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題名 商業不確定性：地緣政治風險對新創生成的影響
Uncertain Business: The Influence of Geopolitical Risks on New Venture Formation
作者 施奕丞
Shih, Yi-Cheng
貢獻者 楊宗翰
Yang, Tsung-Han
施奕丞
Shih, Yi-Cheng
關鍵詞 地緣政治風險
治理效能
新創生成
制度理論
Geopolitical Risks
Governance Quality
Venture Creation
Institution Theory
日期 2024
上傳時間 1-Nov-2024 10:57:57 (UTC+8)
摘要 本研究旨在探討地緣政治風險對創業活動的影響，基於制度理論（Institution Theory），進一步分析政府治理效能在其中所扮演的調節角色。本研究主要使用Crunchbase資料庫，合併世界銀行世界發展指數（World Development Indicators）、世界治理指數（Worldwide Governance Indicators）以及倫敦證券交易所集團的SDC Platinum多方資料，涵蓋全球42國，時間自2006至2023年。分析上採用固定效應迴歸和兩步差分GMM方法，觀察地緣政治如何影響新創生成，並探討政府治理效能的調節作用。研究結果表明，高地緣政治風險會顯著抑制創業活動的發展，特別是在政經不穩定的情況下，創業者面臨的風險和不確定性增加。然而，本研究同時發現，治理效能較高的國家，能夠有效減輕地緣政治風險對創業活動的負面影響。具備良好治理效能的制度環境，不僅能夠降低政策和市場的不確定性，還能夠提供更穩定的法規和經濟支持，從而幫助創業者在風險環境中仍能進行有效的決策和運營。
This study explores the impact of geopolitical risks on venture creation and how governance quality moderates this relationship. Using global data from 42 countries and year from 2006 to 2023, the research applies fixed-effect regression and two-step difference GMM to analyze country-level dynamics. The findings reveal that high geopolitical risks significantly reduce venture creation, but strong governance can mitigate these negative effects. This study expands institutional theory by integrating geopolitical risks and suggests that governance quality acts as a central role in alleviating uncertainty for venture creation. The insights are valuable for policymakers aiming to support entrepreneurship through improved governance amid geopolitical challenges.
參考文獻 Acemoglu, D., Johnson, S., Robinson, J. A., & Yared, P. (2008). Income and democracy. American Economic Review, 98(3), 808-842. Aldrich, H. E., & Fiol, C. M. (1994). Fools rush in? The institutional context of industry creation. Academy of management review, 19(4), 645-670. Amorós, J. E., Ciravegna, L., Mandakovic, V., & Stenholm, P. (2019). Necessity or opportunity? The effects of state fragility and economic development on entrepreneurial efforts. Entrepreneurship Theory and Practice, 43(4), 725-750. Anokhin, S., & Wincent, J. (2012). Start-up rates and innovation: A cross-country examination. Journal of International Business Studies, 43, 41-60. Antràs, P., & Miquel, G. P. I. (2023). Exporting Ideology: The Right and Left of Foreign Influence. Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The review of economic Studies, 58(2), 277-297. Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of econometrics, 68(1), 29-51. Audretsch, D. B., & Moog, P. (2022). Democracy and entrepreneurship. Entrepreneurship Theory and Practice, 46(2), 368-392. Autio, E., & Fu, K. (2015). Economic and political institutions and entry into formal and informal entrepreneurship. Asia Pacific Journal of Management, 32, 67-94. Baker, S. R., Bloom, N., & Davis, S. J. (2016). Measuring economic policy uncertainty. The quarterly journal of economics, 131(4), 1593-1636. BlackRock Investment Institute. (2024). BlackRock Geopolitical Risk Indicator. https://www.blackrock.com/corporate/insights/blackrock-investment-institute/interactive-charts/geopolitical-risk-dashboard Blackwill, R. D., & Harris, J. M. (2016). War by other means: Geoeconomics and statecraft. Harvard University Press. Blanchard, E. J., Bown, C. P., & Johnson, R. C. (2016). Global supply chains and trade policy. Bond, S., Hoeffler, A., Temple, J., & Centre for Economic Policy, R. (2001). GMM estimation of empirical growth models. Centre for Economic Policy Research. Caldara, D., & Iacoviello, M. (2022). Measuring geopolitical risk. American Economic Review, 112(4), 1194-1225. Carney, M. (2016). Uncertainty, the economy and policy. Bank of England, 16. Castellaneta, F., Conti, R., & Kacperczyk, A. (2020). The (un) intended consequences of institutions lowering barriers to entrepreneurship: The impact on female workers. Strategic Management Journal, 41(7), 1274-1304. Chemmanur, T. J., Hull, T. J., & Krishnan, K. (2016). Do local and international venture capitalists play well together? The complementarity of local and international