Economic policy uncertainty and sustainable financial growth: Does business strategy matter?

被引：32

作者：

Ahsan, Tanveer ^{[1
]}

Al-Gamrh, Bakr ^{[1
]}

Mirza, Sultan Sikandar ^{[2
,3
]}

机构：

[1] Rennes Sch Business, 2 Rue Robert dArbrissel, F-35065 Rennes, France

[2] Zhejiang Univ City Coll, New Zealand Univ, Waikato Inst, Hangzhou, Peoples R China

[3] Univ Waikato, Waikato Management Sch, Hangzhou, Peoples R China

来源：

FINANCE RESEARCH LETTERS | 2022年 / 46卷

关键词：

Policy uncertainty; Business strategy; Sustainable financial growth; Panel data;

D O I：

10.1016/j.frl.2021.102381

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using a data of 975 Chinese non-financial listed firms, this study investigates the impact of firm business strategy on sustainable financial growth during economic policy uncertainty. We use index-based measures of economic policy uncertainty, sustainable financial growth and business strategy and observe that economic policy uncertainty hurts the sustainable financial growth of Chinese firms. However, we find that a defensive business strategy positively moderates the negative impact of policy uncertainty, whereas an analytical business strategy mitigates the negative impact of policy uncertainty on sustainable financial growth. The results of the study provide guidance to corporations regarding strategy formulation to effectively deal with policy uncertainties. Our results are robust to different proxies of policy uncertainty and endogeneity issues.

引用

页数：7

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