Sustainable finance in cybersecurity investment for future profitability under uncertainty

References

• Abbasi, A., S. Sarker, and R. H. L. Chiang. 2016. “Big Data Research in Information Systems: Toward an Inclusive Research Agenda.” Journal of the Association for Information Systems 17 (2): I–XXXII. doi:10.17705/1jais.00423.
   Web of Science ®Google Scholar
• Alam, A., M. Uddin, and H. Yazdifar. 2019. “Financing Behaviour of R&D Investment in the Emerging Markets: The Role of Alliance and Financial System.” R&D Management, 21–32..
   Web of Science ®Google Scholar
• Arellano, M., and S. Bond. 1991. “Some Tests of Specification For Panel Data: Monte Carlo Evidence and an Application to Employment Equations.” Review of Economic Studies 58 (2): 277–297. doi:10.2307/2297968.
   Web of Science ®Google Scholar
• Arellano, M., and O. Bover. 1995. “Another Look at the Instrumental Variable Estimation of Error-Components Models.” Journal of Econometrics 68 (1): 29–51. doi:10.1016/0304-4076(94)01642-D.
   Web of Science ®Google Scholar
• Armstrong, C., A. Davila, and G. Foster. 2006. “Venture-Backed Private Equity Valuation and Financial Statement Information.” Review of Accounting Studies 11 (1): 119–154. doi:10.1007/s11142-006-6398-8.
   Web of Science ®Google Scholar
• Arora, A., A. Nandkumar, and R. Telang. 2007. “Does Information Security Attack Frequency Increase with Vulnerability Disclosure? An Empirical Analysis.” Information Systems Frontiers 8 (5): 350–362. doi:10.1007/s10796-006-9012-5.
   Web of Science ®Google Scholar
• Australian Cyber Security Growth Network. 2019. “SCP - Chapter 1- The Global Outlook for Cyber Security.” Accessed March 15, 2021. https://www.austcyber.com/resources/sector-competitiveness-plan-2019/chapter1
   Google Scholar
• Baron, R. M., and D. A. Kenny. 1986. “The Moderator-Mediator Variable Distinction in Social Psychological Research. Conceptual, Strategic, and Statistical Considerations.” Journal of Personality and Social Psychology 51 (6): 1173–1182. doi:10.1037/0022-3514.51.6.1173.
   PubMed Web of Science ®Google Scholar
• Bernard, A. B., and C. I. Jones. 1996. “Productivity and Convergence Across US States and Industries.” Empirical Economics 21 (1): 113–135. doi:10.1007/BF01205496.
   Google Scholar
• Bhagat, S., and I. Welch. 1995. “Corporate Research & Development Investments International Comparisons.” Journal of Accounting and Economics 19 (2–3): 443–470. doi:10.1016/0165-4101(94)00391-H.
   Web of Science ®Google Scholar
• Block, J. H. 2012. “R&D Investments in Family and Founder Firms: An Agency Perspective.” Journal of Business Venturing 27 (2): 248–265. doi:10.1016/j.jbusvent.2010.09.003.
   Web of Science ®Google Scholar
• Blundell, R., and S. Bond. 1998. “Initial Conditions and Moment Restrictions in Dynamic Panel Data Models.” Journal of Econometrics 87 (1): 115–143. doi:10.1016/S0304-4076(98)00009-8.
   Web of Science ®Google Scholar
• Bond, S., D. Harhoff, and J. V. Reenen. 2005. “Investment, R&D and Financial Constraints in Britain and Germany.” Annales D’Économie et de Statistique 79 (80): 433–460.doi:10.2307/20777584.
   Google Scholar
• Bowlby, J. 1973. Attachment and Loss: Separation: Anxiety and Anger. Vol. 2. New York. Basic Books.
   Google Scholar
• Bowlby, J. 1980. Attachment and Loss: Sadness and Depression. Vol. 3. New York, Basic Books.
   Google Scholar
• Bowlby, J. 1982. Attachment and Loss: Attachment. 2nd ed, Vol. 1. New York: Basic Books.
   Google Scholar
• Brown, J. R, S. M Fazzari, and B. C Petersen. 2009. “Financing Innovation and Growth: Cash Flow, External Equity, and the 1990s R&D Boom.” The Journal of Finance 64 (1): 151–185. doi:10.1111/j.1540-6261.2008.01431.x.
   Web of Science ®Google Scholar
• Brown, J. R., G. Martinsson, and B. C. Petersen. 2012. “Do Financing Constraints Matter for R&D?” European Economic Review 56 (8): 1512–1529. doi:10.1016/j.euroecorev.2012.07.007.
   Web of Science ®Google Scholar
• Chen, W. 2008. “Determinants of Firms’ Backward- and Forward-Looking R&D Search Behavior.” Organization Science 19 (4): 609–622. doi:10.1287/orsc.1070.0320.
   Web of Science ®Google Scholar
• Chen, Y. 2010. “Ownership Structure, Financial Structure, and R&D Activities: Evidence from Korean Firms.” MA thesis, Management University, Singapore.
