Economic policy uncertainty and capital investment: Evidence from European tourism firms

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dc.contributor.authorVardar, Nevzat Barış
dc.contributor.authorÇifter, Atilla
dc.contributor.authorErhan, Gözde
dc.contributor.authorAkay, Gökhan H.
dc.date.accessioned2025-01-16T09:41:47Z
dc.date.available2025-01-16T09:41:47Z
dc.date.issued2025en_US
dc.departmentFakülteler, İktisadi, İdari ve Sosyal Bilimler Fakültesi, Ekonomi Bölümüen_US
dc.description.abstractThis paper investigates the impact of economic policy uncertainty (EPU) on the capital investment behavior of tourism firms in Europe. Using firm-level data from 4874 firms in 11 European countries for the period 2012-2022, we conduct a dynamic panel data analysis that accounts for the different effects of domestic and global policy uncertainty on the tourism industry and its sub-industries. The results reveal that both domestic and global EPU slow down capital investment in the tourism industry. Notably, global EPU has a significant negative impact in all sub-industries, while domestic EPU mainly affects the hotel sub-industry. These findings remain robust when different firm- and country-specific factors are taken into account. Our study highlights the need for policymakers to reduce policy uncertainty to encourage greater investment. Tourism managers may also benefit from considering both domestic and global uncertainties along with industry-specific characteristics in their investment decisions.en_US
dc.identifier.citationVardar, N. B., Çifter, A., Erhan, G., Akay, G. H. (2025). Economic policy uncertainty and capital investment: Evidence from European tourism firms. Tourism Economics. 10.1177/13548166251314273en_US
dc.identifier.issn1354-8166
dc.identifier.issn2044-0375
dc.identifier.scopus2-s2.0-85214448819
dc.identifier.scopusqualityQ1
dc.identifier.urihttps://hdl.handle.net/20.500.12939/5153
dc.identifier.wosWOS:001392510600001
dc.identifier.wosqualityQ1
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakScopus
dc.institutionauthorVardar, Nevzat Barış
dc.institutionauthorÇifter, Atilla
dc.language.isoen
dc.publisherSage Publicationsen_US
dc.relation.ispartofTourism Economics
dc.relation.isversionof10.1177/13548166251314273en_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/closedAccessen_US
dc.subjectCapital investmenten_US
dc.subjectEconomic policy uncertaintyen_US
dc.subjectFirm-level dataen_US
dc.subjectTourism industryen_US
dc.subjectD81en_US
dc.subjectD25en_US
dc.subjectL83en_US
dc.subjectC33en_US
dc.titleEconomic policy uncertainty and capital investment: Evidence from European tourism firms
dc.typeArticle

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