The Impact of Environmental Uncertainty on Corporate Innovation: Evidence from Chinese Listed Companies
Abstract
:1. Introduction
2. Literature Review and Hypothesis Development
3. Research Design
3.1. Sample Selection and Data Sources
3.2. Variable Definition and Description
3.2.1. Corporate Innovation (rd)
3.2.2. Environmental Uncertainty (eu)
3.2.3. Risk-Taking Ability
3.2.4. Control Variables
3.3. Model Specification
4. Analysis of Empirical Results
4.1. Descriptive Analysis
4.2. Correlation Analysis
4.3. Analysis of Basic Regression Results
4.3.1. The Impact of Environmental Uncertainty on Corporate Innovation
4.3.2. Heterogeneity Analysis
4.4. Further Discussion: The Mediating Effect of Financing Constraints
4.5. Robustness Test
4.5.1. Endogeneity Test
4.5.2. Change the Sample Interval
4.5.3. Test Nonlinearity
4.5.4. Replace Corporate Innovation Indicators
5. Conclusions and Implications
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Acknowledgments
Conflicts of Interest
References
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Variables | Symbol | Description |
---|---|---|
Corporate innovation | rd | The natural logarithm of firm R&D spending |
Environmental uncertainty | eu | For the fluctuation of corporation sales revenue, see the model for the specific calculation method (1) |
Profitability | roa | Net profit/Total assets |
Corporate growth | grow | Growth rate of operating income, current year operating income/same period last year operating income |
Corporate leverage ratio | lev | Total liabilities/Total assets |
Capital intensity | fixed | Fixed assets ratio, fixed assets to total assets |
Investment opportunities | tobinq | Market value/Total assets |
Company scale | size | The natural logarithm of a firm’s total assets at the end |
Ownership concentration | shrcr1 | Shareholding ratio of the largest shareholder |
Board size | board | The natural log of the number of board members |
Proportion of independent directors | indep | Number of independent directors/number of directors |
Variable | Obs. | Mean | Std. Dev. | Min | Median | Max |
---|---|---|---|---|---|---|
rd | 15,096 | 17.95 | 1.623 | 13.192 | 18.011 | 22.04 |
eu | 15,096 | 1.284 | 1.281 | 0.010 | 0.953 | 23.62 |
roa | 15,096 | 0.032 | 0.065 | −0.285 | 0.032 | 0.197 |
grow | 15,096 | 0.150 | 0.377 | −0.493 | 0.092 | 2.370 |
lev | 15,096 | 0.442 | 0.194 | 0.068 | 0.439 | 0.869 |
fixed | 15,096 | 0.222 | 0.153 | 0.005 | 0.192 | 0.677 |
tobinq | 15,096 | 2.071 | 1.294 | 0.845 | 1.657 | 8.137 |
size | 15,096 | 22.457 | 1.253 | 20.122 | 22.219 | 26.337 |
shrcr1 | 15,096 | 0.335 | 0.143 | 0.090 | 0.312 | 0.729 |
indep | 15,096 | 0.375 | 0.054 | 0.333 | 0.333 | 0.571 |
board | 15,096 | 2.140 | 0.197 | 1.609 | 2.197 | 2.708 |
rd | eu | roa | grow | lev | fixed | tobinq | size | shrcr1 | indep | board | |
rd | 1 | ||||||||||
eu | −0.091 *** | 1 | |||||||||
roa | 0.131 *** | −0.088 *** | 1 | ||||||||
grow | 0.047 *** | 0.435 *** | 0.236 *** | 1 | |||||||
lev | 0.117 *** | 0.041 *** | −0.306 *** | 0.014 * | 1 | ||||||
fixed | −0.080 *** | −0.038 *** | −0.056 *** | −0.064 *** | 0.088 *** | 1 | |||||
tobinq | −0.140 *** | −0.0120 | 0.208 *** | 0.044 *** | −0.352 *** | −0.125 *** | 1 | ||||
