- Original authors / creators
- Bing Zhou; Bo Liang; Licheng Bie
- Original publication
- PLOS ONE · Public Library of Science · 2024-06-12
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- CC BY 4.0
© 2024 Zhou et al
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This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. Article-specific license URL: https://creativecommons.org/licenses/by/4.0/ - Edition changes
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- Adjacent research, not a directly sampled family-office study. Applicability to a family office requires separate assessment. Explanatory variables: economic policy uncertainty (EPU). In relevant research, economic policy uncertainty is typically measured using indicators such as changes in government [20], political territory [21], and the Chinese EPU index compiled by Baker et al. [22] using the South China Morning Post. Davis et al. [23] developed the Chinese economic policy uncertainty index using data from the Chinese mainland newspapers People’s Daily and Guang Ming Daily. The economic policy uncertainty index of mainland China was developed by Huang & Luk P. based on ten newspapers [24], including Beijing Youth Daily, Guangzhou Daily, Liberation Daily, People’s Daily Overseas Edition, Shanghai Morning Post, Southern Metropolis Daily, Beijing News, Today’s Evening News, Wenhui Daily, and Yangcheng Evening News. While the first and second indicators are exogenous to corporate investment, they lack continuity and time variability. The third and fourth indicators may not have sufficient explanatory power for economic policy uncertainty in mainland China due to limitations in newspaper selection. Considering the aforementioned factors, this paper has chosen the economic policy uncertainty index of mainland China, developed by Huang Y. and Luk P. [24], as the proxy variable for economic policy uncertainty (EPU). The index is measured as follows: The IV can alleviate the problem of missing variables and reverse causality to a certain extent. Therefore, this paper uses the IV method to estimate. Since the US economic policy is an important factor affecting the formulation and implementation of China’s economic policy, and the uncertainty of the US economic policy will affect the behavior of Chinese enterprises by affecting the uncertainty of China’s economic policy [29]. Therefore, this paper draws on the practice of Li et al. [29], and selects the U.S. Economic Policy Uncertainty Index (UEPU) developed by Baker et al. [22] as an exogenous instrumental variable of China’s Economic Policy Uncertainty (Epu) for testing. Of course, this indicator is also unified into an annual indicator in the same way as the EPU. To this end, we add Model (4) on the basis of Model (1), and use the two models for IV estimation:
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