How does economic policy uncertainty affect corporate risk-taking? Evidence from China
•The empirical evidence proves the negative correlation between economic policy uncertainty and Chinese enterprise risk taking, which complements the relevant literature.•Financing constraints level in the enterprise is an essential factor adjusting the effect of EPU on corporate risk-taking. Using...
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| Published in | Finance research letters Vol. 41; p. 101840 |
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| Main Authors | , , , |
| Format | Journal Article |
| Language | English |
| Published |
Elsevier Inc
01.07.2021
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| Subjects | |
| Online Access | Get full text |
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| Abstract | •The empirical evidence proves the negative correlation between economic policy uncertainty and Chinese enterprise risk taking, which complements the relevant literature.•Financing constraints level in the enterprise is an essential factor adjusting the effect of EPU on corporate risk-taking.
Using the firm-level data from China over the time period 2007-2018, we investigate how EPU affect the corporate risk-taking. Our empirical results show that EPU can significantly reduce the corporate risk-taking. However, such significant evidence mainly exists on the non-state-owned firms. Moreover, financing constraints level in the enterprise is an essential factor adjusting the effect of EPU on corporate risk-taking, and we find that firms with financing constraints become risk aversion in facing with EPU shocks. The conclusion of this study provides theoretical basis and practical reference for enterprises to make better decisions on high-risk and high-return investment projects. |
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| AbstractList | •The empirical evidence proves the negative correlation between economic policy uncertainty and Chinese enterprise risk taking, which complements the relevant literature.•Financing constraints level in the enterprise is an essential factor adjusting the effect of EPU on corporate risk-taking.
Using the firm-level data from China over the time period 2007-2018, we investigate how EPU affect the corporate risk-taking. Our empirical results show that EPU can significantly reduce the corporate risk-taking. However, such significant evidence mainly exists on the non-state-owned firms. Moreover, financing constraints level in the enterprise is an essential factor adjusting the effect of EPU on corporate risk-taking, and we find that firms with financing constraints become risk aversion in facing with EPU shocks. The conclusion of this study provides theoretical basis and practical reference for enterprises to make better decisions on high-risk and high-return investment projects. |
| ArticleNumber | 101840 |
| Author | Shao, Liuguo Li, Cui Wen, Fenghua Sha, Han |
| Author_xml | – sequence: 1 givenname: Fenghua surname: Wen fullname: Wen, Fenghua organization: School of Business, Central South University, Changsha 410083, China – sequence: 2 givenname: Cui surname: Li fullname: Li, Cui organization: School of Business, Central South University, Changsha 410083, China – sequence: 3 givenname: Han surname: Sha fullname: Sha, Han organization: School of Business, Central South University, Changsha 410083, China – sequence: 4 givenname: Liuguo surname: Shao fullname: Shao, Liuguo email: shaoliuguo@qq.com organization: School of Business, Central South University, Changsha 410083, China |
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| Title | How does economic policy uncertainty affect corporate risk-taking? Evidence from China |
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