不进则退：绿色投资是中小企业对经济政策不确定性的战略回应

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics Pub Date : 2025-07-03 DOI:10.1016/j.eneco.2025.108712

Shuai Yue, Hamish D. Anderson, Jing Liao

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引用次数: 0

摘要

本研究考察了上市中小企业如何通过环境决策应对经济政策不确定性（EPU暴露）。我们发现，中小企业面临较高的EPU敞口时，环境投资增加。值得注意的是，EPU敞口较大的中小企业更有可能投资于清洁能源相关的举措，这突显了能源部门在推动企业可持续战略方面的重要作用。此外，本研究还发现，当中小企业面临较少的资金约束、位于市场化程度较高的地区、处于竞争较小的市场和非重污染行业，以及2012年绿色信贷政策实施后，EPU敞口对环境投资的影响更为显著。这些发现表明，在政策不确定性加剧的情况下，中小企业更有可能采取可持续实践，利用环境举措作为促进企业发展和增长的战略反应。

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Who does not advance loses ground: Green investment as a strategic response by small and medium-sized enterprises to economic policy uncertainty

This study examines how listed small and medium-sized enterprises (SMEs) respond to economic policy uncertainty (EPU exposure) through their environmental decisions. We find that SMEs are associated with increased environmental investment when facing heightened EPU exposure. Notably, SMEs with greater EPU exposure are more likely to invest in clean energy-related initiatives, underscoring the important role of the energy sector in driving corporate sustainable strategies. Additionally, this study reveals that the impact of EPU exposure on environmental investments is more salient when SMEs face fewer financial constraints, are located in more marketized regions, operate in less competitive markets and non-heavily polluting industries, and after the implementation of the 2012 Green Credit Policy. These findings suggest that SMEs are more likely to adopt sustainable practices under heightened policy uncertainty, leveraging environmental initiatives as a strategic response to facilitate firm development and growth.

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来源期刊

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.