Enterprise Investment During the Transition: Evidence from Czech Panel Data

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dc.contributor.author Lizal, Lubomir en_US
dc.contributor.author Svejnar, Jan en_US
dc.date.accessioned 2006-08-01T16:37:47Z
dc.date.available 2006-08-01T16:37:47Z
dc.date.issued 1997-05-01 en_US
dc.identifier.other RePEc:wdi:papers:1997-60 en_US
dc.identifier.uri http://hdl.handle.net/2027.42/39450 en_US
dc.description.abstract We analyze investment behavior of the population of medium and large industrial firms located in the Czech Republic in 1992-95. We examine the relevance of alternative models of investment and test if investment behavior varies across ownership-legal form categories of firms. By using a large panel of quarterly observations, we eliminate biases introduced by data aggregation and selectivity, reduce measurement error, take into account heterogeneity across firms and over time, and control for the significant seasonal variation in investment. The data indicate that foreign owned companies invest the most and cooperatives the least. Contrary to earlier survey findings, our large data set does not support the hypothesis that private firms invest more than state owned ones. Our econometric tests suggest that, except for cooperatives and smaller private firms, the behavior of firms is better approximated by the neoclassical/accelerator model than cash flow or financing constraint theories. The data also fit quite precisely a dynamic structural model of investment for a profit maximizing firm. en_US
dc.format.extent 49 bytes
dc.format.extent 3151 bytes
dc.format.extent 3132205 bytes
dc.format.mimetype text/plain
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dc.format.mimetype application/pdf
dc.language.iso en_US en_US
dc.relation.ispartofseries 60 en_US
dc.subject Property Rights, Ownership, Multi-task, Local Government, China en_US
dc.title Enterprise Investment During the Transition: Evidence from Czech Panel Data en_US
dc.type Working Paper en_US
dc.subject.hlbsecondlevel Economics en_US
dc.subject.hlbtoplevel Business en_US
dc.description.bitstreamurl http://deepblue.lib.umich.edu/bitstream/2027.42/39450/3/wp60.pdf en_US
dc.owningcollname William Davidson Institute (WDI) - Working Papers
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