Firm-Perceived Economic Policy Uncertainty and Open Innovation, as Well as the Role of AI-Related Asset Intensity and ESG Performance

In the context of increasing economic policy uncertainty and rapidly evolving digital technology, how do corporate innovation systems respond? Using data on China’s A-share listed firms from 2010 to 2024, we examine the relationship between firm-perceived economic policy uncertainty (FEPU) and collaborative open innovation. We find that FEPU is significantly and positively associated with collaborative open innovation, with this positive association primarily observed among larger firms and, for invention patents, stronger among state-owned firms. Moreover, we also find that artificial intelligence (AI)-related asset intensity serves as a key mediating channel linking FEPU to collaborative open innovation. Corporate ESG performance, as a boundary condition, plays a positive moderating role in the relationship between FEPU and collaborative open innovation. Further, higher institutional ownership strengthens ESG’s moderating role. This paper elucidates the new logic through which firms navigate external policy turbulence via open innovation, technological resource investment, and relational governance.