   Google Scholar
• Chofreh, A. G., F. A. Goni, J. J. Klemeš, S. M. S. Moosavi, M. Davoudi, and M. Zeinalnezhad. 2021. “Covid-19 Shock: Development of Strategic Management Framework for Global Energy.” Renewable and Sustainable Energy Reviews 139..
   PubMed Web of Science ®Google Scholar
• Cincera, M., and J. Ravet. 2010. “Financing Constraints and R&D Investments of Large Corporations in Europe and the US.” Science and Public Policy 37 (6): 455–466. doi:10.3152/030234210X508642.
   Web of Science ®Google Scholar
• Claessens, S., K. Ueda, and Y. Yafeh. 2014. “Institutions and Financial Frictions: Estimating with Structural Restrictions on Firm Value and Investment.” Journal of Development Economics 110: 107–122. doi:10.1016/j.jdeveco.2014.05.004.
   Web of Science ®Google Scholar
• Cohen, W. M., and D. A. Levinthal. 1989. “Innovation and Learning: The Two Faces of R&D.” The Economic Journal 99 (397): 569–596. doi:10.1002/smj.4250090105.
   Web of Science ®Google Scholar
• Czarnitzki, D., and H. L. Binz. 2011. “R&D Investment and Financing Constraints of Small and Medium-Sized Firms.” Small Business Economics 36 (1): 65–83. doi:10.1007/s11187-009-9189-3.
   Web of Science ®Google Scholar
• De Bruijn, H., and M. Janssen. 2017. “Building Cybersecurity Awareness: The Need for Evidence-Based Framing Strategies.” Government Information Quarterly 34 (1): 1–7. doi:10.1016/j.giq.2017.02.007.
   Web of Science ®Google Scholar
• Debuque-Gonzales, M. 2013. Empirical Determinants and Patterns of Research and Development Investment in Asia. Mandaluyong City, Philippines: Asian Development Bank. https://www.adb.org/sites/default/files/publication/30381/ewp-364.pdf
   Google Scholar
• Donaldson, S., J. N. Shah, D. Pedley, D. Crozier, and S. Furnell. 2020. UK Cyber Security Sectoral Analysis 2020. London: Department for Digital, Culture, Media & Sport, UK. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/957960/UK_Cyber_Sectoral_Analysis__2020__Report_V2.pdf
   Google Scholar
• Drobetz, W., and G. Wanzenried. 2006. “What Determines the Speed of Adjustment to the Target Capital Structure?” Applied Financial Economics 16 (13): 941–958. doi:10.1080/09603100500426358.
   Google Scholar
• European Commission. 2020. “Cybersecurity, Our Digital Anchor.” Publications Office of the European Union. Accessed May 29, 2021. https://publications.jrc.ec.europa.eu/repository/handle/JRC121051
   Google Scholar
• Fazzari, S. M., R. G. Hubbard, B. C. Petersen, A. S. Blinder, and J. M. Poterba. 1988. “Financing Constraints and Corporate Investment.” Brookings Papers on Economic Activity 1988 (1): 141–206. doi:10.2307/2534426
   Google Scholar
• Ghosal, V., and Y. Ye. 2015. “Uncertainty and the Employment Dynamics of Small and Large Businesses.” Small Business Economics 44 (3): 529–558. doi:10.1007/s11187-014-9614-0
   Web of Science ®Google Scholar
• Habib, A. 2006. “Disaggregated Earnings and Prediction of Future Profitability : Evidence from Industrial Groups in Japan.” Review of Accounting and Finance 5 (4): 355–369. doi:10.1108/14757700610712435.
   Google Scholar
• Hall, B. H. 1992. Investment and Research and Development at the Firm Level: Does the Source of Financing Matter? Cambridge, MA: National Bureau of Economic https://www.nber.org/system/files/working_papers/w4096/w4096.pdf
   Google Scholar
• Hall, B. H. 2002. “The Financing of Research and Development.” Oxford Review of Economic Policy 18 (1): 35–51. doi:10.1093/oxrep/18.1.35.
   Web of Science ®Google Scholar
• Hall, B. H., P. Moncada-Paternò-Castello, S. Montresor, and A. Vezzani. 2016. “Financing Constraints, R & D Investments and Innovative Performances : New Empirical Evidence at the Firm Level for Europe.” Economics of Innovation and New Technology 25 (3): 183–196..
   Web of Science ®Google Scholar
• Harhoff, D. 1998. “Are There Financing Constraints for R & D and Investment in German Manufacturing Firms?” Annales D’Économie et de Statistique 49 (50): 421–456. doi:10.2307/20076124.
   Google Scholar
• Himmelberg, C. P., and B. C. Petersen. 1994. “R&D and Internal Finance: A Panel Study of Small Firms in High-Tech Industries.” The Review of Economics and Statistics 76 (1): 38–51. doi:10.2307/2109824.
   Web of Science ®Google Scholar
• Huang, Z. 2020. “Empirical Study on the Relationship Between R&D Expenditure and Financial Performance of Healthcare Industry.” ICMSS 2020: Proceedings of the 2020 4th International Conference on Management Engineering, Software Engineering and Service Sciences, 118–122. doi:10.1145/3380625.3380656.
