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Articles 331 - 360 of 3153
Full-Text Articles in Business
Effects Of A Mindfulness-Based Leadership Training On Leadership Behaviors And Effectiveness, Nina Tan, Eva Katharina Peters, Jochen Reb
Effects Of A Mindfulness-Based Leadership Training On Leadership Behaviors And Effectiveness, Nina Tan, Eva Katharina Peters, Jochen Reb
Research Collection Lee Kong Chian School Of Business
Objectives: Organizations increasingly integrate mindfulness elements into their leadership development. However, there is limited evidence supporting the efficacy of mindfulness-based leadership training (MBLT) due to a scarcity of intervention studies. Theoretically, little is known about mediating mechanisms through which MBLT might affect leadership effectiveness. Thus, this research examined whether MBLT can improve leadership effectiveness and whether leadership behaviors mediated this effect.MethodsWe conducted a quasi-experimental study conducted in a real-world setting with an active control condition. Sixty leaders from various industries participated in either a 2-day intensive MBLT workshop followed by three individual coaching sessions over 3 months, or a presentation …
3 Groundless Myths That Get In The Way Of Workforce Inclusivity, Kenneth T. Goh
3 Groundless Myths That Get In The Way Of Workforce Inclusivity, Kenneth T. Goh
Research Collection Lee Kong Chian School Of Business
In a commentary, SMU Associate Professor of Strategy & Entrepreneurship (Education) Kenneth Goh discussed and debunked three groundless myths that get in the way of workforce inclusivity. He also called for companies to seek expert advice from relevant agencies and explore partnerships with institutions of higher learning, such as SMU, to pursue inclusivity in a sustainable manner. He added that SMU provides its students opportunities to work with companies and examine the feasibility of their inclusivity initiatives as part of their coursework.
The Race To Regeneration: A New Era For Business And Planet, Simon J.D. Schillebeeckx, Ryan Knowles Merrill
The Race To Regeneration: A New Era For Business And Planet, Simon J.D. Schillebeeckx, Ryan Knowles Merrill
Research Collection Lee Kong Chian School Of Business
In an era where the urgency to address environmental and social challenges is paramount, traditional sustainability efforts are no longer enough. Unlike legacy sustainability strategies that revolve around measuring and reducing carbon footprints, regenerative sustainability widens its lens to encompass all facets of our planet’s well-being and focuses on creating positive impact.
Subcontracting And Rework Cost Sharing In Engineering-Procurement-Construction Projects, Zhenzhen Chen, Wanshan Zhu, Pascale Crama
Subcontracting And Rework Cost Sharing In Engineering-Procurement-Construction Projects, Zhenzhen Chen, Wanshan Zhu, Pascale Crama
Research Collection Lee Kong Chian School Of Business
Infrastructure development projects are overwhelmingly managed through engineering–procurement–construction (EPC) contracts, which allow a project end user to shift all project risks to a contractor. Accordingly, the International Federation of Consulting Engineers recommended a contract template based on a lump-sum contract between the end user and main contractor. However, EPC projects often suffer from quality issues due to moral hazard, which is aggravated by the involvement of subcontractors hired by the main contractor to perform parts of the project. Besides, costly rework is frequently needed to achieve the contractually mandated quality. When the main contractor must share some of the subcontractor’s …
Browsing The Aisles Or Browsing The App? How Online Grocery Shopping Is Changing What We Buy, Sai Chand Chintala, Jura Liaukonyte, Nathan Yang
Browsing The Aisles Or Browsing The App? How Online Grocery Shopping Is Changing What We Buy, Sai Chand Chintala, Jura Liaukonyte, Nathan Yang
Research Collection Lee Kong Chian School Of Business
This paper investigates the systematic differences between online and offline grocery shopping baskets using data from approximately two million brick-and-mortar and Instacart trips. We apply unsupervised machine learning algorithms agnostic to the shopping channel to identify what constitutes a typical food shopping trip for each household. We find that food shopping basket variety is significantly lower for online shopping trips as measured by the number of unique food categories and items purchased. Within a given household, the Instacart baskets are more similar to each other as compared with offline baskets with twice as many overlapping items between successive trips to …
More Voices Persuade: The Attentional Benefits Of Voice Numerosity, Hannah H. Chang, Anirban Mukherjee, Amitava Chattopadhyay
More Voices Persuade: The Attentional Benefits Of Voice Numerosity, Hannah H. Chang, Anirban Mukherjee, Amitava Chattopadhyay
