{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,2,26]],"date-time":"2026-02-26T03:55:18Z","timestamp":1772078118024,"version":"3.50.1"},"reference-count":71,"publisher":"MDPI AG","issue":"4","license":[{"start":{"date-parts":[[2023,4,12]],"date-time":"2023-04-12T00:00:00Z","timestamp":1681257600000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"name":"Jiangxi Universities and Colleges","award":["JD21001"],"award-info":[{"award-number":["JD21001"]}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Systems"],"abstract":"<jats:p>Many countries have adopted carbon regulatory policies in pursuit of carbon neutrality, which pose great transition risks for energy-intensive sectors. Using the panel data of 186 Chinese listed enterprises in the energy-intensive sector from 2007 to 2019, this study investigates the impact of green technology innovation on corporate operation risks. Empirical evidence shows that energy-intensive enterprises can effectively reduce their operational risks by participating in green technology innovation activities. This study also proves the mechanism of obtaining the support of public policies and enhancing investor confidence in the capital market, while the mechanism of improving recognition in the consumer market is insignificant. Climate policy uncertainty weakens the stabilizing effect of green technology innovation on operational risks. In addition, green technology innovation has a weak stabilizing effect on the operational risks of state-owned enterprises, while government subsidy can strengthen the stabilizing effect. Finally, the stabilizing effect of green technology innovation on operational risks varies by region, period, scale and ownership. This study and its findings provide theoretical insights for corporate risk management in energy-intensive industries and theoretical analysis for the realization mechanism of the market value of corporate green behavior.<\/jats:p>","DOI":"10.3390\/systems11040194","type":"journal-article","created":{"date-parts":[[2023,4,12]],"date-time":"2023-04-12T04:51:01Z","timestamp":1681275061000},"page":"194","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":12,"title":["Can Green Technology Innovation Reduce the Operational Risks of Energy-Intensive Enterprises?"],"prefix":"10.3390","volume":"11","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-8422-1593","authenticated-orcid":false,"given":"Huwei","family":"Wen","sequence":"first","affiliation":[{"name":"Research Center of the Central China for Economic and Social Development, Nanchang University, Nanchang 330031, China"},{"name":"School of Economics and Management, Nanchang University, Nanchang 330031, China"}]},{"given":"Jiayi","family":"Shi","sequence":"additional","affiliation":[{"name":"School of Economics and Management, Nanchang University, Nanchang 330031, China"}]},{"ORCID":"https:\/\/orcid.org\/0009-0008-5647-4623","authenticated-orcid":false,"given":"Peng","family":"Lu","sequence":"additional","affiliation":[{"name":"School of Economics and Management, Nanchang University, Nanchang 330031, China"}]}],"member":"1968","published-online":{"date-parts":[[2023,4,12]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"106959","DOI":"10.1016\/j.eiar.2022.106959","article-title":"China\u2019s progress toward sustainable development in pursuit of carbon neutrality: Regional differences and dynamic evolution","volume":"98","author":"Wen","year":"2023","journal-title":"Environ. Impact Assess. Rev."},{"key":"ref_2","doi-asserted-by":"crossref","first-page":"118320","DOI":"10.1016\/j.energy.2020.118320","article-title":"Big data driven predictive production planning for energy-intensive manufacturing industries","volume":"211","author":"Ma","year":"2020","journal-title":"Energy"},{"key":"ref_3","doi-asserted-by":"crossref","first-page":"105237","DOI":"10.1016\/j.eneco.2021.105237","article-title":"Green technology innovation and financial development: Do environmental regulation and innovation output matter?","volume":"98","author":"Lv","year":"2021","journal-title":"Energy Econ."},{"key":"ref_4","doi-asserted-by":"crossref","first-page":"145811","DOI":"10.1016\/j.scitotenv.2021.145811","article-title":"How does environmental information disclosure affect economic development and haze pollution in Chinese cities? The mediating role of green technology innovation","volume":"775","author":"Feng","year":"2021","journal-title":"Sci. Total Environ."