The nonlinear impact of economic policy uncertainty on corporate green total factor productivity

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2025-05-01 Epub Date: 2025-03-01 DOI:10.1016/j.frl.2025.107045

Siqi Zou, Yang Long

引用次数: 0

Abstract

This study investigates the nonlinear impact of economic policy uncertainty (EPU) on corporate green total factor productivity (GTFP), examining the moderating role of intelligent transformation (IT). Analyzing firm-level data from Chinese listed companies (2010–2022), we document an inverted U-shaped relationship between EPU and GTFP, where moderate uncertainty catalyzes environmental innovation while excessive uncertainty impedes it. IT significantly enhances firms' adaptive capacity, amplifying positive effects of manageable uncertainty while mitigating adverse impacts of high uncertainty. Heterogeneity analysis reveals distinct patterns across industry types, with high-tech and non-pollution-intensive sectors demonstrating greater resilience to policy volatility. These findings advance uncertainty management theory and provide actionable insights for environmental policy formulation.

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经济政策不确定性对企业绿色全要素生产率的非线性影响

本文研究了经济政策不确定性（EPU）对企业绿色全要素生产率（GTFP）的非线性影响，并考察了智能转型（IT）的调节作用。通过分析2010-2022年中国上市公司的企业层面数据，我们发现EPU与GTFP之间存在倒u型关系，其中适度不确定性促进环境创新，过度不确定性阻碍环境创新。信息技术显著增强了企业的适应能力，放大了可控不确定性的积极影响，同时减轻了高不确定性的不利影响。异质性分析揭示了不同行业类型的不同模式，高科技和无污染密集型行业对政策波动的适应能力更强。这些发现促进了不确定性管理理论的发展，并为环境政策的制定提供了可操作的见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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