School of Business, Macau University of Science and Technology, Taipa, Macao SAR, China.
Johnson & Johnson Medical (Shanghai) Ltd., Shanghai, China.
Front Public Health. 2021 Nov 4;9:780348. doi: 10.3389/fpubh.2021.780348. eCollection 2021.
This paper examines the effects of the pandemics-related uncertainty on corporate innovation in Chinese firms. For this purpose, the recent uncertainty measure of pandemics, the Pandemics Discussion Index (PDI), is used. The findings from the fixed-effects estimations show the negative impact of the PDI on corporate innovation. Government subsidies, operation profits, and total exports also positively affect corporate innovation. In addition, firms' management efficiency promotes corporate innovation. These results hold when the Blundell-Bond estimations are utilized to address potential endogeneity. Various robustness analyses, such as considering the lagged PDI and the lagged controls, are also conducted. Consequently, the main results remain robust. Thus, this paper provides novel and robust evidence on the negative impact of pandemics on Chinese firms' corporate innovation behavior.
本文考察了大流行相关不确定性对中国企业创新的影响。为此，使用了最近的大流行不确定性衡量标准——大流行讨论指数（PDI）。固定效应估计的结果表明，PDI 对企业创新具有负面影响。政府补贴、营业利润和总出口也对企业创新产生积极影响。此外，企业的管理效率促进了企业创新。当使用 Blundell-Bond 估计来解决潜在的内生性问题时，这些结果仍然成立。还进行了各种稳健性分析，例如考虑滞后的 PDI 和滞后的控制变量。因此，主要结果仍然稳健。因此，本文为大流行对中国企业创新行为的负面影响提供了新的、稳健的证据。
