The Economic Policy Uncertainty and Its Effect on Sustainable Investment: A Panel ARDL Approach

This study examines the effect of economic policy uncertainty (EPU) on sustainable investment returns by using panel data stock market and EPU index from twelve countries for period April 2015 to December 2020. In addition, precious metal prices, energy cryptocurrency prices are used as control variables. To do so, we investigate impact EPU, gold oil Bitcoin autoregressive distributed lag (ARDL) model examine both long-run correlation short-run effect. Our findings show that have a time-varying significant returns. We discovered has significantly negative stocks in markets over long run. contrast, rise price, price positive On other hand, Singapore, Spain, Netherlands, Russia each country. Based findings, managers investors highly recommended pay more attention volatility short run risk market. Furthermore, policymakers must closely monitor movement index, it is major driver