不确定性孕育机遇：评估气候政策的不确定性及其对企业创新的影响

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2024-09-18 DOI:10.1016/j.irfa.2024.103560

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引用次数: 0

摘要

本研究利用七百多万篇在线新闻文章构建了气候政策不确定性（CPU）指数，揭示了CPU与企业创新之间的正相关关系，并特别强调了绿色创新和创造性创新。外生冲击和工具变量方法进一步证实了这一发现。值得注意的是，这种关系在新能源、高科技和竞争激烈的行业中更为明显，而在化石能源行业中则较弱。监测压力、首席执行官的创新意识以及环境、社会和治理（ESG）实践成为企业在气候政策不确定的情况下促进创新的关键原因。我们的实证结果支持战略增长选择和定向技术变革理论，为评估和理解政策不确定性提供了重要见解，并确定了应对这种不确定性的全面企业创新战略。

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Uncertainty breeds opportunities: Assessing climate policy uncertainty and its impact on corporate innovation

Using over seven million online news articles to construct the climate policy uncertainty (CPU) index, this study reveals a positive relation between CPU and corporate innovation, with a particular emphasis on green and inventive innovation. Exogenous shocks and instrumental variable methods further confirm this finding. Notably, this relation is more pronounced in the new energy, high-tech, and highly competitive sectors while weaker in the fossil energy industry. Monitoring pressure, CEO innovation awareness, and environmental, social, and governance (ESG) practices emerge as key reasons why firms foster innovation amidst climate policy uncertainty. Our empirical results support the theory of strategic growth options and directed technical change, provide crucial insights into evaluating and understanding policy uncertainty, and identify comprehensive corporate innovation strategies in response to this uncertainty.

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.