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The economic value creation effect of corporate nationalism: Evidence from China's new energy vehicle industry

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  • Chen, Huijie
  • Liu, Yixin
  • He, Haiyang

Abstract

As globalization and market competition intensify, the role of nationalism in corporate marketing has gained increasing attention. This study examines whether and how corporate nationalism influences the economic value of firms in China’s new energy vehicle (NEV) sector. Using data from A-share listed companies in China’s new energy vehicle (NEV) sector between 2010 and 2023, we employ a two-way fixed-effects panel data model to assess the effects and mechanisms of nationalism, supported by robustness tests and heterogeneous analyses. The empirical findings demonstrate that nationalism significantly enhances corporate economic value. Specifically, nationalism increases media attention, strengthens investor confidence, and expands market share, leading to higher market value. The heterogeneous analysis further reveals that the impact of nationalism varies depending on firm characteristics, with moderating effects related to international market involvement, executive backgrounds, and geographical location. These findings provide practical guidance for policymakers and managers seeking to leverage nationalist communication strategies while maintaining stable market expectations.

Suggested Citation

  • Chen, Huijie & Liu, Yixin & He, Haiyang, 2026. "The economic value creation effect of corporate nationalism: Evidence from China's new energy vehicle industry," Economic Analysis and Policy, Elsevier, vol. 90(C), pages 600-613.
    • Handle: RePEc:eee:ecanpo:v:90:y:2026:i:c:p:600-613
    DOI: 10.1016/j.eap.2026.01.042
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