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Do renewable energy policies exacerbate corporate information uncertainty?
Chune Young Chung1, Wonseok Choi2, Huy Pham3
1School of Business Administration, College of Business and Economics, Chung-Ang University, Seoul, 06974, South Korea.
Journal of Environmental Management
|January 3, 2025
Summary
State renewable energy policies boost corporate adoption but increase financial performance variability and information uncertainty. Strategic policy timelines are crucial for balancing sustainability and a stable information environment.
Area of Science:
- Environmental Policy
- Corporate Finance
- Information Economics
Background:
- State-level renewable energy policies and incentives are analyzed for their effect on the corporate information environment.
- These policies are treated as external shocks influencing firms' renewable energy adoption.
- Understanding this impact is crucial for sustainable business practices and financial stability.
Purpose of the Study:
- To examine the causal relationship between state renewable energy policies and corporate information environments.
- To assess how these policies affect firms' renewable energy adoption and financial performance variability.
- To determine the link between financial performance variability and information uncertainty in renewable-intensive industries.
Main Methods:
- Econometric analysis of state-level renewable energy policies and incentives.
- Utilizing these policies as exogenous instruments for firm-level renewable energy exposure.
- Correlating financial performance variability with information uncertainty.
Main Results:
- Renewable energy policies significantly increase firms' adoption of renewable energy.
- These policies lead to greater variability in firms' financial performance.
- A positive correlation exists between performance variability and information uncertainty, especially in renewable-reliant sectors.
Conclusions:
- State renewable energy policies are effective in driving adoption but can introduce financial and informational instability.
- The design and timing of policy implementation are critical for mitigating negative impacts on the firm information environment.
- Swift transitions to renewable energy may temporarily impair corporate information quality, necessitating careful strategic planning.
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