Economic Policy Uncertainty and Firm Value: Impact of Investment Sentiments in Energy and Petroleum

Round 1

Reviewer 1 Report

Review

This manuscript entitled “Economic Policy Uncertainty and Its Interacting Impact on Firm Value: The Role of Investment Sentiments in the Energy and Petroleum Sector” describes how economic policy uncertainty (EPU) influences investment decisions and the market value of the Pakistan Stock Exchange.

I am convinced that the Authors set the right research hypotheses and conducted the right research process.

I have few major concerns about this manuscript which should be addressed before this manuscript may be accepted for publication.

1)

L27-28: “Eventually, the findings suggest that consistent and transparent economic policies may increase the efficiency of corporate investment”

This statement is quite obvious, not very revealing.

2) Explanations should be added to all mathematical formulas (equations)

3) The layout of the manuscript is not entirely legible. Please separate the chapters: "Results" and "Discussion of results”.

4) Table 1

It is necessary to unify the fonts.

5) L216: It is worth paying attention to whether it is necessary to cite the oldest publications:

1. Abel, A. B. (1983). Optimal Investment under uncertainty. The American Economic Review, 73(1), 228-233. [ 990 https://doi.org/10.2307/2648794 ] 991

2. Aizenman, J., & Marion, N. P. (1993). Macroeconomic uncertainty and Private Investment. Economics Letters, 41(2), 207-992 210.[DOI: https://doi.org/10.1016/0165-1765(93)90198-l ]

40. Pindyck, R. S. (1990). Irreversibility, uncertainty, and Investment.[ https://doi.org/10.3386/w3307 ]

6) Please correct the way References is written to match the MDPI style. Below is an example:

Chen, J.; Wang, W.; Song, Y. Economic Potential Gain, Income Uncertainty, and Rural Migrants’ Urban Homeownership: Evidence from China. Sustainability 2023, 15, 7407. https://doi.org/10.3390/su15097407

 

Author Response

please check the uploaded word format file 

 

Author Response File: Author Response.pdf

Reviewer 2 Report

Please refer the attahment.

Comments for author File: Comments.pdf

Author Response

please check the attached file in Word format 

 

Author Response File: Author Response.pdf

Reviewer 3 Report

Dear Authors,

I read your paper and found it quite interesting and well researched. However I have a few observations for further improvement:

1. INTRODUCTION: You are making several statements that are not supported by literature. E.g.: Line 35: you claim that previous studies had inconsistent results. What is the basis for this statement?   Line 71: You claim Pakistan is moving from a planned economy to a market economy. What is the basis for this claim? Every strong statement must be supported by literature and the same must be quoted in the bibliography.

2. Please define every term used in the equations for the benefit of the reader. Also justify the use of each one of them and why they were selected for the study. You may add one or two paragraphs to support your equations.

3. Please add a limitations section after the conclusion.

 

The language must be reviewed by a native English speaker or teacher of English, as the text contains a few minor mistakes.

Author Response

please find the attached file in word format 

 

Author Response File: Author Response.pdf

Round 2

Reviewer 2 Report

I consider this article is valuable for the Journal.

I consider this article is valuable for the Journal.