Economic policy uncertainty and corporate investment: evidence from Indian hospitality firms

Nufazil Altaf

16 citations0/0 files storedJournal of Policy Research in Tourism Leisure and Events

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Corporate Finance and Governance Capital Investment and Risk Analysis Market Dynamics and Volatility

Abstract

This study explores the effect of economic policy uncertainty on the corporate investment of 180 Indian Hospitality firms for 15 years. Applying generalized methods of moments technique we find that EPU has a negative impact on the investment decisions of Indian Hospitality firms. Additionally, we find that this negative relationship is relevant for firms in the lower quantile of capital investment, and this negative relationship is more pronounced for firms facing higher financial constraints.

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2016Measuring Economic Policy Uncertainty*2009The Impact of Uncertainty Shocks 2015Policy Uncertainty and Corporate Investment 2012Uncertainty about Government Policy and Stock Prices 1992Debt, Liquidity Constraints, and Corporate Investment: Evidence from Panel Data 2006Corporate Financial Policy and the Value of Cash 2010Costly external finance, corporate investment, and the subprime mortgage credit crisis 2003Financial Development and Financing Constraints: International Evidence from the Structural Investment Model

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