Policy Uncertainty, Financialization and Enterprise Technological Innovation: A Way Forward Towards Economic Development
Technological innovation is the core factor for enterprises to maintain competitiveness. This paper aims to investigate how policy uncertainty affect enterprises’ innovation. On the basis of theoretical analysis, this study selects data from 2008–2017- and a share of non-financial listed companies a...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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Frontiers Media S.A.
2022-05-01
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| Series: | Frontiers in Environmental Science |
| Subjects: | |
| Online Access: | https://www.frontiersin.org/articles/10.3389/fenvs.2022.905505/full |
| _version_ | 1811305740813467648 |
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| author | Yan Zhang Yan Zhang Chengfeng Zhuo Feng Deng |
| author_facet | Yan Zhang Yan Zhang Chengfeng Zhuo Feng Deng |
| author_sort | Yan Zhang |
| collection | DOAJ |
| description | Technological innovation is the core factor for enterprises to maintain competitiveness. This paper aims to investigate how policy uncertainty affect enterprises’ innovation. On the basis of theoretical analysis, this study selects data from 2008–2017- and a share of non-financial listed companies as the research sample. Using patent data of listed companies and China’s economic policy uncertainty (EPU) index, the study examines the impact of EPU on enterprise innovation. In addition, the regulatory effect of enterprise financialization has been investigated. The results show that the EPU can promote the quantity growth of enterprise innovation but inhibit the improvement of enterprise innovation quality. The impact of EPU on enterprise innovation will be affected by enterprise ownership, financing constraint level, life cycle, regional administrative level and regional economic level. Furthermore, enterprise financialization shows a negative regulatory effect in the process of EPU affecting enterprise innovation. This study provides policy enlightenment for reasonably formulating economic policies and promoting enterprise financialization, so as to effectively improve enterprise innovation ability and economic development. |
| first_indexed | 2024-04-13T08:31:33Z |
| format | Article |
| id | doaj.art-be37ee20c20343d2b9d54f6a72d4e195 |
| institution | Directory Open Access Journal |
| issn | 2296-665X |
| language | English |
| last_indexed | 2024-04-13T08:31:33Z |
| publishDate | 2022-05-01 |
| publisher | Frontiers Media S.A. |
| record_format | Article |
| series | Frontiers in Environmental Science |
| spelling | doaj.art-be37ee20c20343d2b9d54f6a72d4e1952022-12-22T02:54:14ZengFrontiers Media S.A.Frontiers in Environmental Science2296-665X2022-05-011010.3389/fenvs.2022.905505905505Policy Uncertainty, Financialization and Enterprise Technological Innovation: A Way Forward Towards Economic DevelopmentYan Zhang0Yan Zhang1Chengfeng Zhuo2Feng Deng3School of Economics and Management, Xinjiang University, Xinjiang, ChinaSchool of Economics and Management, Shihezi University, Shihezi, ChinaInstitute of Guangdong, Hong Kong and Macao Development Studies, Sun Yat-Sen University, Guangzhou, ChinaSchool of Economics and Management, Xinjiang University, Xinjiang, ChinaTechnological innovation is the core factor for enterprises to maintain competitiveness. This paper aims to investigate how policy uncertainty affect enterprises’ innovation. On the basis of theoretical analysis, this study selects data from 2008–2017- and a share of non-financial listed companies as the research sample. Using patent data of listed companies and China’s economic policy uncertainty (EPU) index, the study examines the impact of EPU on enterprise innovation. In addition, the regulatory effect of enterprise financialization has been investigated. The results show that the EPU can promote the quantity growth of enterprise innovation but inhibit the improvement of enterprise innovation quality. The impact of EPU on enterprise innovation will be affected by enterprise ownership, financing constraint level, life cycle, regional administrative level and regional economic level. Furthermore, enterprise financialization shows a negative regulatory effect in the process of EPU affecting enterprise innovation. This study provides policy enlightenment for reasonably formulating economic policies and promoting enterprise financialization, so as to effectively improve enterprise innovation ability and economic development.https://www.frontiersin.org/articles/10.3389/fenvs.2022.905505/fullpolicy uncertaintyfinancializationtechnological innovationeconomic developmentChina |
| spellingShingle | Yan Zhang Yan Zhang Chengfeng Zhuo Feng Deng Policy Uncertainty, Financialization and Enterprise Technological Innovation: A Way Forward Towards Economic Development Frontiers in Environmental Science policy uncertainty financialization technological innovation economic development China |
| title | Policy Uncertainty, Financialization and Enterprise Technological Innovation: A Way Forward Towards Economic Development |
| title_full | Policy Uncertainty, Financialization and Enterprise Technological Innovation: A Way Forward Towards Economic Development |
| title_fullStr | Policy Uncertainty, Financialization and Enterprise Technological Innovation: A Way Forward Towards Economic Development |
| title_full_unstemmed | Policy Uncertainty, Financialization and Enterprise Technological Innovation: A Way Forward Towards Economic Development |
| title_short | Policy Uncertainty, Financialization and Enterprise Technological Innovation: A Way Forward Towards Economic Development |
| title_sort | policy uncertainty financialization and enterprise technological innovation a way forward towards economic development |
| topic | policy uncertainty financialization technological innovation economic development China |
| url | https://www.frontiersin.org/articles/10.3389/fenvs.2022.905505/full |
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