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Supply chain shareholding, climate policy uncertainty and total factor productivity of enterprises

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  • Guo, Chenyu
  • Zhang, Yiming
  • Gao, Hao
  • Wu, Xinkai
  • Lv, Rongjie

Abstract

This paper examines how supply chain shareholding influences firm total factor productivity (TFP), with a central focus on the role of climate policy uncertainty (CPU). The empirical analysis, based on a panel of Chinese A-share listed firms from 2009 to 2022, shows that CPU has a significant negative impact on firm productivity by increasing financing pressures and destabilizing supply chain relationships. However, supply chain shareholding can mitigate these negative effects by improving capital access and enhancing supply chain coordination. Mechanism tests further confirm that these benefits primarily operate through easing financing constraints and strengthening supply chain stability, suggesting that supply chain shareholding is particularly valuable under high CPU conditions.

Suggested Citation

  • Guo, Chenyu & Zhang, Yiming & Gao, Hao & Wu, Xinkai & Lv, Rongjie, 2025. "Supply chain shareholding, climate policy uncertainty and total factor productivity of enterprises," Finance Research Letters, Elsevier, vol. 85(PB).
    • Handle: RePEc:eee:finlet:v:85:y:2025:i:pb:s1544612325012565
    DOI: 10.1016/j.frl.2025.107998
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    1. Zhao, Chen & Yu, Jian & Liu, Peng & Shen, Bo, 2026. "Climate policy uncertainty and firm decarbonization challenge: Insights from energy transition and technological innovation," International Review of Financial Analysis, Elsevier, vol. 109(C).

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