Does Uncertainty Affect Corporate Investment Decisions? Evidence from Turkish Firms
| Autor: | Omer Faruk Tan, Hakan Cavlak, Yasin Cebeci, Necati Güneş |
|---|---|
| Přispěvatelé: | Tan Ö. F., Cavlak H., Cebeci Y., Güneş N. |
| Rok vydání: | 2022 |
| Předmět: |
Finans
Social Sciences and Humanities Social Sciences (SOC) Turkey Sosyal Bilimler ve Beşeri Bilimler Labor Economics and Industrial Relations Çalışma Ekonomisi Corporate investment Labor Economics Accounting Muhasebe world uncertainty index Ekonomi ve İş ECONOMICS & BUSINESS Sosyal Bilimler (SOC) İŞ FİNANSI Sosyal ve Beşeri Bilimler Social Sciences & Humanities Çalışma Ekonomisi ve Endüstri ilişkileri BUSINESS FINANCE uncertainty Finance |
| Zdroj: | Asian Academy of Management Journal of Accounting and Finance. 18:87-107 |
| ISSN: | 2180-4192 1823-4992 |
| Popis: | In this study, we analyse the impact of uncertainty on the corporate investment of 164 Turkish manufacturing firms. The time covers the period from 2005 to 2019. Our results reveal that there is a negative association between corporate investment and uncertainty. Under uncertainty, firms opt to decline their investment. Additionally, financially constrained (non-dividend payers) firms are negatively affected more than financially unconstrained firms. The use of alternative measurements of uncertainty and investment ensures the validity of our results. Policymakers should deal with the uncertainty and implement economic policies to decrease the country’s risk premium. |
| Databáze: | OpenAIRE |
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