Pub Date : 2023-06-22DOI: 10.21315/aamjaf2023.19.1.3
Pei-Tha Gan, K. Kwek
A notable attribute of the empirical studies on monetary rules is that few published articles rely on the normative evaluation in eliminating unwanted economic uncertainty. To prevail over this shortcoming, this paper introduces the optimal mitigation of economic uncertainty and determines its applicability through a sample of 14 selected countries. Using the combination of the theoretically derived optimal mitigation of economic uncertainty with the empirical estimations leads to specific monetary rules. The findings of this paper provide some policy implications; the optimal mitigation of economic uncertainty can characterise the optimal use of the interest rate and exchange rate to eliminate economic uncertainty and serve as a monetary policy guide in the adjustment process to restore macroeconomic conditions of the equilibrium that eventually promote the best macroeconomic outcomes.
{"title":"Rules-Based Optimal Mitigation of Economic Uncertainty","authors":"Pei-Tha Gan, K. Kwek","doi":"10.21315/aamjaf2023.19.1.3","DOIUrl":"https://doi.org/10.21315/aamjaf2023.19.1.3","url":null,"abstract":"A notable attribute of the empirical studies on monetary rules is that few published articles rely on the normative evaluation in eliminating unwanted economic uncertainty. To prevail over this shortcoming, this paper introduces the optimal mitigation of economic uncertainty and determines its applicability through a sample of 14 selected countries. Using the combination of the theoretically derived optimal mitigation of economic uncertainty with the empirical estimations leads to specific monetary rules. The findings of this paper provide some policy implications; the optimal mitigation of economic uncertainty can characterise the optimal use of the interest rate and exchange rate to eliminate economic uncertainty and serve as a monetary policy guide in the adjustment process to restore macroeconomic conditions of the equilibrium that eventually promote the best macroeconomic outcomes.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2023-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42169373","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-22DOI: 10.21315/aamjaf2023.19.1.4
Shiang Shen Kwan, Roy W. L. Khong, Woan Ting Hung
The level of cash held by listed companies has raised academic interest. In particular, many studies have been conducted to understand the reason why companies hold so much cash. Previous studies on the determinants of cash holdings have focused on firm-specific characteristics. More recently, researchers have found that stock liquidity played an important role in explaining the cash holding behaviour. This study examines the effect of stock liquidity on cash holdings among listed companies in Malaysia. The findings indicate that stock liquidity has a positive impact on cash holdings. This suggests that companies have a higher propensity to hold cash to repurchase its own stocks, which resulted in higher stock liquidity.
{"title":"Stock Liquidity and Cash Holdings: Evidence from Malaysia","authors":"Shiang Shen Kwan, Roy W. L. Khong, Woan Ting Hung","doi":"10.21315/aamjaf2023.19.1.4","DOIUrl":"https://doi.org/10.21315/aamjaf2023.19.1.4","url":null,"abstract":"The level of cash held by listed companies has raised academic interest. In particular, many studies have been conducted to understand the reason why companies hold so much cash. Previous studies on the determinants of cash holdings have focused on firm-specific characteristics. More recently, researchers have found that stock liquidity played an important role in explaining the cash holding behaviour. This study examines the effect of stock liquidity on cash holdings among listed companies in Malaysia. The findings indicate that stock liquidity has a positive impact on cash holdings. This suggests that companies have a higher propensity to hold cash to repurchase its own stocks, which resulted in higher stock liquidity.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2023-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43672542","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-22DOI: 10.21315/aamjaf2023.19.1.9
Sirada Nuanpradit
This study examines the impact of industry-adjusted profitability and S-curve targeted industries under an innovation-driven economy on firms’ capital structures in Thailand. The results demonstrate that a superior degree of industry-adjusted profitability reduces the need for debt financing. Within the industry, franchise and harvest firms with sufficient earnings have a lower debt overhang than under-performing firms. Furthermore, the S-curve targeted industries, which typically use debt to finance their expensive investments, appear to use fewer loans when they feel pressured by the investment support policy to intensify research and development (R&D) activities. Overall, in the emerging market geared toward a new economic roadmap, firms’ capital structures are shaped by competitive performance as well as industry and policy forces.
