Resilient innovation and entrepreneurial responses to systemic shocks: Economic insights into sustainable business ecosystems

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F75081431%3A_____%2F26%3A00002944" target="_blank" >RIV/75081431:_____/26:00002944 - isvavai.cz</a>

Result on the web

<a href="https://doi.org/10.1016/j.stae.2025.100123" target="_blank" >https://doi.org/10.1016/j.stae.2025.100123</a>

DOI - Digital Object Identifier

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Result language

angličtina

Original language name

Resilient innovation and entrepreneurial responses to systemic shocks: Economic insights into sustainable business ecosystems

Original language description

The COVID-19 pandemic exposed systemic vulnerabilities in financial markets and raised pressing questions regarding the resilience of technology and entrepreneurship under shock. This study investigates whether two innovation-intensive sectors, technology and pharmaceuticals, exhibited synchronization with the S&amp;P 500 across eleven epidemiologically defined phases (March 2019–December 2022). Using a robust methodological framework, a crisis-aware synchronization model was developed to detect real-time versus delayed investor alignment. A key novelty of the approach is the incorporation of time lags as a relevant factor influencing responses to systemic shocks. Results show that the technology sector exhibited statistically significant contemporaneous co-movement, consistent with its role as continuity-enabling digital infrastructure, whereas pharmaceutical sector demonstrated episodic, event-driven co-movement concentrated around vaccine and policy milestones. Notably, correlations during pandemic waves were not stronger than during inter-wave periods for either sector. These findings extend the Adaptive Markets Hypothesis by introducing a sector-contingent perspective: structural integrators (technology) stabilize expectations in real time, while event-contingent innovators (pharmaceuticals) generate punctuated alignment. For sustainable finance and entrepreneurship, the results suggest actionable levers: technology should be treated as a portfolio anchor and a policy priority for resilient digital infrastructure (measured in terms of uptime, scalability, energy efficiency), while pharmaceuticals should be considered a tactical complement, with innovation surges converted into durable capacity.

Czech name

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Czech description

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Type

J_SC - Article in a specialist periodical, which is included in the SCOPUS database

CEP classification

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OECD FORD branch

50200 - Economics and Business

Project

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Continuities

V - Vyzkumna aktivita podporovana z jinych verejnych zdroju

Publication year

2026

Confidentiality

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Name of the periodical

Sustainable Technology and Entrepreneurship

ISSN

2773-0328

e-ISSN

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Volume of the periodical

5

Issue of the periodical within the volume

1

Country of publishing house

ES - SPAIN

Number of pages

13

Pages from-to

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UT code for WoS article

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EID of the result in the Scopus database

2-s2.0-105024363961