Economic policy uncertainty and corporate investment: An empirical comparison of Korean chaebol and non-chaebol firms

被引：5

作者：

Vo, Hong ^{[1
,2
]}

Nguyen, Tien ^{[1
,2
]}

Truong, Hang ^{[1
,2
]}

机构：

[1] Int Univ, Linh Trung Ward, Quarter 6, Ho Chi Minh City, Vietnam

[2] Vietnam Natl Univ, Ho Chi Minh City, Vietnam

来源：

FINANCE RESEARCH LETTERS | 2023年 / 54卷

关键词：

Economic policy uncertainty; Investment; Financial constraint; Financial dependence; Cost of debt; INTERNAL CAPITAL-MARKET; FINANCIAL CRISIS; MERGERS; MATTER; COST;

D O I：

10.1016/j.frl.2023.103810

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Our paper investigates the effect of economic policy uncertainty on investment by chaebol and non-chaebol firms in Korea. We find that while both types of firms reduce investment during highpolicy-uncertainty periods, chaebol firms do so more aggressively than non-chaebols. The negative effect of uncertainty on investment is exacerbated in chaebol firms that are financially constrained, face a higher debt cost, or operate in industries more dependent on external finance. Such impact depends on types of policy uncertainties, in which chaebol firms respond more strongly to uncertainties related to monetary and fiscal policies but not to trade and foreign exchange ones.

引用

页数：9

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