Tao, MiaomiaoRoubaud, DavidTiwari, Aviral KumarSilva, Emilson2025-12-022025-04Miaomiao Tao, David Roubaud, Aviral Kumar Tiwari, Emilson Silva, How do systematic risk spillovers reshape investment outcomes?, Finance Research Letters, Volume 75, 2025, 106809, ISSN 1544-6123, https://doi.org/10.1016/j.frl.2025.106809.1544-6123https://doi.org/10.1016/j.frl.2025.106809http://10.0.100.94:4000/handle/123456789/485We investigate the effects of domestic and cross-border systematic risk spillovers on corporate investment metrics, using stock indices comprising 212 energy firms across 36 countries, spanning July 1, 2009, to August 31, 2023, sourced from S&P Global Commodity Insights®. The two-layered network underscores the catastrophic consequences induced by the Russia–Ukraine conflict in Europe. Our regression results designate that systematic risk spillovers composed of domestic and cross-border risks hinder corporate real investments while encouraging new investments and diminishing inefficiencies. Yet geopolitical risk amplifies these risks, leading to broader disruptions in investment behaviors.enFinancial stabilityDomestic and external risk spilloversComplex networkArticle