Electoral Uncertainty and Corporate Investment: Evidence from European Countries

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F62156489%3A43110%2F21%3A43920115" target="_blank" >RIV/62156489:43110/21:43920115 - isvavai.cz</a>

Výsledek na webu

<a href="https://doi.org/10.31577/ekoncas.2021.06.05" target="_blank" >https://doi.org/10.31577/ekoncas.2021.06.05</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.31577/ekoncas.2021.06.05" target="_blank" >10.31577/ekoncas.2021.06.05</a>

Jazyk výsledku

angličtina

Název v původním jazyce

Electoral Uncertainty and Corporate Investment: Evidence from European Countries

Popis výsledku v původním jazyce

The aim of the paper is to identify whether electoral uncertainty affects corporate investment, which may cause cyclical fluctuations in European countries. More specifically, the paper focuses on the development of a net fixed-asset investment from 2006 to 2015. Electoral uncertainty is associated with the parliamentary election term since this is the most common election type. The paper is focused on 268,000 firms within the secondary sector (NACE Rev. 2 Sections C - F; Amadeus database). The results suggest that electoral uncertainty may have a negative impact on investment in the secondary sector. Comparing individual industries shows that the negative impact may occur in the construction industry, whereas the effect is statistically inconclusive in the case of manufacturing. Considering the size of the enterprises, electoral uncertainty has a greater impact on SMEs, generally in the secondary sector and, more specifically, in construction. Extending the topic of the economic consequences of the political cycle, including the impact of electoral uncertainty on corporate investment across sectors and business sizes, can be considered as the main contribution of the article.

Název v anglickém jazyce

Electoral Uncertainty and Corporate Investment: Evidence from European Countries

Popis výsledku anglicky

The aim of the paper is to identify whether electoral uncertainty affects corporate investment, which may cause cyclical fluctuations in European countries. More specifically, the paper focuses on the development of a net fixed-asset investment from 2006 to 2015. Electoral uncertainty is associated with the parliamentary election term since this is the most common election type. The paper is focused on 268,000 firms within the secondary sector (NACE Rev. 2 Sections C - F; Amadeus database). The results suggest that electoral uncertainty may have a negative impact on investment in the secondary sector. Comparing individual industries shows that the negative impact may occur in the construction industry, whereas the effect is statistically inconclusive in the case of manufacturing. Considering the size of the enterprises, electoral uncertainty has a greater impact on SMEs, generally in the secondary sector and, more specifically, in construction. Extending the topic of the economic consequences of the political cycle, including the impact of electoral uncertainty on corporate investment across sectors and business sizes, can be considered as the main contribution of the article.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50206 - Finance

Projekt

—

Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2021

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Ekonomický časopis

ISSN

0013-3035

e-ISSN

0013-3035

Svazek periodika

69

Číslo periodika v rámci svazku

6

Stát vydavatele periodika

SK - Slovenská republika

Počet stran výsledku

20

Strana od-do

647-666

Kód UT WoS článku

000697125800005

EID výsledku v databázi Scopus

2-s2.0-85139974213