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Is There Any Impact of the World Uncertainty Spillover Index (WUSI) on Firm Investment? Evidence from Turkey

Year 2023, Volume: 7 Issue: 1, 97 - 108, 26.06.2023
https://doi.org/10.33399/biibfad.1230702

Abstract

Bu makale, Dünya Belirsizlik Yayılma Endeksi-Amerika Birleşik Devletleri'nin (WUSI-USA) 164 Türk imalat firmasının 2005 ve 2019 yılları arasındaki yatırım politikası üzerindeki etkisini incelemektedir. Bulgulara göre, WUSI-USA'nin firmaların yatırım politikası üzerinde olumsuz bir etkisi vardır. Reel opsiyon teorisine göre firmalar belirsiz koşullar altında yatırımlarını ertelemeyi tercih etmektedirler. Alternatif yatırım ölçümlerinin kullanılması, sonuçlarımızın geçerliliğini doğrulamaktadır. Genel olarak, bu çalışma ABD'den gelen belirsizliğin firmaların yatırım kararlarını etkilediğini ortaya koymaktadır. Türk firmaları finansal kararlarına belirsizlik yayılmalarını dahil etmeli ve stratejilerini belirsizliğin yayıldığı zamanlarda firmaya özgü faktörlere göre ayarlamalıdır. Politika yapıcılar ve firma yöneticileri, yatırım stratejilerini oluştururken ABD'deki belirsizlik yayılma etkilerini dikkate almalıdır.

