经济政策的不确定性对企业的杠杆和调整速度有影响吗?

IF 3.3 Q2 BUSINESS
Muhammad Aftab, Saman Shehzadi, Fiza Qureshi
{"title":"经济政策的不确定性对企业的杠杆和调整速度有影响吗?","authors":"Muhammad Aftab, Saman Shehzadi, Fiza Qureshi","doi":"10.1108/apjba-10-2022-0452","DOIUrl":null,"url":null,"abstract":"Purpose This research intends to investigate the impact of economic policy uncertainty (EPU) on the firm's leverage and its adjustment speed. Design/methodology/approach This study applies dynamic panel data modeling by using a partial adjustment model. The study is based on secondary data of the non-financial firms that are listed on the Pakistan stock exchange. For the analysis purpose, the study applies the generalized method of moments (GMM) estimation technique and uses a newly developed text-based measure of economic policy uncertainty. Findings The results show the negative impact of EPU on leverage decisions but a positive impact of EPU on leverage speed of adjustment for both, short-run and long-run economic policy shocks. Additional analysis reveals that the negative influence of long-run policy shocks on leverage decisions is moderated through profitability, and the negative influence of short-run policy shocks on leverage is moderated through firm size, tangibility and available growth prospects. However, the significant positive impact of EPU on the leverage speed of adjustment in both short and long-term policy shocks indicates that the speed of adjustment for these firms is not affected by policy shocks. Originality/value This research contributes to the existing literature on capital structure dynamics,by investigating the impact of EPU on firm financing decisions and estimating the adjustment speed of capital structure in a developing market context. The study also extends the existing literature by applying the concept of long-run and short-run economic policy uncertainty in the capital structure dynamic framework. Additionally, the new news-based measure of EPU is used. Moreover, it also looks into the COVID-19 effect on the relationship.","PeriodicalId":45401,"journal":{"name":"Asia-Pacific Journal of Business Administration","volume":null,"pages":null},"PeriodicalIF":3.3000,"publicationDate":"2023-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Does economic policy uncertainty matter for a firm's leverage and speed of adjustment?\",\"authors\":\"Muhammad Aftab, Saman Shehzadi, Fiza Qureshi\",\"doi\":\"10.1108/apjba-10-2022-0452\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Purpose This research intends to investigate the impact of economic policy uncertainty (EPU) on the firm's leverage and its adjustment speed. Design/methodology/approach This study applies dynamic panel data modeling by using a partial adjustment model. The study is based on secondary data of the non-financial firms that are listed on the Pakistan stock exchange. For the analysis purpose, the study applies the generalized method of moments (GMM) estimation technique and uses a newly developed text-based measure of economic policy uncertainty. Findings The results show the negative impact of EPU on leverage decisions but a positive impact of EPU on leverage speed of adjustment for both, short-run and long-run economic policy shocks. Additional analysis reveals that the negative influence of long-run policy shocks on leverage decisions is moderated through profitability, and the negative influence of short-run policy shocks on leverage is moderated through firm size, tangibility and available growth prospects. However, the significant positive impact of EPU on the leverage speed of adjustment in both short and long-term policy shocks indicates that the speed of adjustment for these firms is not affected by policy shocks. Originality/value This research contributes to the existing literature on capital structure dynamics,by investigating the impact of EPU on firm financing decisions and estimating the adjustment speed of capital structure in a developing market context. The study also extends the existing literature by applying the concept of long-run and short-run economic policy uncertainty in the capital structure dynamic framework. Additionally, the new news-based measure of EPU is used. Moreover, it also looks into the COVID-19 effect on the relationship.\",\"PeriodicalId\":45401,\"journal\":{\"name\":\"Asia-Pacific Journal of Business Administration\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":3.3000,\"publicationDate\":\"2023-10-03\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Asia-Pacific Journal of Business Administration\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1108/apjba-10-2022-0452\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Asia-Pacific Journal of Business Administration","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/apjba-10-2022-0452","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS","Score":null,"Total":0}
引用次数: 0

摘要

目的研究经济政策不确定性对企业杠杆率及其调整速度的影响。设计/方法/方法本研究采用局部调整模型,采用动态面板数据建模。这项研究是基于在巴基斯坦证券交易所上市的非金融公司的二手数据。为了分析目的,本研究采用广义矩量法(GMM)估计技术,并使用一种新开发的基于文本的经济政策不确定性测度。研究结果表明,在短期和长期经济政策冲击下,EPU对杠杆决策有负向影响,但对杠杆调整速度有正向影响。进一步的分析表明,长期政策冲击对杠杆决策的负面影响通过盈利能力来调节,短期政策冲击对杠杆的负面影响通过公司规模、有形性和可用增长前景来调节。然而,EPU对短期和长期政策冲击下杠杆调整速度的显著正向影响表明,这些企业的杠杆调整速度不受政策冲击的影响。本研究通过考察EPU对企业融资决策的影响,并估算了发展中市场背景下资本结构的调整速度,对现有的资本结构动态研究文献做出了贡献。本文还在资本结构动态框架中引入了经济政策长期和短期不确定性的概念,对已有文献进行了拓展。此外,还使用了新的基于新闻的EPU度量。此外,它还研究了COVID-19对关系的影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Does economic policy uncertainty matter for a firm's leverage and speed of adjustment?
Purpose This research intends to investigate the impact of economic policy uncertainty (EPU) on the firm's leverage and its adjustment speed. Design/methodology/approach This study applies dynamic panel data modeling by using a partial adjustment model. The study is based on secondary data of the non-financial firms that are listed on the Pakistan stock exchange. For the analysis purpose, the study applies the generalized method of moments (GMM) estimation technique and uses a newly developed text-based measure of economic policy uncertainty. Findings The results show the negative impact of EPU on leverage decisions but a positive impact of EPU on leverage speed of adjustment for both, short-run and long-run economic policy shocks. Additional analysis reveals that the negative influence of long-run policy shocks on leverage decisions is moderated through profitability, and the negative influence of short-run policy shocks on leverage is moderated through firm size, tangibility and available growth prospects. However, the significant positive impact of EPU on the leverage speed of adjustment in both short and long-term policy shocks indicates that the speed of adjustment for these firms is not affected by policy shocks. Originality/value This research contributes to the existing literature on capital structure dynamics,by investigating the impact of EPU on firm financing decisions and estimating the adjustment speed of capital structure in a developing market context. The study also extends the existing literature by applying the concept of long-run and short-run economic policy uncertainty in the capital structure dynamic framework. Additionally, the new news-based measure of EPU is used. Moreover, it also looks into the COVID-19 effect on the relationship.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
CiteScore
7.20
自引率
13.20%
发文量
69
期刊介绍: The Asia Pacific Journal of Business Administration (APJBA) publishes original research on: Business Strategy and Policy, Accounting and Board Governance, Marketing and People Management, and Operations and Supply Chain Management. The journal welcomes practical and skill-based submissions in these areas. There is particular interest in submissions regarding: Sustainable Business Practices, Quality Management Practices, Innovation and Creativity in Management, as well as Managing a Learning Organisation. The Asia Pacific region is full of collaborations between government, NGOs and private enterprise. Submissions are welcome which contribute to our understanding of partnerships and the cross-cultural issues. Research methods vary, and the journal is interested in the full diverse of qualitative (case and action research, etc) as well as quantitative survey studies and their recommendations. The APJBA seeks to become a forum for both established scholars and early career researchers in all aspects of management and business in the Asia-Pacific region. Emphasis is on rigour and relevance, on theory and practice, in a globalised scholarly environment.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信