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Perception of Economic Policy Uncertainty and Energy Consumption Intensity: Evidence from Construction Companies

Author

Listed:
  • Yulu Liang

    (School of Business, Beijing Technology and Business University, Beijing 100048, China)

  • Ruiling Dong

    (School of Business, Beijing Technology and Business University, Beijing 100048, China)

  • Ruiyifan Wan

    (School of Business, Beijing Technology and Business University, Beijing 100048, China)

  • Shenglin Ma

    (School of Economics and Management, North University of China, Taiyuan 030051, China)

  • Yongjian Huang

    (School of Finance, Central University of Finance and Economics, Beijing 100081, China)

  • Donghui Pan

    (School of Management Science and Engineering, Central University of Finance and Economics, Beijing 100081, China)

Abstract

Using 2010–2019 data from 404 listed construction companies in China, we explore the relationship between perception of economic policy uncertainty (PEPU) and energy consumption intensity (ECI) based on a fixed effects model controlling for company, year, and city fixed effects, with standard errors clustered at the industry level. The results show that the perception of economic policy uncertainty reduces construction enterprise energy consumption intensity, and this result holds after a series of robustness and endogeneity tests. Further, this effect is stronger in firms with more green shareholders, environmental information disclosure, and external attention. Moreover, mechanism analysis indicates that internal control enhancement and green innovation improvement, including quantity and quality, are the underlying channels through which the perception of economic policy uncertainty influences energy consumption intensity.

Suggested Citation

  • Yulu Liang & Ruiling Dong & Ruiyifan Wan & Shenglin Ma & Yongjian Huang & Donghui Pan, 2025. "Perception of Economic Policy Uncertainty and Energy Consumption Intensity: Evidence from Construction Companies," Energies, MDPI, vol. 18(12), pages 1-21, June.
    • Handle: RePEc:gam:jeners:v:18:y:2025:i:12:p:3183-:d:1681050
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