Economic policy uncertainty and firm innovation: Evidence from a risk-taking perspective

被引：122

作者：

Lou, Zhukun ^{[1
]}

Chen, Siyu ^{[1
]}

Yin, Wenwei ^{[2
,3
]}

Zhang, Chuan ^{[2
,4
,5
]}

Yu, Xiaoyu ^{[1
]}

机构：

[1] Shanghai Univ, Sch Management, Shanghai 200444, Peoples R China

[2] Shanghai Maritime Univ, Sch Econ & Management, Shanghai 201306, Peoples R China

[3] Zhejiang Ocean Univ, Sch Econ & Management, 1 Haida South Rd,Lincheng St, Zhoushan 316022, Zhejiang, Peoples R China

[4] Shanghai Dianji Univ, Shanghai 200240, Peoples R China

[5] Shanghai Univ Elect Power, Shanghai 200090, Peoples R China

来源：

INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2022年 / 77卷

基金：

中国国家自然科学基金;

关键词：

Economic policy uncertainty; Firm innovation; Risk preference; Risk-taking ability; Firm value; ENTREPRENEURIAL ORIENTATION; CORPORATE-INVESTMENT; CASH HOLDINGS; FLEXIBILITY; PREFERENCES; PERFORMANCE; OPTIONS;

D O I：

10.1016/j.iref.2021.09.014

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study investigates the impact of economic policy uncertainty (EPU) on firm innovation. Using data on China's A-share listed companies for 2001-2017, we find that EPU is in general negatively associated with firms' innovation output. Further, we observe that the negative association between EPU and innovation mainly exists in firms whose executives have a low risk preference and in firms with weak risk-taking ability. Additionally, we find that corporate innovation has a stronger positive effect on firm value when EPU is lower. Our research provides important evidence about the effect of EPU on firm innovation from a risk-taking perspective.

引用

页码：78 / 96

页数：19

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