Impact of Economic Policy Uncertainty on Firm Performance: Evidence from India
DOI:
https://doi.org/10.21919/remef.v21i4.1481Palabras clave:
Incertidumbre de política económica, desempeño de las empresas, Crisis financiera mundial, India, Sistema GMMResumen
El impacto de la incertidumbre de la política económica en el desempeño empresarial: evidencia de la India
Este estudio examina el impacto de la incertidumbre de la política económica (EPU) en el desempeño de las empresas en India durante el período 2003–04 a 2023–24. Empleando el método generalizado de momentos en dos etapas para sistemas, se encuentra que la EPU reduce significativamente el desempeño empresarial, con efectos más pronunciados durante la crisis financiera global. Los resultados por submuestras muestran que las empresas del sector privado y de capital extranjero son más afectadas. Los hallazgos sugieren que los responsables de políticas deben promover estabilidad y transparencia, mientras que los directivos deben incorporar la EPU en la gestión de riesgos. Este estudio ofrece dos contribuciones novedosas. Primero, llena un vacío en la literatura al analizar el papel de las crisis y la heterogeneidad en la propiedad en la relación EPU–desempeño, permitiendo identificar los períodos y tipos de empresas más vulnerables y facilitando políticas focalizadas.
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