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

Kód výsledku v 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>

Výsledek na webu

<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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Jazyk výsledku

angličtina

Název v původním jazyce

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

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

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

Popis výsledku anglicky

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.

Druh

J_SC - Článek v periodiku v databázi SCOPUS

CEP obor

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OECD FORD obor

50200 - Economics and Business

Projekt

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Návaznosti

V - Vyzkumna aktivita podporovana z jinych verejnych zdroju

Rok uplatnění

2026

Kód důvěrnosti údajů

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

Název periodika

Sustainable Technology and Entrepreneurship

ISSN

2773-0328

e-ISSN

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Svazek periodika

5

Číslo periodika v rámci svazku

1

Stát vydavatele periodika

ES - Španělské království

Počet stran výsledku

13

Strana od-do

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Kód UT WoS článku

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EID výsledku v databázi Scopus

2-s2.0-105024363961