Research Collection Lee Kong Chian School Of Business
The authors posit that in an initial exposure to a broadcast video, hearing different voices narrate (in succession) a persuasive message encourages consumers’ attention and processing of the message, thereby facilitating persuasion; this is referred to as “the voice numerosity effect.” Across four studies (plus validation and replication studies)—including two large-scale, real-world datasets (with more than 11,000 crowdfunding videos and over 3.6 million customer transactions, and more than 1,600 video ads) and two controlled experiments (with over 1,800 participants)—the results provide support for the hypothesized effect. The effect (1) has consequential, economic implications in a real-world marketplace, (2) is more …
Overcoming Procrastination: Time Pressure And Positive Affect As Compensatory Routes To Action, Jana Kuhnel, Ronald Bledow, Angela Kuonath
Overcoming Procrastination: Time Pressure And Positive Affect As Compensatory Routes To Action, Jana Kuhnel, Ronald Bledow, Angela Kuonath
Research Collection Lee Kong Chian School Of Business
The current work seeks to identify factors that support action initiation from the theoretical lens of self-regulation. Specifically, we focus on factors that reduce procrastination, the delay of the initiation or completion of activities. We draw from action control theory and propose that positive affect operates as a personal and time pressure as a situational factor that unblock routes to action. High positive affect makes people less prone to procrastination because positive affect reduces behavioral inhibition and facilitates the enactment of intentions. By contrast, when positive affect is low, people depend on time pressure as an action facilitating stimulus. We …
Board Governance Of Strategic Change: An Assessment Of The Literature And Avenues For Future Research, Patricia Klamer, Qiwen Yu, Toru Yoshikawa, Michael Hitt
Board Governance Of Strategic Change: An Assessment Of The Literature And Avenues For Future Research, Patricia Klamer, Qiwen Yu, Toru Yoshikawa, Michael Hitt
Research Collection Lee Kong Chian School Of Business
Boards of directors play a central role in governing corporate strategic change. We systematically review corporate governance research on strategic change published over the past 40 years, differentiating between strategic change types and board characteristics. We identify three developments: a focus on specific strategic change types, board composition and structure, and North American listed firms as a dominant study context. Yet, our analysis of the literature shows that research on board governance of interrelated strategic changes, on different board roles and behaviour, and on the governance of strategic changes across different contexts remains underdeveloped. To address these research gaps, we …
Centralized Versus Decentralized Pricing Controls For Dynamic Matching Platforms, Aouad Ali, Omer Saritac, Chiwei Yan
Centralized Versus Decentralized Pricing Controls For Dynamic Matching Platforms, Aouad Ali, Omer Saritac, Chiwei Yan
Research Collection Lee Kong Chian School Of Business
Online service platforms have transformed how customers and suppliers connect in real-time, using centralized dispatch and pricing systems. However, by acting as "central planners", platforms risk undermining the workers' flexibility endorsed by the gig economy. Hence, there has been significant scrutiny on the classification of gig workers as independent contractors and their freedom in decisions that directly influence their earnings, such as prices. To alleviate such concerns, several platforms in the ride-hailing industry have adopted or tested decentralized pricing schemes, where workers set prices flexibly. However, this approach presents a complex trade-off. On the one hand, platforms' pricing systems enable …
Managing The Creative Frontier Of Generative Ai: The Novelty-Usefulness Tradeoff, Anirban. Mukherjee, Hannah H. Chang
Managing The Creative Frontier Of Generative Ai: The Novelty-Usefulness Tradeoff, Anirban. Mukherjee, Hannah H. Chang
Research Collection Lee Kong Chian School Of Business
In this paper, drawing inspiration from the human creativity literature, we explore the optimal balance between novelty and usefulness in generative Artificial Intelligence (AI) systems. We posit that overemphasizing either aspect can lead to limitations such as hallucinations and memorization. Hallucinations, characterized by AI responses containing random inaccuracies or falsehoods, emerge when models prioritize novelty over usefulness. Memorization, where AI models reproduce content from their training data, results from an excessive focus on usefulness, potentially limiting creativity. To address these challenges, we propose a framework that includes domain-specific analysis, data and transfer learning, user preferences and customization, custom evaluation metrics, …
