Examining the moderating role of managers' and company's risk-taking in the relationship between economic policy uncertainty and innovation in companies

Subject Areas : Jounal of Marketing Management

Fariba Ahmadi Amir Abadi ¹ , Malihe Alifarri ² , Zahra Honarmandi ³

1 - Master's student, Department of Accounting, Faculty of Humanities, West Tehran Branch, Islamic Azad University, Tehran, Iran
2 - Assistant Professor, Department of Accounting, Faculty of Humanities, West Tehran Branch, Islamic Azad University, Tehran, Iran
3 - Assistant Professor, Department of Accounting, Faculty of Humanities, West Tehran Branch, Islamic Azad University, Tehran, Iran

Received: 2023-09-13 Accepted : 2023-11-20 Published : 2024-07-02

Keywords: leverage, State ownership of firm, economic policy uncertainty, innovation.,

Abstract :

The purpose of the current research is to investigate the effect of uncertainty in economic policies on innovation, and according to the theoretical foundations in this regard, the role of risk taking by managers and the company will also be investigated. The statistical population considered by the researchers in this research was the companies accepted in the Iranian capital market during the period of 1393 to 1400, after the implementation of the systematic elimination sampling method, 1000 companies entered the final sample of the research. The research method used is correlational and causal, and the data collection method is post-event, and the data collection method used in this research is using library methods and databases of the Tehran Stock Exchange Organization. . The type of data used in this research is a panel type and the regression method to implement the research hypotheses is a multivariable type. Five sub-hypotheses in this research have been investigated at the confidence level of 0.95 with stata software. The results of the implementation of the hypotheses show that the uncertainty in economic policies caused by changes such as exchange rates, inflation and bank interest has had destructive effects on the level of innovation in different companies in Iran's capital market, and companies that focus on creativity and Innovations in their products will be more affected by this issue, and further, the results showed that the higher the level of risk-taking of managers in companies, the lower the destructive effects of uncertainty in these issues. Furthermore, it was found that state-owned companies have a moderating role in the mentioned relationship as the company's risk tolerance.

References:

