Policy Uncertainty and Long-Run Investment and Output Across Countries

Jeong, Byeongju

doi:10.2139/ssrn.1539487

Cited by 8 publications

(8 citation statements)

References 5 publications

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“…The coefficient of composite uncertainty was found to be negative as well and that 0.6 increase in the composite policy uncertainty reduces sales growth by 1 per cent. Jeong (2002) in his study revealed that policy uncertainty influences negatively investment and output in the long run.…”

Section: Review Of Literaturementioning

confidence: 99%

Nigerian Enterprise Sector and Policy Uncertainty

Ukwueze

Asogwa

Odo

2018

Asian Journal of Economic Modelling

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This study evaluates the Nigerian enterprise sector and policy uncertainty using the World Bank enterprise survey data for Nigeria 2010. Using the multinomial logistic regression model and the multivariate analysis to specifically analyze the impact of policy uncertainty on the enterprise sector and the factors that have influenced the growth of the Nigerian enterprise sector, the findings show that tax rate, customs and trade regulations and macroeconomic environment have impacted on the medium and large enterprise sector positively. The findings also showed that in the small enterprise sector, labour regulation, licensing and permits, policy uncertainty and political instability have negative impact on the medium and large sector enterprise sector in Nigeria. Meanwhile, electricity, unskilled workforce, cost of finance, practice of competitors, power outages and cost of raw materials or intermediate goods all have positive influence the growth of the Nigeria enterprise sector. The study recommends that proper macroeconomic environment, strong institutions, good leaderships and infrastructures will both enhance public and private sector productivity for economic competitiveness.Contribution/ Originality: This study contributes in the existing literature. This study is one of very few studies which have investigated policy uncertainty and enterprise sector, and factors affecting it. The paper contributes the first logical analysis, using superior data and methodology to other studies, that policy uncertainty affects Nigerian enterprise sector.

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Section: Review Of Literaturementioning

confidence: 99%

Nigerian Enterprise Sector and Policy Uncertainty

Ukwueze

Asogwa

Odo

2018

Asian Journal of Economic Modelling

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“…Uncertainty of volatility indexes is just like the unpredictable variations that have an effect on the economic development process. Jeong (2002) and Billah et al (2022) mention that uncertainty could increase cost, decrease investment substantially (long-term) opportunities and reduce returns. There is evidence related to the impact of uncertainty on the overall firms' performances and ultimately reduce their revenues, increases the costs factors and thus adversely impact investment policies (Wang et al 2014;Ahmed and Elsayed 2019).…”

Section: Literature Reviewmentioning

confidence: 99%

Determining Financial Uncertainty through the Dynamics of Sukuk Bonds and Prices in Emerging Market Indices

Sial

Cherian

Meero

et al. 2022

Risks

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The main focus of the study is to determine the financial uncertainty while examining the Sukuk bonds prices, Sukuk bond and global emerging market indices returns dynamics. The study, with a time period ranging from 2017 to 2020, applies the quantile regression technique. The study findings show that evidence of co-moment exists between the global emerging market index and Sukuk bond price returns, except the one. There is no impact of the financial uncertainty indicator reflected by the global volatility index (VIX) on the Sukuk index returns, and even this impact is negative for (VXEEM). The causal impact among the global emerging and Sukuk bond markets will help formulate future trading strategies in particular to Islamic bond markets.

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“…EPU can affect individual enterprises in terms of costs, sales, profits and various financial and non-financial decisions (Jeong, 2002; Wang et al , 2014). In particular, corporate investment is usually costly and irreversible and CSR investment is a typical example.…”

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

Economic policy uncertainty and corporate social responsibility performance: evidence from China

Zhao

Xiao

Zhang

2021

SAMPJ

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Purpose The purpose of this paper is to show how the external issue of economic policy uncertainty (EPU) affects enterprises’ corporate social responsibility (CSR). Design/methodology/approach This study investigates the relationship between EPU and CSR based on the Chinese capital market from 2010 to 2018. Following the most recent studies focused on economic policy uncertainty, this paper uses the news-based method proposed by Baker et al. (2016) to measure EPU and explore the effect of EPU on CSR, as well as the mediating role of state ownership in such a relationship. Findings Empirical results show that increasing EPU will restrain enterprises’ social responsibility behaviour and the inhibitory effect is more obvious for state-owned enterprises. Further analyses reveal that the inhibitory effect of EPU on CSR is stronger for enterprises that face severe financial constraints and is significant for various components of CSR, and trade policy uncertainty could also curb enterprises’ social responsibility behaviour. Practical implications As a stable economic environment is important for enterprises’ CSR engagement, the present study’s conclusions can help policymakers better understand the implications of policy stability for enterprises’ financial and non-financial decisions and especially their CSR decisions. Social implications With the increasing attention paid to the CSR of enterprises, this study provides evidence that enterprises should develop appropriate CSR strategies according to the economic policy environment and enhance their capacity to withstand the risks generated by EPU. Originality/value To the best of the author’s knowledge, this study is the first to analyse the relationship between EPU and CSR. The results contribute to a better understanding of what issues influence enterprises’ CSR engagement, highlighting the importance of a stable economic policy environment and of enterprises’ ability to withstand risks.

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Policy Uncertainty and Long-Run Investment and Output Across Countries

Cited by 8 publications

References 5 publications

Nigerian Enterprise Sector and Policy Uncertainty

Nigerian Enterprise Sector and Policy Uncertainty

Determining Financial Uncertainty through the Dynamics of Sukuk Bonds and Prices in Emerging Market Indices

Economic policy uncertainty and corporate social responsibility performance: evidence from China

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