{"title":"The Impact of Industry-Adjusted Profitability and S-Curve Targeted Industry on Capital Structure: Evidence from Thailand","authors":"Sirada Nuanpradit","doi":"10.21315/aamjaf2023.19.1.9","DOIUrl":"https://doi.org/10.21315/aamjaf2023.19.1.9","url":null,"abstract":"This study examines the impact of industry-adjusted profitability and S-curve targeted industries under an innovation-driven economy on firms’ capital structures in Thailand. The results demonstrate that a superior degree of industry-adjusted profitability reduces the need for debt financing. Within the industry, franchise and harvest firms with sufficient earnings have a lower debt overhang than under-performing firms. Furthermore, the S-curve targeted industries, which typically use debt to finance their expensive investments, appear to use fewer loans when they feel pressured by the investment support policy to intensify research and development (R&D) activities. Overall, in the emerging market geared toward a new economic roadmap, firms’ capital structures are shaped by competitive performance as well as industry and policy forces.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2023-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46035361","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-22DOI: 10.21315/aamjaf2023.19.1.8
Manish Bansal
The study examines the relationship between Corporate Social responsibility (CSR) and revenue misclassification in Indian institutional settings. Malikov et al. model has been used to operationalise revenue misclassification. Using a sample of Bombay Stock Exchange listed firms spanning over 14 years (March 2009 until March 2022), I find that CSR-oriented firms prefer revenue misclassification over expense misclassification for managing core earnings, consistent with the notion that CSR firms prefer earnings management (EM) tool having a greater relative advantage in terms of reporting favourable operating performance metrics. The subsequent tests suggest that big four auditors have a constraining effect on the revenue misclassification practices of firms. The findings alert auditors about the suspected firms (high-CSR firms) that are more likely to manage earnings through revenue misclassification and suggest authorities make more mandatory disclosure requirements for recording revenue items to curb the corporate misfeasance of revenue misclassification.
{"title":"Corporate Social Responsibility and Revenue Misclassification: Evidence from India","authors":"Manish Bansal","doi":"10.21315/aamjaf2023.19.1.8","DOIUrl":"https://doi.org/10.21315/aamjaf2023.19.1.8","url":null,"abstract":"The study examines the relationship between Corporate Social responsibility (CSR) and revenue misclassification in Indian institutional settings. Malikov et al. model has been used to operationalise revenue misclassification. Using a sample of Bombay Stock Exchange listed firms spanning over 14 years (March 2009 until March 2022), I find that CSR-oriented firms prefer revenue misclassification over expense misclassification for managing core earnings, consistent with the notion that CSR firms prefer earnings management (EM) tool having a greater relative advantage in terms of reporting favourable operating performance metrics. The subsequent tests suggest that big four auditors have a constraining effect on the revenue misclassification practices of firms. The findings alert auditors about the suspected firms (high-CSR firms) that are more likely to manage earnings through revenue misclassification and suggest authorities make more mandatory disclosure requirements for recording revenue items to curb the corporate misfeasance of revenue misclassification.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2023-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46818510","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-22DOI: 10.21315/aamjaf2023.19.1.2
Omar Farooq, Zakir Pashayev
This paper uses presidential elections as the proxy for political uncertainties to investigate the impact of election induced political uncertainties on the relationship between cash holdings and firm value for a sample of non-financial firms from the U.S. The findings suggest that the impact of cash holdings on firm value goes down significantly during the years of presidential elections. This finding, however, is confined only to elections in which both presidential candidates are new and for firms headquartered in the states that have always voted for the Democrat candidates in the presidential elections. Furthermore, our findings suggest that the impact of political uncertainties on the relationship between cash holdings and firm value does not hold for gubernatorial elections. Our results are robust after including number of firm-specific and country-specific control variables and after taking into account potential endogeneity concerns.
