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<p>Investment decisions in the marine economy are highly sensitive to policy-driven uncertainty because marine-related projects are typically capital-intensive, long-lasting, and partially irreversible. Using a panel of China’s A-share listed firms in the marine sector from 2014 to 2023, this study examines the impact of economic policy uncertainty (EPU) on corporate investment behavior, as measured by investment expenditure and investment efficiency, and analyzes whether this relationship is moderated by investment irreversibility and financial frictions. Panel regression results show that higher EPU notably lowers investment expenditure and efficiency, indicating that policy uncertainty discourages capital formation and weakens resource allocation in marine-related industries. Moderation analyses further show that investment irreversibility reduces EPU’s negative effects on both investment expenditure and efficiency, consistent with the idea that firms with more irreversible capital exhibit more stable investment trajectories. In contrast, financial frictions proxied by leverage intensify the EPU’s negative impact on investment expenditure while partially reducing the adverse effect on investment efficiency. This suggests that debt pressure discourages marginal or inefficient projects during uncertain times. Overall, this study enhances our understanding of how policy uncertainty reshapes firms’ capital allocation in the marine economy and offers practical insights for policymakers and corporate decision-makers seeking to stabilize investment and improve its quality under uncertain policy environments.</p>

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Economic policy uncertainty and investment behavior in China’s marine-related listed firms: the moderating roles of investment irreversibility and financial frictions

  • 期刊论文

  • 出版模式：

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  • 发表日期：

    2026年3月19日

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  • Gao Wei,
  • Noor Raihani Binti Zainol,
  • Zaminor Binti Zamzamir

摘要

Investment decisions in the marine economy are highly sensitive to policy-driven uncertainty because marine-related projects are typically capital-intensive, long-lasting, and partially irreversible. Using a panel of China’s A-share listed firms in the marine sector from 2014 to 2023, this study examines the impact of economic policy uncertainty (EPU) on corporate investment behavior, as measured by investment expenditure and investment efficiency, and analyzes whether this relationship is moderated by investment irreversibility and financial frictions. Panel regression results show that higher EPU notably lowers investment expenditure and efficiency, indicating that policy uncertainty discourages capital formation and weakens resource allocation in marine-related industries. Moderation analyses further show that investment irreversibility reduces EPU’s negative effects on both investment expenditure and efficiency, consistent with the idea that firms with more irreversible capital exhibit more stable investment trajectories. In contrast, financial frictions proxied by leverage intensify the EPU’s negative impact on investment expenditure while partially reducing the adverse effect on investment efficiency. This suggests that debt pressure discourages marginal or inefficient projects during uncertain times. Overall, this study enhances our understanding of how policy uncertainty reshapes firms’ capital allocation in the marine economy and offers practical insights for policymakers and corporate decision-makers seeking to stabilize investment and improve its quality under uncertain policy environments.