Uncertainty, corporate investment, and hiring: The case of COVID-19

IF 2.1 4区经济学 Q2 ECONOMICS

Economics Letters Pub Date : 2024-10-13 DOI:10.1016/j.econlet.2024.112025

John R. Graham , Naoshi Ikeda , Kotaro Inoue , Takashi Yamasaki

引用次数: 0

Abstract

We investigate how the COVID-19 pandemic affected CFOs’ self-assessed uncertainty about revenue growth and its impact on investment and hiring plans, using data from two consecutive surveys of the same CFOs conducted before and during the pandemic. Following the WHO's declaration, firm-level uncertainty increased, and investment plans were restrained. Furthermore, heightened firm-level uncertainty dampened firms' investment and hiring plans, even after controlling for other pandemic-related factors, as well as financial and investment flexibility.

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不确定性、企业投资和招聘：COVID-19 案例

我们利用在 COVID-19 大流行之前和期间对同一首席财务官连续进行的两次调查数据，研究了 COVID-19 大流行如何影响首席财务官对收入增长的自我评估不确定性及其对投资和招聘计划的影响。世卫组织宣布疫情后，公司层面的不确定性增加，投资计划受到限制。此外，公司层面不确定性的增加抑制了公司的投资和招聘计划，即使在控制了其他与大流行病相关的因素以及财务和投资灵活性之后也是如此。

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

Economics Letters ECONOMICS-

CiteScore

3.20

自引率

5.00%

发文量

348

审稿时长

30 days

期刊介绍： Many economists today are concerned by the proliferation of journals and the concomitant labyrinth of research to be conquered in order to reach the specific information they require. To combat this tendency, Economics Letters has been conceived and designed outside the realm of the traditional economics journal. As a Letters Journal, it consists of concise communications (letters) that provide a means of rapid and efficient dissemination of new results, models and methods in all fields of economic research.