Sunshine-induced mood and corporate R&D investment: evidence from China

被引：0
|
作者：
Zhang, Man [1 ]
Huang, Xiaowei [2 ]
Cheng, Ge [2 ]
Ma, Qingyang [2 ]
机构：
[1] Hefei Univ Technol, Sch Econ, Hefei, Anhui, Peoples R China
[2] Univ Int Business & Econ, China Sch Banking & Finance, 10 Huixin East St, Beijing, Peoples R China
来源：
APPLIED ECONOMICS LETTERS | 2025年
基金：
中国国家自然科学基金;
关键词：
Sunshine; R&D investment; mood; CEO;
D O I：
10.1080/13504851.2024.2449140
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The impact of weather-induced mood on corporate behaviour has become an important debate in both literature and practice. Our study investigates the effects of sunshine-induced mood on CEOs' R&D investment decisions, using a sample of Chinese A-share listed firms from 2010 to 2019. Our findings suggest that sunshine exposure may enhance corporate R&D investment. The influence of sunshine-induced weather on R&D investment is significantly more pronounced in firms led by CEOs with high educational attainment, academic backgrounds, roles as board chairs, and high compensation. Additionally, non-state-owned firms and those located in eastern China exhibit a stronger positive relationship between sunshine exposure and corporate R&D investment. Our findings encourage policymakers and business leaders to develop strategies related to the impact of extreme weather and the influence of CEOs on corporate operations, such as R&D investment.
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页数：9
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