Booster or stabilizer? Economic policy uncertainty: New firm-specific measurement and impacts on stock price crash risk

Wang, Liang; Wang, Qikai; Jiang, Fan

doi:10.1016/j.frl.2022.103462

Cited by 22 publications

(9 citation statements)

References 39 publications

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“…Referring to the method of Saunders and Tambe (2013) and Wang et al . (2023c), we collected the annual reports of listed companies and used text analysis to construct firm-level digital transformation indicators.…”

Section: Methodsmentioning

confidence: 99%

“…3.2 Variables 3.2.1 Independent variable: digital transformation. Referring to the method ofSaunders and Tambe (2013) andWang et al (2023c), we collected the annual reports of listed companies and used text analysis to construct firm-level digital transformation indicators. The basic idea of this measurement method is: the annual report is an objective statement based on the actual operation of the firm and the number of occurrences of digital technology-related keywords in the annual report can better reflect the level of digital transformation.…”

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confidence: 99%

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Moving toward sustainable development: the influence of digital transformation on corporate ESG performance

Yang,

Hao,

Wang

et al. 2023

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PurposeAmidst the rapid development of the global digital economy, digital transformation has become a strategic choice that firms must use to respond to the changing times. This study analyzes the impact of digital transformation on corporate environmental, social and governance (ESG) performance.Design/methodology/approachThis study analyzes the impact of digital transformation on corporate ESG performance.FindingsUsing panel data from Chinese A-share-listed companies from 2010 to 2019, the authors found that digital transformation has a positive impact on corporate ESG performance, especially for high-tech firms and state-owned firms. In particular, the authors find that the digital production and digital marketing exert a positive effect on corporate ESG performance. Mechanism tests showed that digital transformation helps promote corporate green innovation, improve information transparency and improve corporate governance, thus enhancing ESG performance. A moderating effect analysis revealed that the positive impact of digital transformation on ESG performance is more significant in firms with government subsidies and chief executive officers (CEOs) with rich career experience.Originality/valueMost existing research has confirmed the positive effect of digital transformation on firms' financial performance, whereas fewer studies have focused on the impact of digital transformation on the non-financial performance of firms.

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Section: Methodsmentioning

confidence: 99%

mentioning

confidence: 99%

Moving toward sustainable development: the influence of digital transformation on corporate ESG performance

Yang,

Hao,

Wang

et al. 2023

Self Cite

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“…The explanatory variable is the perception of EPU at the firm level (

{PEPU}_{it}

). Referring to L. Wang et al (2023), we use the text‐based method to analyze the annual reports of listed companies to measure firm‐level PEPU. The specific approach is as follows: First, this paper uses regular expressions to extract the content of Management Discussion and Analysis (MD&A) 1 in the annual reports of listed companies and eliminate figures, English letters, and all punctuation except full stops.…”

Section: Methods and Datamentioning

confidence: 99%

Economic policy uncertainty: A new firm‐level measurement and impact on enterprise innovation strategies

Khan

et al. 2023

Manage Decis Econ

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This paper investigates the impact of the perception of economic policy uncertainty (PEPU) on enterprise innovation strategies. Using a text‐based method and a sample of Chinese listed companies from 2007 to 2021, we find that PEPU negatively affects substantive and strategic innovations, and its negative impact on strategic innovations is more noticeable than that on substantive innovations. Mechanism analysis shows that PEPU affects enterprise innovation strategies through innovation investment and financing constraints. Moreover, enterprises with a high shareholding ratio of executives and private enterprises are more likely to suffer the negative impact of PEPU. Finally, analyst attention and internal control quality may weaken the inhibitory impact of PEPU on enterprise innovation strategies.

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“…The increasing economic policy uncertainty positively impacts the relationship between non-financial companies' shadow banking businesses and stock price crash risks [20]. At the same time, economic policy uncertainty significantly increases the risk of stock market crashes and is one of the inducing factors of such crashes [21,22]. In terms of financing costs, economic policy uncertainty increases the cost of raising equity capital, especially when the economy is weak [23].…”

Section: Hypothesis Developmentmentioning

confidence: 99%

Economic Policy Uncertainty and Enterprise Financing Efficiency: Evidence from China

2023

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This study investigates the effect of economic policy uncertainty on financing efficiency in China’s high-tech manufacturing industry from static and dynamic perspectives. Using data envelopment analysis (DEA) and the Malmquist index, we measure financing efficiency and its changes over time. The results show that China’s high-tech manufacturing firms exhibit low static financing efficiency, yet they exhibit relatively high dynamic efficiency. A significant positive relationship is found between economic policy uncertainty and both static and dynamic financing efficiency. The uncertainty motivates firms to improve their financing efficiency, mainly by enhancing technical and scale efficiency and by increasing comprehensive efficiency. Moreover, different financing channels, such as commercial credit, equity financing, bank credit, and internal financing, have varied effects on the relationship between economic policy uncertainty and static financing efficiency. This study demonstrates that high-tech manufacturing enterprises can respond to economic policy uncertainty by improving their financing efficiency.

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Booster or stabilizer? Economic policy uncertainty: New firm-specific measurement and impacts on stock price crash risk

Cited by 22 publications

References 39 publications

Moving toward sustainable development: the influence of digital transformation on corporate ESG performance

Moving toward sustainable development: the influence of digital transformation on corporate ESG performance

Economic policy uncertainty: A new firm‐level measurement and impact on enterprise innovation strategies

Economic Policy Uncertainty and Enterprise Financing Efficiency: Evidence from China

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