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

Xing Wei and Yuxin Wang

Finance Research Letters, 2025, vol. 77, issue C

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.

Keywords: Macro uncertainty; Investment behaviour; Enterprise value (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:77:y:2025:i:c:s1544612325002855

DOI: 10.1016/j.frl.2025.107021

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