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Different from the overwhelming evidence in support of the negative effect of economic policy uncertainty on firm value, our findings show that economic policy uncertainty has positive impact on firm value in firms with high managerial ability using the firm-level data from China over the time period 2003 to 2020. Moreover, our mechanism analyses reveal that firms with high managerial ability differ from those with low managerial ability by conducting more acquisitions and innovation activities and improving cost efficiency when faced with high economic policy uncertainty.

Opportunity for whom: economic policy uncertainty, managerial ability and firm value