Political regimes, investment and electoral uncertainty

被引：4
|
作者：
Marcelin, Isaac [1 ]
Stephen, Sheryl-Ann K. [2 ]
Fanta, Fassil [3 ]
Tecklezion, Mussie [4 ]
机构：
[1] Univ Maryland Eastern Shore, 1102 Kiah Hall Coll Backbone Rd, Princess Anne, MD 21853 USA
[2] Butler Univ, Lacy Sch Business, Indianapolis, IN 46208 USA
[3] Brenau Univ, Coll Business & Mass Commun, 500 Washington St SE, Gainesville, GA 30501 USA
[4] Univ Wisconsin Green Bay, Austin E Cofrin Sch Business, Green Bay, WI 54311 USA
来源：
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE | 2019年 / 47卷
关键词：
Political economy; Policy uncertainty; Electoral uncertainty; Investment; Capital intensity; Intangible intensity; FINANCIAL DEVELOPMENT; POLICY UNCERTAINTY; MACROECONOMIC POLICY; PRIVATE INVESTMENT; BUSINESS CYCLES; PROPERTY-RIGHTS; PANEL-DATA; ELECTIONS; IRREVERSIBILITY; PRESIDENTIALISM;
D O I：
10.1016/j.ribaf.2018.10.003
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study looks at firm's investment spending in fixed and intangible assets around three types of national elections: presidential, joint presidential and legislative, and parliamentary elections. Investment in fixed assets declines by up to 2.3% during presidential elections, and 4.43% in joint presidential and legislative elections years. On the other hand, intangible investment decreases by 4.47% in parliamentary election years. Moreover, investment responses to electoral shocks differ markedly within political systems and countries' institutional settings. Investment levels shift significantly downward in pre- and resume in postelection years. The electoral effect results in a net loss in investment over the election cycle.
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页码：580 / 599
页数：20
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