Economic policy uncertainty and access to finance: An international evidence

IF 2.8 3区 经济学 Q2 BUSINESS, FINANCE
Mohammed Benlemlih, Çiğdem Vural Yavaş, Cynthia Assaf
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引用次数: 0

Abstract

In this study, we provide the first attempt to relate economic policy uncertainty (EPU) to firms' access to finance. Using data from 26 countries and the news-based index from Baker et al. (2016), we provide evidence that EPU significantly increases financial constraints and decreases firms' access to finance. Our main inference is robust to alternative measures of financial constraints, alternative samples, alternative model specifications, and several approaches that control for potential endogeneity. We further show that the EPU-financial constraint relationship is driven by both the demand and supply sides of financing. Additional analyses suggest that the impact of EPU on firms' financial constraints is moderated by board characteristics (i.e., gender diversity, independence, and duality). They also highlight the moderating roles of government effectiveness, the rule of law and control of corruption. Collectively, our findings provide novel theoretical and practical contributions in relation to EPU and the firms' setting.

经济政策的不确定性与融资渠道:国际证据
在本研究中,我们首次尝试将经济政策不确定性(EPU)与企业的融资渠道联系起来。利用 26 个国家的数据和 Baker 等人(2016 年)基于新闻的指数,我们提供了证据,证明 EPU 显著增加了财务约束,减少了企业的融资渠道。我们的主要推论对其他金融约束措施、其他样本、其他模型规格以及几种控制潜在内生性的方法都是稳健的。我们进一步表明,EPU 与财务约束之间的关系是由融资的供需双方共同驱动的。其他分析表明,EPU 对企业财务约束的影响受董事会特征(即性别多样性、独立性和双重性)的调节。这些分析还强调了政府效率、法治和腐败控制的调节作用。总之,我们的研究结果为 EPU 和企业环境提供了新的理论和实践贡献。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
5.70
自引率
6.90%
发文量
143
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