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Climate policy uncertainty and firm-level total factor productivity: Evidence from China
Open accessAbstract
Using 2605 Chinese A-share listed companies in the mining, manufacturing, and energy production and supply sectors from 2009 to 2020, we examine the relationship between climate policy uncertainty (CPU) and firm-level total factor productivity (TFP). The main findings are as follows: First, CPU significantly reduces firm-level TFP, with a greater impact on low-productivity firms than on high-productivity firms; second, the negative effect of CPU on firm-level TFP is most pronounced for non-state-owned, labor-intensive, and capital-intensive companies; third, CPU hinders research and development investment and reduces the amount of free cash flow. These results indicate that CPU exerts negative impacts on firm-level TFP mainly via its effects on the capital status of the companies. Our findings remain valid after a series of robustness tests and controlling for endogeneity. The government should introduce forward-looking climate policies to reduce the negative impact of policy uncertainty.
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Cited by
Zhang, D. (2023) · Energy Economics · doi:10.1016/j.eneco.2023.106688 · Cited by 291
Deng, X., Li, W., & Ren, X. (2023) · Finance Research Letters · doi:10.1016/j.frl.2022.103439 · Cited by 269
Self-citationEffects of climate policy uncertainty on green innovation in Chinese enterprises
Sun, G., Fang, J., Li, T., & Ai, Y. (2024) · International Review of Financial Analysis · doi:10.1016/j.irfa.2023.102960 · Cited by 259
Li, Y., & Tian, C. (2023) · Environmental Science and Pollution Research · doi:10.1007/s11356-023-31267-0 · Cited by 4
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Metadata
- Authors
- Ren, X., Zhang, X., Yan, C., & Gozgor, G.
- Venue
- Energy Economics
- Publisher
- Elsevier BV
- Published
- 2022-09
- Volume
- 113
- Pages
- 106209
- ISSN
- 0140-9883 (ISSN-L)
- OpenAlex
- W4288060992
- Cited by
- 581
- References
- 0
- FWCI
- 95.80
- Type
- journal article
- Language
- en
- Open access
- hybrid
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- Ren, X., Zhang, X., Yan, C., & Gozgor, G. (2022). Climate policy uncertainty and firm-level total factor productivity: Evidence from China. Energy Economics. https://doi.org/10.1016/j.eneco.2022.106209
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