期刊
FINANCE RESEARCH LETTERS
卷 59, 期 -, 页码 -出版社
ACADEMIC PRESS INC ELSEVIER SCIENCE
DOI: 10.1016/j.frl.2023.104780
关键词
Financial misallocation; Economic uncertainty; Firm decision-making; Financing constraints; Ownership structure; Industry competition
This research examines the relationship between firms' perceptions of uncertainty and financial misallocation. They find that a heightened sense of uncertainty significantly reduces financial misallocation. Interestingly, private firms, those operating in highly competitive arenas, and those with minimal financing barriers are more attuned to economic uncertainty, and the moderating effect of uncertainty perception on financial misallocation is particularly pronounced for these firms.
Recently, the impact of economic policy uncertainty on economic outcomes has received considerable attention. This research examines the link between firms' perceptions of uncertainty and financial misallocation, with a focus on the differential effects across different types of firms. We find that a heightened sense of uncertainty significantly reduces financial misallocation. This relationship remains robust to rigorous validity checks. Interestingly, we find that private firms, those operating in highly competitive arenas and those with minimal financing barriers are more attuned to economic uncertainty. Hence, for these firms, the moderating effect of uncertainty perception on financial misallocation is particularly pronounced.
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