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Why demand uncertainty curbs investment: Evidence from a panel of Italian manufacturing firms

Citations

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Cited by:

  1. Hsieh, Chia-Chun & Ma, Zhiming & Novoselov, Kirill E., 2019. "Accounting conservatism, business strategy, and ambiguity," Accounting, Organizations and Society, Elsevier, vol. 74(C), pages 41-55.
  2. Carstensen, Kai & Bachmann, Rüdiger & Schneider, Martin & Lautenbacher, Stefan, 2018. "Uncertainty is Change," VfS Annual Conference 2018 (Freiburg, Breisgau): Digital Economy 181572, Verein für Socialpolitik / German Economic Association.
  3. F. Bacchini & M. E. Bontempi & R. Golinelli & C. Jona Lasinio, 2014. "ICT and Non-ICT investments: short and long run macro dynamics," Working Papers wp956, Dipartimento Scienze Economiche, Universita' di Bologna.
  4. Lautenbacher, Stefan, 2020. "Subjective Uncertainty, Expectations, and Firm Behavior," MPRA Paper 103516, University Library of Munich, Germany.
  5. Trinks, Arjan & Mulder, Machiel & Scholtens, Bert, 2022. "External carbon costs and internal carbon pricing," Renewable and Sustainable Energy Reviews, Elsevier, vol. 168(C).
  6. Nicholas Bloom & Steven J. Davis & Lucia Foster & Scott Ohlmacher & Itay Saporta-Eksten, 2022. "Investment and Subjective Uncertainty," Working Papers 22-52, Center for Economic Studies, U.S. Census Bureau.
  7. Cheng CHEN & Tatsuro SENGA & Chang SUN & Hongyong ZHANG, 2018. "Expectation Formation and Firm Activities: New evidence from a business outlook survey in Japan," Discussion papers 18059, Research Institute of Economy, Trade and Industry (RIETI).
  8. Chen, Ying & Kimura, Yosuke & Inoue, Kotaro, 2025. "How does managerial perception of uncertainty affect corporate investment during the COVID-19 pandemic: A text mining approach," Pacific-Basin Finance Journal, Elsevier, vol. 90(C).
  9. Gnangnon, Sèna Kimm, 2022. "Duration of WTO Membership and Investment-Oriented Remittances Flows," EconStor Preprints 251274, ZBW - Leibniz Information Centre for Economics.
  10. Recalde, Marina, 2011. "Energy policy and energy market performance: The Argentinean case," Energy Policy, Elsevier, vol. 39(6), pages 3860-3868, June.
  11. Ranjan Kumar Dash, 2020. "Impact of Remittances on Domestic Investment: A Panel Study of Six South Asian Countries," South Asia Economic Journal, Institute of Policy Studies of Sri Lanka, vol. 21(1), pages 7-30, March.
  12. Kaoru HOSONO & Miho TAKIZAWA & Kenta YAMANOUCHI, 2017. "Competition, Uncertainty, and Misallocation," Discussion papers 17071, Research Institute of Economy, Trade and Industry (RIETI).
  13. repec:spo:wpmain:info:hdl:2441/6m2bi4eoh48hnr5ile6iol143v is not listed on IDEAS
  14. Siavash Mohades & Giulia Piccillo & Maria Savona & Tania Treibich, 2025. "Firms’ Investment and Capacity Utilisation: The Role of Financial Constraints and Uncertainty," CESifo Working Paper Series 12108, CESifo.
  15. Fiori, Giuseppe & Scoccianti, Filippo, 2023. "The economic effects of firm-level uncertainty: Evidence using subjective expectations," Journal of Monetary Economics, Elsevier, vol. 140(C), pages 92-105.
  16. Alessandro Borin & Michele Mancini, 2016. "Foreign direct investment and firm performance: an empirical analysis of Italian firms," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 152(4), pages 705-732, November.
  17. Li, Guangzhong & Li, Jie & Wu, Yangru, 2019. "Exchange rate uncertainty and firm-level investment: Finding the Hartman–Abel effect," Journal of Comparative Economics, Elsevier, vol. 47(2), pages 441-457.
  18. Gaganan Awano & Nicholas Bloom & Ted Dolby & Paul Mizen & Rebecca Riley & Tatsuro Senga & John Van Reenen & Jenny Vyas & Philip Wales, 2018. "A firm-level perspective on micro- and macro-level uncertainty; An analysis of business expectations and uncertainty from the UK Management and Expectations Survey," Economic Statistics Centre of Excellence (ESCoE) Discussion Papers ESCoE DP-2018-10, Economic Statistics Centre of Excellence (ESCoE).
