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Exploration of the impact of macroeconomic uncertainty on corporate value and investment behavior

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  • Wei, Xing
  • Wang, Yuxin

Abstract

This study focuses on A-share listed companies in China from 2010 to 2022, examining the correlation between macroeconomic uncertainty and corporate value. The results indicate a negative relationship, suggesting that as macroeconomic uncertainty intensifies, corporate value diminishes. Furthermore, heightened macroeconomic uncertainty constrains corporate investment behavior, contributing to the decrease in enterprise value. Notably, state-owned enterprises and those with lower equity concentration experience even more pronounced declines in value when confronted with increasing macroeconomic uncertainty.

Suggested Citation

  • Wei, Xing & Wang, Yuxin, 2025. "Exploration of the impact of macroeconomic uncertainty on corporate value and investment behavior," Finance Research Letters, Elsevier, vol. 77(C).
    • Handle: RePEc:eee:finlet:v:77:y:2025:i:c:s1544612325002855
    DOI: 10.1016/j.frl.2025.107021
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