THE MODERATING ROLE OF UNCERTAINTY IN THE IMPACT OF R&D EXPENDITURES ON ENVIRONMENTAL INNOVATION

Abstract

This study examines the moderating effect of uncertainty on the relationship between firms' research and development (R&D) expenditures and environmental innovation. Firms in Germany, France, Italy, and Spain, which are the first four largest economies in the European Union, are analyzed. A panel Tobit regression model is used to evaluate data from 102 that are involved in the consumer cyclicals, industry, energy, and raw materials sectors between 2006 and 2019. The findings indicate that while uncertainty plays a negative moderating role in the relationship between R&D spending and environmental innovation, R&D expenditures itself has a positive impact on environmental innovation. The research results on the relationship between uncertainty, R&D, and environmental innovation offer valuable insights for academics and policymakers. Additionally, these findings contribute to the expanding ESG literature by highlighting how uncertainty can diminish the positive effects of firms' R&D investments on environmental innovation in the specified countries.

Keywords

• R&D
• Environmental Innovation
• Uncertainty
• Panel Tobit Regression
• Moderating Role

AR-GE HARCAMALARININ ÇEVRESEL İNOVASYON ÜZERİNDEKİ ETKİSİNDE BELİRSİZLİĞİN DÜZENLEYİCİ ROLÜ

Abstract

Bu çalışma, firmaların araştırma ve geliştirme (Ar-Ge) harcamaları ile çevresel inovasyon arasındaki ilişkide belirsizliğin düzenleyici etkisini incelemektedir. Avrupa Birliği'nin ilk dört büyük ekonomisi olan Almanya, Fransa, İtalya ve İspanya'daki firmalar analiz edilmiştir. Panel Tobit regresyon modeli, 2006-2019 yılları arasında tüketici döngüselleri, sanayi, enerji ve hammadde sektörlerinde yer alan 102 firmanın verilerini değerlendirmek için kullanılmıştır. Bulgular, belirsizliğin Ar-Ge harcamaları ile çevresel inovasyon arasındaki ilişkide negatif bir düzenleyici rol oynarken, Ar-Ge harcamalarının tek başına çevresel inovasyon üzerinde pozitif bir etkiye sahip olduğunu göstermektedir. Belirsizlik, Ar-Ge ve çevresel inovasyon arasındaki ilişkiye dair araştırma sonuçları, akademisyenler ve politika yapıcılar için değerli çıkarımlar sunmaktadır. Ayrıca bu bulgular, belirsizliğin belirtilen ülkelerde firmaların Ar-Ge yatırımlarının çevresel inovasyon üzerindeki olumlu etkilerini nasıl azaltabileceğini vurgulayarak genişleyen ÇSY literatürüne katkıda bulunmaktadır.

Keywords

• AR-GE
• Çevresel İnovasyon
• Belirslizlik
• Panel Tobit Regresyon
• Düzenleyici Rol

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