作 者：Jun Li
关键字：Export-led Internationalization; Innovation; R&D Intensity; Idiosyncratic Risk; Market Turbulence; Panel Data
摘要/Abstract
Although prior research has largely focused on the relationship between a firm’s degree of internationalization and systematic risk, little is known of its direct impact and interaction effects with innovation on firm-idiosyncratic risk. In response, the authors use a set of panel data collected from high tech firms in China to demonstrate that while export-led internationalization directly suppresses firm-idiosyncratic risk, increased innovation makes such risk reduction effect weaker. Furthermore, while firms facing a more turbulent market environment see export-led internationalization alone a potent tool to alleviate firm-idiosyncratic risk, concurrently increasing export-led internationalization and innovation leads to higher idiosyncratic risk. Results remain robust after controlling for endogeneity and after considering several nuance factors such as firm ownership types and timing. Post-hoc analysis, using systematic risk and performance indicators, provides further evidence showing the criticality of concerning idiosyncratic risk.
全文阅读：https://www.sinoss.net/c/2023-01-12/628485.shtml