venture capitalists. Journal of Business Venturing, 31(5), 573-594. Chowdhury, F., Audretsch, D. B., & Belitski, M. (2019). Institutions and entrepreneurship quality. Entrepreneurship Theory and Practice, 43(1), 51-81. Clayton, C., Maggiori, M., & Schreger, J. (2023). A framework for geoeconomics. Conti, R., Kacperczyk, O., & Valentini, G. (2022). Institutional protection of minority employees and entrepreneurship: Evidence from the LGBT Employment Non‐Discrimination Acts. Strategic Management Journal, 43(4), 758-791. Cumming, D., Meoli, M., Rossi, A., & Vismara, S. (2024). ESG and crowdfunding platforms. Journal of Business Venturing, 39(1), 106362. Dai, N., Jo, H., & Kassicieh, S. (2012). Cross-border venture capital investments in Asia: Selection and exit performance. Journal of Business Venturing, 27(6), 666-684. Dau, L. A., & Cuervo-Cazurra, A. (2014). To formalize or not to formalize: Entrepreneurship and pro-market institutions. Journal of Business Venturing, 29(5), 668-686. Firooz, H., Leduc, S., & Liu, Z. (2024). Reshoring, Automation, and Labor Markets Under Trade Uncertainty. Available at SSRN 4817904. Flint, C. (2021). Introduction to geopolitics. Routledge. Fredström, A., Peltonen, J., & Wincent, J. (2021). A country-level institutional perspective on entrepreneurship productivity: The effects of informal economy and regulation. Journal of Business Venturing, 36(5), 106002. Grossman, G. M., Helpman, E., & Redding, S. J. (2024). When tariffs disrupt global supply chains. American Economic Review, 114(4), 988-1029. Hausman, J. A. (1978). Specification tests in econometrics. Econometrica: Journal of the econometric society, 1251-1271. Hayton, J. C., George, G., & Zahra, S. A. (2002). National culture and entrepreneurship: A review of behavioral research. Entrepreneurship Theory and Practice, 26(4), 33-52. Kaufmann, D., Kraay, A., & Mastruzzi, M. (2011). The worldwide governance indicators: Methodology and analytical issues1. Hague journal on the rule of law, 3(2), 220-246. Kleinman, B., Liu, E., & Redding, S. J. (2020). International friends and enemies. Li, Y., & Zahra, S. A. (2012). Formal institutions, culture, and venture capital activity: A cross-country analysis. Journal of Business Venturing, 27(1), 95-111. https://doi.org/10.1016/j.jbusvent.2010.06.003 Mariano-Florentino Cuéllar, James Fearon, Pierre-Olivier Gourinchas, & Tyson, L. (2023). Economics and Geopolitics in US International Relations: China, Europe, and the Global South. Retrieved 2024/08/23 from https://matrix.berkeley.edu/research-article/economics-and-geopolitics-in-us-international-relations-china-europe-and-the-global-south/ North, D. C. (1990). Institutions, institutional change and economic performance (Vol. 4). Cambridge university press. Nyström, K. (2008). The institutions of economic freedom and entrepreneurship: evidence from panel data. Public choice, 136, 269-282. Roodman, D. (2009a). How to do xtabond2: An introduction to difference and system GMM in Stata. The Stata Journal, 9(1), 86-136. Roodman, D. (2009b). A note on the theme of too many instruments. Oxford Bulletin of Economics and statistics, 71(1), 135-158. S&P Global. (2024). Top Geopolitical Risks of 2024. Retrieved 2024/09/03 from https://www.spglobal.com/en/research-insights/market-insights/geopolitical-risk Thai, M. T. T., & Turkina, E. (2014). Macro-level determinants of formal entrepreneurship versus informal entrepreneurship. Journal of Business Venturing, 29(4), 490-510. Van Stel, A., Storey, D. J., & Thurik, A. R. (2007). The effect of business regulations on nascent and young business entrepreneurship. Small business economics, 28, 171-186. Webb, J. W., Khoury, T. A., & Hitt, M. A. (2020). The influence of formal and informal institutional voids on entrepreneurship. Entrepreneurship Theory and Practice, 44(3), 504-526. Wong, P. K., Ho, Y. P., & Autio, E. (2005). Entrepreneurship, innovation and economic growth: Evidence from GEM data. Small business economics, 24, 335-350. Wooldridge, J. M. (2010). Econometric analysis of cross section and panel data. MIT press.
