Seeking Stability Amid Uncertainty: The Impact of Climate Policy Uncertainty on Corporate Innovation Resilience
不確実性の中での安定を求めて：気候政策の不確実性が企業のイノベーション回復力に与える影響 (AI 翻訳)
Zhengjie Chun, Yuchi Wu, Pan Pan, Yu Qiu
🤖 gxceed AI 要約
日本語
本研究は、中国のA株上場企業を対象に、気候政策の不確実性が企業のイノベーション回復力に与える影響を実証分析した。2010年から2023年のデータを用い、政策不確実性が高いほどイノベーション回復力が高まることを示した。メカニズムとして、企業の持続可能な変革、外部からの注目圧力、経営者の持続可能なガバナンス能力が関与することを明らかにした。
English
This study empirically examines the impact of climate policy uncertainty on corporate innovation resilience using Chinese A-share listed firms from 2010 to 2023. It finds that higher policy uncertainty is associated with greater innovation resilience, with mechanisms including sustainable transformation, external attention pressure, and managerial governance capability. The effect is stronger for heavy-polluting firms and those in regions with stringent environmental regulation.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本では、SSBJ開示やカーボンプライシング導入など気候政策の変化が予想される中、企業のイノベーション戦略への影響は重要な関心事。本研究の知見は、政策不確実性が必ずしもイノベーションを阻害せず、むしろ回復力を高める可能性を示唆し、日本企業の戦略立案に示唆を与える。
In the global GX context
Globally, as climate policies evolve (e.g., EU CBAM, US IRA), understanding how policy uncertainty affects corporate innovation is crucial. This study provides evidence from China, a major economy, that firms can maintain innovation resilience despite policy fluctuations, offering insights for policymakers and investors assessing transition risks.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the link between climate policy uncertainty and innovation resilience, extending the literature from innovation quantity to adaptive capacity.
🏢実務担当者:Highlights that firms with strong sustainability governance and external pressure can thrive amid policy uncertainty, informing corporate strategy.
🏛政策担当者:Suggests that well-designed climate policies, even with some uncertainty, can spur innovation resilience, supporting the case for ambitious climate action.
📄 Abstract（原文）
As the global sustainability agenda and carbon neutrality goals continue to advance, climate policy has become an important governance instrument for promoting firms’ green and low-carbon transformation. Adjustments in policy timing, regulatory intensity, and enforcement arrangements may create uncertainty for firms’ long-term technological investment and their capacity to sustain this transformation. Accordingly, this study focuses on corporate innovation resilience and examines firms’ ability to maintain, adjust, and recover innovation activities amid climate policy fluctuations. Using Shanghai and Shenzhen A-share-listed firms from 2010 to 2023, this study matches firm-level data with prefecture-level climate policy uncertainty indicators based on firms’ registered locations and empirically examines the impact of climate policy uncertainty on corporate innovation resilience. The results show that climate policy uncertainty is positively associated with corporate innovation resilience. This finding remains robust after changing fixed-effect specifications, adjusting the clustering level of standard errors, excluding special-year observations, and conducting instrumental variable, entropy balancing, and placebo tests. Mechanism tests provide evidence consistent with the channels of corporate sustainable transformation, external attention pressure, and managerial sustainable governance capability. Heterogeneity analysis further shows that this positive association is more pronounced in regions with stronger environmental regulation and among firms receiving higher government environmental subsidies. At the industry level, the effect is mainly observed among heavy-polluting firms and non-high-tech firms. These results indicate that the association is stronger where sustainable transition pressure or policy support is greater. This study extends the firm-level consequences of climate policy uncertainty from innovation quantity and green innovation to the adaptive capacity of corporate innovation systems and provides evidence on how firms sustain innovation while long-term low-carbon transition goals are implemented under fluctuating climate policies.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.3390/su18168171first seen 2026-08-14 05:08:14
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