{"title":"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","authors":"","doi":"10.1016/j.irfa.2024.103560","DOIUrl":null,"url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":null,"pages":null},"PeriodicalIF":7.5000,"publicationDate":"2024-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Uncertainty breeds opportunities: Assessing climate policy uncertainty and its impact on corporate innovation\",\"authors\":\"\",\"doi\":\"10.1016/j.irfa.2024.103560\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>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.</div></div>\",\"PeriodicalId\":48226,\"journal\":{\"name\":\"International Review of Financial Analysis\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":7.5000,\"publicationDate\":\"2024-09-18\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Review of Financial Analysis\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1057521924004927\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Financial Analysis","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1057521924004927","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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.
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.