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Economic policy uncertainty and investment of Russian companies

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  • Iuliia N. Naidenova
  • Veronika V. Leonteva

Abstract

This paper is devoted to determining the impact of economic policy uncertainty on corporate investment of Russian manufacturing companies. By applying fixed effects models on panel data, it was found that under increasing level of economic policy uncertainty, the companies reduce their investment activity. The effect is most pronounced for large companies. It is important to note that public companies are not affected by the uncertainty of Russian economic policy, however, the European and global economic policy uncertainty has a negative impact on their investments. Testing the robustness by applying the methods of instrumental variables confirms the results. The study suggests that maintaining transparency and stability of economic policy can increase the level of corporate investment.

Suggested Citation

  • Iuliia N. Naidenova & Veronika V. Leonteva, 2020. "Economic policy uncertainty and investment of Russian companies," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 2.
    • Handle: RePEc:nos:voprec:y:2020:id:2347
    DOI: 10.32609/0042-8736-2020-2-141-159
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    Cited by:

    1. Diana Petrova & Pavel Trunin, 2023. "Estimation of Economic Policy Uncertainty," Russian Journal of Money and Finance, Bank of Russia, vol. 82(3), pages 48-61, September.
    2. Yang, Ya & Zhou, Mengru & Hou, Yawei & Tang, Run & Liu, Bo & Deng, Yue, 2023. "Examining the impacts of implicit economic policy on urban environmental pollution: Unveiling pathways for sustainable recovery," Resources Policy, Elsevier, vol. 85(PA).

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