Geopolitical risk, energy market volatility, and corporate energy dependence: The role of green Total factor productivity and decentralized top management team network

IF 13.6 2区 经济学 Q1 ECONOMICS
Daquan Gao , Songsong Li , Zhihong Tian
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引用次数: 0

Abstract

Most recently, geopolitical tensions have been escalating, as shown by the Russia-Ukraine war and Palestine-Israel conflict, yet there is still lack of understanding in the current literature of how firms strategically respond to the resulting energy market volatility at the micro-level. This research gap undermines the ability to develop effective corporate resilience strategies against these joint shocks. This study addresses this pressing research gap by investigating geopolitical risk-energy price volatility linkages on corporate energy dependence with data from 1739 Chinese non-financial firms from 2013 to 2022. We develop a novel Self-Attention-GARCH-Wavelet-Copula model to quantify dynamic geopolitical-energy market interactions. Extending the resource dependence theory to a micro-level analysis, we reveal that firms strategically mitigate external vulnerabilities by enhancing green total factor productivity (GTFP), which serves as a critical mediator that transforms external constraints into opportunities. Furthermore, decentralized top management teams significantly enhance this adaptation mechanism through enhanced cognitive diversity and environmental scanning. Institutional arrangements and industrial structures fundamentally determine the adaptive capabilities of firms, with non-state and non-energy-intensive firms showing more strategic flexibility. Theoretically, we advance the resource dependence theory by proposing a geopolitical-energy dependency framework that identifies micro-level adaptation pathways that have been previously overlooked. Our findings provide crucial insights for executives to implement systematic monitoring systems, prioritize green productivity initiatives, and develop decentralized governance structures. Policymakers should establish sector-specific warning systems, offer targeted subsidies for GTFP toward input optimization and pollution reduction, and incentivize diversity in top management teams to increase organizational resilience against geopolitical energy disruptions.
地缘政治风险、能源市场波动与企业能源依赖:绿色全要素生产率和分散高层管理团队网络的作用
最近,地缘政治紧张局势不断升级,如俄乌战争和巴以冲突所示,但在目前的文献中,企业如何在微观层面上战略性地应对由此产生的能源市场波动,仍然缺乏理解。这一研究差距削弱了制定有效的企业弹性战略以应对这些共同冲击的能力。本研究利用2013年至2022年1739家中国非金融企业的数据,考察了地缘政治风险-能源价格波动对企业能源依赖的影响,从而弥补了这一紧迫的研究缺口。我们开发了一种新的自关注- garch -小波- copula模型来量化动态地缘政治-能源市场的相互作用。将资源依赖理论扩展到微观层面分析,我们发现企业通过提高绿色全要素生产率(GTFP)来战略性地缓解外部脆弱性,而GTFP是将外部约束转化为机会的关键中介。此外,分散的高层管理团队通过增强认知多样性和环境扫描显著增强了这种适应机制。制度安排和产业结构从根本上决定了企业的适应能力,非国有和非能源密集型企业表现出更大的战略灵活性。从理论上讲,我们通过提出一个地缘政治-能源依赖框架来推进资源依赖理论,该框架确定了以前被忽视的微观层面的适应途径。我们的研究结果为管理人员实施系统的监测系统、优先考虑绿色生产力举措和建立分散的治理结构提供了重要的见解。政策制定者应该建立针对特定行业的预警系统,为GTFP提供有针对性的补贴,以优化投入和减少污染,并激励高层管理团队的多样性,以提高组织对地缘政治能源中断的抵御能力。
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来源期刊
Energy Economics
Energy Economics ECONOMICS-
CiteScore
18.60
自引率
12.50%
发文量
524
期刊介绍: Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.
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