References

  • Abberger, K., Dibiasi, A., Siegenthaler, M., & Sturm, J.-E. (2016). The effect of policy uncertainty on investment plans: Evidence from the unexpected acceptance of a farreaching referendum in Switzerland. KOF Working Papers, No. 406. Zurich. https://doi.org/http://dx.doi.org/10.3929/ethz-a-010636396
  • Abdoh, H., & Maghyereh, A. (2020). Product market competition, oil uncertainty and corporate investment. International Journal of Managerial Finance. https://doi.org/10.1108/IJMF-01-2020-0042
  • Ahir, H., Bloom, N., & Furceri, D. (2021). What the continued global uncertainty means for you. Retrieved February 10, 2021, from https://blogs.imf.org/2021/01/19/what-the-continued-global-uncertainty-means-for-you
  • Akron, S., Demir, E., Díez-Esteban, J. M., & García-Gómez, C. D. (2020). Economic policy uncertainty and corporate investment: Evidence from the U.S. hospitality industry. Tourism Management, 77. https://doi.org/10.1016/j.tourman.2019.104019
  • An, H., Chen, Y., Luo, D., & Zhang, T. (2016). Political uncertainty and corporate investment: Evidence from China. Journal of Corporate Finance, 36, 174–189. https://doi.org/10.1016/j.jcorpfin.2015.11.003
  • Antonakakis, N., Gabauer, D., Gupta, R., & Plakandaras, V. (2018). Dynamic connectedness of uncertainty across developed economies: A time-varying approach. Economics Letters, 166, 63–75. https://doi.org/10.1016/j.econlet.2018.02.011
  • Bendall, H., & Stent, A. F. (2003). Investment strategies in market uncertainty. Maritime Policy & Management, 30(4), 293–303. https://doi.org/10.1080/0308883032000145609
  • Bernanke, B. S. (1983). Irreversibility, uncertainty, and cyclical Investment. The Quarterly Journal of Economics, 98(1), 85. https://doi.org/10.2307/1885568
  • Bhattarai, S., Chatterjee, A., & Park, W. Y. (2020). Global spillover effects of US uncertainty. Journal of Monetary Economics, 114, 71–89. https://doi.org/10.1016/j.jmoneco.2019.05.008
  • Biljanovska, N., Grigoli, F., & Hengge, M. (2017). Fear Thy Neighbor: Spillovers from Economic Policy uncertainty (WP/17/240). IMF Working Paper. https://doi.org/10.1111/roie.12531
  • Bloom, N., Kose, M. A., & Terrones, M. E. (2013, March). Held Back by Uncertainty. Finance & Development.
  • Broadbent, B. (2019). Investment and uncertainty: The value of waiting for news. Bank of England, Speech.
  • Brogaard, J., Dai, L., Ngo, P. T. H., & Zhang, B. (2020). Global political uncertainty and asset prices. The Review of Financial Studies, 33(4), 1737–1780. https://doi.org/10.1093/rfs/hhz087
  • Caggiano, G., Castelnuovo, E., & Figures, J. M. (2019). Economic policy uncertainty spillovers in booms and busts. Oxford Bulletin of Economics and Statistics, 82(1), 125–155.
  • Carrière-Swallow, Y., & Céspedes, L. F. (2013). The impact of uncertainty shocks in emerging economies. Journal of International Economics, 90(2), 316–325. https://doi.org/10.1016/j.jinteco.2013.03.003
  • Carruth, A., Dickerson, A., & Henley, A. (2000). What do we know about investment under uncertainty? Journal of Economic Surveys, 14(2), 119–154. https://doi.org/10.1111/1467-6419.00107
  • Chen, X., Le, C. H. A., Shan, Y., & Taylor, S. (2020). Australian policy uncertainty and corporate investment. Pacific Basin Finance Journal, 61. https://doi.org/10.1016/j.pacfin.2020.101341
  • Chiang, T. C. (2020). US policy uncertainty and stock returns: evidence in the US and its spillovers to the European Union, China and Japan. The Journal of Risk Finance, 21(5), 621–657. https://doi.org/10.1108/JRF-10-2019-0190
