Abstract
Using an unbalanced panel of Chinese listed renewable energy firms, this study explores how country risks and government subsidies affect the performance of renewable energy firms with different performance levels and the moderating effect of government subsidies on the risk–performance nexus throughout the performance distribution. The results reveal that different types of country risks have different effects on the performance of renewable energy firms across the distribution. Government subsidies have a positive (negative) effect on the performance of lower-performing (higher-performing) renewable energy firms. Moreover, the moderating effects of government subsidies on the relationship between country risks and renewable energy firm performance change with performance levels and ownership attributes. Therefore, the Chinese government should fully consider the varying effects of country risks and government subsidies on the performance of renewable energy firms and formulate specific policies for high- and low-performing firms.
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