  19. Alex Bryson & Harald Dale-Olsen & Trygve Gulbrandsen, 2016. "Family ownership, Workplace Closure and the Recession," DoQSS Working Papers 16-06, Quantitative Social Science - UCL Social Research Institute, University College London.
  20. Antonio Accetturo & Matteo Bugamelli & Andrea Lamorgese, 2012. "Welcome to the machine: firms' reaction to low-skilled immigration," Temi di discussione (Economic working papers) 846, Bank of Italy, Economic Research and International Relations Area.
  21. Masayuki MORIKAWA, 2013. "What Type of Policy Uncertainty Matters for Business?," Discussion papers 13076, Research Institute of Economy, Trade and Industry (RIETI).
  22. Dibiasi, Andreas & Abberger, Klaus & Siegenthaler, Michael & Sturm, Jan-Egbert, 2018. "The effects of policy uncertainty on investment: Evidence from the unexpected acceptance of a far-reaching referendum in Switzerland," European Economic Review, Elsevier, vol. 104(C), pages 38-67.
  23. Giorgio Fazio & Davide Piacentino, 2010. "A Spatial Multilevel Analysis of Italian SMEs' Productivity," Spatial Economic Analysis, Taylor & Francis Journals, vol. 5(3), pages 299-316.
  24. Catherine Mathieu & Henri Sterdyniak, 2015. "What future for taxation in the EU?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(5), pages 5-13.
  25. Magda Bianco & Maria Bontempi & Roberto Golinelli & Giuseppe Parigi, 2013. "Family firms’ investments, uncertainty and opacity," Small Business Economics, Springer, vol. 40(4), pages 1035-1058, May.
  26. Morikawa, Masayuki, 2016. "Business uncertainty and investment: Evidence from Japanese companies," Journal of Macroeconomics, Elsevier, vol. 49(C), pages 224-236.
  27. Masayuki MORIKAWA, 2019. "Firms' Subjective Uncertainty and Forecast Errors," Discussion papers 19055, Research Institute of Economy, Trade and Industry (RIETI).
  28. Giordano, Claire & Marinucci, Marco & Silvestrini, Andrea, 2019. "The macro determinants of firms' and households' investment: Evidence from Italy," Economic Modelling, Elsevier, vol. 78(C), pages 118-133.
  29. Claire Giordano & Marco Marinucci & Andrea Silvestrini, 2022. "Assessing the usefulness of survey‐based data in forecasting firms' capital formation: Evidence from Italy," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 41(3), pages 491-513, April.
  30. Claire Giordano & Marco Marinucci & Andrea Silvestrini, 2021. "Forecasting corporate capital accumulation in Italy: the role of survey-based information," Questioni di Economia e Finanza (Occasional Papers) 596, Bank of Italy, Economic Research and International Relations Area.
  31. Klaus Abberger & Andreas Dibiasi & Michael Siegenthaler & Jan-Egbert Sturm, 2016. "The Effect of Policy Uncertainty on Investment Plans: Evidence from the Unexpected Acceptance of a Far-Reaching Referendum in Switzerland," CESifo Working Paper Series 5887, CESifo.
  32. Marco Bottone, 2025. "Comparing survey measures of firms’ expectations and uncertainty," Empirical Economics, Springer, vol. 69(1), pages 393-430, July.
  33. Bachmann, Rüdiger & Elstner, Steffen & Hristov, Atanas, 2017. "Surprise, surprise – Measuring firm-level investment innovations," Journal of Economic Dynamics and Control, Elsevier, vol. 83(C), pages 107-148.
  34. Gaiotti, Eugenio, 2013. "Credit availability and investment: Lessons from the “great recession”," European Economic Review, Elsevier, vol. 59(C), pages 212-227.
  35. Basile, Roberto & Girardi, Alessandro, 2018. "Uncertainty and Business Cycle: A Review of the Literature and Some Evidence from the Spanish Economy/Incertidumbre y Ciclo Empresarial: Revisión de la literatura y evidencia en la economía española," Estudios de Economia Aplicada, Estudios de Economia Aplicada, vol. 36, pages 235-250, Enero.