   Google Scholar
• Jung, S., and G. Kwak. 2018. “Firm Characteristics, Uncertainty and Research and Development (R&D) Investment: The Role of Size and Innovation Capacity.” Sustainability 10 (1668): 1–14.
   Google Scholar
• Klimburg, A. 2012. National Cyber Security Framework Manual. NATO Cooperative Cyber Defence Centre of Excellence, Tallinn, Estonia. https://www.ccdcoe.org/uploads/2018/10/NCSFM_0.pdf
   Google Scholar
• Korajczyk, R. A., and A. Levy. 2003. “Capital Structure Choice: Macroeconomic Conditions and Financial Constraints.” Journal of Financial Economics 68 (1): 75–109. doi:10.1016/S0304-405X(02)00249-0.
   Web of Science ®Google Scholar
• Kou, M., Y. Yang, and K. Chen. 2020. “The Impact of External R&D Financing on Innovation Process from a Supply-Demand Perspective.” Economic Modelling 92 (1): 375–387. doi:10.1016/j.econmod.2020.01.016.
   Google Scholar
• Morbey, G. K. 1989. “R&D Expenditures and Profit Growth.” Research-Technology Management 32 (3): 20–23. doi:10.1080/08956308.1989.11670595.
   Web of Science ®Google Scholar
• Mulkay, B., B. H. Hall, and J. Mairesse. 2000. Firm-Level Investment and R&D in France and the United States: A Comparison. Cambridge, MA: NBER. https://www.nber.org/system/files/working_papers/w8038/w8038.pdf
   Google Scholar
• Myers, S. C., and N. S. Majluf. 1984. “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have.” Journal of Financial Economics 13 (2): 187–221. doi:10.1016/0304-405X(84)90023-0.
   Web of Science ®Google Scholar
• National Cyber Security Centre, UK. 2018. “Joint US - UK Statement on Malicious Cyber Activity Carried Out by Russian Government.” https://www.ncsc.gov.uk/pdfs/news/joint-us-uk-statement-malicious-cyber-activity-carried-out-russian-government.pdf
   Google Scholar
• Nissim, D., and S. H. Penman. 2001. “Ratio Analysis and Equity Valuation: From Research to Practice.” Review of Accounting Studies 6 (1): 109–154. doi:10.1023/A:1011338221623
   Google Scholar
• North, D. C. 1990. Institutions, Institutional Change, and Economic Performance. Cambridge, MA: Harvard University Press.
   Google Scholar
• Phuong, N. T., and P. T. Manh. 2017. “The Relationship Between Research and Development (R&D) Spending and Firm’s Financial Performance: Case Study of Listed Firms on Vietnam Stock Exchange.” Imperial Journal of Interdisciplinary Research 3 (8): 7–13. http://www.onlinejournal.in/IJIRV3I8/002.pdf
   Google Scholar
• Porter, M. E. 1985. Competitive Advantage, Creating and Sustaining Superior Performance. Free Press: New York, USA.
   Google Scholar
• Robinson, R. B., and J. A. Pearce II. 1988. “Planned Patterns of Strategic Behavior and Their Relationship to Business-Unit Performance.” Strategic Management Journal 9: 43–60. doi:10.1002/smj.4250090105.
   Web of Science ®Google Scholar
• Romanosky, S., D. Hoffman, and A. Acquisti. 2014. “Empirical Analysis of Data Breach Litigation.” Journal of Empirical Legal Studies 11 (1): 74–104. doi:10.1111/jels.12035.
   Web of Science ®Google Scholar
• Trigeorgis, L., and J. J. Reuer. 2017. “Real Options Theory in Strategic Management.” Strategic Management Journal 38: 42–63.
   Web of Science ®Google Scholar
• Van der Meulen, S., A. Gaeremynck, and M. Willekens. 2007. “Attribute Differences Between US GAAP and IFRS Earnings: An Exploratory Study.” The International Journal of Accounting 42 (2): 123–142. doi:10.1016/j.intacc.2007.04.001.
   Google Scholar
• World Health Organization (WHO). 2020. “WHO Coronavirus (COVID-19) Dashboard: Situation by Country, Territory & Area.” Accessed March 15, 2021. https://covid19.who.int/table
   Google Scholar
• Xu, J., and J. Sim. 2018. “Characteristics of Corporate R & D Investment in Emerging Markets : Evidence from Manufacturing Industry in China and South Korea.” Sustainability 10 (3002): 1–18. doi:10.3390/su10093002.
   Google Scholar
• Zang, Z., Q. Zhu, and H. Mogorrón-Guerrero. 2019. “How Does R&D Investment Affect the Financial Performance of Cultural and Creative Enterprises? The Moderating Effect of Actual Controller.” Sustainability 11 (297): 1–19.
   Google Scholar
• Zhang, D., and Y. Guo. 2019. “Financing R&D in Chinese Private Firms: Business Associations or Political Connection?” Economic Modelling 79 (1): 247–261. doi:10.1016/j.econmod.2018.12.010.
   Google Scholar