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“The impact of macroeconomic uncertainty on corporate investment” The case study of Vietnam shareholder

By Nguyen Ngoc Phuong Linh (VNP 22)

Supervisor: Dr. Nguyen Thu Hien

Abstract

Employing proxies of macroeconomic uncertainty of Baum et al. (2005), I am based on the proposed empirical model of Gulen and Ion (2015) to examine how corporate capital investment is affected by macroeconomic uncertainty for enterprises of Vietnam in the period of 2005 and 2015. My estimates present that the research has strongly explained a negative relationship between the volatility of macroeconomic in real GDP, CPI and the activities of capital expenditures in general as well as mergers and acquisitions in particular. More importantly, this effect is significantly stronger for firms with a higher growth rate and non – financial constraints. Overall, the study contributes to confirming macroeconomic uncertainty to limit the investment of enterprises and subsequently depress Vietnam economic growth.

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