  36. Chia‐Ching Lin & Kun‐Ming Chen, 2022. "Market competition, exchange rate uncertainty, and foreign direct investment," Review of Development Economics, Wiley Blackwell, vol. 26(1), pages 405-422, February.
  37. Masayuki MORIKAWA, 2022. "Firms' Knightian Uncertainty during the COVID-19 Crisis," Discussion papers 22089, Research Institute of Economy, Trade and Industry (RIETI).
  38. Nicholas Bloom & Steven J. Davis & Lucia Foster & Scott Ohlmacher & Itay Saporta‐Eksten, 2024. "2020 Klein Lecture—Investment and Subjective Uncertainty," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 65(4), pages 1591-1606, November.
  39. Maria Elena Bontempi & Michele Frigeri & Roberto Golinelli & Matteo Squadrani, 2021. "EURQ: A New Web Search‐based Uncertainty Index," Economica, London School of Economics and Political Science, vol. 88(352), pages 969-1015, October.
  40. Graham, John R. & Ikeda, Naoshi & Inoue, Kotaro & Yamasaki, Takashi, 2024. "Uncertainty, corporate investment, and hiring: The case of COVID-19," Economics Letters, Elsevier, vol. 244(C).
  41. Masayuki Morikawa, 2016. "What Types of Policy Uncertainties Matter for Business?," Pacific Economic Review, Wiley Blackwell, vol. 21(5), pages 527-540, December.
  42. Bachmann, Rüdiger, 2019. "Comments on “Monetary policy announcements and expectations: Evidence from German firms”," Journal of Monetary Economics, Elsevier, vol. 108(C), pages 64-68.
  43. Hongsheng Fang & Wen‐Quan Hu & Ruhua Shi & Xufei Zhang, 2023. "The Chinese‐style macroeconomic control: The role of state‐owned enterprises," The World Economy, Wiley Blackwell, vol. 46(3), pages 702-725, March.
  44. Wifo, 2015. "WIFO-Monatsberichte, Heft 11/2015," WIFO Monatsberichte (monthly reports), WIFO, vol. 88(11), November.
  45. Nicholas Bloom & Takafumi Kawakubo & Charlotte Chunming Meng & Paul Mizen & Rebecca Riley & Tatsuro Senga & John Van Reenen, 2021. "Do Well Managed Firms Make Better Forecasts?," Economic Statistics Centre of Excellence (ESCoE) Discussion Papers ESCoE DP-2021-18, Economic Statistics Centre of Excellence (ESCoE).
  46. Morikawa, Masayuki, 2019. "Uncertainty over production forecasts: An empirical analysis using monthly quantitative survey data," Journal of Macroeconomics, Elsevier, vol. 60(C), pages 163-179.
  47. Masayuki MORIKAWA, 2018. "Measuring Firm-level Uncertainty: New evidence from a business outlook survey," Discussion papers 18030, Research Institute of Economy, Trade and Industry (RIETI).
  48. Mufang Xie, 2025. "Economic policy uncertainty and credit risk in microfinance: A cross‐country analysis," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(2), pages 1969-1985, April.
  49. Binding, Garret & Dibiasi, Andreas, 2017. "Exchange rate uncertainty and firm investment plans evidence from Swiss survey data," Journal of Macroeconomics, Elsevier, vol. 51(C), pages 1-27.
  50. Masayuki MORIKAWA, 2021. "Uncertainty of Firms' Economic Outlook During the COVID-19 Crisis," Discussion papers 21042, Research Institute of Economy, Trade and Industry (RIETI).
  51. Bowen Zheng & Mengjie Zhang & Xuefang Zhang, 2022. "The rise of market power and firms' investment: Evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(5), pages 4807-4830, December.
  52. Kang, Wensheng & Lee, Kiseok & Ratti, Ronald A., 2014. "Economic policy uncertainty and firm-level investment," Journal of Macroeconomics, Elsevier, vol. 39(PA), pages 42-53.
  53. Steve Bond & Gicoamo Rodano & Nicolas Serrano-Velarde, 2015. "Investment Dynamics in Italy: Financing Constraints, Demand and Uncertainty," Questioni di Economia e Finanza (Occasional Papers) 283, Bank of Italy, Economic Research and International Relations Area.
  54. Ranjan Kumar Dash & Deepa Jitendra Gupta & Tarun Khandelwal, 2024. "Revisited the role of foreign aid in capital formation: experience of South Asian countries," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 11(1), pages 1-12, December.
