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The nonlinear impact of economic policy uncertainty on corporate green total factor productivity

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  • Zou, Siqi
  • Long, Yang

Abstract

This study investigates the nonlinear impact of economic policy uncertainty (EPU) on corporate green total factor productivity (GTFP), examining the moderating role of intelligent transformation (IT). Analyzing firm-level data from Chinese listed companies (2010–2022), we document an inverted U-shaped relationship between EPU and GTFP, where moderate uncertainty catalyzes environmental innovation while excessive uncertainty impedes it. IT significantly enhances firms' adaptive capacity, amplifying positive effects of manageable uncertainty while mitigating adverse impacts of high uncertainty. Heterogeneity analysis reveals distinct patterns across industry types, with high-tech and non-pollution-intensive sectors demonstrating greater resilience to policy volatility. These findings advance uncertainty management theory and provide actionable insights for environmental policy formulation.

Suggested Citation

  • Zou, Siqi & Long, Yang, 2025. "The nonlinear impact of economic policy uncertainty on corporate green total factor productivity," Finance Research Letters, Elsevier, vol. 77(C).
    • Handle: RePEc:eee:finlet:v:77:y:2025:i:c:s1544612325003095
    DOI: 10.1016/j.frl.2025.107045
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    Keywords

    Economic policy uncertainty; Green total factor productivity; Intelligent transformation; Nonlinear effects; Sustainability;
    All these keywords.

    JEL classification:

    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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