This paper explores how the uncertainty surrounding economic policies affects the decisions managers make, particularly with reference to carbon emissions. Notably, this is a pioneering effort as very few studies have examined the influence of economic policy uncertainty on decisions about either carbon emissions or renewable energy, and, in turn, the impact of these decisions on firm value. From a sample spanning 22 countries over the period 2007 to 2018, our results show that, while carbon emissions increase with policy uncertainty, this relationship is mediated by renewable energy consumption. Country factors such as climate change performance, emissions trading schemes, and business culture also affect this relationship. In countries where economic policy uncertainty tends to be high, firms generally have a lower market value, due in part to higher levels of carbon emissions. These findings highlight the importance of connecting policy uncertainty to decisions about carbon emissions and renewable energy. They also provide insights into the detrimental effects of policy uncertainty on firm value.

中文翻译：

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经济政策不确定性、碳排放和公司估值：国际证据


本文探讨了经济政策的不确定性如何影响管理者的决策，特别是在碳排放方面。值得注意的是，这是一项开创性的努力，因为很少有研究考察经济政策不确定性对碳排放或可再生能源决策的影响，以及这些决策对公司价值的影响。根据 2007 年至 2018 年期间 22 个国家的样本，我们的结果表明，虽然碳排放量随着政策不确定性而增加，但这种关系是由可再生能源消耗调节的。气候变化表现、排放交易计划和商业文化等国家因素也会影响这种关系。在经济政策不确定性往往较高的国家，企业的市场价值通常较低，部分原因是碳排放水平较高。这些发现凸显了将政策不确定性与碳排放和可再生能源决策联系起来的重要性。它们还提供了有关政策不确定性对公司价值的不利影响的见解。