This paper employs a sample of Chinese A-share listed companies spanning from 2011 to 2022 to empirically investigate the influence of climate policy uncertainty on the corporate cost of debt, based on the theory of financial friction. We find that climate policy uncertainty significantly increases the corporate cost of debt, and the result is supported by robustness tests. To avoid biases arisen from endogeneity, this paper introduces an instrumental variable approach and propensity score matching method for verification. The endogeneity test results support the baseline regression results as well. Finally, this paper also discovers that financing constraints are the potential mechanism behind the impact of climate policy uncertainty on the corporate cost of debt.

Intellectual property (IP) is a crucial issue as it directly impacts economic growth. This research analyzed the dynamic governance reconstruction within Indonesia’s Ministry of Law and Human Rights aimed at transforming it into a world-class Intellectual Property Office (IPO). A systematic review of 20 articles was conducted. The results showed that the Directorate General of Intellectual Property (DGIP) under the Ministry has numerous opportunities to become a world-class IPO. Protecting intellectual works through IP rights enhances inclusiveness, such as ensuring operational freedoms. The Indonesian government is employing dynamic governance methods to contextualize and implement bureaucratic reforms. However, there is resistance to change as old habits conflict with the new order, posing a challenge to bureaucratic reform. Strategies to create a world-class IPO involve improving technology utilization and fostering innovation. The protection of IP rights has widened inclusivity by enabling operational freedoms. Under dynamic governance, the bureaucracy is being restructured to be more context-aware and agile in its execution. Yet, ingrained practices resist reform, creating friction with the new systems being instituted. Initiatives to elevate the DGIP include technological modernization and promoting a more innovative culture. By reviewing these aspects systematically, the research provides insights into the opportunities and challenges in transforming Indonesia’s IP office into a world-class institution capable of driving economic growth through robust IP governance.