{"title":"Impact of Cash Holdings on Firm Value: Role of Election Induced Political Uncertainty","authors":"Omar Farooq, Zakir Pashayev","doi":"10.21315/aamjaf2023.19.1.2","DOIUrl":"https://doi.org/10.21315/aamjaf2023.19.1.2","url":null,"abstract":"This paper uses presidential elections as the proxy for political uncertainties to investigate the impact of election induced political uncertainties on the relationship between cash holdings and firm value for a sample of non-financial firms from the U.S. The findings suggest that the impact of cash holdings on firm value goes down significantly during the years of presidential elections. This finding, however, is confined only to elections in which both presidential candidates are new and for firms headquartered in the states that have always voted for the Democrat candidates in the presidential elections. Furthermore, our findings suggest that the impact of political uncertainties on the relationship between cash holdings and firm value does not hold for gubernatorial elections. Our results are robust after including number of firm-specific and country-specific control variables and after taking into account potential endogeneity concerns.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2023-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41462595","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-22DOI: 10.21315/aamjaf2023.19.1.10
Amine El Badlaoui, Mariam Cherqaoui, Issam Er-Rami
The purpose of this paper is to review the empirical literature on value relevance of audit reports by providing current evidence on the market reaction to modified audit opinions (MAOs). This study is motivated by the argument that recent research has resolved the research designs problems raised by the pre-2010 studies that resulted in unmitigated and contradictory results. We adopt a systematic literature review based on the guidelines presented by Kitchenham et al. to review papers published between 2010 and 2020. The main findings of our review show sufficient evidence that MAOs are indeed useful to investors in making decisions in developed countries, which is evidenced by the fact that the MAOs have a negative effect on the share prices of companies. In contrast, evidence from studies conducted in developing countries shows null market reaction to MAOs, with the exception of the Chinese market, which shows a significant reaction. The methodological limitations and alternative causes behind the null market reaction to MAOs of studies conducted in developing countries are discussed in this paper.
{"title":"Market Reaction to Modified Audit Opinions: A Systematic Literature Review in Both Developed and Developing Countries","authors":"Amine El Badlaoui, Mariam Cherqaoui, Issam Er-Rami","doi":"10.21315/aamjaf2023.19.1.10","DOIUrl":"https://doi.org/10.21315/aamjaf2023.19.1.10","url":null,"abstract":"The purpose of this paper is to review the empirical literature on value relevance of audit reports by providing current evidence on the market reaction to modified audit opinions (MAOs). This study is motivated by the argument that recent research has resolved the research designs problems raised by the pre-2010 studies that resulted in unmitigated and contradictory results. We adopt a systematic literature review based on the guidelines presented by Kitchenham et al. to review papers published between 2010 and 2020. The main findings of our review show sufficient evidence that MAOs are indeed useful to investors in making decisions in developed countries, which is evidenced by the fact that the MAOs have a negative effect on the share prices of companies. In contrast, evidence from studies conducted in developing countries shows null market reaction to MAOs, with the exception of the Chinese market, which shows a significant reaction. The methodological limitations and alternative causes behind the null market reaction to MAOs of studies conducted in developing countries are discussed in this paper.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2023-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41425516","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-22DOI: 10.21315/aamjaf2023.19.1.5
Shaista Arshad, Thi Hong Nhung Vu, Too Shaw Warn, Loke Mei Ying
This paper examines the hedging ability of gold, silver, and Bitcoin against inflation in ASEAN countries. The inclusion of Bitcoin as a hedge is relatively new in literature and the effect of hedging has been exacerbated post Global Financial Crisis, when the prices of precious metals have increased continuously. To serve that objective, the student-t EGARCH (1,1) model is first used to study the relationship between average asset return and inflation and next a quantile regression model is applied to explore the relationship between different quantiles of asset return and inflation. This ensures the hedging potential of each asset to be equally strong in bearish and bullish conditions. The tests show that the results from student-t EGARCH (1,1) model and quantile regression model are different while the results pre and post GFC are similar in most of the cases. The quantile regression model, which accounts for different quantiles for asset returns, indicates that gold, silver, and Bitcoin appear to be a hedge and safe haven in ASEAN countries. However, from the student-t EGARCH (1,1) model, which accounts for average asset returns, Bitcoin is a hedge asset but none of the three assets serves as a safe haven in ASEAN countries.