},{"key":"ref_5","doi-asserted-by":"crossref","first-page":"114570","DOI":"10.1016\/j.jenvman.2022.114570","article-title":"Implementation of enterprises\u2019 green technology innovation under market-based environmental regulation: An evolutionary game approach","volume":"308","author":"Li","year":"2022","journal-title":"J. Environ. Manag."},{"key":"ref_6","doi-asserted-by":"crossref","first-page":"407","DOI":"10.1016\/j.emj.2015.07.001","article-title":"Management innovation and firm performance: An integration of research findings","volume":"33","author":"Walker","year":"2015","journal-title":"Eur. Manag. J."},{"key":"ref_7","doi-asserted-by":"crossref","first-page":"122","DOI":"10.1016\/j.scitotenv.2018.03.173","article-title":"A framework to overcome barriers to green innovation in SMEs using BWM and Fuzzy TOPSIS","volume":"633","author":"Gupta","year":"2018","journal-title":"Sci. Total Environ."},{"key":"ref_8","doi-asserted-by":"crossref","first-page":"428","DOI":"10.1016\/j.techfore.2017.12.012","article-title":"Dynamic relationship among environmental regulation, technological innovation and energy efficiency based on large scale provincial panel data in China","volume":"144","author":"Pan","year":"2019","journal-title":"Technol. Forecast. Soc. Chang."},{"key":"ref_9","doi-asserted-by":"crossref","unstructured":"Liu, Y., Failler, P., and Liu, Z. (2022). Impact of Environmental Regulations on Energy Efficiency: A Case Study of China\u2019s Air Pollution Prevention and Control Action Plan. Sustainability, 14.","DOI":"10.3390\/su14063168"},{"key":"ref_10","doi-asserted-by":"crossref","first-page":"125624","DOI":"10.1016\/j.jclepro.2020.125624","article-title":"Effect of green technology innovation on green total factor productivity in China: Evidence from spatial durbin model analysis","volume":"288","author":"Wang","year":"2021","journal-title":"J. Clean. Prod."},{"key":"ref_11","doi-asserted-by":"crossref","first-page":"121453","DOI":"10.1016\/j.techfore.2021.121453","article-title":"Environmental information disclosure and green technology innovation: Empirical evidence from China","volume":"176","author":"Li","year":"2022","journal-title":"Technol. Forecast. Soc. Chang."},{"key":"ref_12","doi-asserted-by":"crossref","first-page":"358","DOI":"10.1016\/j.eneco.2011.06.005","article-title":"Greenhouse gas emissions, energy consumption and economic growth: A panel cointegration analysis from Canadian industrial sector perspective","volume":"34","year":"2012","journal-title":"Energy Econ."},{"key":"ref_13","doi-asserted-by":"crossref","first-page":"380","DOI":"10.1016\/j.jclepro.2019.01.242","article-title":"Does income inequality facilitate carbon emission reduction in the US?","volume":"217","author":"Liu","year":"2019","journal-title":"J. Clean. Prod."},{"key":"ref_14","doi-asserted-by":"crossref","first-page":"512","DOI":"10.1016\/j.eneco.2019.01.024","article-title":"The impact of regional convergence in energy-intensive industries on China\u2019s CO2 emissions and emission goals","volume":"80","author":"Wang","year":"2019","journal-title":"Energy Econ."},{"key":"ref_15","doi-asserted-by":"crossref","first-page":"213","DOI":"10.1016\/j.eneco.2018.02.019","article-title":"What factors lead to the decline of energy intensity in China\u2019s energy intensive industries?","volume":"71","author":"Tan","year":"2018","journal-title":"Energy Econ."},{"key":"ref_16","doi-asserted-by":"crossref","first-page":"101199","DOI":"10.1016\/j.reseneeco.2020.101199","article-title":"Convergence of the world\u2019s energy use","volume":"62","author":"Liu","year":"2020","journal-title":"Resour. Energy Econ."},{"key":"ref_17","doi-asserted-by":"crossref","first-page":"105099","DOI":"10.1016\/j.eneco.2021.105099","article-title":"Green credit policy, credit allocation efficiency and upgrade of energy-intensive enterprises","volume":"94","author":"Wen","year":"2021","journal-title":"Energy Econ."},{"key":"ref_18","doi-asserted-by":"crossref","first-page":"100001","DOI":"10.1016\/j.ese.2019.100001","article-title":"China\u2019s historical evolution of environmental protection along with the forty years\u2019 reform and opening-up","volume":"1","author":"Xie","year":"2020","journal-title":"Environ. Sci. Ecotechnol."