Political risks increase the uncertainty of international projects as the dynamics of political forces and the changes they go through turn solid investments and equity capitals into financial disasters. Capital budgeting differs from normal expenditures as they include investments that are supposed to generate revenue. A study by Julio and Yook documents how political changes at the time of national elections support the hypothesis that firms investment expenditures gets reduced till the political risks are solved. The authors generated findings from many countries showing how political risks are associated with economic outcomes.
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