{"title":"The Hedging Ability of Gold, Silver and Bitcoin against Inflation in ASEAN Countries","authors":"Shaista Arshad, Thi Hong Nhung Vu, Too Shaw Warn, Loke Mei Ying","doi":"10.21315/aamjaf2023.19.1.5","DOIUrl":"https://doi.org/10.21315/aamjaf2023.19.1.5","url":null,"abstract":"This paper examines the hedging ability of gold, silver, and Bitcoin against inflation in ASEAN countries. The inclusion of Bitcoin as a hedge is relatively new in literature and the effect of hedging has been exacerbated post Global Financial Crisis, when the prices of precious metals have increased continuously. To serve that objective, the student-t EGARCH (1,1) model is first used to study the relationship between average asset return and inflation and next a quantile regression model is applied to explore the relationship between different quantiles of asset return and inflation. This ensures the hedging potential of each asset to be equally strong in bearish and bullish conditions. The tests show that the results from student-t EGARCH (1,1) model and quantile regression model are different while the results pre and post GFC are similar in most of the cases. The quantile regression model, which accounts for different quantiles for asset returns, indicates that gold, silver, and Bitcoin appear to be a hedge and safe haven in ASEAN countries. However, from the student-t EGARCH (1,1) model, which accounts for average asset returns, Bitcoin is a hedge asset but none of the three assets serves as a safe haven in ASEAN countries.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2023-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49222131","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study examines the impact of innovation on firm performance and how intellectual capital (IC) moderates the association between innovation and firm performance. We apply an innovation index that measures the frequency of innovative related words, which appear in firm financial reports to proxy for innovation. IC is estimated through the value-added IC (VAICTM) model. This study analyses Chinese firm-year observations of financial profitability (firm value) datasets, which total 19,152 (18,276) over the years from 2007 to 2019. Results indicate that the innovation index is positively related to financial profitability and firm market value. Moreover, the moderating outcomes suggest that IC boosts the positive relationship between innovation index and firm performance. Overall, this study highlights the importance of having innovation and IC together for gaining firm competitive advantages and progressing profitably. That is, firms should be innovative and must manage their IC well.
{"title":"Innovation and Firm Performance: The Moderating Role of Intellectual Capital among Chinese Companies","authors":"Chunya Ren, Irene Wei Kiong Ting, Qian Long Kweh, Cheng Zhang","doi":"10.21315/aamjaf2023.19.1.6","DOIUrl":"https://doi.org/10.21315/aamjaf2023.19.1.6","url":null,"abstract":"This study examines the impact of innovation on firm performance and how intellectual capital (IC) moderates the association between innovation and firm performance. We apply an innovation index that measures the frequency of innovative related words, which appear in firm financial reports to proxy for innovation. IC is estimated through the value-added IC (VAICTM) model. This study analyses Chinese firm-year observations of financial profitability (firm value) datasets, which total 19,152 (18,276) over the years from 2007 to 2019. Results indicate that the innovation index is positively related to financial profitability and firm market value. Moreover, the moderating outcomes suggest that IC boosts the positive relationship between innovation index and firm performance. Overall, this study highlights the importance of having innovation and IC together for gaining firm competitive advantages and progressing profitably. That is, firms should be innovative and must manage their IC well.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2023-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43264931","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-22DOI: 10.21315/aamjaf2023.19.1.1
Thi Huong Giang Vuong, Huu Manh Nguyen, Wing-Keung Wong
Our paper investigates how economic policy uncertainty (EPU) affects Singaporean-listed firms’ corporate cash holdings after the global financial crisis. We apply various technical analyses for panel models of 4,253 yearly observations. Our results indicate that the Singaporean-listed firms’ cash holdings ratio (CHR) decreases when Singapore’s EPU increases in the period 2009–2018. Further, either global EPU or U.S. EPU indicators are correlated negatively with Singaporean-listed firms’ cash reserves. The corporate managers’ precautionary motive was not urged by the rise of EPU in the Singapore market. On the other hand, our empirical evidence suggests that Singapore’s corporate managers have an explicit speculative incentive in the context of the increased EPU in the post-financial crisis period. This research provides evidence that is at odds with the corporate managers’ classical view on precautionary cash savings in the context of the increased uncertainty of economic policy.
