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This study examines how specific micro-level macroeconomic indicators influence corporate performance volatility among US corporate bodies in the short run.

The study employs error correction autoregressive distributed lagged (ARDL) model (ECM) to examine how micro-level variables influence volatility associated with corporate performance in the short run.

This paper finds that disaggregated or micro-level variables examined, tend to exhibit features that are not readily apparent from the aggregate variable from which such variables are derived. For instance, reported empirical estimate suggests that, growth in expenditures on services and nondurable goods tend to lower volatility associated with corporate performance, whereas government expenditures and expenditures on durable goods rather worsens volatility associated with corporate performance, all things being equal. Additionally, presented empirical estimates further provide evidence suggesting that macroeconomic uncertainty and inflation uncertainty significantly moderate or influence the extent to which disaggregated variables impact corporate performance volatility.

Compared to related studies in the reviewed literature, this study rather examines volatility associated with corporate performance instead of the corporate performance indicator itself. Additionally, this paper also examines how disaggregated variable instead of aggregate variables impact such volatility. Finally, the moderating role of key macroeconomic conditions in such a relationship is also examined.

This study explores the response of consumer confidence in policy uncertainty in the Japanese context. The study also considers the dynamism of stock market behavior and financial stress and its impact on consumer confidence, which has remained unaddressed in the literature. The role of these control variables has important implications for policy discussions, particularly when other countries can learn from Japanese experiences.

The nonlinear autoregressive distributed lag model postulated by Shin et al. (2014) was used for studying the asymmetric response of consumer confidence to policy uncertainty. This method has improved estimates compared to traditional linear cointegration methods.

The findings confirm the asymmetric impact of policy uncertainty on the consumer confidence index in Japan. The impact of the rise in policy uncertainty is greater than that of a fall in asymmetry on consumer confidence in Japan. Furthermore, the Wald test confirmed asymmetric behavior.

The contribution of this study is threefold. First, this study contributes to the extant literature by analyzing the asymmetric response of consumer confidence to policy uncertainty, controlling for both the financial stress and stock price indices. Second, to test the robustness of the exercise, the study utilized different frequencies of observations. Third, this study is the first to utilize the concept of Arbatli et al. (2017) to formulate a combined index of uncertainty based on economic policy uncertainty index, along with uncertainty indices such as fiscal, monetary, trade and exchange rate policies to study the overall impact of policy uncertainty.

This study seeks to examine the extent to which strands of inflationary related conditions (inflation expectations, inflation uncertainty and realized inflation); macroeconomic uncertainty and the likelihood of recessionary conditions influence performance indicators in the US banking sector over a specified time period.

The study adopts seemingly unrelated regression model (SUR) advanced by Zellner (1962) in its examination of how specific strands of inflationary conditions, and other adverse macroeconomic conditions influence performance dynamics in the US banking sector.

Empirical evidence suggest that among various adverse macroeconomic conditions examined, inflation expectations and macroeconomic uncertainty tend to have significant constraining impact on key performance indicators in the US banking sector than other conditions examined. Comparatively, this study finds that inflation expectations and macroeconomic uncertainty tend to have much more constraining impact on return on equity, than on return on assets in the US banking sector. Results further suggest that among the three bank performance indicators examined, net interest margin is the least vulnerable bank performance indicator to various adverse macroeconomic conditions examined in the study.

Apart from the various empirical results noted above, this study's findings are projected to help inform strategic planning decisions among institutions in the banking sector. The various findings could, for instance, inform policies and operational strategies geared toward reducing vulnerability associated with specific performance indicators such as return on equity. This reduction could be achieved by critically examining how the various performance indicators react to individual adverse macroeconomic conditions examined in this study. The process could ultimately help in developing tailored measures/procedures aimed at reducing how susceptible key performance indicators are to the various adverse macroeconomic conditions. This study's findings could also provide the platform for more adaptive policies aimed at minimizing the effects of noted macroeconomic conditions on operational efficiency in the banking sector.

The uniqueness of this study, compared to related ones found in the literature, stems from its treatment of three variant of related strands of macroeconomic condition (different variant of inflationary conditions) in the same framework in its empirical analysis.

