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

页码：87 / 107

页数：21

共 50 条

[21] How Does Foreign Direct Investment Affect the Export Decisions of Firms in Ghana?
Abor, Joshua
Adjasi, Charles K. D.
Hayford, Mac-Clara
[J]. AFRICAN DEVELOPMENT REVIEW-REVUE AFRICAINE DE DEVELOPPEMENT, 2008, 20 (03): : 446 - 465
[22] Investment Decisions of Nonprofit Firms: Evidence from Hospitals
Adelino, Manuel
Lewellen, Katharina
Sundaram, Anant
[J]. JOURNAL OF FINANCE, 2015, 70 (04): : 1583 - 1628
[23] How does internationalization affect capital raising decisions? Evidence from UK firms
Jones, Edward
Kwansa, Nana Abena
Li, Hao
[J]. JOURNAL OF MULTINATIONAL FINANCIAL MANAGEMENT, 2020, 57-58
[24] Does corporate social responsibility affect earnings management? Evidence from family firms
Lopez-Gonzalez, Eva
Martinez-Ferrero, Jennifer
Garcia-Meca, Emma
[J]. REVISTA DE CONTABILIDAD-SPANISH ACCOUNTING REVIEW, 2019, 22 (02) : 233 - 247
[25] Does corporate social responsibility affect tax avoidance: Evidence from family firms
Lopez-Gonzalez, Eva
Martinez-Ferrero, Jennifer
Garcia-Meca, Emma
[J]. CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENTAL MANAGEMENT, 2019, 26 (04) : 819 - 831
[26] How does fiscal policy uncertainty affect corporate innovation investment? Evidence from China's new energy industry
Wen, Huwei
Lee, Chien-Chiang
Zhou, Fengxiu
[J]. ENERGY ECONOMICS, 2022, 105
[27] How does fiscal policy uncertainty affect corporate innovation investment? Evidence from China's new energy industry
Wen, Huwei
Lee, Chien-Chiang
Zhou, Fengxiu
[J]. ENERGY ECONOMICS, 2022, 105
[28] Does firm financialization affect optimal real investment decisions? Evidence from China
Leng, Tiecheng
Liu, Ying
Xiao, Yi
Hou, Chunxiao
[J]. PACIFIC-BASIN FINANCE JOURNAL, 2023, 79
[29] Does economic liberalization foster corporate investment? Theory and evidence from US and Canadian firms
Iona, Alfonsina
Leonida, Leone
Limosani, Michele
Patti, Dario Maimone Ansaldo
Navarra, Pietro
[J]. SOCIO-ECONOMIC PLANNING SCIENCES, 2024, 91
[30] Does enforcement matter in promoting corporate environmental investment: Evidence from Chinese private firms
Zhang, Pan
Wu, Fang
Guo, Yulang
Ma, Jianfeng
[J]. JOURNAL OF CLEANER PRODUCTION, 2022, 337

← 1 2 3 4 5 →