DOES UNCERTAINTY AFFECT CORPORATE INVESTMENT DECISIONS? EVIDENCE FROM TURKISH FIRMS

被引：0
|
作者：
Tan, Omer Faruk [1 ]
Cavlak, Hakan [2 ]
Cebeci, Yasin [1 ]
Gunes, Necati [1 ]
机构：
[1] Marmara Univ, Fac Business Adm, Goztepe Campus Fahrettin Kerim Gokay St, TR-34722 Istanbul, Turkey
[2] Ardahan Univ, Fac Econ & Adm Sci, Ardahan Cildir Yolu, TR-75000 Ardahan Merkez, Turkey
来源：
ASIAN ACADEMY OF MANAGEMENT JOURNAL OF ACCOUNTING AND FINANCE | 2022年 / 18卷 / 02期
关键词：
Corporate investment; uncertainty; world uncertainty index; Turkey; ECONOMIC-POLICY UNCERTAINTY; CASH HOLDINGS EVIDENCE; POLITICAL UNCERTAINTY; STOCK RETURNS; CREDIT;
D O I：
10.21315/aamjaf2022.18.2.5
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
In this study, we analyse the impact of uncertainty on the corporate investment of 164 Turkish manufacturing firms. The time covers the period from 2005 to 2019. Our results reveal that there is a negative association between corporate investment and uncertainty. Under uncertainty, firms opt to decline their investment. Additionally, financially constrained (non-dividend payers) firms are negatively affected more than financially unconstrained firms. The use of alternative measurements of uncertainty and investment ensures the validity of our results. Policymakers should deal with the uncertainty and implement economic policies to decrease the country's risk premium.
引用
收藏
页码：87 / 107
页数：21
相关论文
共 50 条
  • [1] Does peer firms' tone affect corporate investment? Evidence from China
    Chang, Liang
    Tan, Na
    Zhang, Xinyue
    Yuan, Yiyun
    [J]. INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2023, 90
  • [2] How does uncertainty affect corporate investment inefficiency? Evidence from Europe
    Akron, Sagi
    Demir, Ender
    Maria Diez-Esteban, Jose
    Diego Garcia-Gomez, Conrado
    [J]. RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE, 2022, 62
  • [3] DOES STOCK MISPRICING AFFECT THE CORPORATE INVESTMENT DECISIONS? EVIDENCE FROM CATERING EFFECT
    Usman, Muhammad
    Saleem, Sana
    Mahmood, Faiq
    Imran, Humera
    [J]. RISUS-JOURNAL ON INNOVATION AND SUSTAINABILITY, 2018, 9 (01): : 43 - 54
  • [4] The Impact of Geopolitical Risk on Corporate Investment: Evidence from Turkish Firms
    Tan, Omer Faruk
    Cavlak, Hakan
    Cebeci, Yasin
    Gunes, Necati
    [J]. INDONESIAN CAPITAL MARKET REVIEW, 2022, 14 (01) : 16 - +
  • [5] Does oil price uncertainty affect renewable energy firms' investment? Evidence from listed firms in China
    Cao, Hong
    Guo, Litian
    Zhang, Lin
    [J]. FINANCE RESEARCH LETTERS, 2020, 33
  • [6] Does Earnings Management Affect Firms' Investment Decisions?
    McNichols, Maureen F.
    Stubben, Stephen R.
    [J]. ACCOUNTING REVIEW, 2008, 83 (06): : 1571 - 1603
  • [7] Does banks' dual holding affect bank lending and firms' investment decisions? Evidence from China
    Pan, Xiaofei
    Tian, Gary Gang
    [J]. JOURNAL OF BANKING & FINANCE, 2015, 55 : 406 - 424
  • [8] Economic policy uncertainty and corporate investment: evidence from Indian hospitality firms
    Altaf, Nufazil
    [J]. JOURNAL OF POLICY RESEARCH IN TOURISM LEISURE AND EVENTS, 2022,
  • [9] Uncertainty and corporate R & D investment: Evidence from Chinese listed firms
    Wang, Yizhong
    Wei, Yueling
    Song, Frank M.
    [J]. INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2017, 47 : 176 - 200
  • [10] Does corporate governance affect investment efficiency of Indian firms? Panel evidence from new governance indices
    Yadav, Akash Singh
    Yadav, Inder Sekhar
    [J]. JOURNAL OF CORPORATE ACCOUNTING AND FINANCE, 2024, 35 (03): : 327 - 349
12345