The Influence of Non-Financial Enterprises' Shadow Banking on Innovation Quality Under Economic Policy Uncertainty
Dados Bibliográficos
| AUTOR(ES) | |
|---|---|
| AFILIAÇÃO(ÕES) | Business School of Zhengzhou University, Henan, China, Southwest University of Political Science and Law, Chongqing, China |
| ANO | 2024 |
| TIPO | Artigo |
| PERIÓDICO | SAGE Open |
| ISSN | 2158-2440 |
| E-ISSN | 2158-2440 |
| DOI | 10.1177/21582440241271077 |
| ADICIONADO EM | 2025-08-18 |
Resumo
This paper investigates the influence of non-financial firms' involvement in shadow banking on the caliber of corporate innovation. It focuses on Chinese non-financial listed companies between 2012 and 2022 and delves deeper into the mechanism of economic policy uncertainty (EPU) in relation to the interplay between shadow banking and innovation quality. The findings reveal that firms participating in shadow banking activities experience a decline in innovation quality, with a more pronounced effect observed among state-owned enterprises (SOEs) and small and medium-sized enterprises (SMEs). Furthermore, EPU amplifies the negative impact of non-financial firms' shadow banking on innovation quality. The outcomes of this study hold significant academic value and practical implications for curbing enterprise shadow banking, optimizing resource allocation structures, maintaining economic policy stability, and fostering high-quality businesses development.