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The effect of economic policy uncertainty on enterprise total factor productivity based on financial mismatch: Evidence from China

Kaifeng Li, Zhaoxuan Guo and Qi Chen

Pacific-Basin Finance Journal, 2021, vol. 68, issue C

Abstract: This study investigates the influence of economic policy uncertainty on total factor productivity (TFP) of enterprises. We find that economic policy uncertainty is significantly and negatively related to the TFP growth of enterprises in China. By distinguishing the nature of enterprise property rights and the scale of enterprises, we find that the reduction of the TFP growth of enterprises is more significant in non-state-owned enterprises and large-scale enterprises. Our analysis shows that economic policy uncertainty will reduce the TFP growth of enterprises by aggravating financial mismatch.

Keywords: Economic policy uncertainty; Financial mismatch; Total factor productivity (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1016/j.pacfin.2021.101613

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Handle: RePEc:eee:pacfin:v:68:y:2021:i:c:s0927538x21001207