{"title":"Whether Economic Policy Uncertainty Instigates an Increase in The Cash Holdings of Singaporean-Listed Firms?","authors":"Thi Huong Giang Vuong, Huu Manh Nguyen, Wing-Keung Wong","doi":"10.21315/aamjaf2023.19.1.1","DOIUrl":"https://doi.org/10.21315/aamjaf2023.19.1.1","url":null,"abstract":"Our paper investigates how economic policy uncertainty (EPU) affects Singaporean-listed firms’ corporate cash holdings after the global financial crisis. We apply various technical analyses for panel models of 4,253 yearly observations. Our results indicate that the Singaporean-listed firms’ cash holdings ratio (CHR) decreases when Singapore’s EPU increases in the period 2009–2018. Further, either global EPU or U.S. EPU indicators are correlated negatively with Singaporean-listed firms’ cash reserves. The corporate managers’ precautionary motive was not urged by the rise of EPU in the Singapore market. On the other hand, our empirical evidence suggests that Singapore’s corporate managers have an explicit speculative incentive in the context of the increased EPU in the post-financial crisis period. This research provides evidence that is at odds with the corporate managers’ classical view on precautionary cash savings in the context of the increased uncertainty of economic policy.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2023-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42040055","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-30DOI: 10.21315/aamjaf2022.18.2.5
O. Tan, Hakan Cavlak, Yasin Cebeci, Necati Güneş
In this study, we analyse the impact of uncertainty on the corporate investment of 164 Turkish manufacturing firms. The time covers the period from 2005 to 2019. Our results reveal that there is a negative association between corporate investment and uncertainty. Under uncertainty, firms opt to decline their investment. Additionally, financially constrained (non-dividend payers) firms are negatively affected more than financially unconstrained firms. The use of alternative measurements of uncertainty and investment ensures the validity of our results. Policymakers should deal with the uncertainty and implement economic policies to decrease the country’s risk premium.
{"title":"Does Uncertainty Affect Corporate Investment Decisions? Evidence from Turkish Firms","authors":"O. Tan, Hakan Cavlak, Yasin Cebeci, Necati Güneş","doi":"10.21315/aamjaf2022.18.2.5","DOIUrl":"https://doi.org/10.21315/aamjaf2022.18.2.5","url":null,"abstract":"In this study, we analyse the impact of uncertainty on the corporate investment of 164 Turkish manufacturing firms. The time covers the period from 2005 to 2019. Our results reveal that there is a negative association between corporate investment and uncertainty. Under uncertainty, firms opt to decline their investment. Additionally, financially constrained (non-dividend payers) firms are negatively affected more than financially unconstrained firms. The use of alternative measurements of uncertainty and investment ensures the validity of our results. Policymakers should deal with the uncertainty and implement economic policies to decrease the country’s risk premium.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2022-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48022855","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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