The impact of economic policy uncertainty on manager sentiment: evidence from Chinese non-financial listed firms

被引：2
|
作者：
Ma, Huanyu [1 ]
Sun, Xuegang [1 ]
Zhang, Man [1 ]
Elahi, Ehsan [2 ]
机构：
[1] Hebei Univ Technol, Sch Econ & Management, Tianjin, Peoples R China
[2] Shandong Univ Technol, Sch Econ, Zibo, Peoples R China
来源：
APPLIED ECONOMICS | 2023年
关键词：
Economic policy; manager sentiment; financial report; firms; China; G14; G18; G34; POLITICAL UNCERTAINTY; CORPORATE-INVESTMENT; TEXTUAL ANALYSIS; TONE; VOLATILITY; FORECASTS; ANALYSTS; MERGERS; PRESS; COST;
D O I：
10.1080/00036846.2023.2281293
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
In this study, we investigate the link between economic policy uncertainty (EPU) and manager sentiment. Analysing a comprehensive dataset of Chinese non-financial listed firms spanning from 2007 to 2021, the findings indicate a negative relationship between EPU and manager sentiment expressed in annual reports. Additionally, we observed a significant reduction in manager sentiment bias in the presence of high EPU. The impact of EPU on manager sentiment is moderated by firms benefiting from government industrial policy and those exhibiting stronger risk-taking capability, as the negative effect is less pronounced in these cases. Our channel analysis reveals that EPU diminishes manager sentiment by impairing operating performance and capital market performance.
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页数：17
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