Economic Policy Uncertainty, Political Connections, and Total Factor Productivity in China

• 영문명: Economic Policy Uncertainty, Political Connections, and Total Factor Productivity in China
• 발행기관: 한국무역연구원
• 저자명: Han Sun Hyoung-Goo Kang Zihan Qiao
• 간행물 정보: 『무역연구』제20권 제1호, 53~79쪽, 전체 27쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2024.02.28

영문 초록

Purpose – This paper aims to elucidate the complex relationship between Economic Policy Uncertainty (EPU) and Total Factor Productivity (TFP) in the context of Chinese A-share listed companies, exploring how various factors influenced this relationship from 2008 to 2020. Design/Methodology/Approach – Our research design utilizes a comprehensive dataset from Chinese A-share listed companies across various sectors to explore the impact of Economic Policy Uncertainty (EPU) on Total Factor Productivity (TFP). We analyze a range of factors, including pollution intensity, manufacturing status, market indices, institutional attention, analyst coverage, internal control mechanisms, and bank shareholding. Findings – The findings provide a nuanced understanding of how Economic Policy Uncertainty (EPU) impacts Total Factor Productivity (TFP) across Chinese A-share listed companies. Our analysis reveals that the influence of EPU on TFP is not uniform but varies significantly across different contexts, underscored by a variety of moderating factors. Among these, institutional attention and analyst coverage emerge as critical elements that shape the dynamics between EPU and TFP. Institutional attention, indicating the extent to which firms are monitored by regulatory bodies and investment institutions, plays a pivotal role in mitigating the negative effects of EPU. Research Implications – The findings provide valuable insights for policymakers and industry stakeholders, emphasizing the importance of strategic alignment in managing economic uncertainties. The study contributes to understanding the dynamics of economic policy uncertainties in a complex market like China, helping inform more effective policy and management strategies.

목차

Ⅰ. Introduction

Ⅱ. Theoretical Foundation and Research Hypothesis

Ⅲ. Study Design and Model Building

Ⅳ. Empirical Results, Analysis, and Heterogeneity Analysis

Ⅴ. Endogenous Problem and Robustness Test

Ⅵ. Conclusion

References

키워드

Economic Policy Uncertainty Institutional Attention Political Connections Total Factor Productivity