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經濟研究院王鳳榮教授團隊在The Quarterly Review of Economics and Finance發表最新研究成果

發布日期:2022-03-17   作者:    瀏覽次數:

近日,山東大學王鳳榮教授團隊在金融學國際權威期刊The Quarterly Review of Economics and FinanceJCR二區,影響因子IF=2.619發表題為“Economic policy uncertainty and industry innovation: Cross country evidence”的研究論文。

Abstract: We use the fixed effects identification strategy to examine the impact of economic policy uncertainty on innovation using cross-country industry data and how country institutions moderate this relationship. Our findings show that economic policy uncertainty impedes innovation across all five innovation proxy measures; patent counts, patenting entities, citations per patent, patent originality, and patent generality. Our study uncovers three economic mechanisms that potentially explain the negative relationship between economic policy uncertainty and technological innovation. We show that patent counts, patenting entities, patent citations, patent originality, and patent generality fall following high economic policy uncertainty episodes via the risk-tolerance, financial, and information channels. We also provide evidence that the adverse effects of economic policy uncertainty on innovation are moderate in countries with higher levels of transparency, more liberalized financial markets and higher property and patent rights protection. Our paper provides evidence on the real effects of economic policy uncertainty shocks on the economy.

Keywords: Economic policy uncertainty; External finance; Information asymmetry; High-tech; Innovation; Investment.


文章鏈接:https://doi.org/10.1016/j.qref.2022.01.012


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