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Policy uncertainty and intellectual capital investment

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  • Khanh Hoang
  • Thanh Tat Tran

Abstract

This paper investigates the relationship between economic policy uncertainty (EPU) and corporate intellectual capital (IC) investment. The empirical results, which are based on a wide range of econometric tests, demonstrate a negative impact of EPU on IC investment, thus lending support to the notion that EPU hinders corporate IC investment. The analysis also indicates that the negative impact of EPU on IC investment varies cross-sectionally. It is prominent only in large firms and financially constrained firms, suggesting such firms reduce or delay IC investment during heightened EPU periods. EPU does not significantly affect the IC investment in small firms and firms with less financial constraints. Our findings are broadly consistent with existing studies in the literature and remain qualitatively unchanged after a battery of robustness and endogeneity tests.

Suggested Citation

  • Khanh Hoang & Thanh Tat Tran, 2022. "Policy uncertainty and intellectual capital investment," Applied Economics Letters, Taylor & Francis Journals, vol. 29(15), pages 1369-1377, September.
    • Handle: RePEc:taf:apeclt:v:29:y:2022:i:15:p:1369-1377
    DOI: 10.1080/13504851.2021.1934383
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    Cited by:

    1. Qing He & Yaqin Liu & Qian Yu & Chao Wei, 2022. "Risk Dominance Analysis of R&D Investment Cooperation in Dynamic Option Game," Sustainability, MDPI, vol. 15(1), pages 1-21, December.
    2. Huynh, Nhan & Le, Quynh Nga & Tran, Quang Thien, 2024. "Firm-level political risk and intellectual capital investment: Does managerial ability matter?," International Review of Financial Analysis, Elsevier, vol. 91(C).

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