The economic policy uncertainty and firm investment in Australia

被引：51
|
作者：
Wu, Ji [1 ]
Zhang, Jing [2 ]
Zhang, Shiyu [1 ]
Zou, Liping [1 ]
机构：
[1] Massey Univ, Sch Econ & Finance, Auckland, New Zealand
[2] Xiamen Univ, Wang Yanan Inst Studies Econ WISE, Sch Econ, Dept Econ, Xiamen 361005, Fujian, Peoples R China
来源：
APPLIED ECONOMICS | 2020年 / 52卷 / 31期
关键词：
Economic policy uncertainty; firm investment; Australia; propensity score matching; POLITICAL UNCERTAINTY; CORPORATE-INVESTMENT; CROSS-SECTION; PRICE; MERGERS; IMPACT; OUTPUT; COST;
D O I：
10.1080/00036846.2019.1710454
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper examines the impact of economic policy uncertainty (EPU) on the Australian firm investment activity. We find a significant positive relationship between the EPU and the firm investment over 2002 to 2017 period. Our main results remain unchanged after several endogeneity tests. Further analysis reveals that this relationship becomes pronounced for firms if their headquarters located in small states, firms with more tangible assets, higher operating cash flows and cash holdings, higher profits and leverage, but firms with fewer dividend payouts. Our paper sheds lights on the unique attribute of the impact of the EPU on the Australian firm investment activity and offers important policy and managerial implications.
引用
收藏
页码：3354 / 3378
页数：25
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