本研究旨在探討與通貨膨脹有關的狀況的組成部分(通脹預期 、通脹不確定性及體現了的通脹), 宏觀經濟不確定性及經濟衰退狀況的可能性、在一段特定時間內對美國銀行業的表現指數有何種程度的影響。

研究採用塞爾納 (Zellner) (1962) 提出的看似無關迴歸模型 (SUR)，去探討通脹狀況的特定組成部分及其它不利的宏觀經濟狀況如何影響美國銀行業內的績效動態。

實證證據暗示在被研究的各個不利宏觀經濟狀況中，通脹預期及宏觀經濟不確定性，對美國銀行業內的主要業績指標的約束影響, 與其它被探討的狀況相比，往往會較重大。相對地、本研究結果顯示通脹預期及宏觀經濟不確定性，對美國銀行業資本回報率的約束影響、往往遠多於資產收益率。研究結果進一步顯示，在被探討的三個銀行業績指標中，就本研究所探討的各個不利的宏觀經濟狀況而言，淨息差是脆弱性最小的銀行業績指標。

除了上述各實證結果外，本研究結果預期會給銀行業內機構間作戰略規劃的決定時提供資料，譬如，各項研究結果或可在制定旨在減少與特定業績指標如資本回報率相聯繫的脆弱性的政策和經營策略時提供資料。這脆弱性的減少，是透過嚴謹地研究各個業績指標，如何對在本研究中被探討的個別不利宏觀經濟狀況作出反應而達致的。這程序或許最終會幫助建立一個以減少各個不利宏觀經濟狀況對主要業績指標的影響為目的的量身定制措施／程序。本研究的結果，或許亦可為更多旨在減弱眾所周知的宏觀經濟狀況對銀行業運營效率的影響的適應性政策提供平台。

與文獻中可見的相關研究比較，本研究的獨特性源於其實證分析，是涉及在同一個構架內處理宏觀經濟狀況相互有關的組成部分的三個變體 (通脹狀況的不同變體) 。

The aim of this study is to investigate the impact of local political uncertainty on the asymmetric cost behavior (i.e. cost stickiness) for listed firms in China.

In this study, the authors manually collect the turnover data of prefecture-city officials as a measure of exogenous fluctuations in political uncertainty and obtain firm-level financial information from the China Stock Market Accounting Research (CSMAR) database. To perform the analysis, the authors augment the traditional cost stickiness model by including the interaction terms of the prefecture-city official turnover, and firm-level and prefecture-city level control variables.

The authors find that political turnover leads to a higher degree of cost stickiness, implying that firms retain slack resources when political uncertainty is high. Moreover, the effect of political turnover on cost stickiness is more pronounced for firms residing in regions with weaker institutional environments, and firms that are privately owned and with smaller size. The authors further provide evidence that policy uncertainty and the threat of losing political connection are two underlying channels. Overall, this study documents that the local political process is an important channel that influences corporate operational decisions.

This study provides the first piece of evidence on the relation between political uncertainty and cost stickiness at the local government level. Moreover, the authors propose and demonstrate two underlying channels through which political uncertainty affects firms' asymmetric cost behavior.

The study examines the effect of macroeconomic risk, inflation uncertainty and instability associated with key macroeconomic indicators on the efficiency of financial institutions among economies in sub-Saharan Africa (SSA).

Data for the empirical inquiry were compiled from 35 SSA economies from 1996 to 2019. The empirical estimates were carried out using pooled ordinary least squares (POLS) with Driscoll and Kraay’s (1998) standard errors.

Reported empirical estimates show that macroeconomic risk and exchange rate volatility constrain the efficiency of financial institutions. Further results suggest that inflation uncertainty has a significant influence on the efficiency of financial institutions among economies in the subregion. Additionally, reviewed empirical estimates show that institutional quality positively moderates the nexus between inflation uncertainty and financial institution efficiency. At the same time, political instability is found to worsen the adverse effect of macroeconomic risk on the efficiency of financial institutions.

For policymakers and governments, improved institutional structures are recommended to ensure the operational efficiency of financial institutions, especially during an inflationary period. For decision-makers among financial institutions, the study recommends policies that have the potential to make their institutions less vulnerable to macroeconomic risk and exchange rate fluctuations.

The approach adopted in this study differs significantly from related studies in that the study examines and reviews interactions and relationships not readily found in the reviewed literature.

This paper aims to investigate the impact of uncertainty on the predictive power of term spread and its components for future stock market returns and economic activity in Korea and the USA. This paper finds that the stock market’s expected excess return and growth of economic activity are positively related to the risk-neutral expectation, one of the term spread’s components, particularly during high uncertainty periods. These findings are consistent with the importance of the monetary policy by the central bank in a high uncertainty environment created by unexpected shocks. The results are robust to alternate definitions of high uncertainty periods.

This paper aims to examine the role of a large competitor’s entry and level of innovativeness in consumer adoption of new products.

This paper is based on a comparison between market uncertainty and technological uncertainty. This paper henceforth defines and analyzes the following key factors affecting the purchase intention of small- and medium-sized enterprise (SME) new products: type of new products and entry of large competitors. The study further verifies mediator variables that exert impacts: uncertainties regarding both technology and market.

