại học Đà Nẵng, Việt NamNguyễn Thị HuyềnTrường Đại học Kinh tế - Đại học Đà Nẵng, Việt Nam
Từ khóa:
Rủi ro địa chính trị
đổi mới doanh nghiệp
doanh nghiệp nhỏ và vừa
Tóm tắt
Bài viết xem xét tác động của rủi ro địa chính trị đến hoạt động đổi mới của doanh nghiệp nhỏ và vừa tại 33 quốc gia trong giai đoạn 2008 – 2023. Kết quả cho thấy, rủi ro địa chính trị có tác động tiêu cực đến hoạt động đổi mới của doanh nghiệp nhỏ và vừa, đặc biệt đối với các doanh nghiệp gặp khó khăn tài chính hoặc hạn chế tiếp cận nguồn vốn từ bên ngoài. Doanh nghiệp đối mặt với rủi ro địa chính trị cao thường giảm các hoạt động đổi mới do bất ổn địa chính trị làm tăng chi phí tài chính và hạn chế đầu tư vào các dự án đổi mới dài hạn, có độ rủi ro cao. Ngoài ra, bài viết chỉ ra các nhà quản lý giàu kinh nghiệm có xu hướng áp dụng chiến lược thận trọng, điều này làm giảm nỗ lực đổi mới của các doanh nghiệp nhỏ và vừa.
Tài liệu tham khảo
-
[1] IEA, “Share of European Union gas demand met by Russian supply”, www.iea.org, 2023. [Online]. Available: https://www.iea.org/data-and-statistics/charts/share-of-european-union-gas-demand-met-by-russian-supply-2001-2024. [Accessed: Mar. 28, 2025].
[2] M. Izzeldin, Y. G. Muradoğlu, V. Pappas, A. Petropoulou, and S. Sivaprasad, “The impact of the Russian-Ukrainian war on global financial markets”, International Review of Financial Analysis, vol. 87, p. 102598, May 2023, doi: 10.1016/j.irfa.2023.102598.
[3] T. Liu and W. T. Woo, “Understanding the U.S.-China Trade War”, China Economic Journal, vol. 11, no. 3, pp. 319–340, Sep. 2018, doi: 10.1080/17538963.2018.1516256.
[4] M. Bevilacqua, D. Morelli, and P. S. R. Uzan, “Asymmetric implied market volatility and terrorist attacks”, International Review of Financial Analysis, vol. 67, p. 101417, 2020. https://doi.org/10.1016/J.IRFA.2019.101417.
[5] P. Papakyriakou, A. Sakkas, and Z. Taoushianis, “The impact of terrorist attacks in G7 countries on international stock markets and the role of investor sentiment”, Journal of International Financial Markets, Institutions and Money, vol. 61, pp. 143-160, 2019. https://doi.org/10.1016/J.INTFIN.2019.03.001.
[6] W.-F. Pan, “Geopolitical Risk and R&D investment”, SSRN Electronic Journal, 2019. https://doi.org/10.2139/ssrn.3258111.
[7] D. Caldara and M. Iacoviello, “Measuring Geopolitical Risk”, American Economic Review, vol. 112, no. 4, pp. 1194-1225, 2022. https://doi.org/10.1257/aer.20191823.
[8] S. Adra, Y. Gao, J. Huang, and J. Yuan, “Geopolitical risk and corporate payout policy”, International Review of Financial Analysis, vol. 87, p. 102613, 2023. https://doi.org/10.1016/J.IRFA.2023.102613.
[9] A. Abadie and J. Gardeazabal, “The Economic Costs of Conflict: A Case Study of the Basque Country”, American Economic Review, vol. 93, no. 1, pp. 113-132, 2003. https://doi.org/10.1257/000282803321455188.
[10] G. M. Grossman and E. Helpman, Foreign Investment with Endogenous Protection. Cambridge, MA: National Bureau of Economic Research, 1994.
[11] P. M. Romer, “The Origins of Endogenous Growth”, Journal of Economic Perspectives, vol. 8, no. 1, pp. 3-22, 1994. https://doi.org/10.1257/jep.8.1.3.
[12] O. Rehman, J. Liu, and K. Wu, “Political Uncertainty and Corporate Innovations: Does Firm-Level Risk Matter?”, SSRN Electronic Journal, 2023. https://ssrn.com/abstract=4334441.
[13] N. Kulatilaka and E. C. Perotti, “Strategic growth options”, Management Science, vol. 44, no. 8, pp. 1021-1031, 1998. https://doi.org/10.1287/mnsc.44.8.1021.
