政治不确定性与企业投资:来自印度的证据

IF 2.7 Q2 PUBLIC ADMINISTRATION

Journal of Public Affairs Pub Date : 2023-11-23 DOI:10.1002/pa.2897

Sajad Bagow, Nufazil Altaf

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引用次数: 0

摘要

本文考察了印度政治不确定性与企业投资之间的关系。利用2007年第一季度至2020年第四季度以及2009年、2014年和2019年三次大选期间771家非金融印度公司的数据，该研究证实了政治不确定性对企业投资的显著负面影响，以及政治不确定性对竞争激烈的选举中企业投资的显著影响。此外，我们发现企业投资在大选后趋于上升。此外，我们发现政治不确定性与企业投资之间的负相关关系在政治敏感行业和面临较高财务约束的企业中更为明显。

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Political uncertainty and corporate investment: Evidence from India

This article examines the relationship between political uncertainty and corporate investments in India. Using the data of 771 non-financial Indian firms for the period 2007 Q1 to 2020 Q4 and for three general elections, 2009, 2014, and 2019, the study confirms a significant negative impact of political uncertainty on corporate investments and a pronounced impact of political uncertainty on corporate investment in closely contested elections. Also, we find that corporate investment tends to rise post-election. Additionally, we find that the negative relationship between political uncertainty and corporate investment is more pronounced for politically sensitive industries and firms facing higher financial constraints.

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来源期刊

Journal of Public Affairs PUBLIC ADMINISTRATION-

CiteScore

7.10

自引率

3.80%

发文量

期刊介绍： The Journal of Public Affairs provides an international forum for refereed papers, case studies and reviews on the latest developments, practice and thinking in government relations, public affairs, and political marketing. The Journal is guided by the twin objectives of publishing submissions of the utmost relevance to the day-to-day practice of communication specialists, and promoting the highest standards of intellectual rigour.