The Impact of Environmental Uncertainty on Corporate Innovation: Evidence from Chinese Listed Companies

Sustainability

Mingjun Deng¹  Ziyan Tian²  Xusheng Fang²  Wenbing Luo² 

[1] Big Data and Intelligent Decision Research Center, Hunan University of Science and Technology, Xiangtan 411201, China;School of Business, Hunan University of Science and Technology, Xiangtan 411201, China;

关键词: environmental uncertainty;    corporate innovation;    financing constraints;    risk-taking ability;   

DOI  :  10.3390/su14094902

来源: DOAJ

【 摘 要 】

Corporate innovation is an important topic in the academic community, but there are few studies on the impact of the micro operation environment on corporate innovation. Using the data of A-share listed companies in Shanghai and Shenzhen from 2009 to 2020, this paper examines the impact of environmental uncertainty on enterprise innovation from a micro perspective. The results show that there is an overall negative correlation between environmental uncertainty and corporate innovation. Companies facing a higher degree of environmental uncertainty are more cautious in their innovation investment. We also find that this negative correlation was more pronounced in companies with weaker risk-taking ability. Further research finds that financing constraints have a partial intermediary effect on the impact of environmental uncertainty on innovation, that is, environmental uncertainty can have a negative impact on innovation by increasing the financing constraints faced by corporations. Our research provides micro-level evidence for the impact of uncertainty on corporate innovation.

【 授权许可】

Unknown