描述 碩士
國立政治大學
科技管理與智慧財產研究所
111364122
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111364122
資料類型 thesis
dc.contributor.advisor 楊宗翰zh_TW
dc.contributor.advisor Yang, Tsung-Hanen_US
dc.contributor.author (Authors) 施奕丞zh_TW
dc.contributor.author (Authors) Shih, Yi-Chengen_US
dc.creator (作者) 施奕丞zh_TW
dc.creator (作者) Shih, Yi-Chengen_US
dc.date (日期) 2024en_US
dc.date.accessioned 1-Nov-2024 10:57:57 (UTC+8)-
dc.date.available 1-Nov-2024 10:57:57 (UTC+8)-
dc.date.issued (上傳時間) 1-Nov-2024 10:57:57 (UTC+8)-
dc.identifier (Other Identifiers) G0111364122en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/154196-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 科技管理與智慧財產研究所zh_TW
dc.description (描述) 111364122zh_TW
dc.description.abstract (摘要) 本研究旨在探討地緣政治風險對創業活動的影響，基於制度理論（Institution Theory），進一步分析政府治理效能在其中所扮演的調節角色。本研究主要使用Crunchbase資料庫，合併世界銀行世界發展指數（World Development Indicators）、世界治理指數（Worldwide Governance Indicators）以及倫敦證券交易所集團的SDC Platinum多方資料，涵蓋全球42國，時間自2006至2023年。分析上採用固定效應迴歸和兩步差分GMM方法，觀察地緣政治如何影響新創生成，並探討政府治理效能的調節作用。研究結果表明，高地緣政治風險會顯著抑制創業活動的發展，特別是在政經不穩定的情況下，創業者面臨的風險和不確定性增加。然而，本研究同時發現，治理效能較高的國家，能夠有效減輕地緣政治風險對創業活動的負面影響。具備良好治理效能的制度環境，不僅能夠降低政策和市場的不確定性，還能夠提供更穩定的法規和經濟支持，從而幫助創業者在風險環境中仍能進行有效的決策和運營。zh_TW
dc.description.abstract (摘要) This study explores the impact of geopolitical risks on venture creation and how governance quality moderates this relationship. Using global data from 42 countries and year from 2006 to 2023, the research applies fixed-effect regression and two-step difference GMM to analyze country-level dynamics. The findings reveal that high geopolitical risks significantly reduce venture creation, but strong governance can mitigate these negative effects. This study expands institutional theory by integrating geopolitical risks and suggests that governance quality acts as a central role in alleviating uncertainty for venture creation. The insights are valuable for policymakers aiming to support entrepreneurship through improved governance amid geopolitical challenges.en_US
dc.description.tableofcontents 1. Introduction 6 2. Literature and framework 11 2.1 Entrepreneurial activities in the Condition of Dynamic Geopolitical Risks 11 2.2 An Institution Perspective on the Geopolitical Risks and Entrepreneurial activities 13 2.2.1 Institutions and Entrepreneurial activities 13 2.2.2 Governance Quality and Entrepreneurial activities 14 2.2.3 Governance Quality Relieve the Tension of Geopolitical Risks and Entrepreneurial Activities 16 3. Method 19 3.1 Data and Measures 19 3.1.1 Data and sample 19 3.1.2 Dependent Variable 22 3.1.3 Independent Variable 22 3.1.4 Moderating Variable 23 3.1.5 Control Variables 24 3.2 Model and Analysis Techniques 26 4. Results 30 4.1 Main results 30 4.2 Robustness tests 37 4.2.1 Difference GMM 37 5. Discussion and Conclusion 42 5.1 Contributions 42 5.2 Implication for policy makers 44 5.3 Limitation and Future Researches 45 5.4 Conclusions 47 6.References 49zh_TW
dc.format.extent 846260 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111364122en_US
dc.subject (關鍵詞) 地緣政治風險zh_TW
dc.subject (關鍵詞) 治理效能zh_TW
dc.subject (關鍵詞) 新創生成zh_TW
dc.subject (關鍵詞) 制度理論zh_TW
dc.subject (關鍵詞) Geopolitical Risksen_US
dc.subject (關鍵詞) Governance Qualityen_US
dc.subject (關鍵詞) Venture Creationen_US
dc.subject (關鍵詞) Institution Theoryen_US
dc.title (題名) 商業不確定性：地緣政治風險對新創生成的影響zh_TW
