文章基本信息

标题：Political uncertainty of impeachment upon corporate investment decisions
本地全文：下载
作者：Michele Nascimento Jucá ; Albert Fishlow
期刊名称：Borsa Istanbul Review
印刷版ISSN：2214-8450
出版年度：2021
卷号：21
期号：2
页码：149-160
DOI：10.1016/j.bir.2020.09.007
出版社：Elsevier B.V.
摘要：This study aims to verify if there is a negative relation between the investment of Brazilian companies and the impeachment of former president Dilma Rousseff. The period of analysis considers three previous (2013–2015) and subsequent (2016–2018) years to impeachment. As a result, although usually a process of impeachment provokes an environment of political instability, in the case of Brazil, the vice president, member of a center-right party, satisfied expectations of positive change. The impeachment represented loss of confidence in the political class, but also an anticipated turnaround of the country's economy. As a consequence, companies did not reduce their investments.
关键词：Political uncertainty ; Impeachment ; Corporate investment ; Brazil ; Difference-in-difference test