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
相关论文
共 50 条
  • [31] Firm investment steering through state-level policy uncertainty
    Alam, Ahmed W.
    Farjana, Ashupta
    Houston, Reza
    FINANCE RESEARCH LETTERS, 2023, 58
  • [32] Uncertainty determinants of firm investment
    Baum, Christopher F.
    Caglayan, Mustafa
    Talavera, Oleksandr
    ECONOMICS LETTERS, 2008, 98 (03) : 282 - 287
  • [33] Economic policy uncertainty and firm performance: evidence from China
    Feng, Xinge
    Luo, Weijie
    Wang, Yong
    JOURNAL OF THE ASIA PACIFIC ECONOMY, 2023, 28 (04) : 1476 - 1493
  • [34] The impacts of economic policy uncertainty on firm cash holding in China
    Chen, Xin
    Li, Jiannan
    Tang, Decai
    Shang, Li
    Boamah, Valentina
    Xu, Jiayi
    Deng, Zixuan
    PLOS ONE, 2023, 18 (11):
  • [35] Economic Policy Uncertainty, Bilateral Investment Treaties, and Chinese Outward Direct Investment
    Lu, Yue
    Wu, Linghui
    Zeng, Ka
    PACIFIC AFFAIRS, 2021, 94 (03) : 519 - 548
  • [36] Financial flexibility and economic policy uncertainty: Evidence from firm behavior and firm value
    Yousefi, Hamed
    Yung, Kenneth
    JOURNAL OF CORPORATE ACCOUNTING AND FINANCE, 2022, 33 (01): : 11 - 22
  • [37] Economic policy uncertainty and corporate investment: evidence from China
    Meng, Xiangyuan
    Guo, Haoge
    Li, Jie
    ECONOMIC CHANGE AND RESTRUCTURING, 2023, 56 (06) : 4491 - 4529
  • [38] State of Confusion: Economic Policy Uncertainty and International Trade and Investment
    Kirchner, Stephen
    AUSTRALIAN ECONOMIC REVIEW, 2019, 52 (02) : 178 - 199
  • [39] Enterprise Sustainability: Economic Policy Uncertainty, Enterprise Investment, and Profitability
    Guo, Aijun
    Wei, Haiqi
    Zhong, Fanglei
    Liu, Shuangshuang
    Huang, Chunlin
    SUSTAINABILITY, 2020, 12 (09)
  • [40] THE EFFECTS OF ECONOMIC POLICY UNCERTAINTY AND LARGE INVESTMENT PROJECT ON LEVERAGE
    Kim, Sung Suk
    Juliana, Rita
    Handoko, Liza
    ASIAN ACADEMY OF MANAGEMENT JOURNAL, 2023, 28 (02) : 333 - 369
12345