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| 1 |
ID:
164526
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| Summary/Abstract |
The structural changes inside the French innovation system have impacted the role of defense firms since the late 1980s. Major changes have affected the defense budget and public R&D funding system in particular. The aim of this article is to understand French defense firms’ repositioning within the National Innovation System (NIS) based on an analysis of their R&D behavior over a long period of time (1987–2010). We show that French defense firms remain major players in the NIS and faced up to these major changes by adapting the funding of their R&D and their research priorities and rolling out new innovation capabilities. Additionally, they developed new innovation models to take advantage of new collaborative partnerships developed for civil and military markets.
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| 2 |
ID:
162248
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| Summary/Abstract |
We use the k-th-order nonparametric causality test at monthly frequency over the period of 1985:1 to 2016:06 to analyze whether geopolitical risks can predict movements in stock returns and volatility of 24 global defense firms. The nonparametric approach controls for the existing misspecification of a linear framework of causality, and hence, the mild evidence of causality obtained under the standard Granger tests cannot be relied upon. When we apply the nonparametric test, we find that there is no evidence of predictability of stock returns of these defense companies emanating from the geopolitical risk measure. However, the geopolitical risk index does predict realized volatility in 50% of the companies. Our results indicate that while global geopolitical events over a period of time is less likely to predict returns, such global risks are more inclined in affecting future risk profile of defense firms.
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| 3 |
ID:
115266
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| Publication |
2012.
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| Summary/Abstract |
Scholars of corporate social responsibility (CSR), which refers to the responsibilities of a firm to society in four domains: economic, legal, ethical, and discretionary, have typically excluded defense firms from their research, mainly on ideological grounds. This study challenges these assumptions and measures the CSR orientations of managers of defense firms. The findings reveal the orientations of defense firm managers to be consistent with those of other corporate populations, though the highly regulated environment of defense contracting causes some differences. The findings help to redeem the social standing of defense firms, and by implication, their employees and the military members who use their products, from unwarranted antimilitary biases.
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