Original scientific paper
https://doi.org/10.1080/1331677X.2023.2166092
Perceived uncertainty, low-carbon policy, and innovation investment: evidence from Chinese listed new energy companies
Huwei Wen
Yutong Liu
Fengxiu Zhou
Abstract
Uncertainty can bring about challenges to the operations of the
energy industry, which may inevitably affect corporate innovation
decisions. This study uses the firm-level data from the new energy
sector in China to examine how perceived uncertainty affects
their innovation decisions. It is found that new energy companies
significantly increase innovation activities when perceiving high
uncertainty. In addition to directly promoting innovation investment,
a low-carbon policy can also indirectly increase the innovation
investment of new energy companies in response to
perceived uncertainty. Specifically, a low-carbon policy can significantly
increase government subsidies and reduce the financing
constraints of new energy companies, thereby increasing their
innovation effect against perceived uncertainty. Furthermore, the
uncertainty–innovation nexus is significantly positive in companies
with different ownership, but some differences exist in the
effects and mechanisms.
Keywords
Perceived uncertainty; innovation investment; new energy industry; low-carbon policy; government subsidy
Hrčak ID:
319256
URI
Publication date:
13.1.2023.
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