Delayed creative destruction: How uncertainty shapes corporate assets

• 成果类型: Article
• 署名作者: Campello, Murillo; Kankanhalli, Gaurav; Kim, Hyunseob
• 署名单位: Cornell University; National Bureau of Economic Research; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Federal Reserve System - USA; Federal Reserve Bank - Chicago
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2024.103786
• 发表日期: 2024
• 关键词: uncertainty; capital allocation; PRODUCTIVITY; TECHNOLOGY; INVESTMENT; Disinvestment

摘要

We show how uncertainty shapes corporate asset allocation, composition, and productivity using data from the shipping industry. Firms curtail both ship acquisitions and disposals when uncertainty increases, primarily through cuts in new ship orders and ship demolitions - decisions that are costlier to reverse vis-a-vis secondary market transactions. Uncertainty also prompts firms to concentrate their fleets into narrower, less productive portfolios. We corroborate our findings using the 2009-2011 spike in Somali pirate attacks as an uncertainty shock to shipping activity. Uncertainty hampers creative destruction, slowing both the adoption of innovation embodied in new capital and the disposal of old capital.