基地研究员任晓航副教授合作论文“Weathering the policy storm: How climate strategy volatility shapes corporate total factor productivity”在国际知名期刊Energy Economics在线发表。Energy economics是能源经济学和能源金融领域的顶级专业期刊。主题包括但不限于能源的开采、转换和使用，能源商品和衍生品市场，监管和税收，预测，环境和气候，国际贸易，发展和货币政策。

摘要：Changes in climate policies have become a critical consideration for businesses, necessitating strategic adaptation and innovation in the face of evolving regulations to achieve long-term success. This study investigates the impact of climate policy uncertainty (CPU) on firm-level total factor productivity (TFP) using a dataset comprising 5954 North American listed companies from 2000 to 2019. Our findings demonstrate a significant negative relationship between CPU and firms' TFP. Particularly, firms operating in the secondary sector, with higher credit ratings, smaller Tobin's Q, and greater profitability, experience more significant negative effects from CPU. The mechanisms through which CPU operates include cost escalation, reduced turnover, and constrained investment. Employing the Local Projection Instrumental Variable (LP-IV) method, we observe that the relationship between CPU shocks and firm-level TFP is time-varying. The adverse effect of CPU on TFP is most severe in the third year following the occurrence of the shock. To mitigate the negative consequences, governments should enhance the continuity and foresight of climate policies, while firms need to effectively identify and manage climate risks to bolster their resilience in the face of uncertainty.

关键词：Climate policy uncertainty, Total factor productivity, Heterogeneous impacts, Influence mechanism

链接：https://doi.org/10.1016/j.eneco.2024.107553

作者简介

任晓航，中南大学商学院特聘副教授，Elsevier中国高被引学者，全球前2%顶尖科学家，主要从事能源金融、金融风险、金融计量等方面的研究，在Journal of the American Statistical Association、Transportation Research Part A、Energy Economics、Quantitative Finance、Review of Quantitative Finance and Accounting、International Review of Financial Analysis、Technological Forecasting and Social Change、Business Strategy and the Environment、Pacific-Basin Finance Journal、Applied Energy、Resources Policy、Renewable & Sustainable Energy Review、Energy、管理科学学报（英文版）、系统工程理论与实践、中国管理科学等国内外权威期刊上发表论文一百余篇，其中ESI热点文章/高被引论文三十余篇。担任Sustainable Communities(Taylor & Francis)领域主编，Humanities & Social Sciences Communications（Nature旗下唯一面向人文社会科学的子刊）等期刊副主编，Climate Change Economics, Economic Change and Restructuring等SSCI期刊客座主编。