INVESTMENT AND TOBINS-Q - EVIDENCE FROM COMPANY PANEL DATA

被引：207

作者：

BLUNDELL, R

BOND, S

DEVEREUX, M

SCHIANTARELLI, F

机构：

[1] INST FISCAL STUDIES,LONDON,ENGLAND

[2] UNIV OXFORD,OXFORD,ENGLAND

[3] UNIV KEELE,KEELE ST5 5BG,STAFFS,ENGLAND

[4] BOSTON UNIV,BOSTON,MA 02215

来源：

JOURNAL OF ECONOMETRICS | 1992年 / 51卷 / 1-2期

基金：

英国经济与社会研究理事会;

关键词：

D O I：

10.1016/0304-4076(92)90037-R

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

A Q model of investment is estimated using data for an unbalanced panel of UK companies over the period 1975-86. Correlated firm-specific effects and the endogeneity of Q are allowed for using a Generalised Method of Moments estimator. In the calculation of Q we estimate the tax incentives available to individual companies. Q is found to be a significant factor in the explanation of company investment, although its effect is small and a careful treatment of the dynamic structure of Q models appears critical. In addition to Q, both cash flow and output variables are found to play an independent and significant role.

引用

页码：233 / 257

页数：25

共 26 条

[1] SOME TESTS OF SPECIFICATION FOR PANEL DATA - MONTE-CARLO EVIDENCE AND AN APPLICATION TO EMPLOYMENT EQUATIONS [J].