 The effects of green fiscal policies and R&D investment on a firm's market value: New evidence from the renewable energy industry in ChinaKai Chang, Chenqi Xue, Huijia Zhang and Yonghong Zeng Energy, 2022, vol. 251, issue C Abstract: This article investigates the influences of subsidy and tax rebate policies and R&D investment on renewable energy firms' market value improvements using the generalized method of moments (GMM) to analyze firm-level panel data from the renewable energy industry in China. Our empirical evidence confirms that government subsidies and tax rebate policies result in significant inverted U-shaped relationships with market value improvements of renewable energy firms in China at the 10% significance level. In addition, greater R&D investment boosts the positive effects of subsidies, tax rebates and research and development (R&D) investment and decreases the negative effect of the subsidies and tax rebates on renewable energy firms' market value at the 10% significance level, respectively. The combined subsidy and tax rebate policies amplify the U-type impacts on the renewable energy firms' market value improvement. Moreover, location variations have significantly differentiated impacts of subsidies, tax rebates and R&D investment on the renewable energy firms’ market value in the study period. Keywords: Subsidy policy; Tax rebate policy; R&D investment; Tobin Q value; GMM method (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:energy:v:251:y:2022:i:c:s0360544222008568 DOI: 10.1016/j.energy.2022.123953 Access Statistics for this article Energy is currently edited by Henrik Lund and Mark J. Kaiser More articles in Energy from Elsevier |
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