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Present Is for Pioneers: The Restructuring Performance Under Economic Policy Uncertainty

Ling‐Yang He & Yuting Wang

Journal of Corporate Accounting and Finance2026https://doi.org/10.1002/jcaf.70030article
ABDC B
Weight
0.50

Abstract

Economic policy uncertainty has attracted considerable attention from scholars and practitioners due to its broad impact on firms' strategic decisions and operational performance. However, its effect on restructuring outcomes remains underexplored. In this study, we examine the mechanisms through which economic policy uncertainty affects corporate restructuring performance and provide empirical verification of these relationships using a panel dataset of China's listed companies from 2005 to 2024. The results suggest that during periods of economic policy uncertainty, firms that undertake restructuring can transform challenges into opportunities for enhanced performance. We further examine the moderating roles of restructuring status and firm ownership, finding that acquiring firms and private firms demonstrate superior restructuring performance under economic policy uncertainty. This study illuminates how firms can proactively respond to uncertainty and grow amid adversity, while providing insights for understanding restructuring strategies under high risk.

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https://doi.org/https://doi.org/10.1002/jcaf.70030

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@article{ling‐yang2026,
  title        = {{Present Is for Pioneers: The Restructuring Performance Under Economic Policy Uncertainty}},
  author       = {Ling‐Yang He & Yuting Wang},
  journal      = {Journal of Corporate Accounting and Finance},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1002/jcaf.70030},
}

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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