},{"key":"ref_19","doi-asserted-by":"crossref","first-page":"105247","DOI":"10.1016\/j.eneco.2021.105247","article-title":"Environmental regulation, green technology innovation, and industrial structure upgrading: The road to the green transformation of Chinese cities","volume":"98","author":"Du","year":"2021","journal-title":"Energy Econ."},{"key":"ref_20","doi-asserted-by":"crossref","first-page":"105734","DOI":"10.1016\/j.eneco.2021.105734","article-title":"Is financial development beneficial to improve the efficiency of green development? Evidence from the \u201cBelt and Road\u201d countries","volume":"105","author":"Yang","year":"2022","journal-title":"Energy Econ."},{"key":"ref_21","doi-asserted-by":"crossref","first-page":"492","DOI":"10.3934\/GF.2022024","article-title":"How do green bonds affect green technology innovation? Firm evidence from China","volume":"4","author":"Lin","year":"2022","journal-title":"Green Financ."},{"key":"ref_22","doi-asserted-by":"crossref","first-page":"235","DOI":"10.1016\/j.enpol.2014.04.041","article-title":"Using latent variable approach to estimate China\u05f3 s economy-wide energy rebound effect over 1954\u20132010","volume":"72","author":"Shao","year":"2014","journal-title":"Energy Policy"},{"key":"ref_23","doi-asserted-by":"crossref","first-page":"2195","DOI":"10.1016\/j.apenergy.2018.07.039","article-title":"The evolution and driving forces of industrial aggregate energy intensity in China: An extended decomposition analysis","volume":"228","author":"Wang","year":"2018","journal-title":"Appl. Energy"},{"key":"ref_24","doi-asserted-by":"crossref","first-page":"1017","DOI":"10.1038\/nclimate2388","article-title":"Determinants of stagnating carbon intensity in China","volume":"4","author":"Guan","year":"2014","journal-title":"Nat. Clim. Chang."},{"key":"ref_25","doi-asserted-by":"crossref","first-page":"137","DOI":"10.1016\/j.eneco.2017.05.002","article-title":"Multiplicative structural decomposition analysis of aggregate embodied energy and emission intensities","volume":"65","author":"Su","year":"2017","journal-title":"Energy Econ."},{"key":"ref_26","doi-asserted-by":"crossref","first-page":"102198","DOI":"10.1016\/j.irfa.2022.102198","article-title":"Climate Risk and Bank Liquidity Creation: International Evidence","volume":"82","author":"Lee","year":"2022","journal-title":"Int. Rev. Financ. Anal."},{"key":"ref_27","doi-asserted-by":"crossref","first-page":"104880","DOI":"10.1016\/j.eneco.2020.104880","article-title":"How do environmental regulation and environmental decentralization affect green total factor energy efficiency: Evidence from China","volume":"91","author":"Wu","year":"2022","journal-title":"Energy Econ."},{"key":"ref_28","doi-asserted-by":"crossref","first-page":"125032","DOI":"10.1016\/j.jclepro.2020.125032","article-title":"Spatial effect of environmental regulation on green innovation efficiency: Evidence from prefectural-level cities in China","volume":"286","author":"Li","year":"2021","journal-title":"J. Clean. Prod."},{"key":"ref_29","doi-asserted-by":"crossref","first-page":"304","DOI":"10.1016\/j.jclepro.2018.03.257","article-title":"Does institutional pressure foster corporate green innovation? Evidence from China\u2019s top 100 companies","volume":"188","author":"Chen","year":"2018","journal-title":"J. Clean. Prod."},{"key":"ref_30","doi-asserted-by":"crossref","first-page":"121434","DOI":"10.1016\/j.techfore.2021.121434","article-title":"Green technology innovations, urban innovation environment and CO2 emission reduction in China: Fresh evidence from a partially linear functional-coefficient panel model","volume":"176","author":"Lin","year":"2022","journal-title":"Technol. Forecast. Soc. Chang."},{"key":"ref_31","doi-asserted-by":"crossref","first-page":"240","DOI":"10.1016\/j.enpol.2019.04.033","article-title":"Towards a green world: How do green technology innovations affect total-factor carbon productivity","volume":"131","author":"Du","year":"2019","journal-title":"Energy Policy"},{"key":"ref_32","doi-asserted-by":"crossref","first-page":"14693","DOI":"10.1007\/s11356-022-23190-7","article-title":"Increasing short-term lending for long-term investment under environmental pressure: Evidence from China\u2019s energy-intensive firms","volume":"30","author":"Xu","year":"2023","journal-title":"Environ. Sci. Pollut. Res."