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Investment and performance of firms: Correlation or causality?
Department of Industrial Engineering, TEMEP, Seoul National University, San 56-1 Shilim-dong, Kwanak-gu, Seoul 151-742, South Korea.ORCID iD: 0000-0002-7902-4683
Centre of excellence for Science and Innovation Studies, Royal Institute of Technology, Stockholm Sweden, Drottning Kristinas väg 30, SE-100 44 Stockholm, Sweden.
2008 (English)In: Corporate Ownership and Control, ISSN 1810-3057, Vol. 6, no 2 C CONT. 2, 268-282 p.Article in journal (Refereed) Published
Abstract [en]

This paper provides an empirical analysis of the two-way causal relationship between investment and performance indicators at the firm level. The performance variables include sales, value added, profit, cash flow, capital structure and employment. The investment variables are research and development and physical capital. A multivariate vector autoregressive approach is applied to a panel of Swedish firms observed between 1992 and 2000. Results show evidence of some two-way causal relationships, which are mainly transitory in character. Significant heterogeneity is observed in the firms’ investment and performance behavior by their size.

Place, publisher, year, edition, pages
2008. Vol. 6, no 2 C CONT. 2, 268-282 p.
Keyword [en]
Financial constraints; Panel data; Productivity growth; R&D investment
National Category
Economics
Identifiers
URN: urn:nbn:se:hj:diva-24505Scopus ID: 2-s2.0-84891878492OAI: oai:DiVA.org:hj-24505DiVA: diva2:742814
Available from: 2014-09-02 Created: 2014-09-01 Last updated: 2016-01-14Bibliographically approved

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  • apa
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