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All Journal JURNAL RISET BISNIS DAN MANAJEMEN Journal of Economics, Business, & Accountancy Ventura Milestone: Journal of Strategic Management Proceeding National Conference Business, Management, and Accounting (NCBMA) Proceeding of International Conference on Entrepreneurship (IConEnt)
Liza Handoko, Liza
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Dancing with Uncertainty: Unraveling Firm Investment Inefficiencies in the Asia Pacific Region Juliana, Rita; Handoko, Liza; Lee, Nicholas
Journal of Economics, Business, and Accountancy Ventura Vol. 27 No. 1 (2024): April - July 2024
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v27i1.4096

Abstract

This study explores the intricate relationship between uncertainty and corporate investment inefficiencies in the Asia-Pacific region, utilizing data from non-financial firms between 2008 and 2021. The method used in the study is fixed effect regression with Driscoll-Kraay robust standard error. The empirical analysis unveils that uncertainty leads to overinvestment. This phenomenon is more pronounced in middle and low-income economies, while high-income countries display a distinct trend of less susceptibility to uncertainty-induced suboptimal investment choices. The study’s implications extend to policymakers and industry stakeholders, urging a closer examination of firms’ risk management strategies, particularly considering the strategic potential of overinvestment as a buffer against uncertainty’s adverse effects. This holds particular significance in the dynamic economic landscape of the Asia-Pacific countries, where the study contributes to a deeper understanding of the interplay between uncertainty and inefficiency of investment decisions across diverse economic settings.
Co-Authors Chrissentia, Tirza Gracia S Ugut Herlina Lusmeida Juliana, Rita Layman, Chrisanty V. Lee, Nicholas Meilani, Yohana Sabrina O Sihombing Sitompul, Thomson Soetardjo, Mulyadi Sung Suk Kim Widjaja, Richeart Wuisan, Dewi