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U.K. economic policy uncertainty and innovation activities: A firm-level analysis

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  • Nguyen, Minh Hong
  • Trinh, Vu Quang

Abstract

Our study investigates the effects of economic policy uncertainty (EPU) on firm-level innovation activities. Utilizing the news-based government EPU index of Baker et al. (2016) and a panel sample of 213 UK largest non-financial firms over the period 1999-2018, we find robust evidence that the government EPU has caused a substantial reduction in UK firms’ investment in innovation activities. Moreover, our results further show that such a lower level of corporate investment leads to a decline in their shareholder value, which forms a triangle linkage among EPU, investment and market value.

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  • Nguyen, Minh Hong & Trinh, Vu Quang, 2023. "U.K. economic policy uncertainty and innovation activities: A firm-level analysis," Journal of Economics and Business, Elsevier, vol. 123(C).
    • Handle: RePEc:eee:jebusi:v:123:y:2023:i:c:s0148619522000492
    DOI: 10.1016/j.jeconbus.2022.106093
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    Keywords

    Economic policy uncertainty; Firm investment; UK; Firm value;
    All these keywords.

    JEL classification:

    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance

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