Pandemic uncertainty and firm investments

Li Zhang; Shiwei Hu; Guoli Xu

doi:10.1016/j.frl.2023.103924

Pandemic uncertainty and firm investments

Li Zhang
, Shiwei Hu
, Guoli Xu

Faculty of Humanities and Social Sciences

Fuzhou University of International Studies and Trade
Beijing Foreign Studies University

Research output: Contribution to journal › Article › peer-review

5 Citations (Scopus)

Abstract

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 language	English
Article number	103924
Journal	Finance Research Letters
Volume	55
DOIs	https://doi.org/10.1016/j.frl.2023.103924
Publication status	Published - Jul 2023

Keywords

Financial constraint
Investment
Pandemic uncertainty

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10.1016/j.frl.2023.103924

Cite this

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title = "Pandemic uncertainty and firm investments",

abstract = "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.",

keywords = "Financial constraint, Investment, Pandemic uncertainty",

author = "Li Zhang and Shiwei Hu and Guoli Xu",

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year = "2023",

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AU - Xu, Guoli

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AB - 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.

KW - Financial constraint

KW - Investment

KW - Pandemic uncertainty

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DO - 10.1016/j.frl.2023.103924

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SN - 1544-6123

VL - 55

JO - Finance Research Letters

JF - Finance Research Letters

M1 - 103924

ER -

Pandemic uncertainty and firm investments

Abstract

Keywords

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