  • Choudhry, T., Hassan, S. S., & Shabi, S. (2020). U.S. economic uncertainty, EU business cycles, and the global financial crisis. International Journal of Finance & Economics, 25(1), 28–42. https://doi.org/10.1002/ijfe.1726
  • Christou, C., Gozgor, G., Gupta, R., & Lau, C.-K. (Marco). (2019). Are uncertainties across the world convergent? (No. 2019–07). University of Pretoria Department of Economics Working Paper Series. Pretoria.
  • Claeys, P. (2017). Uncertainty spillover and policy reactions. Ensayos Sobre Política Económica, 35(82), 64–77. https://doi.org/10.1016/j.espe.2017.01.003
  • Davis, S. J. (2016). An Index of Global Economic Policy Uncertainty (No. Working Paper 22740).
  • Feng, Y., & Li, L. (2020). International monetary policy uncertainty spillover. SSRN Electronic Journal. Retrieved from https://ssrn.com/abstract=3747852
  • George, R., Kabir, R., & Qian, J. (2011). Investment-cash flow sensitivity and financing constraints: New evidence from Indian business group firms. Journal of Multinational Financial Management, 21, 69–88. https://doi.org/10.1016/j.mulfin.2010.12.003
  • Glover, B., & Levine, O. (2015). Uncertainty, investment, and managerial incentives. Journal of Monetary Economics, 69, 121–137. https://doi.org/10.1016/j.jmoneco.2014.11.004
  • Gulen, H., & Ion, M. (2016). Policy uncertainty and corporate investment. Review of Financial Studies, 29(3), 523–564. https://doi.org/10.1093/rfs/hhv050
  • Guizani, M. (2020). Investment-cash flow sensitivity: a macroeconomic approach. Macroeconomics and Finance in Emerging Market Economies, 13(2), 115–139. https://doi.org/10.1080/17520843.2020.1717570
  • Gupta, R., Olasenhinde-Williams, G., & Wohar, M. E. (2020). The impact of US uncertainty shocks on a panel of advanced and emerging market economies. The Journal of International Trade & Economic Development, 29(6), 711–721.
  • Han, L., Liu, Y., & Yin, L. (2019). Uncertainty and currency performance: A quantile-on-quantile approach. North American Journal of Economics and Finance, 48. https://doi.org/10.1016/j.najef.2019.04.019
  • Huang, H. H., Kerstein, J., & Wang, C. (2018). The impact of climate risk on firm performance and financing choices: An international comparison. Journal of International Business Studies, 49(5), 633–656. https://doi.org/10.1057/s41267-017-0125-5
  • Istiak, K., & Alam, M. R. (2020). US economic policy uncertainty spillover on the stock markets of the GCC countries. Journal of Economic Studies, 47(1), 36–50.
  • Kang, W., Lee, K., & Ratti, R. A. (2014). Economic policy uncertainty and firm-level investment. Journal of Macroeconomics, 39, 42–53. https://doi.org/10.1016/j.jmacro.2013.10.006
  • Kido, Y. (2016). On the link between the US economic policy uncertainty and exchange rates. Economics Letters, 144, 49–52. https://doi.org/10.1016/j.econlet.2016.04.022
  • Klößner, S., & Sekkel, R. (2014). International spillovers of policy uncertainty. Economics Letters, 124(3), 508–512. https://doi.org/10.1016/j.econlet.2014.07.015
  • Kogan, L., & Papanikolaou, D. (2014). Growth opportunities, technology shocks, and asset prices. Journal of Finance, 69(2), 675-718.
  • Lee, K., Jeon, Y., Samarbakhsh, L., & Kim, I. (2020). Chinese economic policy uncertainty and U.S. corporate investment. International Review of Finance, 1–10. https://doi.org/10.1111/irfi.12335
  • Lee, S. (2018). Economic policy uncertainty in the US: Does it matter for Korea? East Asian Economic Review, 22(1), 29–54.
  • Li, H. (2020). Volatility spillovers across European stock markets under the uncertainty of Brexit. Economic Modelling, 84, 1–12. https://doi.org/10.1016/j.econmod.2019.03.001