The findings are as follows: purchase intention of SME new products does vary according primarily to the product types and entry of large competitors. More specifically, the entry of large competitors reduces uncertainties about really new products, thereby positively affecting SME new products.

There was no causal relationship found, however, on incrementally new products. Further findings clarify that the mediator variables affecting reciprocal interactions between purchase intention of SME new products and the entry of large competitors hold valid only for market uncertainties and not for technological uncertainties.

This paper aims to investigate the pass-through (PT) effect in Turkey by using quarterly data for the period 1998: Q1-2019: Q2 to understand the dynamic potential effects of exchange rates on domestic prices.

The paper launches several nonlinear models in which the basic determinants of domestic prices in Turkey are determined through Markov regime-switching models (MSMs). Hence, this research follows the variables of the consumer price index (CPI), USD exchange rate, gross domestic product (GDP; demand side of the economy), industrial production index (production side of the economy), economic uncertainty and geopolitical risk index for Turkey.

This work explores that the exchange rate and demand side of the economy (GDP) follow a positive nonlinear relationship with CPI at both regimes. The production side of the economy (IP) affects negatively the CPI during regime 0. Economic uncertainty influences the CPI positively at Regime 1, while geopolitical risk has a negative association with CPI at Regime 0. Eventually, the paper provides some policy proposals associated with the impacts of GDP, IP, economic uncertainty and geopolitical risk on CPI in Turkey.

One may claim that any PT model, which does not observe the possible structural or regime shifts in estimated parameters, might fail to estimate the coefficients unbiasedly and efficiently. Hence, this work differs from available relevant works in the literature since this paper considers linearity or nonlinearity important and reveals that the relevant PT model follows a nonlinear path rather than a linear path, this nonlinear path is converged strongly by MSMs and estimates the significant regime shifts in the constant term and, in parameters of independent variables of PT by MSMs.

The study investigates the effect of behavioural uncertainty on the environmental sustainability of restaurant businesses in Tanzania. Also, the study examines the moderating role of purchasing technical knowledge on the main relationship between the study variables.

The quantitative approach was used and cross-sectional data were collected at a specific time from restaurant businesses in Dodoma, Tanzania. The PROCESS macro was used to analyse the relationships between behavioural uncertainty, purchasing technical knowledge and environmental sustainability.

Behavioural uncertainty has a significant and negative effect on the environmental sustainability of restaurant businesses. Purchasing technical knowledge, on the other hand, has a positive and significant effect on the environmental sustainability of restaurant businesses. Finally, purchasing technical knowledge has a positive and significant moderating effect on the relationship between behavioural uncertainty and environmental sustainability such that the negative effect of behavioural uncertainty is reduced with increasing purchasing technical knowledge.

This study considers purchasing skills in terms of purchasing technical knowledge as a moderating variable; hence, other studies may take into account other moderating variables to extend this study. Also, the study considered only environmental sustainability and hence is limited in terms of other dimensions of sustainability and provide an avenue for further research in social and economic sustainability.

Since purchasing technical knowledge reduces the negative effect of behavioural uncertainty on the relationship with environmental sustainability, restaurant managers should be encouraged to improve their purchasing technical knowledge by attending short- and long-term training on purchasing functions in the restaurant industry.

The social implications of the investigated link between behavioural uncertainty, purchasing technical knowledge and environmental sustainability in the restaurant industry include raising awareness, promoting sustainable practises and fostering an environmentally responsible culture. By addressing behavioural uncertainty, leveraging purchasing technical knowledge and embracing sustainability the industry can contribute to a more environmentally conscious society.

By providing empirical evidence from Tanzania, the study extends literature on examining the environmental sustainability of restaurant businesses. The study also establishes the interaction effect of purchasing technical knowledge as an important skill in reducing the negative effect of behavioural uncertainty on enhancing environmental sustainability in restaurant businesses.

This study investigates the impact of uncertainty on the mean-variance relationship. We find that the stock market's expected excess return is positively related to the market's conditional variances and implied variance during low uncertainty periods but unrelated or negatively related to conditional variances and implied variance during high uncertainty periods. Our empirical evidence is consistent with investors' attitudes toward uncertainty and risk, firms' fundamentals and leverage effects varying with uncertainty. Additionally, we discover that the negative relationship between returns and contemporaneous innovations of conditional variance and the positive relationship between returns and contemporaneous innovations of implied variance are significant during low uncertainty periods. Furthermore, our results are robust to changing the base assets to mimic the uncertainty factor and removing the effect of investor sentiment.