size | 0.497 *** | −0.014 * | 0.063 *** | 0.043 *** | 0.481 *** | 0.086 *** | −0.438 *** | 1 | |||
shrcr1 | 0.062 *** | 0.009 | 0.118 *** | −0.003 | 0.116 *** | 0.122 *** | −0.067 *** | 0.269 *** | 1 | ||
indep | 0.043 *** | −0.017 ** | −0.020 ** | −0.018 ** | −0.006 | −0.038 *** | 0.035 *** | 0.035 *** | 0.047 *** | 1 | |
board | 0.056 *** | −0.036 *** | 0.035 *** | −0.005 | 0.160 *** | 0.147 *** | −0.132 *** | 0.244 *** | 0.058 *** | −0.515 *** | 1 |
(1) Full Sample | (2) Full Sample | (3) High eu | (4) Low eu | |
---|---|---|---|---|
rd | rd | rd | rd | |
eu | −0.1288 *** | −0.1088 *** | −0.0568 *** | −0.1528 |
(−11.4358) | (−10.5367) | (−3.7152) | (−1.1460) | |
roa | 0.7005 *** | 1.5276 *** | 0.8322 *** | 2.3660 *** |
(3.6494) | (8.3534) | (2.8180) | (5.7890) | |
grow | 0.2180 *** | 0.2038 *** | 0.1529 *** | 1.0516 *** |
(5.8768) | (6.3107) | (4.0353) | (5.2910) | |
lev | −1.0221 *** | −0.5370 *** | −0.4996 *** | −0.4763 *** |
(−13.8103) | (−8.0060) | (−3.9083) | (−3.2425) | |
fixed | −1.0359 *** | −0.5045 *** | −0.4976 *** | −0.5122 *** |
(−11.6247) | (−6.4248) | (−3.0507) | (−3.1803) | |
tobinq | 0.0663 *** | 0.0496 *** | 0.0272 | 0.0458 *** |
(7.3352) | (5.6923) | (1.3981) | (2.8548) | |
size | 0.7974 *** | 0.8387 *** | 0.8289 *** | 0.8039 *** |
(61.2848) | (75.6083) | (36.3822) | (36.3281) | |
shrcrl | −0.8200 *** | −0.1623 ** | 0.2159 | −0.1108 |
(−9.5596) | (−2.3898) | (1.4873) | (−0.9306) | |
indep | −0.3461 | 0.0194 | −1.0896 ** | 0.3228 |
(−1.3776) | (0.0948) | (−2.3247) | (0.9232) | |
board | −0.4838 *** | −0.0842 | −0.4143 *** | 0.2430 ** |
(−6.4769) | (−1.3414) | (−3.0962) | (2.0981) | |
_cons | 2.1326 *** | −2.2677 *** | −1.1682 * | −3.0147 *** |
(6.5042) | (−7.5747) | (−1.9352) | (−5.1441) | |
Industry | No | Yes | Yes | Yes |
Year | No | Yes | Yes | Yes |
r2_a | 0.2986 | 0.5314 | 0.4644 | 0.6074 |
N | 15096 | 15096 | 3774 | 3774 |
(1) State-Owned | (2) Non State-Owned | (3) Large Scale | (4) Small Scale | (5) High Profitability | (6) Low Profitability | |
---|---|---|---|---|---|---|
rd | rd | rd | rd | rd | rd | |
eu | −0.1046 *** | −0.1235 *** | −0.0997 *** | −0.1191 *** | −0.0887 *** | −0.1087 *** |
(−6.2379) | (−10.0907) | (−6.2455) | (−8.8815) | (−8.1544) | (−9.1431) | |
roa | 1.8904 *** | 1.1391 *** | 1.7198 *** | 1.1454 *** | 1.1101 *** | 0.5381 ** |
(4.7607) | (5.7320) | (5.0273) | (5.6101) | (4.8425) | (2.0764) | |
grow | 0.1950 *** | 0.2122 *** | 0.1952 *** | 0.2048 *** | 0.1916 *** | 0.2376 *** |
(3.6803) | (5.3090) | (3.9395) | (5.0086) | (4.7837) | (5.7701) | |
lev | −0.7658 *** | −0.3983 *** | −0.7673 *** | −0.3352 *** | 0.2267 *** | −0.5995 *** |
(−6.9041) | (−4.8163) | (−6.9631) | (−4.0296) | (2.5884) | (−6.5141) | |
fixed | −0.7372 *** | −0.0245 | −0.3990 *** | −0.5084 *** | −0.3487 *** | −0.2922 *** |
(−6.1041) | (−0.2537) | (−3.6365) | (−4.6136) | (−3.6603) | (−2.8585) | |
tobin | 0.0012 | 0.0828 *** | 0.1165 *** | 0.0318 *** | 0.0673 *** | 0.0007 |
(0.0757) | (8.2762) | (6.9039) | (3.0992) | (6.6513) | (0.0445) | |
size | 0.8268 *** | 0.8710 *** | 0.8119 *** | 0.9181 *** | 0.8028 *** | 0.8108 *** |
(47.9600) | (60.0903) | (42.3463) | (37.3910) | (59.8440) | (50.4107) | |
shrcr1 | 0.0267 | −0.1375 * | 0.1689 * | −0.4815 *** | −0.2388 *** | −0.1257 |
