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Economic policy uncertainty, corporate diversification and firm value: the global evidence

Author

Listed:
  • Zahid Jumah

    (National University of Sciences and Technology (NUST))

  • Nabeel Safdar

    (National University of Sciences and Technology (NUST))

  • Zahid Irshad Younas

    (Berlin School of Business and Innovation)

  • Adeel Ahmed

    (National University of Sciences and Technology (NUST))

Abstract

This paper investigates the impact of economic policy uncertainty (EPU) on firm value and examines corporate diversification's role between EPU and firm value. We employ firm-level data for twenty-two countries from 2000 through 2020, which covers 364,433 firm-year observations of 29,709 unique firms and use index-based measures for EPU and corporate diversification. The results illustrate that EPU negatively impacts the firm value. However, corporate diversification positively moderates the adverse impact of EPU on the firm value by efficiently mitigating the effect of financial constraints. Further, the additional analysis shows that related and unrelated corporate diversification can be instrumental in alleviating the negative impact of high EPU on firm value in developed economies. In emerging economies, only unrelated diversification effectively deals with high EPU. The results are robust to subsampling, sensitivity, and endogeneity issues. Our study suggests a potential policy recommendation from a managerial perspective, that diversification helps to sustain the firm's value during uncertainty. Furthermore, Policymakers should recognize high policy uncertainty as a threat to business environment stability and take measures to reduce uncertainty and provide a more favorable environment for businesses.

Suggested Citation

  • Zahid Jumah & Nabeel Safdar & Zahid Irshad Younas & Adeel Ahmed, 2024. "Economic policy uncertainty, corporate diversification and firm value: the global evidence," Quality & Quantity: International Journal of Methodology, Springer, vol. 58(3), pages 2677-2707, June.
  • Handle: RePEc:spr:qualqt:v:58:y:2024:i:3:d:10.1007_s11135-023-01768-8
    DOI: 10.1007/s11135-023-01768-8
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    More about this item

    Keywords

    Corporate diversification; Economic policy uncertainty; Firm value;
    All these keywords.

    JEL classification:

    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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