Beyond Anthropomorphism: Unraveling The True Priorities Of Chatbot Usage In Smes, Tamas Makany, Sungjong Roh, Kotaro Hara, Jie Min Hua, Felicia Si Ying Goh, Wilson Yang Jie Teh
Beyond Anthropomorphism: Unraveling The True Priorities Of Chatbot Usage In Smes, Tamas Makany, Sungjong Roh, Kotaro Hara, Jie Min Hua, Felicia Si Ying Goh, Wilson Yang Jie Teh
Research Collection Lee Kong Chian School Of Business
This study examined business communication practices with chatbots among various Small and Medium Enterprise (SME) stakeholders in Singapore, including business owners/employees, customers, and developers. Through qualitative interviews and chatbot transcript analysis, we investigated two research questions: (1) How do the expectations of SME stakeholders compare to the conversational design of SME chatbots? and (2) What are the business reasons for SMEs to add human-like features to their chatbots? Our findings revealed that functionality is more crucial than anthropomorphic characteristics, such as personality and name. Stakeholders preferred chatbots that explicitly identified themselves as machines to set appropriate expectations. Customers prioritized efficiency, …
Purpose In The For-Profit Firm: A Review And Framework For Management Research, Gerard George, Martine R. Haas, Anita M. Mcgahan, Simon J.D. Schillebeeckx, Paul Tracey
Purpose In The For-Profit Firm: A Review And Framework For Management Research, Gerard George, Martine R. Haas, Anita M. Mcgahan, Simon J.D. Schillebeeckx, Paul Tracey
Research Collection Lee Kong Chian School Of Business
Purpose is a concept often used in managerial communities to signal and define a firm’s benevolent and pluralistic approach to its stakeholders beyond its focus on shareholders. While some evidence has linked purpose to positive organizational outcomes such as growth, employee satisfaction, innovation, and superior stock market performance, the definition and application of purpose in management research has been varied and frequently ambiguous. We review literature streams that invoke purpose in the for-profit firm and propose a unifying definition. Next, we develop a framework to study purpose that decouples its framing and formalization within firms from its realization, thus helping …
Theorizing About The Implications Of Multiplexity: An Integrative Typology, Gokhan Ertug, Julia Brennecke, Stefano Tasselli
Theorizing About The Implications Of Multiplexity: An Integrative Typology, Gokhan Ertug, Julia Brennecke, Stefano Tasselli
Research Collection Lee Kong Chian School Of Business
Multiplexity, the coexistence of more than one type of relationship between two actors, is a prevalent phenomenon with clear relevance for a wide range of management settings and phenomena. While there is a substantial body of work on multiplexity, the absence of a shared terminology and a typology for the mechanisms and arguments that are used in theorizing about its implications nevertheless hamper its appeal to organizational network scholars and slow its progress. Based on content analysis of 103 studies, we propose “relational harmony,” “task complementarity,” and “relational scope” as three categories to integrate the mechanisms and arguments used in …
Inventory-Responsive Donor-Management Policy: A Tandem Queueing Network Model, Taozeng Zhu, Nicholas Teck Boon Yeo, Sarah Yini Gao, Gar Goei Loke
Inventory-Responsive Donor-Management Policy: A Tandem Queueing Network Model, Taozeng Zhu, Nicholas Teck Boon Yeo, Sarah Yini Gao, Gar Goei Loke
Research Collection Lee Kong Chian School Of Business
Problem definition: In the blood-donor-management problem, the blood bank incentivizes donors to donate, given blood inventory levels. We propose a model to optimize such incentivization schemes under the context of random demand, blood perishability, observation period between donations, and variability in donor arrivals and dropouts. Methodology/results: We propose an optimization model that simultaneously accounts for the dynamics in the blood inventory and the donor’s donation process, as a coupled queueing network. We adopt the Pipeline Queue paradigm, which leads us to a tractable convex reformulation. The coupled setting requires new methodologies to be developed upon the existing Pipeline Queue framework. …
Workplace Culture Must Emphasise Mutual Respect [In Chinese], Siow-Heng Ong
Workplace Culture Must Emphasise Mutual Respect [In Chinese], Siow-Heng Ong
Research Collection Lee Kong Chian School Of Business
In a commentary, SMU Professor of Communication Management (Education) Ong Siow Heng discussed the importance of having a respectful culture in the workplace. He opined that one way to appreciate employees is to provide equitable pay and career advancement opportunities for staff, so that workers will know that their employer respects their contribution. Even though more forms of disrespect for workers are being addressed by law, Prof Ong opined that improving respect for the workers’ dignity is best managed by those in workplace leadership even before relevant laws are passed, especially in areas that cannot be covered by law. He …