},{"key":"ref_33","doi-asserted-by":"crossref","first-page":"199","DOI":"10.1080\/09537325.2018.1493189","article-title":"Does China\u2019s emissions trading system foster corporate green innovation? Evidence from regulating listed companies","volume":"31","author":"Zhang","year":"2019","journal-title":"Technol. Anal. Strateg. Manag."},{"key":"ref_34","doi-asserted-by":"crossref","first-page":"113189","DOI":"10.1016\/j.jenvman.2021.113189","article-title":"Modeling the effect of green technology innovation and renewable energy on carbon neutrality in N-11 countries? Evidence from advance panel estimations","volume":"296","author":"Shao","year":"2021","journal-title":"J. Environ. Manag."},{"key":"ref_35","doi-asserted-by":"crossref","first-page":"361","DOI":"10.1007\/s10551-011-0914-x","article-title":"The influence of corporate environmental ethics on competitive advantage: The mediation role of green innovation","volume":"104","author":"Chang","year":"2011","journal-title":"J. Bus. Ethics"},{"key":"ref_36","doi-asserted-by":"crossref","first-page":"4902","DOI":"10.1080\/1331677X.2021.2019596","article-title":"Does mandatory CSR disclosure affect enterprise total factor productivity?","volume":"35","author":"Li","year":"2022","journal-title":"Econ. Res.-Ekon. Istra\u017eivanja"},{"key":"ref_37","doi-asserted-by":"crossref","first-page":"418","DOI":"10.1016\/j.jmoneco.2020.02.004","article-title":"Business complexity and risk management: Evidence from operational risk events in US bank holding companies","volume":"117","author":"Chernobai","year":"2021","journal-title":"J. Monet. Econ."},{"key":"ref_38","doi-asserted-by":"crossref","first-page":"102545","DOI":"10.1016\/j.resourpol.2021.102545","article-title":"Research on the nonlinear mechanism underlying the effect of tax competition on green technology innovation-An analysis based on the dynamic spatial Durbin model and the threshold panel model","volume":"76","author":"Deng","year":"2022","journal-title":"Resour. Policy"},{"key":"ref_39","doi-asserted-by":"crossref","first-page":"124685","DOI":"10.1016\/j.jclepro.2020.124685","article-title":"The impact of risk-taking level on green technology innovation: Evidence from energy-intensive listed companies in China","volume":"281","author":"Yan","year":"2021","journal-title":"J. Clean. Prod."},{"key":"ref_40","doi-asserted-by":"crossref","first-page":"127470","DOI":"10.1016\/j.physa.2022.127470","article-title":"The path of financial risk spillover in the stock market based on the R-vine-Copula model","volume":"600","author":"Zhang","year":"2022","journal-title":"Phys. A Stat. Mech. Its Appl."},{"key":"ref_41","doi-asserted-by":"crossref","first-page":"106545","DOI":"10.1016\/j.eneco.2023.106545","article-title":"New media environment, environmental regulation and corporate green technology innovation: Evidence from China","volume":"119","author":"Li","year":"2023","journal-title":"Energy Econ."},{"key":"ref_42","doi-asserted-by":"crossref","first-page":"70","DOI":"10.1016\/j.strueco.2022.02.008","article-title":"Environmental decentralization, digital finance and green technology innovation","volume":"61","author":"Feng","year":"2022","journal-title":"Struct. Chang. Econ. Dyn."},{"key":"ref_43","doi-asserted-by":"crossref","first-page":"105047","DOI":"10.1016\/j.eneco.2020.105047","article-title":"Financial deregulation and operational risks of energy enterprise: The shock of liberalization of bank lending rate in China","volume":"93","author":"Si","year":"2021","journal-title":"Energy Econ."},{"key":"ref_44","first-page":"138","article-title":"Market-based Environmental Regulation, Green Technology Innovation and Green Total Factor Energy Efficiency: A PSM-DID test based on an emissions trading system","volume":"3","author":"Zhao","year":"2021","journal-title":"Sci. Soc. Res."},{"key":"ref_45","doi-asserted-by":"crossref","first-page":"35780","DOI":"10.1007\/s11356-022-18581-9","article-title":"How green technology innovation affects carbon emission efficiency: Evidence from developed countries proposing carbon neutrality targets","volume":"29","author":"Dong","year":"2022","journal-title":"Environ. Sci. Pollut. Res."