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Title
Japanese: 
English:Uncertainty, corporate investment, and hiring: The case of COVID-19 
Author
Japanese: John Graham, 池田直史, 井上 光太郎, Takashi Yamasaki.  
English: John Graham, Naoshi Ikeda, Kotaro Inoue, Takashi Yamasaki.  
Language English 
Journal/Book name
Japanese: 
English:Economic Letters 
Volume, Number, Page Vol. 244       
Published date Nov. 2024 
Publisher
Japanese: 
English:ELSEVIER 
Conference name
Japanese: 
English: 
Conference site
Japanese: 
English: 
Abstract We investigate how the COVID-19 pandemic affected CFOs’ self-assessed uncertainty about revenue growth and its impact on investment and hiring plans, using data from two consecutive surveys of the same CFOs conducted before and during the pandemic. Following the WHO’s declaration, firm-level uncertainty increased, and investment plans were restrained. Furthermore, heightened firm-level uncertainty dampened firms’ investment and hiring plans, even after controlling for other pandemic-related factors, as well as financial and investment flexibility.

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