气候变化领域集成服务门户(CCPortal): Climate policy uncertainty and firm-level total factor productivity: Evidence from China

CCPortal

DOI	10.1016/j.eneco.2022.106209
	Climate policy uncertainty and firm-level total factor productivity: Evidence from China
	Ren, Xiaohang; Zhang, Xiao; Yan, Cheng; Gozgor, Giray
发表日期	2022
ISSN	0140-9883
EISSN	1873-6181
卷号	113
英文摘要	Using 2605 Chinese A-share listed companies in the mining, manufacturing, and energy production and supply sectors from 2009 to 2020, we examine the relationship between climate policy uncertainty (CPU) and firm-level total factor productivity (TFP). The main findings are as follows: First, CPU significantly reduces firm-level TFP, with a greater impact on low-productivity firms than on high-productivity firms; second, the negative effect of CPU on firm-level TFP is most pronounced for non-state-owned, labor-intensive, and capital-intensive companies; third, CPU hinders research and development investment and reduces the amount of free cash flow. These results indicate that CPU exerts negative impacts on firm-level TFP mainly via its effects on the capital status of the companies. Our findings remain valid after a series of robustness tests and controlling for endogeneity. The government should introduce forward-looking climate policies to reduce the negative impact of policy uncertainty.
英文关键词	Climate policy uncertainty; Climate change; Total factor productivity; China
语种	英语
WOS研究方向	Economics
WOS类目	Social Science Citation Index (SSCI)
WOS记录号	WOS:000856602000008
来源期刊	ENERGY ECONOMICS
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/280526
作者单位	Central South University; University of Essex; University of Bradford; Istanbul Medeniyet University; Lebanese American University
推荐引用方式 GB/T 7714	Ren, Xiaohang,Zhang, Xiao,Yan, Cheng,et al. Climate policy uncertainty and firm-level total factor productivity: Evidence from China[J],2022,113.
APA	Ren, Xiaohang,Zhang, Xiao,Yan, Cheng,&Gozgor, Giray.(2022).Climate policy uncertainty and firm-level total factor productivity: Evidence from China.ENERGY ECONOMICS,113.
MLA	Ren, Xiaohang,et al."Climate policy uncertainty and firm-level total factor productivity: Evidence from China".ENERGY ECONOMICS 113(2022).