Human Capital Effects In The Job Search Process For New Labor Market Entrants: A Double-Edged Sword?, Jomel Wei Xuan Ng, Zhaoli Song, Filip Lievens
Human Capital Effects In The Job Search Process For New Labor Market Entrants: A Double-Edged Sword?, Jomel Wei Xuan Ng, Zhaoli Song, Filip Lievens
Research Collection Lee Kong Chian School Of Business
Although traditional research on human capital shows that it enhances employment success, its role in the job search process is unclear. To explain its weak effects in previous studies, this study draws on goal system theory to propose that human capital may act as a double-edged sword: On one hand it facilitates the ease of gaining employment, on the other hand it may compromise the frequency of job search behaviors. We conducted a bi-weekly repeated survey study on new labor market entrants and measured human capital using academic achievement scores. Results confirmed that human capital, though instrumental for proximal job …
Blockchain And Regenerative Finance: Charting A Path Toward Regeneration, Marco Schletz, Axel Constant, Angel Hsu, Simon J.D. Schillebeeckx, Roman Beck, Martin Wainstein
Blockchain And Regenerative Finance: Charting A Path Toward Regeneration, Marco Schletz, Axel Constant, Angel Hsu, Simon J.D. Schillebeeckx, Roman Beck, Martin Wainstein
Research Collection Lee Kong Chian School Of Business
The Regenerative Finance (ReFi) movement aims to fundamentally transform the governance of global common pool resources (CPRs), such as the atmosphere, which are being degraded despite international efforts. The ReFi movement seeks to achieve this by utilizing digital monitoring, reporting, and verification (D-MRV); tokenization of assets; and decentralized governance approaches. However, there is currently a lack of a clear path forward to create and implement models that actually drive the “Re-” in ReFi beyond perpetuating the existing extractive economics and toward actual regeneration. In addition, ReFi suffers from growing pains, lacking a common interoperability framework and definition for determining what …
Seeking Better Sharpe Ratio Via Bayesian Optimization, Peng Liu
Seeking Better Sharpe Ratio Via Bayesian Optimization, Peng Liu
Research Collection Lee Kong Chian School Of Business
Developing an excellent quantitative trading strategy to obtain a high Sharpe ratio requires optimizing several parameters at the same time. Example parameters include the window length of a moving average sequence, the choice of trading instruments, and the thresholds used to generate trading signals. Simultaneously optimizing all these parameters to seek a high Sharpe ratio is a daunting and time-consuming task, partly because of the unknown mechanism determining the Sharpe ratio. This article proposes using Bayesian optimization to systematically search for the optimal parameter configuration that leads to a high Sharpe ratio. The author shows that the proposed intelligent search …
Not A Box Of Nuts And Bolts: Distribution Channels For Specialty Drugs?, Liang Xu, Vidya Mani, Hui Zhao
Not A Box Of Nuts And Bolts: Distribution Channels For Specialty Drugs?, Liang Xu, Vidya Mani, Hui Zhao
Research Collection Lee Kong Chian School Of Business
One of the most important trends in the pharmaceutical industry is the rapid growth of specialty drugs. Specialty drugs, mostly bio based, tend to be high risk, high priced, and more regulated than traditional drugs, resulting in unprecedented challenges in distribution. Such challenges lead to the emergence of specialty distributors (SDs), which, compared with traditional wholesalers (WSs), represent a more controlled channel and carry a smaller variety of drugs. Due to the risky nature of specialty drugs, manufacturers must consider the trade-off between access and control in determining whether to use SDs (partially or exclusively). Using a unique dataset assembled …
Vehicle Rebalancing In A Shared Micromobility System With Rider Crowdsourcing, Ziliang Jin, Yulan Wang, Yun Fong Lim, Kai Pan, Zuo-Jun Max Shen
Vehicle Rebalancing In A Shared Micromobility System With Rider Crowdsourcing, Ziliang Jin, Yulan Wang, Yun Fong Lim, Kai Pan, Zuo-Jun Max Shen
Research Collection Lee Kong Chian School Of Business
Problem definition: Shared micromobility vehicles provide an eco-friendly form of short-distance travel within an urban area. Since customers pick up and drop off vehicles in any service region at any time, such convenience often leads to a severe imbalance between vehicle supply and demand in different service regions. To overcome this, a micromobility operator can crowdsource individual riders with reward incentives in addition to engaging a third-party logistics provider (3PL) to relocate the vehicles. Methodology/results: We construct a time-space network with multiple service regions and formulate a twostage stochastic mixed-integer program considering uncertain customer demands. In the first stage, the …
