Previous macro- and micro-level evidence indicate that fluctuations in idiosyncratic uncertainty have an important effect on investment, both directly and indirectly through financial market frictions. The objective of this paper was to explore, beyond the two traditional and complementary channels, a new one: firm entry. By utilizing a novel and large dataset on Greek firms covering the entire economy over the period 2000–2014 and employing a panel-VAR methodology, we examine and evaluate the impact of shocks to the number of startups, idiosyncratic uncertainty, and financial conditions on the investment growth at the industry level. Our findings can be summarized as follows. First, a shock to the number of new firms has significant effects on investment that persist for many years. Second, although all the three variables are important drivers of investment growth dynamics, uncertainty has the largest impact (explaining about the 15% of the variability of investment growth), firm creation follows (it explains about the 7%), while financial conditions have the smallest direct effect (explaining the 3.5%). Finally, we demonstrate that firm entry constitutes an important propagation mechanism for the transmission of uncertainty shocks in the investment growth trajectories.

中文翻译：

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不确定性、企业进入和投资动态

先前的宏观和微观层面的证据表明，特殊不确定性的波动对投资有重要影响，通过金融市场摩擦直接或间接。本文的目的是探索超越两种传统和互补渠道的新渠道：企业进入。通过利用涵盖 2000 年至 2014 年整个经济体的希腊公司的新型大型数据集，并采用面板 VAR 方法，我们检查和评估了冲击对初创企业数量、特殊不确定性和金融状况的影响。行业层面的投资增长。我们的发现可以总结如下。首先，对新公司数量的冲击会对持续多年的投资产生重大影响。第二，尽管这三个变量都是投资增长动态的重要驱动因素，但不确定性的影响最大（解释了投资增长的 15% 左右的可变性），其次是企业创建（解释了 7% 左右），而金融状况的影响最小直接影响（解释了 3.5%）。最后，我们证明了企业进入构成了投资增长轨迹中不确定性冲击传递的重要传播机制。