How Does Climate Policy Uncertainty Affect Green Innovation? Evidence from China

Ke Mao · Junxin Huang

33 citations0/0 files storedInternational Journal of Environmental Research and Public Health

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Environmental Sustainability in Business Climate Change Policy and Economics Sustainable Finance and Green Bonds

Abstract

In response to climate change, governments have adopted various climate policies. However, climate policy uncertainty (CPU) may have important implications for the business sector. Is enterprise green innovation (GI) affected by CPU? This study investigates the impact of CPU on enterprise GI. The China CPU index is created first in this study. It uses panel data from Chinese A-share listed companies in China from 2010 to 2021 to explore the impact of CPU on GI through the fixed effects model, the mediating effects model, and the moderating effects model. The results show that: (1) CPU significantly suppresses GI, according to the findings. (2) CPU inhibits enterprise GI by exacerbating enterprise financing constraints. (3) Government subsidies can mitigate the inhibiting effect of CPU on GI. (4) There is heterogeneity in the negative impact of CPU on enterprise GI, mainly on non-state-owned enterprises. This study suggests several recommendations for coping with CPU in China.

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References

2016Measuring Economic Policy Uncertainty*1994Investment under Uncertainty 2009The Impact of Uncertainty Shocks 1980Irreversibility, Uncertainty, and Cyclical Investment 2019Hedging Climate Change News 2015The Asset-Pricing Implications of Government Economic Policy Uncertainty 2021Demand for green finance: Resolving financing constraints on green innovation in China 1991Policy uncertainty and private investment in developing countries

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