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Government economic policy uncertainty and corporate debt contracting
International Review of Finance ( IF 2.175 ) Pub Date : 2021-03-05 , DOI: 10.1111/irfi.12347
Dung T. T. Tran 1, 2 , Hieu V. Phan 1
Affiliation  

We examine the relation between government economic policy uncertainty and debt contracting of U.S. public firms. We find that policy uncertainty is associated with more stringent debt terms, such as shorter debt maturity, higher cost of debt, and more restrictive debt covenants, and these relations are concentrated in financially constrained firms. Further analysis indicates that the negative real effects of policy uncertainty documented in the literature are more pronounced for financially constrained firms. Overall, our evidence suggests that policy uncertainty dampens external financing and exacerbates firms' financial constraints, leading to their investment delays.

中文翻译:

政府经济政策不确定性和企业债务收缩

我们研究了政府经济政策的不确定性与美国上市公司的债务契约之间的关系。我们发现,政策不确定性与更严格的债务条款有关,例如更短的债务期限、更高的债务成本和更严格的债务契约,这些关系集中在财务受限的公司。进一步的分析表明,文献中记录的政策不确定性的负面实际影响对于财务受限的公司更为明显。总体而言,我们的证据表明,政策不确定性抑制了外部融资并加剧了企业的财务约束,导致其投资延迟。
更新日期:2021-03-05
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