  • Liu, T., Gong, X., & Tang, L. (2020). The uncertainty spillovers of China’s economic policy: Evidence from time and frequency domains. International Journal of Finance & Economics, ijfe.2385. https://doi.org/10.1002/ijfe.2385
  • Luk, P., Cheng, M., Ng, P., & Wong, K. (2020). Economic policy uncertainty spillovers in small open economies: The case of Hong Kong. Pacific Economic Review, 25(1), 21–46. https://doi.org/10.1111/1468-0106.12283
  • Madanoglu, M., & Ozdemir, O. (2019). Economic policy uncertainty and hotel operating performance. Tourism Management, 71, 443–452. https://doi.org/10.1016/j.tourman.2018.10.012
  • McDonald, R., & Siegel, D. (1986). The value of waiting to invest. Quarterly Journal of Economics, 101(4), 707–728.
  • Nguyen, C. P., Su, T. D., Wongchoti, U., & Schinckus, C. (2020). The spillover effects of economic policy uncertainty on financial markets: a time-varying analysis. Studies in Economics and Finance, 37(3), 513–543. https://doi.org/10.1108/SEF-07-2019-0262
  • Özlem, Ş., & Tan, O. F. (2022). Predicting cash holdings using supervised machine learning algorithms. Financial Innovation, 8(1), 1-19.
  • Pindyck, R. (1988). Irreversible investment, capacity choice, and the value of the firm. American Economic Review, 78(5), 969–985.
  • Rapach, D. E., Strauss, J. K., & Zhou, G. (2013). International stock return predictability: What is the role of the United States? The Journal of Finance, 68(4), 1633–1662. https://doi.org/10.1111/jofi.12041
  • Rogers, W. (1994). Regression standard errors in clustered samples. Stata Technical Bulletin, 3 (13), 1-32
  • Škrinjarić, T., & Orloví, Z. (2020). Economic policy uncertainty and stock market spillovers: Case of selected CEE markets. Mathematics, 8(1077), 1–33. https://doi.org/10.3390/math8071077
  • Servaes, H, & Tamayo, A. (2013). The impact of corporate social responsibility on firm value: The role of consumer awareness. Management Science, 59(5), 1045-1061
  • Tan, O. F., Cavlak, H., Cebeci, Y., & Güneş, N. (2022). The impact of geopolitical risk on corporate investment: Evidence from Turkish Firms. The Indonesian Capital Market Review, 14(1), 2.
  • Trung, N. B. (2019a). The spillover effect of the US uncertainty on emerging economies: a panel VAR approach. Applied Economics Letters, 26(3), 210–216. https://doi.org/10.1080/13504851.2018.1458183
  • Trung, N. B. (2019b). The spillover effects of US economic policy uncertainty on the global economy: A global VAR approach. North American Journal of Economics and Finance, 48, 90–110. https://doi.org/10.1016/j.najef.2019.01.017
  • United Nations. (2019). World Economic Situation and Prospects - Monthly Briefing, No.130.
  • Wang, E.-Z., & Lee, C.-C. (2020). Dynamic spillovers and connectedness between oil returns and policy uncertainty. Applied Economics, 52(35), 3788–3808.
  • Wang, Yizhong., Chen, C. R., & Huang, Y. S. (2014). Economic policy uncertainty and corporate investment: Evidence from China. Pacific-Basin Finance Journal, 26, 227–243. https://doi.org/10.1016/j.pacfin.2013.12.008
  • Wang, Yong, Liu, C., & Wang, G. (2020). Geopolitical risk revealed in international investment and world trade. Risk Management, 22(2), 133–154. https://doi.org/10.1057/s41283-020-00058-z
  • White, A. (1980). A heteroscedasticity-consistent covariance matrix estimator and a direct test for heteroscedasticity. Econometrica, 48, 817-838
  • Yin, L., & Han, L. (2014). Spillovers of macroeconomic uncertainty among major economies. Applied Economics Letters, 21(13), 938–944.
  • Zhang, D., Lei, L., Ji, Q., & Kutan, A. M. (2019). Economic policy uncertainty in the US and China and their impact on the global markets. Economic Modelling, 79, 47–56. https://doi.org/10.1016/j.econmod.2018.09.02

