This paper investigates how a democratic environment affects corporate R&D investment around the world. Using a sample of 114,318 observations from 34 countries over the period 2002–2016, we find that democracy is negatively related to R&D expenditure and positively associated with R&D...

Purpose This paper investigates the effect of economic policy uncertainty on value of cash before and after the global financial crisis. Design/methodology/approach We investigate the relationship between economic policy uncertainty and value of excess cash based on the valuation model of Fama...

Purpose The paper investigates the effect of corruption on corporate investment efficiency around the world. Design/methodology/approach The sample includes 218,350 observations from 30,074 firms across 42 countries. The authors measure corruption based on the Corruption Perception Index (CPI)...