(0.2323) | (−1.6543) | (1.7303) | (−5.5436) | (−2.8480) | (−1.1891) | |
indep | 0.1360 | 0.3907 | 0.1774 | 0.2280 | −0.0246 | 0.4613 |
(0.4290) | (1.5053) | (0.6033) | (0.8650) | (−0.0949) | (1.5563) | |
board | −0.1296 | 0.1805 ** | −0.1631 * | 0.0121 | −0.0305 | −0.0793 |
(−1.3290) | (2.2818) | (−1.8109) | (0.1543) | (−0.4182) | (−0.9039) | |
_cons | −1.7673 *** | −3.9557 *** | −2.3374 *** | −3.9096 *** | −1.7033 *** | −1.9717 *** |
(−4.0876) | (−9.3529) | (−4.8723) | (−6.7960) | (−4.8658) | (−4.9036) | |
Industry | Yes | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes | Yes |
r2_a | 0.5792 | 0.5080 | 0.5117 | 0.4091 | 0.5570 | 0.5203 |
N | 6297 | 8799 | 7545 | 7551 | 7546 | 7550 |
(1) | (2) | (3) | |
---|---|---|---|
rd | kz | rd | |
eu | −0.1088 *** | 0.0798 *** | −0.1048 *** |
(−10.5367) | (6.5151) | (−10.2109) | |
kz | −0.0503 *** | ||
(−7.7809) | |||
roa | 1.5276 *** | −11.7026 *** | 0.9394 *** |
(8.3534) | (−38.5334) | (4.7492) | |
grow | 0.2038 *** | −0.2288 *** | 0.1923 *** |
(6.3107) | (−4.7984) | (5.9608) | |
lev | −0.5370 *** | 5.9079 *** | −0.2400 *** |
(−8.0060) | (67.5686) | (−3.1635) | |
fixed | −0.5045 *** | 0.5639 *** | −0.4762 *** |
(−6.4248) | (6.6753) | (−6.0516) | |
tobinq | 0.0496 *** | 0.2017 *** | 0.0598 *** |
(5.6923) | (13.6632) | (6.8856) | |
size | 0.8387 *** | −0.2364 *** | 0.8269 *** |
(75.6083) | (−16.6555) | (73.6675) | |
shrcr1 | −0.1623 ** | −0.7924 *** | −0.2021 *** |
(−2.3898) | (−8.9956) | (−2.9657) | |
indep | 0.0194 | 0.5466 ** | 0.0468 |
(0.0948) | (2.1145) | (0.2297) | |
board | −0.0842 | −0.1133 | −0.0899 |
(−1.3414) | (−1.4987) | (−1.4334) | |
_cons | −2.2677 *** | 2.1873 *** | −2.1577 *** |
(−7.5747) | (6.0237) | (−7.2040) | |
Industry | Yes | Yes | Yes |
Year | Yes | Yes | Yes |
r2_a | 0.5314 | 0.5310 | 0.5334 |
N | 15096 | 15096 | 15096 |
(1) IV: l.eu l2.eu | (2) IV: (eu-eu_mean)^3 | |
---|---|---|
rd | rd | |
eu | −0.1539 *** | −0.0422 ** |
(−9.7036) | (−2.4876) | |
roa | 0.8542 *** | 1.8184 *** |
(4.2711) | (10.0114) | |
grow | 0.3099 *** | 0.0898 ** |
(7.5332) | (2.3313) | |
lev | −0.4882 *** | −0.5314 *** |
(−6.6052) | (−8.4878) | |
fixed | −0.2722 *** | −0.4672 *** |
(−3.2877) | (−6.6113) | |
tobinq | 0.0611 *** | 0.0505 *** |
(5.8060) | (5.7669) | |
size | 0.8619 *** | 0.8401 *** |
(71.3388) | (80.9256) | |
shrcr1 | −0.1476 * | −0.1885 *** |
(−1.8220) | (−2.7566) | |
indep | −0.2594 | 0.0712 |
(−1.1130) | (0.3548) | |
board | −0.1561 ** | −0.0686 |
(−2.3229) | (−1.1831) | |
_cons | −1.3026 *** | −2.4381 *** |
(−4.2689) | (−9.0974) | |
Industry | Yes | Yes |
Year | Yes | Yes |
r2_a | 0.5554 | 0.5293 |
N | 9406 | 15096 |
(1) | (2) | (3) | (4) | |
---|---|---|---|---|
rd | rd | rd | rd_1 | |
eu | −0.1395 *** | −0.1103 *** | −0.1725 *** | −0.1396 *** |
(−12.2073) | (−9.5640) | (−10.8257) | (−12.0824) | |
eu2 | 0.0077 *** | |||
(4.1526) | ||||
roa | 1.6960 *** | 1.7295 *** | 1.4484 *** | 2.3075 *** |
(8.1958) | (8.2794) | (7.9235) | (8.1399) | |
grow | 0.2700 *** | 0.1964 *** | 0.1960 *** | 0.2043 *** |
(7.2198) | (5.5036) | (6.1127) | (5.2142) | |
lev | −0.4581 *** | −0.5380 *** | −0.5374 *** | −0.1790 ** |
(−6.2062) | (−7.2115) | (−8.0213) | (−2.0546) | |
fixed | −0.4688 *** | −0.4819 *** | −0.5154 *** | −0.7957 *** |
