This study examines the impacts of energy-related uncertainties on manufacturing listed firms' investment decisions and performance in advanced and emerging markets using panel data during the period 2004–2022. Our empirical investigations show that energy-related uncertainties significantly and positively affect firms' investment scale. This indicates a tendency of manufacturing firms to invest more in innovation and technology that reduces their dependence on traditional energy and meets new energy standards. Further, we reveal that nations' digitalization, institutional quality, business support environment, and R&D incentives relieve firm's pressure in increasing investment under energy uncertainties. Our study offers valuable insights for businesses, policymakers, and researchers, and sheds light on the relationships between energy-related uncertainties and strategic investment decisions in the global corporate landscape.

中文翻译：

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投资决策和效率：能源不确定性下制造企业的全球洞察


本研究利用 2004 年至 2022 年期间的面板数据，探讨了与能源相关的不确定性对发达市场和新兴市场的制造业上市公司的投资决策和业绩的影响。我们的实证调查表明，与能源相关的不确定性对企业的投资规模产生显着且积极的影响。这表明制造企业倾向于加大对创新和技术的投资，以减少对传统能源的依赖并满足新能源标准。此外，我们还发现，国家的数字化、制度质量、商业支持环境和研发激励措施缓解了能源不确定性下企业增加投资的压力。我们的研究为企业、政策制定者和研究人员提供了宝贵的见解，并揭示了全球企业格局中能源相关不确定性与战略投资决策之间的关系。