Economic policy uncertainty and corporate investment: Evidence from the US hospitality industry

被引：114

作者：

Akron, Sagi ^{[1
]}

Demir, Ender ^{[2
]}

Maria Diez-Esteban, Jose ^{[3
]}

Diego Garcia-Gomez, Conrado ^{[4
]}

机构：

[1] Univ Haifa, Fac Social Sci, Sch Business Adm, IL-3498838 Haifa, Israel

[2] Istanbul Medeniyet Univ, Fac Tourism, TR-34862 Istanbul, Turkey

[3] Univ Burgos, Dept Econ & Business Adm, Pza Infanta Elena, Burgos 09001, Spain

[4] Univ Valladolid, Dept Financial Econ & Accounting, Duques Soria Campus,Calle Univ S-N, Soria 42004, Spain

来源：

TOURISM MANAGEMENT | 2020年 / 77卷

关键词：

Economic policy uncertainty; Investment; Hospitality; US; Panel quantile; CASH HOLDINGS EVIDENCE; QUANTILE REGRESSION; STOCK RETURNS; IMPACT; DETERMINANTS; TRAVEL;

D O I：

10.1016/j.tourman.2019.104019

中图分类号：

X [环境科学、安全科学];

学科分类号：

08 ; 0830 ;

摘要：

The study of how uncertainty affects hospitality firms' decisions is gaining attention in recent years. We examine the effect of Economic Policy Uncertainty (EPU) on the investment policy of a sample of 305 hospitality companies in the U.S. for the period 2001-2018. Applying generalized methods of moments (GMM) technique, we find that investment policies in hospitality companies are negatively affected by EPU. Panel quantile estimations reveal that the effect of EPU on corporate investment is only relevant for companies in the lower quantile of capital expenditures ratio. Our paper also provides policy implications to related parties.

引用

页数：10

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