dc.title (題名) Uncertain Business: The Influence of Geopolitical Risks on New Venture Formationen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Acemoglu, D., Johnson, S., Robinson, J. A., & Yared, P. (2008). Income and democracy. American Economic Review, 98(3), 808-842. Aldrich, H. E., & Fiol, C. M. (1994). Fools rush in? The institutional context of industry creation. Academy of management review, 19(4), 645-670. Amorós, J. E., Ciravegna, L., Mandakovic, V., & Stenholm, P. (2019). Necessity or opportunity? The effects of state fragility and economic development on entrepreneurial efforts. Entrepreneurship Theory and Practice, 43(4), 725-750. Anokhin, S., & Wincent, J. (2012). Start-up rates and innovation: A cross-country examination. Journal of International Business Studies, 43, 41-60. Antràs, P., & Miquel, G. P. I. (2023). Exporting Ideology: The Right and Left of Foreign Influence. Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The review of economic Studies, 58(2), 277-297. Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of econometrics, 68(1), 29-51. Audretsch, D. B., & Moog, P. (2022). Democracy and entrepreneurship. Entrepreneurship Theory and Practice, 46(2), 368-392. Autio, E., & Fu, K. (2015). Economic and political institutions and entry into formal and informal entrepreneurship. Asia Pacific Journal of Management, 32, 67-94. Baker, S. R., Bloom, N., & Davis, S. J. (2016). Measuring economic policy uncertainty. The quarterly journal of economics, 131(4), 1593-1636. BlackRock Investment Institute. (2024). BlackRock Geopolitical Risk Indicator. https://www.blackrock.com/corporate/insights/blackrock-investment-institute/interactive-charts/geopolitical-risk-dashboard Blackwill, R. D., & Harris, J. M. (2016). War by other means: Geoeconomics and statecraft. Harvard University Press. Blanchard, E. J., Bown, C. P., & Johnson, R. C. (2016). Global supply chains and trade policy. Bond, S., Hoeffler, A., Temple, J., & Centre for Economic Policy, R. (2001). GMM estimation of empirical growth models. Centre for Economic Policy Research. Caldara, D., & Iacoviello, M. (2022). Measuring geopolitical risk. American Economic Review, 112(4), 1194-1225. Carney, M. (2016). Uncertainty, the economy and policy. Bank of England, 16. Castellaneta, F., Conti, R., & Kacperczyk, A. (2020). The (un) intended consequences of institutions lowering barriers to entrepreneurship: The impact on female workers. Strategic Management Journal, 41(7), 1274-1304. Chemmanur, T. J., Hull, T. J., & Krishnan, K. (2016). Do local and international venture capitalists play well together? The complementarity of local and international venture capitalists. Journal of Business Venturing, 31(5), 573-594. Chowdhury, F., Audretsch, D. B., & Belitski, M. (2019). Institutions and entrepreneurship quality. Entrepreneurship Theory and Practice, 43(1), 51-81. Clayton, C., Maggiori, M., & Schreger, J. (2023). A framework for geoeconomics. Conti, R., Kacperczyk, O., & Valentini, G. (2022). Institutional protection of minority employees and entrepreneurship: Evidence from the LGBT Employment Non‐Discrimination Acts. Strategic Management Journal, 43(4), 758-791. Cumming, D., Meoli, M., Rossi, A., & Vismara, S. (2024). ESG and crowdfunding platforms. Journal of Business Venturing, 39(1), 106362. Dai, N., Jo, H., & Kassicieh, S. (2012). Cross-border venture capital