[14] J. Guan, H. Xu, D. Huo, Y. Hua, and Y. Wang, “Economic policy uncertainty and corporate innovation: Evidence from China”, Pacific-Basin Finance Journal, vol. 67, p. 101542, 2021. https://doi.org/10.1016/j.pacfin.2021.101542.
[15] C.-C. Lee, J. Zhang, C.-H. Yu, and L. Fang, “How Does Geopolitical Risk Affect Corporate Innovation? Evidence from China’s Listed Companies”, Emerging Markets Finance and Trade, vol. 59, no. 7, pp. 2217–2233, May 2023, doi: 10.1080/1540496X.2023.2170698.
[16] World Bank, “Small and Medium Enterprises (SMEs) Finance”, www.worldbank.org, 2019, [Online]. Available: https://www.worldbank.org/en/topic/smefinance [Accessed April 01, 2025].
[17] OECD, “Assessing the Impact of Russia’s War Against Ukraine on Eastern Partner Countries”, OECD Reports, Jan. 2023. doi: 10.1787/946a936c-en.
[18] A. T. Le and T. P. Tran, “Does geopolitical risk matter for corporate investment? Evidence from emerging countries in Asia”, Journal of Multinational Financial Management, vol. 62, p. 100703, 2021. https://doi.org/10.1016/J.MULFIN.2021.100703.
[19] E. Demir, J. M. Díez-Esteban, and C. D. García-Gómez, “The impact of geopolitical risks on cash holdings of hospitality companies: Evidence from emerging countries”, Journal of Hospitality and Tourism Management, vol. 39, pp. 166-174, 2019. https://doi.org/10.1016/j.jhtm.2019.04.004.
[20] X. Wang, M. Wang, and H. Wu, “Geopolitical risk and corporate cash holdings in China: Precautionary motive and agency problem perspectives”, International Review of Financial Analysis, vol. 93, p. 103235, 2024. https://doi.org/10.1016/j.irfa.2024.103235.
[21] K. Gavriilidis, Z. Hao, A. A. Prapan, and E. Vagenas-Nanos, “Does Geopolitical Risk Affect Mergers and Acquisitions?”, SSRN Electronic Journal, 2019. https://doi.org/10.2139/ssrn.3475537.
[22] S. C. Myers and N. S. Majluf, “Corporate financing and investment decisions when firms have information that investors do not have”, Journal of Financial Economics, vol. 13, no. 2, pp. 187-221, 1984. https://doi.org/10.1016/0304-405X(84)90023-0.
[23] Ľ. Pástor and P. Veronesi, “Political uncertainty and risk premia”, Journal of Financial Economics, vol. 110, no. 3, pp. 520-545, 2013. https://doi.org/10.1016/j.jfineco.2013.08.007.
[24] H. Weeds, “Strategic Delay in a Real Options Model of R&D Competition”, Review of Economic Studies, vol. 69, no. 3, pp. 729-747, 2002. https://doi.org/10.1111/1467-937X.t01-1-00029.
[25] J. Liu, F. Ma, Y. Tang, and Y. Zhang, “Geopolitical risk and oil volatility: A new insight”, Energy Economics, vol. 84, p. 104548, 2019. doi: 10.1016/J.ENECO.2019.104548.
[26] Z. Pan, X. Huang, L. Liu, and J. Huang, “Geopolitical uncertainty and crude oil volatility: Evidence from oil-importing and oil-exporting countries”, Finance Research Letters, vol. 52, p. 103565, 2023. doi: 10.1016/J.FRL.2022.103565.
[27] T. C. Nguyen and T. H. Thuy, “Geopolitical risk and the cost of bank loans”, Finance Research Letters, vol. 54, p. 103812, 2023. doi: 10.1016/j.frl.2023.103812.
[28] H. A. Ahmed, M. B. Muttakin, and A. Khan, “Firm-level political risk and corporate innovation: evidence from US listed firms”, International Journal of Managerial Finance, vol. 19, no. 3, pp. 519–538, 2023. doi: 10.1108/IJMF-11-2021-0554.
[29] Y. Gorodnichenko and M. Schnitzer, “Financial constraints and innovation: Why poor countries don’t catch up”, Journal of the European Economic Association, vol. 11, no. 5, pp. 1115–1152, 2013. doi: 10.1111/jeea.12033.
[30] S. Mateut, “Subsidies, financial constraints and firm innovative activities in emerging economies”, Small Business Economics, vol. 50, no. 1, pp. 131–162, 2018. doi: 10.1007/s11187-017-9877-3.
[31] V. Hajivassiliou and F. Savignac, “Simultaneously incomplete and incoherent (SII) dynamic LDV models: with an application to financing constraints and firms’ decision to innovate”, Journal of Econometrics, vol. 238, no. 1, pp.105546, 2024. https://doi.org/10.1016/j.jeconom.2023.105546.