Dünya Belirsizlik Yayılma Endeksi'nin (WUSI) Firma Yatırımları Üzerinde Herhangi Bir Etkisi Var mı? Türkiye'den Kanıtlar

Year 2023, Volume: 7 Issue: 1, 97 - 108, 26.06.2023
https://doi.org/10.33399/biibfad.1230702

Abstract

This paper examines the impact of the World Uncertainty Spillover Index-United States (WUSI-USA) on the corporate investment policy of 164 Turkish manufacturing firms between 2005 and 2019. According to the findings, the WUSI-USA has a negative impact on the investment policy of firms. Based on the real options theory, firms prefer to postpone their investments under uncertain conditions. The use of alternative measurements of investment confirms the validity of our results. Overall, this study reveals that uncertainty coming from the US affects the investment decisions of firms in Turkey. Therefore, Turkish firms should include uncertainty spillovers in their financial decisions and adjust their strategies based on firm-specific factors in times of uncertainty spillovers. Furthermore, policymakers and firm managers should consider the US uncertainty spillover effects while generating their investment strategies.

References

  • Abberger, K., Dibiasi, A., Siegenthaler, M., & Sturm, J.-E. (2016). The effect of policy uncertainty on investment plans: Evidence from the unexpected acceptance of a farreaching referendum in Switzerland. KOF Working Papers, No. 406. Zurich. https://doi.org/http://dx.doi.org/10.3929/ethz-a-010636396
  • Abdoh, H., & Maghyereh, A. (2020). Product market competition, oil uncertainty and corporate investment. International Journal of Managerial Finance. https://doi.org/10.1108/IJMF-01-2020-0042
  • Ahir, H., Bloom, N., & Furceri, D. (2021). What the continued global uncertainty means for you. Retrieved February 10, 2021, from https://blogs.imf.org/2021/01/19/what-the-continued-global-uncertainty-means-for-you
  • Akron, S., Demir, E., Díez-Esteban, J. M., & García-Gómez, C. D. (2020). Economic policy uncertainty and corporate investment: Evidence from the U.S. hospitality industry. Tourism Management, 77. https://doi.org/10.1016/j.tourman.2019.104019
  • An, H., Chen, Y., Luo, D., & Zhang, T. (2016). Political uncertainty and corporate investment: Evidence from China. Journal of Corporate Finance, 36, 174–189. https://doi.org/10.1016/j.jcorpfin.2015.11.003
  • Antonakakis, N., Gabauer, D., Gupta, R., & Plakandaras, V. (2018). Dynamic connectedness of uncertainty across developed economies: A time-varying approach. Economics Letters, 166, 63–75. https://doi.org/10.1016/j.econlet.2018.02.011
  • Bendall, H., & Stent, A. F. (2003). Investment strategies in market uncertainty. Maritime Policy & Management, 30(4), 293–303. https://doi.org/10.1080/0308883032000145609
  • Bernanke, B. S. (1983). Irreversibility, uncertainty, and cyclical Investment. The Quarterly Journal of Economics, 98(1), 85. https://doi.org/10.2307/1885568
  • Bhattarai, S., Chatterjee, A., & Park, W. Y. (2020). Global spillover effects of US uncertainty. Journal of Monetary Economics, 114, 71–89. https://doi.org/10.1016/j.jmoneco.2019.05.008
  • Biljanovska, N., Grigoli, F., & Hengge, M. (2017). Fear Thy Neighbor: Spillovers from Economic Policy uncertainty (WP/17/240). IMF Working Paper. https://doi.org/10.1111/roie.12531
  • Bloom, N., Kose, M. A., & Terrones, M. E. (2013, March). Held Back by Uncertainty. Finance & Development.
  • Broadbent, B. (2019). Investment and uncertainty: The value of waiting for news. Bank of England, Speech.
  • Brogaard, J., Dai, L., Ngo, P. T. H., & Zhang, B. (2020). Global political uncertainty and asset prices. The Review of Financial Studies, 33(4), 1737–1780. https://doi.org/10.1093/rfs/hhz087
  • Caggiano, G., Castelnuovo, E., & Figures, J. M. (2019). Economic policy uncertainty spillovers in booms and busts. Oxford Bulletin of Economics and Statistics, 82(1), 125–155.
  • Carrière-Swallow, Y., & Céspedes, L. F. (2013). The impact of uncertainty shocks in emerging economies. Journal of International Economics, 90(2), 316–325. https://doi.org/10.1016/j.jinteco.2013.03.003
  • Carruth, A., Dickerson, A., & Henley, A. (2000). What do we know about investment under uncertainty? Journal of Economic Surveys, 14(2), 119–154. https://doi.org/10.1111/1467-6419.00107
