Pandemic uncertainty and firm investments

Li Zhang, Shiwei Hu, Guoli Xu

Research output: Contribution to journalArticlepeer-review

2 Citations (Scopus)


Exploiting the World Uncertainty Index, we analyze the real impact of pandemic-related uncertainty on firm investments in a cross-country setting. Our findings show that high levels of pandemic uncertainty are negatively associated with firm investments. The adverse effect of pandemic uncertainty is substantially greater in financially constrained firms or small ones.

Original languageEnglish
Article number103924
JournalFinance Research Letters
Publication statusPublished - Jul 2023


  • Financial constraint
  • Investment
  • Pandemic uncertainty


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