[32] K. J. Murphy and J. Zabojnik, “Managerial capital and the market for CEOs”, Queen's Economics Department Working Papers, no. 1110, 2006. doi: 10.22004/ag.econ.273586.
[33] L. Gumusluoglu and A. Ilsev, “Transformational leadership, creativity, and organizational innovation”, Journal of Business Research, vol. 62, no. 4, pp. 461–473, 2009. doi: 10.1016/j.jbusres.2007.07.032.
[34] M. Makri and T. A. Scandura, “Exploring the effects of creative CEO leadership on innovation in high-technology firms”, The Leadership Quarterly, vol. 21, no. 1, pp. 75–88, 2010. doi: 10.1016/j.leaqua.2009.10.006.
[35] K. J. Laverty, “Economic ‘Short-Termism’: The debate, the unresolved issues, and the implications for management practice and research”, Academy of Management Review, vol. 21, no. 3, pp. 825–860, 1996. doi: 10.5465/amr.1996.9702100316.
[36] A. Tsang, K. T. Wang, S. Liu, and L. Yu, “Integrating corporate social responsibility criteria into executive compensation and firm innovation: International evidence”, Journal of Corporate Finance, vol. 70, p. 102070, 2021. doi: 10.1016/J.JCORPFIN.2021.102070.
[37] X. Chang et al., “Innovation, managerial myopia, and financial reporting”, MIT Asia Conference in Accounting, 2015. [Online]. Available: http://ssrn.com/abstract=2189938.
[38] Z. Wang and N. Wang, “Knowledge sharing, innovation and firm performance”, Expert Systems with Applications, vol. 39, no. 10, pp. 8899–8908, Aug. 2012. doi: 10.1016/j.eswa.2012.02.017.
[39] H. Gao, P.-H. Hsu, and K. Li, “Innovation Strategy of Private Firms”, J. Financ. Quant. Anal., vol. 53, no. 1, pp. 1–32, 2018, doi: 10.1017/S0022109017001119.
[40] J. Hagedoorn and M. Cloodt, “Measuring innovative performance: is there an advantage in using multiple indicators?”, Res. Policy, vol. 32, no. 8, pp. 1365–1379, Sep. 2003, doi: 10.1016/S0048-7333(02)00137-3.
[41] M. Bhattacharya and H. Bloch, “Determinants of innovation”, Small Bus. Econ., vol. 22, pp. 155–162, 2004, doi: 10.1023/B:SBEJ.0000014453.94445.de.
[42] M. A. Petersen, “Estimating standard errors in finance panel data sets: Comparing approaches”, Review of Financial Studies, vol. 22, no. 1, pp. 435–480, 2009. doi: 10.1093/rfs/hhn053.
[43] Y. Qiao, “Geopolitical hostility and corporate innovation: Evidence from US high‐tech firms in trade sectors with China”, Economics & Politics, vol. 36, no. 1, pp. 517–556, 2024. doi: 10.1111/ecpo.12262.
[44] A. F. Hayes, C. J. Glynn, and M. E. Huge, “Cautions regarding the interpretation of regression coefficients and hypothesis tests in linear models with interactions”, Communication Methods and Measures, vol. 6, no. 1, pp. 1–11, 2012. doi: 10.1080/19312458.2012.651415.
[45] A. Adnan Habib, Essays on Geopolitical and Systemic Risks, Doctoral dissertation, Tasmania School of Business and Economics, University of Tasmania, Hobart, Australia, 2024. doi: 10.25959/26122420.v1.
[46] F. Modigliani and M. Miller, “The cost of capital, corporation finance and the theory of investment”, American Economic Review, vol. 48, no. 3, pp. 261–297, 1958. [Online]. Available: http://www.jstor.org/stable/1809766.
[47] G. de Rassenfosse, H. Dernis, D. Guellec, L. Picci, and B. van Pottelsberghe de la Potterie, “The worldwide count of priority patents: A new indicator of inventive activity”, Res. Policy, vol. 42, no. 3, pp. 720–737, Apr. 2013, doi: 10.1016/j.respol.2012.11.002.
Xem thêm
Ẩn bớt
##plugins.themes.academic_pro.article.sidebar##
Đã Xuất bản
Aug 31, 2025
Download
Cách trích dẫn
Trung, Đỗ K., và N. T. Huyền. “Rủi Ro địa chính trị Và đổi mới Doanh nghiệp nhỏ Và vừa”. Tạp Chí Khoa học Và Công nghệ - Đại học Đà Nẵng, vol 23, số p.h 8A, Tháng Tám 2025, tr 52-58, doi:10.31130/ud-jst.2025.23(8A).062.

