Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/328663 
Year of Publication: 
2023
Citation: 
[Journal:] Economies [ISSN:] 2227-7099 [Volume:] 11 [Issue:] 2 [Article No.:] 37 [Year:] 2023 [Pages:] 1-19
Publisher: 
MDPI, Basel
Abstract: 
This paper examines the effect of economic policy uncertainty (EPU) on firm-level investment and corporate financial leverage. The panel data of 1072 firms traded on the New York Stock Exchange (NYSE), New York Stock Exchange Market (NYSE MKT) (formerly known as American Stock Exchange-AMEX), or NASDAQ over the period 2012-2021 was analyzed using the fixed-effect model. The empirical results show that the financial leverage of a firm is negatively affected by EPU. Additionally, EPU depresses firms' investment decisions and debt financing. Our results are robust when alternative measures of our main variables are used.
Subjects: 
capital structure
corporate investment
economic policy uncertainty (EPU)
financial leverage
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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