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Economic policy uncertainty and corporate innovation: Evidence from China

Author

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  • Guan, Jialin
  • Xu, Huijuan
  • Huo, Da
  • Hua, Yechun
  • Wang, Yunfeng

Abstract

This paper empirically examines the impact of the Chinese economic policy uncertainty (EPU) on corporate innovation. Using the EPU index that has been developed by Davis et al. (2019), and the data of Chinese A-share listed companies, we have found that the EPU is positively related to corporate technological innovation, and is negatively related to corporate business model innovation, in general. Furthermore, the rising market competition is also an important channel for firms to promote corporate innovation, particularly when they face a high EPU. The paper expands the understanding of corporate innovation, and also aims to enrich the empirical evidence that pertains to the impact of economic policy uncertainty, on corporate innovation.

Suggested Citation

  • Guan, Jialin & Xu, Huijuan & Huo, Da & Hua, Yechun & Wang, Yunfeng, 2021. "Economic policy uncertainty and corporate innovation: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).
    • Handle: RePEc:eee:pacfin:v:67:y:2021:i:c:s0927538x21000494
    DOI: 10.1016/j.pacfin.2021.101542
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    Keywords

    Economic policy uncertainty; Corporate innovation; Business model innovation; China;
    All these keywords.

    JEL classification:

    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • G1 - Financial Economics - - General Financial Markets

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