国家层面的投资者保护对经济政策不确定性和企业投资联系的影响

IF 1.8 4区经济学 Q2 BUSINESS, FINANCE

International Review of Finance Pub Date : 2024-09-10 DOI:10.1111/irfi.12472

Serhat Yildiz, Qun Wu, Ethan D. Watson

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引用次数: 0

摘要

我们以实物期权理论和代理理论为基础，在全球范围内研究了经济政策不确定性（EPU）与企业投资之间的关系。通过对 28 个国家 44,610 家企业的抽样调查，我们发现，在投资者保护较强的国家，经济政策不确定性与投资之间的负相关关系更为明显。在投资者保护较强的国家，EPU 对企业资本投资的负面影响对不可逆转投资较多的企业明显更强。进一步的证据表明，在投资者保护较强的国家，投资减少主要来自过度投资企业。我们的证据表明，国家层面的投资者保护可以作为有效的治理机制，在企业面临不确定性时缓解代理问题。

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The impact of country level investor protection on economic policy uncertainty and corporate investment link

We examine the relationship between economic policy uncertainty (EPU) and corporate investment in a global setting based on the real options theory and the agency theory. Using a sample of 44,610 firms from 28 countries, we find that the negative relationship between EPU and investment is more pronounced in the countries with stronger investor protection. In the countries with stronger investor protection, the negative impact of EPU on firms' capital investment is significantly stronger for the firms with more irreversible investment. Further evidence shows that the reduction of investment is mainly from overinvestment firms in the countries with stronger investor protection. Our evidence suggests country level investor protection can act as effective governance mechanisms that mitigate agency problems when firms are facing uncertainty.

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来源期刊

International Review of Finance BUSINESS, FINANCE-

CiteScore

3.30

自引率

5.90%

发文量

期刊介绍： The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial engineering and risk management, as well as new areas such as markets and institutions of emerging market economies, especially those in the Asia-Pacific region. In addition, the Letters Section in IRF is a premium outlet of letter-length research in all fields of finance. The length of the articles in the Letters Section is limited to a maximum of eight journal pages.