The Dual Innovation Decision of Enterprises under Policy Uncertainty:"Exploration"or"Utilization"?
Selecting data from 2944 A-share listed companies in China from 2016 to 2021,this study examines the impact of policy uncertainty caused by changes in local officials on corporate R&D in-vestment and dual innovation behavior choices.The results indicate that changes in local officials will re-duce the R&D intensity of enterprises and increase the proportion of investment in exploratory innovation.Compared to the Secretary of the Municipal Party Committee,the change of the mayor has a more signif-icant impact on the choice of corporate innovation behavior,and the mayor's education and professional background have a significant moderating effect on its impact.Further research has found that the nature and scale of corporate property rights have a moderating effect,significantly affecting the effect of mayor-al changes on the choice of exploratory innovation behavior by enterprises;The simultaneous change of the Secretary of the Municipal Party Committee and the Mayor will bring greater political impact,and the impact on corporate innovation behavior will also intensify.
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