This study investigates the role of state ownership and corruption expenditure in the relationship between economic policy uncertainty (EPU) and corporate risk-taking. The finding shows that EPU is significantly positively correlated with corporate risk-taking in China. The state ownership affects the link between EPU and corporate risk-taking, and SOEs are more willing to avoid risks in response to the increases of EPU. Corruption expenditure positively affects the relationship between EPU and corporate risk-taking. Compared with SOEs, non-SOEs have more incentive to respond to an increase of EPU through corruption expenditure. Moreover, China's anti-corruption campaign strongly affects the above effects. Our results are robust to alternative variable measures and endogeneity tests.

Economic policy uncertainty nexus with corporate risk-taking: The role of state ownership and corruption expenditure

Global oil price uncertainty may affect the enterprise total factor productivity (TFP). Considering the unbalanced relationship between the rapid growth in the Chinese economy and its relatively low TFP and China is the largest net oil importer, this paper employs the SYS-GMM to effectively analyze the impact of oil price uncertainty on Chinese enterprise TFP, as well as its mechanism. Based on firm-level data of listed Chinese enterprises from 2010 to 2019, we find significant evidence that oil price shocks have a detrimental influence on enterprise TFP. This influence is mediated by technical innovation and resource allocation. Heterogeneity analysis reveals that oil price uncertainty has a stronger negative impact on enterprise TFP state-owned firms, or firms in small businesses, secondary industries, northeastern heavy industries, low-competition sectors, and regions where marketization is sluggish. Moreover, when the control of retail oil prices is eased, the negative impact becomes more evident. Our findings can provide advice on policies or to researchers regarding the considerable uncertainty of energy prices and increasingly importance of TFP. • The impact of oil price uncertainty on enterprise total factor productivity (TFP) is assessed. • Oil price uncertainty can lead to a decline in enterprise TFP. • Technological innovation and resource allocation are two mediating variables between the relationship of oil price uncertainty and TFP. • The extent to which oil price uncertainty affects enterprise TFP varies in the enterprise's internal and external environments. 

Oil price uncertainty and enterprise total factor productivity: Evidence from China

The impact of economic policy uncertainty on a firm’s green behavior: Evidence from China

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.

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

This study aims to analyze the trends, progress, and opportunities for future research on managerial ability literature. Since receiving a lot of attention after the study of Demerjian et al. (Manag Sci 58:1229–1248, 2012. http://doi.org/10.1287/mnsc.1110.1487
 ), there has been no literature review study on managerial ability research. Using a systematic review process, this study includes 120 papers. The studies’ period ranged from 1974 to 2020. The findings of this literature review are presented in two parts, namely (1) a discussion of trends in the five classifications (topics, research settings, theories, methods, and primary data analysis techniques) and the current progress in existing studies; and (2) suggestions for future research. We classify suggestions for future research into nine themes: firm performance, capital market, reporting quality, auditing, investment decisions, financial decisions, tax, corporate social responsibility, and others. In addition, the development of managerial ability definition over time is provided prior to the literature review findings.

What do we know about managerial ability? A systematic literature review

This paper documents the systematic and negative effects of heightened macro uncertainty on financial analyst performance and the potential for managerial ability to moderate such negative effects. Specifically, we find that macro uncertainty measures are significantly and negatively correlated with the accuracy and informativeness of analysts’ earnings forecasts and positively correlated with the dispersion of earnings forecasts. Furthermore, we find that the negative effects of macro uncertainty on analyst performance are significantly mitigated in firms with high managerial ability. Our results provide a broad overview regarding the negative effects of macro uncertainty on analyst performance and indicate that managerial ability could be a potential moderator to mitigate the negative impacts of macro uncertainty on analyst performance, which is based on the upper-echelons theory.

Macro uncertainty, analyst performance, and managerial ability

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Macro uncertainty, analyst performance, and managerial ability