  55. Daniel Dejuan-Bitria & Corinna Ghirelli, 2021. "Economic policy uncertainty and investment in Spain," SERIEs: Journal of the Spanish Economic Association, Springer;Spanish Economic Association, vol. 12(3), pages 351-388, September.
  56. Bachmann, Rüdiger & Bayer, Christian, 2013. "‘Wait-and-See’ business cycles?," Journal of Monetary Economics, Elsevier, vol. 60(6), pages 704-719.
  57. Eugenio Gaiotti, 2011. "Credit availability and investment in Italy: lessons from the "Great Recession"," Temi di discussione (Economic working papers) 793, Bank of Italy, Economic Research and International Relations Area.
  58. Nicholas Bloom & Stephen J. Davis & Lucia Foster & Brian Lucking & Scott Ohlmacher & Itay Saporta Eksten, 2020. "Business-Level Expectations and Uncertainty," Working Papers 2020-181, Becker Friedman Institute for Research In Economics.
  59. Judzik, Dario & Sala, Hector, 2015. "The determinants of capital intensity in Japan and the US," Journal of the Japanese and International Economies, Elsevier, vol. 35(C), pages 78-98.
  60. Gnangnon, Sèna Kimm, 2023. "Duration of membership in the world trade organization and investment-oriented remittances inflows," The Quarterly Review of Economics and Finance, Elsevier, vol. 88(C), pages 258-277.
  61. Owen Gabourys & Farrukh Suvankulov & Mathieu Utting, 2025. "Do Firms’ Sales Expectations Hit the Mark? Evidence from the Business Leaders’ Pulse," Discussion Papers 2025-15, Bank of Canada.
  62. Ines Buono & Sara Formai, 2019. "Bank credit, liquidity and firm-level investment: are recessions different?," Temi di discussione (Economic working papers) 1239, Bank of Italy, Economic Research and International Relations Area.
  63. repec:ces:ceswps:_9394 is not listed on IDEAS
  64. Maria Elena Bontempi, 2016. "Investment--uncertainty relationship: differences between intangible and physical capital," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 25(3), pages 240-268, April.
  65. Daniel Dejuán & Corinna Ghirelli, 2018. "Policy uncertainty and investment in Spain," Working Papers 1848, Banco de España.
  66. Christian Glocker & Werner Hölzl, 2019. "Assessing the Economic Content of Direct and Indirect Business Uncertainty Measures," WIFO Working Papers 576, WIFO.
  67. Fabio Busetti & Claire Giordano & Giordano Zevi, 2016. "The Drivers of Italy’s Investment Slump During the Double Recession," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 2(2), pages 143-165, July.
  68. Jason W. Miller & Jessica L. Darby & Alex Scott, 2022. "The Moderating Effect of COVID‐19 on the Relationship between Spot Market Prices and Capital Investment in the Motor‐Carrier Sector," Transportation Journal, John Wiley & Sons, vol. 61(2), pages 151-194, March.
  69. Claudiu Tiberiu Albulescu & Şerban Miclea & Simina Silvana Suciu & Matei Tămăşilă, 2018. "Firm-level investment in the extractive industry from CEE countries: the role of macroeconomic uncertainty and internal conditions," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 8(2), pages 193-208, June.
  70. Klaus Abberger & Andreas Dibiasi & Michael Siegenthaler & Jan-Egbert Sturm, 2016. "The Effect of Policy Uncertainty on Investment Plans," KOF Working papers 16-406, KOF Swiss Economic Institute, ETH Zurich.
  71. Martin Falk & Werner Hölzl & Harald Oberhofer, 2015. "Die Bedeutung von unternehmensbezogenen Individualdaten für die empirische Wirtschaftsforschung und wirtschaftspolitische Beratung," WIFO Monatsberichte (monthly reports), WIFO, vol. 88(11), pages 845-857, November.
  72. Bańbura, Marta & Albani, Maria & Ambrocio, Gene & Bursian, Dirk & Buss, Ginters & de Winter, Jasper & Gavura, Miroslav & Giordano, Claire & Júlio, Paulo & Le Roux, Julien & Lozej, Matija & Malthe-Thag, 2018. "Business investment in EU countries," Occasional Paper Series 215, European Central Bank.
  73. Gil, Pedro Mazeda, 2012. "Investment under uncertainty: The nature of demand shocks and the expected profitability of capital," Economics Letters, Elsevier, vol. 114(2), pages 154-156.
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