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

被引：105
|
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
收藏
页码：78 / 96
页数：19
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