Perspectives On The Impact, Mission And Purpose Of The Business School, Howard Thomas
Perspectives On The Impact, Mission And Purpose Of The Business School, Howard Thomas
Research Collection Lee Kong Chian School Of Business
The business school has been an important success story in the evolution of the modern university. The concept of how the impact, mission, purpose, and value of a management school should be formulated is often delegated to the dean, faculty and advisory committees in most schools. The British Academy has contributed significantly to the emerging debate on the purpose of a business school by both examining the concept of a purposeful business school in business and management education and, more recently, investigating what, and how, business schools should teach, grow and develop. Greater attention has been directed towards developing more …
Business Schools Should Be Schools Of Management: An Evolutionary Perspective, Kai Peters, Howard Thomas
Business Schools Should Be Schools Of Management: An Evolutionary Perspective, Kai Peters, Howard Thomas
Research Collection Lee Kong Chian School Of Business
This chapter looks at the original driving forces which led to the creation of institutions, particularly in the US, including the vision of their founders which would support our perspective in favour of schools of management. It looks at the years following the Second World War and how the Ford and Carnegie ‘Foundation Reports’ as well as the Cold War led to further evolution away from a school of management to a business school mission. The chapter looks at the period roughly from 1970 to 2000 during which US business school funding, which had been largely provided by the foundations, …
Insider Trading And Corporate Spinoffs, Charlie Charoenwong, Kuan Yong David Ding, Jing Pan
Insider Trading And Corporate Spinoffs, Charlie Charoenwong, Kuan Yong David Ding, Jing Pan
Research Collection Lee Kong Chian School Of Business
This paper studies insider trading to examine undervaluation as a motive behind corporate spinoffs. We show an unmistakable increase (decrease) in the number of insider purchases (sales) and net purchases (sales) in the four quarters prior to a spinoff announcement. In addition, relative to a benchmark period, insider selling is significantly lower, and their net purchases significantly higher, in the three quarters prior to a spinoff announcement compared to other periods. We find that announcement period excess returns for abnormal net insider purchases are significantly higher than excess returns for abnormal net insider sales. Moreover, only firms with abnormal net …
Why Employees Accept Lower Pay At Mission-Oriented Companies, Insiya Hussain, Marko Pitesa, Stefan Thau, Michael Schaerer
Why Employees Accept Lower Pay At Mission-Oriented Companies, Insiya Hussain, Marko Pitesa, Stefan Thau, Michael Schaerer
Research Collection Lee Kong Chian School Of Business
Today’s companies are likely to tout how their work benefits human welfare or “makes the world a better place.” Recent research suggests that this may come with a potential financial drawback for workers, as it can inhibit them from negotiating for higher pay. Over five studies, job candidates consistently reported that they worried asking for higher pay from these companies would be seen as greedy or inappropriate. This suggests they are aware of a common bias, known as motivation purity bias, where managers believe employees interested in material rewards of work (such as pay) are less motivated than those motivated …
Local, Yet Global: Implications Of Caste For Mnes And International Business, Hari Bapuji, Snehanjali Chrispal, Balagopal Vissa, Gokhan Ertug
Local, Yet Global: Implications Of Caste For Mnes And International Business, Hari Bapuji, Snehanjali Chrispal, Balagopal Vissa, Gokhan Ertug
Research Collection Lee Kong Chian School Of Business
Caste is an informal institution that influences socioeconomic action in many contexts. It is becoming increasingly evident that international business research, practice, and policy need to programmatically address caste. To facilitate this endeavour, we review the limited research in IB that has addressed caste, and theorize caste as a distinct informal institution by distinguishing it from systems of stratification like race, class, and gender. In addition, we propose a parsimonious framework to highlight the implications of caste for Indian and non-Indian MNEsin their Indian and global operations. In doing this, we focus on implications with respect to the internal organization …
Automatic Scoring Of Speeded Interpersonal Assessment Center Exercises Via Machine Learning: Initial Psychometric Evidence And Practical Guidelines, Louis Hickman, Christoph N. Herde, Filip Lievens, Louis Tay
