The Role of Entrepreneurial Conditions in Non-Financial Firm’s R&D Investment
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Purpose: This study investigates how research and development (R&D) relates to the various entrepreneurial environments in which publicly traded companies have been operating post-crisis of the pandemic. This study uses information from the Global Entrepreneurship Monitor (GEM) report to investigate how businesses manage R&D under economic uncertainty. Design/methodology/approach: This study focused on the impact of entrepreneurial framework conditions present to the influence of uncertainty towards R&D investment in publicly listed companies. It did this by analyzing data from the GEM report and financial reports from S&P Capital IQ. Using STATA for statistical analysis, the study explores several hypotheses to determine how various elements might lessen the negative consequences of uncertainty on R&D spending. Findings: The results indicate that economic policy uncertainty significantly reduces R&D investments. However, several entrepreneurial framework conditions, including supportive government policies, robust infrastructure, developed markets, comprehensive education systems, accessible entrepreneurial finance, effective R&D transfer mechanisms, and supportive cultural norms, mitigate this negative impact. Specifically, the coefficients for these factors and their interaction terms with uncertainty are significant and positive, suggesting their crucial role in sustaining R&D activities amidst economic uncertainties. Research limitations/implications: The findings have important implications for policymakers and business leaders. To foster a resilient and innovative business environment. These measures can help maintain and stimulate R&D investments, even in uncertain economic climates, driving long-term economic growth and competitiveness. Originality/value: This study contributes to the theoretical understanding of entrepreneurial conditions under uncertainty in the context countries and its influence to firm level R&D decisions. This study extends the existing literature on innovation and R&D by highlighting the moderating role of entrepreneurial framework conditions in the face of economic uncertainty. It provides empirical evidence on how specific external factors can buffer the negative effects of uncertainty on corporate innovation efforts.
Abstract
Purpose: This study investigates how research and development (R&D) relates to the various entrepreneurial environments in which publicly traded companies have been operating post-crisis of the pandemic. This study uses information from the Global Entrepreneurship Monitor (GEM) report to investigate how businesses manage R&D under economic uncertainty. Design/methodology/approach: This study focused on the impact of entrepreneurial framework conditions present to the influence of uncertainty towards R&D investment in publicly listed companies. It did this by analyzing data from the GEM report and financial reports from S&P Capital IQ. Using STATA for statistical analysis, the study explores several hypotheses to determine how various elements might lessen the negative consequences of uncertainty on R&D spending. Findings: The results indicate that economic policy uncertainty significantly reduces R&D investments. However, several entrepreneurial framework conditions, including supportive government policies, robust infrastructure, developed markets, comprehensive education systems, accessible entrepreneurial finance, effective R&D transfer mechanisms, and supportive cultural norms, mitigate this negative impact. Specifically, the coefficients for these factors and their interaction terms with uncertainty are significant and positive, suggesting their crucial role in sustaining R&D activities amidst economic uncertainties. Research limitations/implications: The findings have important implications for policymakers and business leaders. To foster a resilient and innovative business environment. These measures can help maintain and stimulate R&D investments, even in uncertain economic climates, driving long-term economic growth and competitiveness. Originality/value: This study contributes to the theoretical understanding of entrepreneurial conditions under uncertainty in the context countries and its influence to firm level R&D decisions. This study extends the existing literature on innovation and R&D by highlighting the moderating role of entrepreneurial framework conditions in the face of economic uncertainty. It provides empirical evidence on how specific external factors can buffer the negative effects of uncertainty on corporate innovation efforts.