Our paper investigates the effect of economic policy uncertainty on investment by chaebol and non-chaebol firms in Korea. We find that while both types of firms reduce investment during high-policy-uncertainty periods, chaebol firms do so more aggressively than non-chaebols. The negative effect of uncertainty on investment is exacerbated in chaebol firms that are financially constrained, face a higher debt cost, or operate in industries more dependent on external finance. Such impact depends on types of policy uncertainties, in which chaebol firms respond more strongly to uncertainties related to monetary and fiscal policies but not to trade and foreign exchange ones.

中文翻译：

---

经济政策不确定性与企业投资：韩国财阀与非财阀企业的实证比较


我们的论文研究了经济政策的不确定性对韩国财阀和非财阀企业投资的影响。我们发现，虽然两种类型的公司都会在政策高度不确定的时期减少投资，但财阀公司比非财阀公司减少投资的力度更大。对于财务拮据、面临较高债务成本或在更依赖外部融资的行业运营的财阀企业来说，不确定性对投资的负面影响会加剧。这种影响取决于政策不确定性的类型，其中财阀企业对货币和财政政策相关的不确定性反应更为强烈，但对贸易和外汇政策的不确定性则不然。