},{"key":"ref_46","doi-asserted-by":"crossref","first-page":"105397","DOI":"10.1016\/j.eneco.2021.105397","article-title":"Does the emissions trading system in developing countries accelerate carbon leakage through OFDI?","volume":"101","author":"Yu","year":"2021","journal-title":"Evid. China. Energy Econ."},{"key":"ref_47","doi-asserted-by":"crossref","first-page":"117782","DOI":"10.1016\/j.jclepro.2019.117782","article-title":"Efficiency evaluation of green technology innovation of China\u2019s strategic emerging industries: An empirical analysis based on Malmquist-data envelopment analysis index","volume":"238","author":"Luo","year":"2019","journal-title":"J. Clean. Prod."},{"key":"ref_48","doi-asserted-by":"crossref","first-page":"1089","DOI":"10.1007\/s10551-016-3187-6","article-title":"Environmental legitimacy, green innovation, and corporate carbon disclosure: Evidence from CDP China 100","volume":"150","author":"Li","year":"2018","journal-title":"J. Bus. Ethics"},{"key":"ref_49","doi-asserted-by":"crossref","first-page":"113383","DOI":"10.1016\/j.jenvman.2021.113383","article-title":"Exploring a pathway to carbon neutrality via reinforcing environmental performance through green process innovation, environmental orientation and green competitive advantage","volume":"296","author":"Zameer","year":"2021","journal-title":"J. Environ. Manag."},{"key":"ref_50","doi-asserted-by":"crossref","first-page":"119012","DOI":"10.1016\/j.apenergy.2022.119012","article-title":"Does carbon emissions trading promote green technology innovation in China?","volume":"315","author":"Zhang","year":"2022","journal-title":"Appl. Energy"},{"key":"ref_51","doi-asserted-by":"crossref","first-page":"631","DOI":"10.1016\/j.jclepro.2017.11.211","article-title":"Sustainability as a driver of green innovation investment and exploitation","volume":"179","author":"Saunila","year":"2018","journal-title":"J. Clean. Prod."},{"key":"ref_52","doi-asserted-by":"crossref","first-page":"4184","DOI":"10.1007\/s11356-020-10760-w","article-title":"The dynamics effect of green technology innovation on economic growth and CO2 emission in Singapore: New evidence from bootstrap ARDL approach","volume":"28","author":"Meirun","year":"2021","journal-title":"Environ. Sci. Pollut. Res."},{"key":"ref_53","doi-asserted-by":"crossref","first-page":"120659","DOI":"10.1016\/j.techfore.2021.120659","article-title":"Energy efficiency: The role of technological innovation and knowledge spillover","volume":"167","author":"Sun","year":"2021","journal-title":"Technol. Forecast. Soc. Chang."},{"key":"ref_54","doi-asserted-by":"crossref","first-page":"141","DOI":"10.1016\/j.jclepro.2016.09.038","article-title":"Eco-innovation, sustainable supply chains and environmental performance in European industries","volume":"155","author":"Costantini","year":"2017","journal-title":"J. Clean. Prod."},{"key":"ref_55","doi-asserted-by":"crossref","unstructured":"Wen, H., Jiang, M., and Zheng, S. (2022). Impact of information and communication technologies on corporate energy intensity: Evidence from cross-country micro data. J. Environ. Plan. Manag.","DOI":"10.1080\/09640568.2022.2141104"},{"key":"ref_56","doi-asserted-by":"crossref","first-page":"104","DOI":"10.1016\/j.ecolecon.2016.10.019","article-title":"Different types of environmental regulations and heterogeneous influence on \u201cgreen\u201d productivity: Evidence from China","volume":"132","author":"Xie","year":"2017","journal-title":"Ecol. Econ."},{"key":"ref_57","doi-asserted-by":"crossref","first-page":"365","DOI":"10.1016\/j.eap.2022.03.007","article-title":"The carbon emissions trading scheme and green technology innovation in China: A new structural economics perspective","volume":"74","author":"Zhou","year":"2022","journal-title":"Econ. Anal. Policy"},{"key":"ref_58","doi-asserted-by":"crossref","first-page":"101933","DOI":"10.1016\/j.techsoc.2022.101933","article-title":"Can renewable energy technology innovation alleviate energy poverty? Perspective from the marketization level","volume":"68","author":"Wang","year":"2022","journal-title":"Technol. Soc."