Impact of Economic Policy Uncertainty on Agribusiness Technology Innovation: Evidence from 231 Listed Firms in China

文献类型： 外文期刊

第一作者： Li, Lanlan

作者： Li, Lanlan;Gao, Yanlei;Wang, Xiudong

作者机构：

关键词： economic policy uncertainty; agricultural firms; technological innovation; financial flexibility; managerial capacity

期刊名称：SUSTAINABILITY （ 影响因子：3.9； 五年影响因子：4.0 ）

ISSN：

年卷期： 2023 年 15 卷 13 期

页码：

收录情况： SCI

摘要： The role of enterprise technological innovation in driving high-quality economic development has become increasingly prominent in a dynamic environment of uncertainty. This study examines the impact of economic policy uncertainty on enterprise technological innovation and its mechanism of action using panel data of agricultural listed firms in China 2007-2021. We obtain the following results. (1) Economic policy uncertainty significantly promotes technological innovation in agricultural firms, and this finding holds under various robustness checks, and works mainly through two paths: tightening financial flexibility and highlighting managerial capabilities. (2) From the heterogeneity results, the incentive effect of economic policy uncertainty on technological innovation in agricultural firms is more pronounced in state-owned agricultural firms, basic agricultural firms, and high adjustment cost agricultural firms. (3) Government subsidies strengthen the role of economic policy uncertainty in promoting technological innovation in agricultural firms. The results of this study provide data support for agricultural firms technology innovation decisions and have important implications for the guidance of national economic policy formulation.

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