Automatic Scoring Of Speeded Interpersonal Assessment Center Exercises Via Machine Learning: Initial Psychometric Evidence And Practical Guidelines, Louis Hickman, Christoph N. Herde, Filip Lievens, Louis Tay
Research Collection Lee Kong Chian School Of Business
Assessment center (AC) exercises such as role-plays have established themselves as valuable approaches for obtaining insights into interpersonal behavior, but they are often considered the “Rolls Royce” of personnel assessment due to their high costs. The observation and rating process comprises a substantial part of these costs. In an exploratory case study, we capitalize on recent advances in natural language processing (NLP) by developing NLP-based machine learning (ML) models to investigate the possibility of automatically scoring AC exercises. First, we compared the convergent-related validity and contamination with word count of ML scores based on models that used different NLP methods …
Multiple, Speeded Assessments: Initial Evidence On Subgroup Differences And Applicant Perceptions, Filip Lievens, Jan Corstjens, Christoph N. Herde
Multiple, Speeded Assessments: Initial Evidence On Subgroup Differences And Applicant Perceptions, Filip Lievens, Jan Corstjens, Christoph N. Herde
Research Collection Lee Kong Chian School Of Business
Recently, shorter assessments have emerged as potential alternatives for more resourceful traditional selection approaches. Multiple, speeded assessments (MSAs) represent such an alternative. In MSAs, candidates participate in a large number of short (a maximum of 5 min), behavioral simulations in which they face a variety of job situations. Initial psychometric evidence on the validity of MSAs is promising. Yet, validity represents only one piece of evidence. It is not known whether MSAs disadvantage specific subgroups, which may inhibit diversity. There is also no information on candidates' experience of going through an MSA, which is pivotal for the attractiveness of the …
Scaling Digital Solutions For Wicked Problems: Ecosystem Versatility, Katherine Tatarinov, Tina Ambos, Feichin Ted Tschang
Scaling Digital Solutions For Wicked Problems: Ecosystem Versatility, Katherine Tatarinov, Tina Ambos, Feichin Ted Tschang
Research Collection Lee Kong Chian School Of Business
Digital solutions are increasingly used to address ‘‘wicked problems’’ that are locally embedded but require global approaches. Scaling these solutions internationally is imperative for their success, but to date we know little about this process. Using a qualitative case study methodology, our paper analyzes how four digital solutions driven by the United Nations are built and how they scale internationally. These solutions address wicked problems through artificial intelligence, blockchain, and geospatial mapping, and are embedded in networks of partners which evolve during scaling to create unique ecosystem roles and configurations. We identify different ecosystem roles and find that the specific …
Hfts And Dealer Banks: Liquidity And Price Discovery In Fx Trading, Wenqian Huang, Peter O'Neill, Angelo Ranaldo, Shihao Yu
Hfts And Dealer Banks: Liquidity And Price Discovery In Fx Trading, Wenqian Huang, Peter O'Neill, Angelo Ranaldo, Shihao Yu
Research Collection Lee Kong Chian School Of Business
In this paper, we characterise the liquidity provision and price discovery roles of dealers and HFTs in the FX spot market during the sample period between 2012 and 2015. We find that they have different responses to adverse market conditions: HFT liquidity provision is less sensitive to spikes in market-wide volatility, while dealer bank liquidity is more robust ahead of scheduled macroeconomic news announcements when adverse selection risk is high. In periods of extreme levels of volatility, such as the `Swiss De-peg' event in our sample, HFTs appear to withdraw almost all liquidity while dealers remain. In normal times, we …
Policy Uncertainty Reduces Green Investment, Mengyu Wang, Jeffrey Wurgler, Hong Zhang
Policy Uncertainty Reduces Green Investment, Mengyu Wang, Jeffrey Wurgler, Hong Zhang
Research Collection Lee Kong Chian School Of Business
Government subsidies are often used to stimulate environment-friendly investment. We find that Chinese firms reduce green investment as the uncertainty of subsidies rises. This effect is identified from weather-driven fluctuations in air pollution that lead to fluctuations in subsidy allocations: Firms in cities where weather-driven subsidy uncertainty is high engage in less green R&D investment, patent applications, and research staff. Industries that are heavy emitters and those focused on environmental technologies are more affected. The results suggest that policy uncertainty may originate not only from political and macroeconomic shocks but from behavioral mechanisms that link policy to salient recent conditions.