},{"key":"ref_59","doi-asserted-by":"crossref","first-page":"660","DOI":"10.1016\/j.econmod.2020.02.048","article-title":"Environmental decentralization and innovation in China","volume":"93","author":"Feng","year":"2020","journal-title":"Econ. Model."},{"key":"ref_60","doi-asserted-by":"crossref","first-page":"2285","DOI":"10.1016\/j.ecolecon.2009.02.016","article-title":"The effects of customer benefit and regulation on environmental product innovation: Empirical evidence from appliance manufacturers in Germany","volume":"68","author":"Kammerer","year":"2009","journal-title":"Ecol. Econ."},{"key":"ref_61","doi-asserted-by":"crossref","first-page":"120201","DOI":"10.1016\/j.jclepro.2020.120201","article-title":"Impact of environmental labeling certification on firm performance: Empirical evidence from China","volume":"255","author":"Wen","year":"2020","journal-title":"J. Clean. Prod."},{"key":"ref_62","doi-asserted-by":"crossref","first-page":"101294","DOI":"10.1016\/j.pacfin.2020.101294","article-title":"The market reaction to green bond issuance: Evidence from China","volume":"60","author":"Wang","year":"2020","journal-title":"Pac.-Basin Financ. J."},{"key":"ref_63","doi-asserted-by":"crossref","unstructured":"Liu, Y., Failler, P., and Ding, Y. (2022). Enterprise financialization and technological innovation: Mechanism and heterogeneity. PLoS ONE, 17.","DOI":"10.1371\/journal.pone.0275461"},{"key":"ref_64","doi-asserted-by":"crossref","unstructured":"Wen, H., Chen, S., and Lee, C.C. (2023). Impact of low-carbon city construction on financing, investment, and total factor productivity of energy-intensive enterprises. Energy J., 44.","DOI":"10.5547\/01956574.44.2.hwen"},{"key":"ref_65","doi-asserted-by":"crossref","first-page":"1","DOI":"10.21314\/JCR.2018.243","article-title":"A fifty-year retrospective on credit risk models, the Altman Z-score family of models and their applications to financial markets and managerial strategies","volume":"14","author":"Altman","year":"2018","journal-title":"J. Credit Risk"},{"key":"ref_66","first-page":"181","article-title":"An application of Altman z-score model to analyze the bankruptcy risk: Cases of multidisciplinary enterprises in Vietnam","volume":"16","author":"Tung","year":"2019","journal-title":"Invest. Manag. Financ. Innov."},{"key":"ref_67","doi-asserted-by":"crossref","first-page":"452","DOI":"10.3934\/NAR.2021024","article-title":"The measurement and analysis of technological innovation diffusion in China\u2019s manufacturing industry","volume":"3","author":"Wang","year":"2021","journal-title":"Natl. Account. Rev."},{"key":"ref_68","doi-asserted-by":"crossref","unstructured":"Gavriilidis, K. (2022, August 10). Measuring Climate Policy Uncertainty. Available online: https:\/\/ssrn.com\/abstract=3847388.","DOI":"10.2139\/ssrn.3847388"},{"key":"ref_69","doi-asserted-by":"crossref","unstructured":"Wen, H., Liu, Y., and Huang, Y. (2023). Place-based policies and carbon emission efficiency: Quasi-experiment in China\u2019s old revolutionary base areas. Int. J. Environ. Res. Public Health, 20.","DOI":"10.3390\/ijerph20032677"},{"key":"ref_70","doi-asserted-by":"crossref","first-page":"101640","DOI":"10.1016\/j.pacfin.2021.101640","article-title":"Economic policy uncertainty and corporate risk-taking: Loss aversion or opportunity expectations","volume":"69","author":"Zhang","year":"2021","journal-title":"Pac.-Basin Financ. J."},{"key":"ref_71","doi-asserted-by":"crossref","first-page":"726","DOI":"10.1016\/j.ejor.2020.03.047","article-title":"Government subsidies for green technology development under uncertainty","volume":"286","author":"Jung","year":"2020","journal-title":"Eur. J. Oper. Res."}],"container-title":["Systems"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.mdpi.com\/2079-8954\/11\/4\/194\/pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,10,10]],"date-time":"2025-10-10T19:14:29Z","timestamp":1760123669000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.mdpi.com\/2079-8954\/11\/4\/194"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2023,4,12]]},"references-count":71,"journal-issue":{"issue":"4","published-online":{"date-parts":[[2023,4]]}},"alternative-id":["systems11040194"],"URL":"https:\/\/doi.org\/10.3390\/systems11040194","relation":{},"ISSN":["2079-8954"],"issn-type":[{"value":"2079-8954","type":"electronic"}],"subject":[],"published":{"date-parts":[[2023,4,12]]}}}