Forthcoming Articles

International Journal of Banking, Accounting and Finance

International Journal of Banking, Accounting and Finance (IJBAAF)

Forthcoming articles have been peer-reviewed and accepted for publication but are pending final changes, are not yet published and may not appear here in their final order of publication until they are assigned to issues. Therefore, the content conforms to our standards but the presentation (e.g. typesetting and proof-reading) is not necessarily up to the Inderscience standard. Additionally, titles, authors, abstracts and keywords may change before publication. Articles will not be published until the final proofs are validated by their authors.

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International Journal of Banking, Accounting and Finance (One paper in press)

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  • The interplay of political risk, investments, and cash holdings in corporate financial strategies   Order a copy of this article
    by Adriana Bruscato Bortoluzzo, Adalto Barbaceia Gonçalves, Daniel Strozzi Soares 
    Abstract: This study examines how systematic versus idiosyncratic political risks differentially affect corporate investments and cash holdings using 117,049 firm-quarter observations of US public firms from 2002 to 2022. We distinguish between economic policy uncertainty (EPU) as systematic risk and firm-level political risk (PRisk) as idiosyncratic risk, addressing a fundamental gap in literature. Employing panel data regression models with fixed effects and quantile regressions, our results reveal significant heterogeneity in political risk transmission mechanisms. While both risks negatively correlate with investments, PRisk loses explanatory power, but EPU maintains consistent negative correlations. For cash holdings, PRisk shows robust positive correlations supporting precautionary motives. Quantile regressions demonstrate that idiosyncratic political risk primarily affects firms in the lowest investment quantiles, while systematic risk exerts substantially greater influence on high-investment firms. Our findings extend the systematic versus idiosyncratic risk framework to political uncertainty, providing the first comprehensive comparison of how different types of political uncertainty operate through distinct channels.
    Keywords: political risk; PRisk; systematic risk; idiosyncratic risk; cash holdings; investment decisions; economic policy uncertainty; EPU; corporate finance; quantile regression.
    DOI: 10.1504/IJBAAF.2026.10077794
     

 

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