The nonlinear impact of economic policy uncertainty on corporate green total factor productivity

This study investigates the nonlinear impact of economic policy uncertainty (EPU) on corporate green total factor productivity (GTFP), examining the moderating role of intelligent transformation (IT). Analyzing firm-level data from Chinese listed companies (2010-2022), we document an inverted U-shaped relationship between EPU and GTFP, where moderate uncertainty catalyzes environmental innovation while excessive uncertainty impedes it. IT significantly enhances firms' adaptive capacity, amplifying positive effects of manageable uncertainty while mitigating adverse impacts of high uncertainty. Heterogeneity analysis reveals distinct patterns across industry types, with high-tech and non-pollution-intensive sectors demonstrating greater resilience to policy volatility. These findings advance uncertainty management theory and provide actionable insights for environmental policy formulation.