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We analyze the effect of trade policy uncertainty (TPU) on R&D investment among Chinese-listed companies from 2018 to 2022. Our findings indicate that R&D investment rises with TPU, supporting the strategic growth option theory. This effect is stronger in non-high-tech firms and less competitive sectors. Additionally, while patent applications and grants increase with TPU, invention patent grants decrease.
Wu et al. (Wed,) studied this question.