Economic policy uncertainty and corporate investment: Evidence from the U.S. hospitality industry

Akron, Sagi; Demir, Ender; Díez-Esteban, José María; García-Gómez, Conrado Diego

doi:10.1016/j.tourman.2019.104019

Cited by 121 publications

(105 citation statements)

References 49 publications

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“…Thus, the EKC hypothesis might be true for the impact of EPU in the energy consumption emission nexus. More noticeable is that investment might be slightly or negatively affected during this period (Aastveit et al, 2017;Akron et al, 2020). A considerable number of studies have investigated the EPU for its impact in investment (Akron et al, 2020) , Jiang et al, 2019Adams, 2016) and environmental pollution (Jiang et al 2019).…”

Section: Energy Consumption and Economic Policy Uncertaintymentioning

confidence: 99%

Energy consumption, economic expansion, and CO2 emission in the UK: The role of economic policy uncertainty

Adedoyin

Zakari

2020

Science of The Total Environment

319

136

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Energy Use + Real GDP + Economic Policy Uncertainty + and - CO2 Emissions Represents Unidirectional causalityOn the 23rd of June 2016, the United Kingdom voted to leave the EU, leading to months and years of economic policy uncertainties. Such uncertainties have not only characterized the UK but have become a center point for energy debate in recent times. Given the foregoing, this paper progresses to provide evidence on the role of Economic Policy Uncertainty in the Energy Consumption -Emission nexus in the UK. We use annual data spanning the period of 1985-2017 for the UK for CO2 emissions in tons per capita (CO2), real GDP (RGDP), energy use (EU), and economic policy uncertainty (EPU). The Autoregressive distributed lag model (ARDL) bound test is used to test the fitness of the model in the short and long term. Our model shows that EPU matters most in the short run, as it reduces the growth of CO2 emissions, while prolonged use of EPU in the UK, exhibit controversial influence, where CO2 emissions continue to rise. In addition, pairwise Granger causality shows a one-way causality running from energy use to CO2 emissions, CO2 emissions to economic policy uncertainty, and also from energy use to economic policy uncertainty. However, two-ways causality is found between real GDP and real GDP per capita. Overall, our results imply that EPU is likely to yield a positive effect on climate change for a short time, but continue dependent will, in the long run, create an unhealthy environment.We suggest that the UK government should consider implementing an additional long-run policy that will supplement the effort of EPU.

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Section: Energy Consumption and Economic Policy Uncertaintymentioning

confidence: 99%

Energy consumption, economic expansion, and CO2 emission in the UK: The role of economic policy uncertainty

Adedoyin

Zakari

2020

Science of The Total Environment

319

136

View full text Add to dashboard Cite

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“…Of recent, Baker et al (2016), using different components, formulated a relatively new economic policy uncertainty (EPU) index from several snapshots of economic policy uncertainty over time (Ongan and Gozgor 2017). The EPU captures the uncertainty from the policymakers and those affected by the economic effect of those policies (Akron et al 2020). A growing literature on the impact of uncertainties on the tourism sector documents the evidence using economic, financial, health, and climatic factors.…”

Section: Tourism and Economic Policy Uncertaintiesmentioning

confidence: 99%

An investigation into the anthropogenic nexus among consumption of energy, tourism, and economic growth: do economic policy uncertainties matter?

Adedoyin

Nathaniel

Adeleye

2020

Environ Sci Pollut Res

109

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Global warming has been a pressing issue for the past decade as various economic activities have been flagged and are expected to reduce emissions. While previous studies have examined the energy consumption-emissions-economic growth nexus in significant detail, attention is yet to be given to the role of economic policy uncertainties and human activities such as tourism in a carbon function. Thus, this study aims to investigate the long-run relationship between energy consumption, tourists’ arrivals, economic policy uncertainty, and ecological footprint in the top ten earners from international tourism over the period 1995 to 2015. The fully modified ordinary least square and dynamic ordinary least square estimation techniques and the Dumitrescu and Hurlin causality tests were used in the study. Empirical results suggest that economic policy uncertainties in addition to tourism and energy consumption are drivers of environmental degradation. However, the contribution of energy consumption to ecological footprint is significantly moderated by economic policy uncertainties such that a 1% increase in the latter reduces environmental damage by 0.71%. This study suggests that policy uncertainties matter a great deal for energy and environmental policies. Also, green economic growth is possible if the proper implementation of environmental protection policies can restrict the harmful impact of economic activities on the quality of the environment. Based on the empirical findings, vital energy policy recommendations are suggested.

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“…More and more researchers are concerned about addressing this problem by including quantile regression with panel data in the tourism field (Lv and Xu 2017;Akron et al 2020). Compared with time series data, the advantages of panel data comprise an increased amount of observations and corresponding variations, as well as a reduction of noise caused by individual time series regression (Westerlund, Narayan, and Zheng 2015).…”

Section: Modelsmentioning

confidence: 99%

Do Country Risks Matter for Tourism Development? International Evidence

Chen

2020

Journal of Travel Research

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This research fills the gap in the tourism literature on the impacts of country stability—including political, financial, and economic—on tourism development (i.e., international tourist arrivals, international tourism revenues, and travel and leisure sector returns). To account for possible asymmetric and nonlinear relationships among variables, we apply a new method of moment quantile regression, by using panel data from 106 countries spanning the period 2006–2017. From a global perspective, the empirical results indicate that higher country stability generally leads to higher tourism development, while there is no salient influence of financial stability on travel and leisure sector returns. This suggests that the effects of country risk ratings are mostly nonlinear across different tourism development quantiles. Additionally, different components of risk rating scores have diverse impacts on tourism development. The findings mean that policy makers should consider their tourism condition when setting country stability strategies.

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Economic policy uncertainty and corporate investment: Evidence from the U.S. hospitality industry

Cited by 121 publications

References 49 publications

Energy consumption, economic expansion, and CO2 emission in the UK: The role of economic policy uncertainty

Energy consumption, economic expansion, and CO2 emission in the UK: The role of economic policy uncertainty

An investigation into the anthropogenic nexus among consumption of energy, tourism, and economic growth: do economic policy uncertainties matter?

Do Country Risks Matter for Tourism Development? International Evidence

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