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PurposeThe purpose of this study is to examine the relationship between the news-based economic policy uncertainty (EPU), research and development (R&D) expenditures per capita and innovation outputs.Design/methodology/approachData from 1996 to 2015 for 19 countries (Australia, Brazil, Canada, Chile, China, France, Germany, India, Ireland, Italy, Japan, Netherlands, Russia, Singapore, South Korea, Spain, Sweden, the United Kingdom and the United States) are used. The authors apply country and year fixed-effects models for the estimations.FindingsThe study findings show that higher levels of EPU are positively associated with higher R&D expenditures per capita as well as innovation outputs (patent applications, patent grants and trademark applications).Practical implicationsThis study deepens our understanding on the policy uncertainty–economic activities nexus and expands the literature on uncertainty, which is still at an initial phase of development, leading to generate a variety of open research questions for further investigation and study (Bloom, 2014).Originality/valueThere has not been an empirical investigation on the links between EPU and R&D expenditures and innovation outputs across several countries. The authors address this gap in the literature.

SummaryThis paper investigates the effect of control of corruption on the consumption of luxury goods, after controlling other relevant determinants of luxury spending. The model is empirically tested for 32 developed and emerging economies between 2004 and 2014. Using panel fixed effects, difference generalized method of moments (GMM) and instrumental variable estimation methods, and two measures of the control of corruption (Transparency International Corruption Perceptions Index and the World Bank's Control of Corruption Index), the results show that higher levels of control of corruption decrease luxury spending. This relationship is stronger in countries with higher levels of press freedom and information transparency. These findings offer some important implications. Governments and policymakers may develop and implement regulations that increase transparency in luxury gifting and limit corruption practices. Luxury brand companies should further enhance their due diligence obligations to minimise reputational risks in the long term.