Innovation Under Uncertainty: Corporate Strategic Responses to Climate Policy Risk
不確実性下のイノベーション：気候政策リスクへの企業の戦略的対応 (AI 翻訳)
Md Ruhul Amin, Sharif Mazumder, Pritam Saha
🤖 gxceed AI 要約
日本語
気候政策不確実性（CPU）が企業の将来イノベーションを抑制することを実証。特許数・被引用数・価値で測定し、グリーンイノベーションは非グリーンより影響が小さい。予防的動機と資金調達コスト上昇が経路。パリ協定を自然実験としたDID等で頑健。
English
Using a novel climate policy uncertainty (CPU) measure, this study shows that firms reduce future innovation (patents, citations, value) in response to climate policy risk, with green innovation less affected. The mechanism is a precautionary motive via higher financing costs, shifting firms from prospector to defender strategies. Robust to IV, fixed effects, and a DID exploiting the Paris Agreement.
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議論が進む中、政策不確実性が企業の研究開発投資を萎縮させ得ることを示す。政策の予見可能性向上がイノベーション促進に重要であることを示唆し、日本のGX政策設計に示唆を与える。
In the global GX context
This paper provides causal evidence that climate policy uncertainty dampens corporate innovation, with green innovation relatively resilient. For global policymakers, it highlights the importance of credible, predictable climate policy to foster low-carbon innovation, relevant to ISSB disclosure and transition finance frameworks.
👥 読者別の含意
🔬研究者:Provides a robust empirical framework linking climate policy uncertainty to innovation, with implications for transition finance and policy design.
🏢実務担当者:Highlights how policy uncertainty can affect R&D strategy; useful for corporate innovation planning under climate policy volatility.
🏛政策担当者:Demonstrates that reducing climate policy uncertainty can spur innovation, supporting stable policy signals and long-term targets.
📄 Abstract（原文）
Using a novel climate policy uncertainty (CPU) measure based on emissions legislation, climate protests, and presidential statements, we show that in response to climate policy risk, firms tend to strategically reduce their future innovation, measured by patent counts, citations, and innovation value. Green innovation, however, is less vulnerable than non‐green innovation. We argue that CPU constrains innovation through a precautionary motive: firms under high uncertainty face higher external financing costs and shift from prospector (innovation‐oriented) to defender (cost‐minimizing) strategies. Results are robust to instrumental variable estimation, firm fixed effects, and a difference‐in‐differences design exploiting the Paris Agreement as an exogenous shock. These findings underscore the strategic and policy implications of uncertainty in the transition to a low‐carbon economy. Overall, our results provide insights into policy implications.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/jcaf.70034first seen 2026-05-15 21:07:51 · last seen 2026-08-01 06:29:20
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