Climate Policy Uncertainty and Corporate Investment: Evidence From the U.S. Tourism and Hospitality Sector
研究了2001-2020年美国旅游和酒店业数据，发现气候政策不确定性显著抑制资本投资，且影响持续至少4年，但对研发投资无显著影响。
We examine the association between climate policy uncertainty (CPU) and corporate investment using U.S. data on tourism and hospitality firms over the period 2001–2020. We find that the aggregate country-level CPU is significantly negatively associated with capital investment, with the impact extending at least 4 years into the future. In particular, we find that CPU has an influence on firms’ capital investment that is incremental to economic policy uncertainty (EPU). By contrast, we document that CPU is unrelated to R&D investment. Our main findings are robust to a battery of sensitivity tests, including an instrumental variable approach and sub-industry analyses. Overall, our findings highlighting the impact of CPU on capital investment have significant implications for academics, managers, and policy makers.