Economic policy uncertainty and the inhibitory effect of firms' green technology innovation

IF 5.5 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal Pub Date : 2024-03-06 DOI:10.1016/j.gfj.2024.100960

Xiaoxiao Zhou , Mengsi Dai , Xiaowei Ma , Vincent Charles , Umer Shahzad , Xin Zhao

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引用次数: 0

Abstract

Given the potential unforeseen impacts of environmental regulation changes on the innovative activities of micro agents, it is crucial to examine the effects of economic policy uncertainty (EPU) on business development. Several studies have shown that uncertainty acts as a hindrance and can hinder business innovation. This study utilizes data from 807 listed companies spanning from 2007 to 2019 and employs a double fixed-effects model to investigate the influence of EPU on enterprises' green technology innovation activities. The results reveal that EPU decreased firms' green technology innovation. Moreover, EPU inhibits corporate green technology innovation by increasing corporate financing constraints. Thus, financing constraints mediate between EPU and enterprises' level of green technology innovation, with increased market competition reducing the inhibiting effect of EPU on innovation. Furthermore, EPU decreases green technology innovation more among nonstate-owned and low-tech businesses than state-owned and high-tech businesses. This paper reveals the intrinsic mechanism of EPU on firms' innovation, clarifies the technological innovation process, and provides insights into governmental environmental governance from the perspective of EPU.

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经济政策的不确定性与企业绿色技术创新的抑制效应

鉴于环境法规变化可能对微观主体的创新活动产生不可预见的影响，研究经济政策不确定性（EPU）对企业发展的影响至关重要。多项研究表明，不确定性会阻碍企业创新。本研究利用 2007 年至 2019 年 807 家上市公司的数据，采用双固定效应模型研究了 EPU 对企业绿色技术创新活动的影响。结果表明，EPU 降低了企业的绿色技术创新。此外，EPU 通过增加企业融资约束来抑制企业绿色技术创新。因此，融资约束是 EPU 与企业绿色技术创新水平之间的中介，市场竞争的加剧降低了 EPU 对创新的抑制作用。此外，与国有企业和高科技企业相比，EPU 对非国有企业和低技术企业绿色技术创新的抑制作用更大。本文揭示了EPU对企业创新的内在机制，阐明了技术创新过程，并从EPU的角度对政府环境治理提出了见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Global Finance Journal BUSINESS, FINANCE-

CiteScore

7.30

自引率

13.50%

发文量

106

审稿时长

53 days

期刊介绍： Global Finance Journal provides a forum for the exchange of ideas and techniques among academicians and practitioners and, thereby, advances applied research in global financial management. Global Finance Journal publishes original, creative, scholarly research that integrates theory and practice and addresses a readership in both business and academia. Articles reflecting pragmatic research are sought in areas such as financial management, investment, banking and financial services, accounting, and taxation. Global Finance Journal welcomes contributions from scholars in both the business and academic community and encourages collaborative research from this broad base worldwide.