  • Chen, X., Le, C. H. A., Shan, Y., & Taylor, S. (2020). Australian policy uncertainty and corporate investment. Pacific Basin Finance Journal, 61. https://doi.org/10.1016/j.pacfin.2020.101341
  • Chiang, T. C. (2020). US policy uncertainty and stock returns: evidence in the US and its spillovers to the European Union, China and Japan. The Journal of Risk Finance, 21(5), 621–657. https://doi.org/10.1108/JRF-10-2019-0190
  • Choudhry, T., Hassan, S. S., & Shabi, S. (2020). U.S. economic uncertainty, EU business cycles, and the global financial crisis. International Journal of Finance & Economics, 25(1), 28–42. https://doi.org/10.1002/ijfe.1726
  • Christou, C., Gozgor, G., Gupta, R., & Lau, C.-K. (Marco). (2019). Are uncertainties across the world convergent? (No. 2019–07). University of Pretoria Department of Economics Working Paper Series. Pretoria.
  • Claeys, P. (2017). Uncertainty spillover and policy reactions. Ensayos Sobre Política Económica, 35(82), 64–77. https://doi.org/10.1016/j.espe.2017.01.003
  • Davis, S. J. (2016). An Index of Global Economic Policy Uncertainty (No. Working Paper 22740).
  • Feng, Y., & Li, L. (2020). International monetary policy uncertainty spillover. SSRN Electronic Journal. Retrieved from https://ssrn.com/abstract=3747852
  • George, R., Kabir, R., & Qian, J. (2011). Investment-cash flow sensitivity and financing constraints: New evidence from Indian business group firms. Journal of Multinational Financial Management, 21, 69–88. https://doi.org/10.1016/j.mulfin.2010.12.003
  • Glover, B., & Levine, O. (2015). Uncertainty, investment, and managerial incentives. Journal of Monetary Economics, 69, 121–137. https://doi.org/10.1016/j.jmoneco.2014.11.004
  • Gulen, H., & Ion, M. (2016). Policy uncertainty and corporate investment. Review of Financial Studies, 29(3), 523–564. https://doi.org/10.1093/rfs/hhv050
  • Guizani, M. (2020). Investment-cash flow sensitivity: a macroeconomic approach. Macroeconomics and Finance in Emerging Market Economies, 13(2), 115–139. https://doi.org/10.1080/17520843.2020.1717570
  • Gupta, R., Olasenhinde-Williams, G., & Wohar, M. E. (2020). The impact of US uncertainty shocks on a panel of advanced and emerging market economies. The Journal of International Trade & Economic Development, 29(6), 711–721.
  • Han, L., Liu, Y., & Yin, L. (2019). Uncertainty and currency performance: A quantile-on-quantile approach. North American Journal of Economics and Finance, 48. https://doi.org/10.1016/j.najef.2019.04.019
  • Huang, H. H., Kerstein, J., & Wang, C. (2018). The impact of climate risk on firm performance and financing choices: An international comparison. Journal of International Business Studies, 49(5), 633–656. https://doi.org/10.1057/s41267-017-0125-5
  • Istiak, K., & Alam, M. R. (2020). US economic policy uncertainty spillover on the stock markets of the GCC countries. Journal of Economic Studies, 47(1), 36–50.
  • Kang, W., Lee, K., & Ratti, R. A. (2014). Economic policy uncertainty and firm-level investment. Journal of Macroeconomics, 39, 42–53. https://doi.org/10.1016/j.jmacro.2013.10.006
  • Kido, Y. (2016). On the link between the US economic policy uncertainty and exchange rates. Economics Letters, 144, 49–52. https://doi.org/10.1016/j.econlet.2016.04.022
  • Klößner, S., & Sekkel, R. (2014). International spillovers of policy uncertainty. Economics Letters, 124(3), 508–512. https://doi.org/10.1016/j.econlet.2014.07.015
  • Kogan, L., & Papanikolaou, D. (2014). Growth opportunities, technology shocks, and asset prices. Journal of Finance, 69(2), 675-718.
  • Lee, K., Jeon, Y., Samarbakhsh, L., & Kim, I. (2020). Chinese economic policy uncertainty and U.S. corporate investment. International Review of Finance, 1–10. https://doi.org/10.1111/irfi.12335
  • Lee, S. (2018). Economic policy uncertainty in the US: Does it matter for Korea? East Asian Economic Review, 22(1), 29–54.
  • Li, H. (2020). Volatility spillovers across European stock markets under the uncertainty of Brexit. Economic Modelling, 84, 1–12. https://doi.org/10.1016/j.econmod.2019.03.001
  • Liu, T., Gong, X., & Tang, L. (2020). The uncertainty spillovers of China’s economic policy: Evidence from time and frequency domains. International Journal of Finance & Economics, ijfe.2385. https://doi.org/10.1002/ijfe.2385