investments in Asia: Selection and exit performance. Journal of Business Venturing, 27(6), 666-684. Dau, L. A., & Cuervo-Cazurra, A. (2014). To formalize or not to formalize: Entrepreneurship and pro-market institutions. Journal of Business Venturing, 29(5), 668-686. Firooz, H., Leduc, S., & Liu, Z. (2024). Reshoring, Automation, and Labor Markets Under Trade Uncertainty. Available at SSRN 4817904. Flint, C. (2021). Introduction to geopolitics. Routledge. Fredström, A., Peltonen, J., & Wincent, J. (2021). A country-level institutional perspective on entrepreneurship productivity: The effects of informal economy and regulation. Journal of Business Venturing, 36(5), 106002. Grossman, G. M., Helpman, E., & Redding, S. J. (2024). When tariffs disrupt global supply chains. American Economic Review, 114(4), 988-1029. Hausman, J. A. (1978). Specification tests in econometrics. Econometrica: Journal of the econometric society, 1251-1271. Hayton, J. C., George, G., & Zahra, S. A. (2002). National culture and entrepreneurship: A review of behavioral research. Entrepreneurship Theory and Practice, 26(4), 33-52. Kaufmann, D., Kraay, A., & Mastruzzi, M. (2011). The worldwide governance indicators: Methodology and analytical issues1. Hague journal on the rule of law, 3(2), 220-246. Kleinman, B., Liu, E., & Redding, S. J. (2020). International friends and enemies. Li, Y., & Zahra, S. A. (2012). Formal institutions, culture, and venture capital activity: A cross-country analysis. Journal of Business Venturing, 27(1), 95-111. https://doi.org/10.1016/j.jbusvent.2010.06.003 Mariano-Florentino Cuéllar, James Fearon, Pierre-Olivier Gourinchas, & Tyson, L. (2023). Economics and Geopolitics in US International Relations: China, Europe, and the Global South. Retrieved 2024/08/23 from https://matrix.berkeley.edu/research-article/economics-and-geopolitics-in-us-international-relations-china-europe-and-the-global-south/ North, D. C. (1990). Institutions, institutional change and economic performance (Vol. 4). Cambridge university press. Nyström, K. (2008). The institutions of economic freedom and entrepreneurship: evidence from panel data. Public choice, 136, 269-282. Roodman, D. (2009a). How to do xtabond2: An introduction to difference and system GMM in Stata. The Stata Journal, 9(1), 86-136. Roodman, D. (2009b). A note on the theme of too many instruments. Oxford Bulletin of Economics and statistics, 71(1), 135-158. S&P Global. (2024). Top Geopolitical Risks of 2024. Retrieved 2024/09/03 from https://www.spglobal.com/en/research-insights/market-insights/geopolitical-risk Thai, M. T. T., & Turkina, E. (2014). Macro-level determinants of formal entrepreneurship versus informal entrepreneurship. Journal of Business Venturing, 29(4), 490-510. Van Stel, A., Storey, D. J., & Thurik, A. R. (2007). The effect of business regulations on nascent and young business entrepreneurship. Small business economics, 28, 171-186. Webb, J. W., Khoury, T. A., & Hitt, M. A. (2020). The influence of formal and informal institutional voids on entrepreneurship. Entrepreneurship Theory and Practice, 44(3), 504-526. Wong, P. K., Ho, Y. P., & Autio, E. (2005). Entrepreneurship, innovation and economic growth: Evidence from GEM data. Small business economics, 24, 335-350. Wooldridge, J. M. (2010). Econometric analysis of cross section and panel data. MIT press.zh_TW