(−5.5987) | (−5.5012) | (−6.5639) | (−8.9158) | |
tobin | 0.0296 *** | 0.0334 *** | 0.0498 *** | 0.2084 *** |
(3.1211) | (3.2672) | (5.7359) | (12.6477) | |
size | 0.8899 *** | 0.8238 *** | 0.8378 *** | −0.0754 *** |
(73.6202) | (63.4994) | (75.6264) | (−5.0941) | |
shrcr1 | −0.0107 | −0.1034 | −0.1684 ** | −0.2008 ** |
(−0.1489) | (−1.3614) | (−2.4817) | (−2.2924) | |
indep | 0.0428 | 0.0065 | −0.0009 | 0.3596 |
(0.1975) | (0.0285) | (−0.0046) | (1.3398) | |
board | −0.1822 *** | −0.1137 | −0.0920 | −0.0940 |
(−2.7251) | (−1.6220) | (−1.4690) | (−1.1240) | |
_cons | −2.6925 *** | −1.5434 *** | −2.1527 *** | 1.6915 *** |
(−8.5889) | (−4.7288) | (−7.1817) | (4.6244) | |
Industry | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes |
r2_a | 0.5568 | 0.5145 | 0.5325 | 0.3202 |
N | 10781 | 12222 | 15096 | 15096 |
(1) | (2) | (3) | (4) | |
---|---|---|---|---|
patent 1 | patent 2 | patent 3 | patent 4 | |
L.eu | −0.1193 *** | −0.1348 *** | −0.1017 *** | −0.1004 *** |
(−9.4345) | (−9.2191) | (−8.6389) | (−8.4620) | |
L.roa | 1.8817 *** | 1.9549 *** | 1.2334 *** | 1.8517 *** |
(7.5207) | (6.7852) | (5.3665) | (7.5466) | |
L.grow | 0.2373 *** | 0.2773 *** | 0.2178 *** | 0.1962 *** |
(5.8867) | (5.9609) | (5.7555) | (5.1064) | |
L.lev | −0.0173 | −0.0603 | −0.1767 ** | 0.1843 ** |
(−0.2042) | (−0.6256) | (−2.2218) | (2.2091) | |
L.fixed | −1.1145 *** | −1.2121 *** | −1.0956 *** | −0.8516 *** |
(−11.6627) | (−11.1505) | (−12.2763) | (−9.0612) | |
L.tobin | 0.0077 | 0.0035 | 0.0508 *** | −0.0249 ** |
(0.6301) | (0.2506) | (4.4170) | (−2.0612) | |
L.size | 0.5537 *** | 0.5970 *** | 0.5772 *** | 0.4649 *** |
(38.6018) | (37.1524) | (41.3068) | (32.7929) | |
L.shrcr1 | −0.4416 *** | −0.5654 *** | −0.4712 *** | −0.2320 ** |
(−4.7689) | (−5.3667) | (−5.3115) | (−2.5538) | |
L.indep | 0.3820 | 0.5244 * | 0.6527 ** | 0.0922 |
(1.4333) | (1.7545) | (2.5216) | (0.3420) | |
L.board | 0.2178 *** | 0.2941 *** | 0.2449 *** | 0.1327 * |
(2.8166) | (3.3636) | (3.2595) | (1.7382) | |
_cons | −11.0873 *** | −11.7513 *** | −12.3437 *** | −9.4680 *** |
(−31.2076) | (−29.4521) | (−35.6377) | (−26.9073) | |
Industry | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes |
r2_a | 0.3732 | 0.3559 | 0.3336 | 0.3813 |
N | 11896 | 11896 | 11896 | 11896 |
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Deng, M.; Fang, X.; Tian, Z.; Luo, W. The Impact of Environmental Uncertainty on Corporate Innovation: Evidence from Chinese Listed Companies. Sustainability 2022, 14, 4902. https://doi.org/10.3390/su14094902
Deng M, Fang X, Tian Z, Luo W. The Impact of Environmental Uncertainty on Corporate Innovation: Evidence from Chinese Listed Companies. Sustainability. 2022; 14(9):4902. https://doi.org/10.3390/su14094902
Chicago/Turabian StyleDeng, Mingjun, Xusheng Fang, Ziyan Tian, and Wenbing Luo. 2022. "The Impact of Environmental Uncertainty on Corporate Innovation: Evidence from Chinese Listed Companies" Sustainability 14, no. 9: 4902. https://doi.org/10.3390/su14094902
APA StyleDeng, M., Fang, X., Tian, Z., & Luo, W. (2022). The Impact of Environmental Uncertainty on Corporate Innovation: Evidence from Chinese Listed Companies. Sustainability, 14(9), 4902. https://doi.org/10.3390/su14094902