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Uncertainty and corporate R&D investment: Evidence from Chinese listed firms

Yizhong Wang, Yueling Wei and Frank Song ()

International Review of Economics & Finance, 2017, vol. 47, issue C, 176-200

Abstract: Using data from Chinese listed firms, this paper studies the effects of policy and market uncertainties on corporate R&D investment. The empirical findings indicate that both policy and market uncertainties can negatively affect corporate R&D investment. Policy uncertainty poses a significant impact on R&D investment for politically connected firms, but has no impact on firms without political connections. Market uncertainty only has a clear impact on non-politically connected firms. The negative influence of uncertainty is more obvious for firms receiving fewer government subsidies.

Keywords: Government policy; R&D investment; Policy uncertainty; Market uncertainty (search for similar items in EconPapers)
JEL-codes: G30 D81 E22 E60 G18 (search for similar items in EconPapers)
Date: 2017
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Handle: RePEc:eee:reveco:v:47:y:2017:i:c:p:176-200