... Policy uncertainty Investment efficiency Corporate investment “Real options” G32 G38 D81 O16 Corporate decisions and firm performance are shaped by a wide range of internal and external factors, including macroeconomic, social and political forces. While internal forces...

... practices Bank credit loans Text-based measure China D81 G21 L25 Yuan George Shan can be contacted at: george.shan@uwa.edu.au Declaration of conflicting interest: The authors declare no conflict of interest. 04 04 2025 24 07 2025 03 11 2025 ©...

... at: chambert@mcmaster.ca 01 04 2025 13 09 2025 06 10 2025 © Emerald Publishing Limited 2025 Emerald Publishing Limited Licensed re-use rights only Risk shifting Covenant violation Financial distress Investment D81 E22 G11 G32 Shareholders have a residual...

... 05 2020 15 05 2020 © Emerald Publishing Limited 2020 Emerald Publishing Limited Licensed re-use rights only Tax risk Tax reform Uncertainty Investment timing Reform duration G31 E62 D81 Taxes are often viewed as statutory business obligations...

... of uncertainty G32 G34 D81 Recent findings indicate that cash holdings of non-financial firms have dramatically increased. For example, Bates et al. (2009) report that the average cash-to-asset ratio for the US industrial firms was more than doubled between 1980 and 2006. Current...