Economic Policy Uncertainty, Outward Foreign Direct Investments, and Green Total Factor Productivity: Evidence from Firm-Level Data in China

Yuegang Song · Hao Feng · Xiazhen Hao · Giray Gözgör

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International Business and FDI Economic Growth and Productivity Energy, Environment, Economic Growth

Abstract

This paper uses Chinese firm-level data to investigate the effect of China’s outward foreign direct investment (OFDI) on green total factor productivity (GTFP) under economic policy uncertainties (EPU). We found a significant positive impact of OFDI on GTFP. Moreover, an increase in EPU was shown to decrease GTFP. We also found that OFDI positively contributes to GTFP for private firms and foreign-invested firms in China. Technology-seeking OFDI contributes greater to GTFP than resource-seeking OFDI and market-seeking OFDI. These results remain robust when considering OFDI from firms in Central and East China as well as Western China. The findings are also robust with green labor productivity (GLP) substituting for GTFP using different econometric techniques. We also discuss potential implications in enhancing green innovation performance and sustainable industrial development in China.

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References

2016Measuring Economic Policy Uncertainty*2011Creative accounting or creative destruction? Firm-level productivity growth in Chinese manufacturing 2017Policy Uncertainty, Trade, and Welfare: Theory and Evidence for China and the United States 2013Economic policy uncertainty and firm-level investment 2017Trade policy uncertainty and exports: Evidence from China's WTO accession 2015The impact of outward FDI on the performance of Chinese firms 2008Does foreign direct investment transfer technology across borders? New evidence 2009PRODUCTIVITY AND LABOUR DEMAND EFFECTS OF INWARD AND OUTWARD FOREIGN DIRECT INVESTMENT ON UK INDUSTRY*

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