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

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