Impacts of economic uncertainty and interdependency of investments and financial decisions

• Autorzy: Kim Sung Suk , Nugroho Vina , Budhidharma Valentino

Identyfikatory

DOI

10.17512/pjms.2023.28.2.08

Warianty tytułu

PL

Wpływ niepewności i współzależności ekonomicznej na inwestycje oraz decyzje finansowe

• Języki publikacji: EN

Abstrakty

EN

This research investigates the impact of uncertainty on financing and investing decisions of publicly listed companies in Australia, Indonesia, Malaysia, Singapore, South Korea and Taiwan from 1996 to 2020. Previous research used single equation approaches to investigate the impact of uncertainty on financing or investing decisions,and this will lead to omitted variable bias because investing and financing decisions are interdependent. The Authors apply two-step GMM system to eliminate simultaneous biases of the system of equations and dynamic interdependency of investing and financing decisions. The results show that economic uncertainty affects the investment and financial policies of constrained and unconstrained firms differently. Economic uncertainty motivates financially constrained firms to increase cash holdings stronger than unconstrained firms.

PL

Niniejsze badanie analizuje wpływ niepewności na decyzje finansowe i inwestycyjne spółek notowanych na giełdzie w Australii, Indonezji, Malezji, Singapurze, Korei Południowej i na Tajwanie w latach 1996-2020. Wcześniejsze badania wykorzystywały podejścia oparte na pojedynczych równaniach do badania wpływu niepewności na decyzje finansowe lub inwestycyjne, co doprowadziło do pominięcia zmiennych, ponieważ decyzje inwestycyjne i finansowe są współzależne. Autorzy stosują dwuetapowy system GMM, aby wyeliminować jednoczesne odchylenia systemu równań i dynamiczną współzależność decyzji inwestycyjnych i finansowych. Wyniki pokazują, że niepewność ekonomiczna wpływa w różny sposób na politykę inwestycyjną i finansową firm z ograniczeniami i firm bez ograniczeń. Niepewność gospodarcza motywuje firmy z ograniczeniami finansowymi do zwiększania zasobów gotówki w większym stopniu niż firmy bez ograniczeń.

Słowa kluczowe

EN

economic uncertainty; interdependency; financially constrained firms

PL

niepewność ekonomiczna; współzależność; firmy z ograniczeniami finansowymi

• Wydawca: Czestochowa University of Technology
• Czasopismo: Polish Journal of Management Studies
• Rocznik: 2023
• Tom: Vol. 28, No. 2
• Strony: 124--141
• Opis fizyczny: Bibliogr. 48 poz., tab.

Twórcy

autor

Kim Sung Suk

• Graduate School of Management, Faculty of Economics and Business, Universitas Pelita Harapan, Indonesia

• https://orcid.org/0000-0002-5358-9512

autor

Nugroho Vina

• Graduate School of Management, Faculty of Economics and Business, Universitas Pelita Harapan, Indonesia

• https://orcid.org/0000-0002-1599-9633

autor

Budhidharma Valentino

• Graduate School of Management, Faculty of Economics and Business, Universitas Pelita Harapan, Indonesia

• https://orcid.org/0000-0002-9290-8338

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Uwagi

Opracowanie rekordu ze środków MNiSW, umowa nr SONP/SP/546092/2022 w ramach programu "Społeczna odpowiedzialność nauki" - moduł: Popularyzacja nauki i promocja sportu (2024).