  • Luk, P., Cheng, M., Ng, P., & Wong, K. (2020). Economic policy uncertainty spillovers in small open economies: The case of Hong Kong. Pacific Economic Review, 25(1), 21–46. https://doi.org/10.1111/1468-0106.12283
  • Madanoglu, M., & Ozdemir, O. (2019). Economic policy uncertainty and hotel operating performance. Tourism Management, 71, 443–452. https://doi.org/10.1016/j.tourman.2018.10.012
  • McDonald, R., & Siegel, D. (1986). The value of waiting to invest. Quarterly Journal of Economics, 101(4), 707–728.
  • Nguyen, C. P., Su, T. D., Wongchoti, U., & Schinckus, C. (2020). The spillover effects of economic policy uncertainty on financial markets: a time-varying analysis. Studies in Economics and Finance, 37(3), 513–543. https://doi.org/10.1108/SEF-07-2019-0262
  • Özlem, Ş., & Tan, O. F. (2022). Predicting cash holdings using supervised machine learning algorithms. Financial Innovation, 8(1), 1-19.
  • Pindyck, R. (1988). Irreversible investment, capacity choice, and the value of the firm. American Economic Review, 78(5), 969–985.
  • Rapach, D. E., Strauss, J. K., & Zhou, G. (2013). International stock return predictability: What is the role of the United States? The Journal of Finance, 68(4), 1633–1662. https://doi.org/10.1111/jofi.12041
  • Rogers, W. (1994). Regression standard errors in clustered samples. Stata Technical Bulletin, 3 (13), 1-32
  • Škrinjarić, T., & Orloví, Z. (2020). Economic policy uncertainty and stock market spillovers: Case of selected CEE markets. Mathematics, 8(1077), 1–33. https://doi.org/10.3390/math8071077
  • Servaes, H, & Tamayo, A. (2013). The impact of corporate social responsibility on firm value: The role of consumer awareness. Management Science, 59(5), 1045-1061
  • Tan, O. F., Cavlak, H., Cebeci, Y., & Güneş, N. (2022). The impact of geopolitical risk on corporate investment: Evidence from Turkish Firms. The Indonesian Capital Market Review, 14(1), 2.
  • Trung, N. B. (2019a). The spillover effect of the US uncertainty on emerging economies: a panel VAR approach. Applied Economics Letters, 26(3), 210–216. https://doi.org/10.1080/13504851.2018.1458183
  • Trung, N. B. (2019b). The spillover effects of US economic policy uncertainty on the global economy: A global VAR approach. North American Journal of Economics and Finance, 48, 90–110. https://doi.org/10.1016/j.najef.2019.01.017
  • United Nations. (2019). World Economic Situation and Prospects - Monthly Briefing, No.130.
  • Wang, E.-Z., & Lee, C.-C. (2020). Dynamic spillovers and connectedness between oil returns and policy uncertainty. Applied Economics, 52(35), 3788–3808.
  • Wang, Yizhong., Chen, C. R., & Huang, Y. S. (2014). Economic policy uncertainty and corporate investment: Evidence from China. Pacific-Basin Finance Journal, 26, 227–243. https://doi.org/10.1016/j.pacfin.2013.12.008
  • Wang, Yong, Liu, C., & Wang, G. (2020). Geopolitical risk revealed in international investment and world trade. Risk Management, 22(2), 133–154. https://doi.org/10.1057/s41283-020-00058-z
  • White, A. (1980). A heteroscedasticity-consistent covariance matrix estimator and a direct test for heteroscedasticity. Econometrica, 48, 817-838
  • Yin, L., & Han, L. (2014). Spillovers of macroeconomic uncertainty among major economies. Applied Economics Letters, 21(13), 938–944.
  • Zhang, D., Lei, L., Ji, Q., & Kutan, A. M. (2019). Economic policy uncertainty in the US and China and their impact on the global markets. Economic Modelling, 79, 47–56. https://doi.org/10.1016/j.econmod.2018.09.02
There are 59 citations in total.

Details

Primary Language Turkish
Subjects Finance
Journal Section Makaleler
Authors

Ömer Faruk Tan 0000-0002-8875-4696

Early Pub Date June 23, 2023
Publication Date June 26, 2023
Submission Date January 6, 2023
Published in Issue Year 2023 Volume: 7 Issue: 1

Cite

APA Tan, Ö. F. (2023). Is There Any Impact of the World Uncertainty Spillover Index (WUSI) on Firm Investment? Evidence from Turkey. Bingöl Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 7(1), 97-108. https://doi.org/10.33399/biibfad.1230702


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