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Economic policy uncertainty exposure and corporate innovation investment: Evidence from China

Author

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  • Cui, Xin
  • Wang, Chunfeng
  • Liao, Jing
  • Fang, Zhenming
  • Cheng, Feiyang

Abstract

This study investigates the impact of firms' heterogeneous exposure to economic policy uncertainty (EPU exposure) on corporate innovation investment. The results show that, first, a significant negative relationship exists between EPU exposure and corporate innovation investment, and this result continues to hold after controlling for endogeneity and conducting a series of robustness tests. Second, operational risk and financial distress are the main channels through which EPU exposure affects innovation investment. Third, firm-specific factors, such as government ownership, government subsidies, profitability, R&D personnel level, and sufficiency of net working capital, shape the relationship between EPU exposure and innovation investment. This study contributes new evidence on the impact of EPU exposure on firm behavior in China, where ongoing economic and financial reforms introduce sources of significant uncertainty.

Suggested Citation

  • Cui, Xin & Wang, Chunfeng & Liao, Jing & Fang, Zhenming & Cheng, Feiyang, 2021. "Economic policy uncertainty exposure and corporate innovation investment: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).
    • Handle: RePEc:eee:pacfin:v:67:y:2021:i:c:s0927538x21000408
    DOI: 10.1016/j.pacfin.2021.101533
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    Keywords

    Economic policy uncertainty exposure; Corporate innovation investment; Operational risk; Financial distress; China;
    All these keywords.

    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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