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This paper systematically studies whether external shocks of mayor turnover in prefecture level cities in China, proxied for policy uncertainty, result in a reduction of firms’ R&amp;D spending. We find that policy uncertainty is negatively correlated with firms’ R&amp;D spending under mayor turnover. This finding only exists in state-owned enterprises (SOEs) that are inherently and closely connected with regional governments. The negative effect between R&amp;D spending and policy uncertainty is more profound for SOEs operating in an uncertain macroeconomic environment, facing high risk and having financial constraints.

Policy uncertainty and corporate innovation in a transitional economy: evidence from China