افلاطونی، عباس. (1397). تحلیل آماری در پژوهش‌های مالی و حسابداری با نرم‌افزار Stata قابل استفاده (پژوهشگران مالی و حسابداری در دوره‌های کارشناسی ارشد و دکتری). ناشر: ترمه. ص 456
آقاملکی، حامد عباسی، عبدلی، قهرمان؛سوری، علی؛ابراهیمی، علی. (1399). تاثیر نوآوری برسهم بازار شرکت‏های داروسازی بورس اوراق بهادار. فصلنامه اقتصاد مالی. 14(50). 23-38
پورحیدری، امید؛کیانی چنده، علی؛باقری، مژگان. (1399). بررسی تأثیر سازوکارهای نظام راهبری شرکتی بر رابطۀ میان هزینۀ تحقیق و توسعه (R&D) و رشد شرکت. 12(2). 130-115
حسنی توابع، عبداله؛ کاظمی مصطفی، مهارتی، یعقوی. (1392). تاثیر عدم اطمینان محیطی بر نوآوری سازمانی: تبیین نقش ساختار سازمانی به عنوان متغیر مداخله‌گر. پژوهش‌های مدیریت منابع سازمانی. دوره ۳، شماره ۴ صص 68-93
خاکی، غلامرضا. (1387). روش تحقیق با رویکرد پایان نامه نویسی. تهران، وزارت فرهنگ و آموزش عالی- مرکز تحقیقات علمی کشور- کانون فرهنگی انتشارات داریت- چاپ اول 1387
خدامی پور، احمد؛قاسمی، قاسم؛شمس الدینی، کاظم. (1401). نقش عدم اطمینان سیاست‏های اقتصادی در ارتباط بین افشای داوطلبانه ی اطلاعات و عدم تقارن اطلاعاتی. پیشرفت مالی و سرمایه گذاری. 3(6). 31-51
سالم دزفولی، بابک؛ صالحی، اله کرم؛ جرجرزاده، علیرضا. (1398). بررسی تأثير عدم اطمينان اقتصادی بر مدیریت سود مبتنی بر اقلام تعهدی و مدیریت سود واقعی. فصلنامه علمی و پژوهشی دانش حسابداری و حسابرسی مدیریت. (8) 30 .95-115
شریف سعدی، محبوبه السادات؛ موصولو، خلیل عباسی. (1397). بررسی تاثیر عدم قطعیت سیاست‏های اقتصادی
قاسمی، قاسم و خدامی پور، احمد و شمس الدینی، کاظم، (1400). بررسی نااطمینانی سیاست اقتصادی بر عدم تقارن اطلاعاتی، واکنش سرمایه‏گذاران به شگفتی سود و افشای اختیاری، https://civilica.com/doc/1321399
قنبرزاده، منیژه. (1400). بررسی تأثیر عدم قطعیت سیاست‏های اقتصادی بر نقدینگی سهام. فصلنامه علمی تخصصی رویکردهای پژوهشی نوین در مدیریت و حسابداری. 5(83). 37-53
وریسک اعتباری بر رفتار وام دهی بانک‏های پذیرفته شده در بورس اوراق بهادار تهران.دومین کنفرانس ملی مطالعات نوین مدیریت در ایران. صص 1-19 https://civilica.com/doc/855547.
مرادی، مهدی؛ حاج قربانی، مهدی تقی. (1400). تاثیر جریان نقد عملیاتی بر مخارج تحقیق و توسعه با تاکید بر نقش شایستگی مدیران. تحقیقات حسابداری و حسابرسی. 13(45). 96-81.
Arslan-Ayaydin, ¨O., Florackis, C., & Ozkan, A. (2014). Financial flexibility, corporate investment and performance: Evidence from financial crises. Review of Quantitative Finance and Accounting, 42(2), 211–250.
Ashraf, B. N., & Shen, Y. (2019). Economic policy uncertainty and banks’ loan pricing. Journal of Financial Stability, 44, 100695.
Bhattacharya, U., Hsu, P. H., Tian, X., & Xu, Y. (2017). What affects innovation more: Policy or policy uncertainty? Journal of Financial and Quantitative Analysis, 52(5), 1869–1901.
Blade H, Jie D, May H.(2021). Cash Flow Uncertainty, Financial Constraints and R&D Investment. International Review of Financial Analysis, ttps://doi.org/10.1016/j.irfa.2021.101785
bloom, N., Bond, S., & Van Reenen, J. (2007). Uncertainty and investment dynamics. The Review of Economic Studies, 74(2), 391–415.
Chen, P. F., Lee, C. C., & Zeng, J. H. (2019). Economic policy uncertainty and firm investment: Evidence from the US market. Applied Economics, 51(31), 3423–3435.
Demir, E., & Ersan, O. (2017). Economic policy uncertainty and cash holdings: Evidence from BRIC countries. Emerging Markets Review, 33, 189–200.
Enrique A, Jos Angel Miguel a،nd Mariano N. (2020). Do financial constraints moderate the relationship between innovation subsidies and firms’ R&D investment? European Journal of Innovation. DOI 10.1108/EJIM-07-2020-0286
FNU Pratima.(2021). INTERNATIONAL EVIDENCE ON THE EFFECT OF ECONOMIC POLICY UNCERTAINTY ON STOCK MARKET LIQUIDITY. Presented to the Faculty of the Graduate School of The University of Texas at Arlington in Partial Fulfillment. May 2021
Gulen, H., & Ion, M. (2016). Policy uncertainty and corporate investment. Review of Financial Studies, 29(3), 523–564.
Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193–206.
He, F., Ma, Y., & Zhang, X. (2020). How does economic policy uncertainty affect corporate Innovation?–Evidence from China listed companies. International Review of Economics & Finance, 67, 225–239.
Heavey, C., Simsek, Z., Roche, F., & Kelly, A. (2009). Decision comprehensiveness and corporate entrepreneurship: The moderating role of managerial uncertainty preferences and environmental dynamism. Journal of Management Studies, 46(8), 1289–1314.
Jinchi Qu.(2020). Uncertainty of Cash Flow and Corporate Innovation. Modern Economy, 2020, 11, PP .881-893
Manso, G. (2011). Motivating innovation. The Journal of Finance, 66(5), 1823–1860.
Nguyen, N. H., & Phan, H. V. (2017). Policy uncertainty and mergers and acquisitions. Journal of Financial and Quantitative Analysis, 52(2), 613–644.
P´astor, ˇL., & Veronesi, P. (2013). Political uncertainty and risk premia. Journal of Financial Economics, 110(3), 520–545.
Panousi, V., & Papanikolaou, D. (2012). Investment, idiosyncratic risk, and ownership. The Journal of Finance, 67(3), 1113–1148.
Phan, H. V., Nguyen, N. H., Nguyen, H. T., & Hegde, S. (2019). Policy uncertainty and firm cash holdings. Journal of Business Research, 95, 71–82.
Wang F, Mbanyele W, Muchenje L.(2022). Economic policy uncertainty and stock liquidity: The mitigating effect of information disclosure. Research in International Business and Finance 59 (2022) 101553
Xu, Z. (2020). Economic policy uncertainty, cost of capital, and corporate innovation. Journal of Banking & Finance, 111, 105698.
Zhang, G., Han, J., Pan, Z., & Huang, H. (2015). Economic policy uncertainty and capital structure choice: Evidence from China. Economic Systems, 39(3), 439–457.
Zhukun Lou , Siyu Chen , Wenwei Yin, Chuan Zhang, Xiaoyu Y.(2022). Economic policy uncertainty and firm innovation: Evidence from a risk-taking perspective. International Review of Economics and Finance. 77(4).78-96.