SciELO - Scientific Electronic Library Online

 
vol.11 número4Primary commodity export and economic growth in Sub Sahara Africa: Evidence from panel data analysisAn augmented gravity model of South Africa's exports of motor vehicles, parts and accessories índice de autoresíndice de materiabúsqueda de artículos
Home Pagelista alfabética de revistas  

Servicios Personalizados

Articulo

Indicadores

Links relacionados

  • En proceso de indezaciónCitado por Google
  • En proceso de indezaciónSimilares en Google

Compartir


South African Journal of Economic and Management Sciences

versión On-line ISSN 2222-3436
versión impresa ISSN 1015-8812

Resumen

SERRASQUEIRO, Zelia; MENDES, Silvia  y  NUNES, Paulo Maçãs. Companies' investment determinants: Comparison of different panel data estimators. S. Afr. j. econ. manag. sci. [online]. 2008, vol.11, n.4, pp.475-493. ISSN 2222-3436.

In this study, Aivazian, Ge and Qiu's (2005) analysis using static panel models is extended to using dynamic panel estimators, considering data for listed Portuguese companies. The results confirm Aivazian et al.'s (2005) conclusion that an Ordinary Least Squares (OLS) regression is not the best way to estimate the investment/determinant relationship. Investment decisions are probably dynamic, so the most suitable way to estimate the investment/determinant(s) relationship is using dynamic panel estimators. Alternatively a fixed effect panel model can be used, consistent with a first order autocorrelation. In this way, firstly, it is possible to determine more accurately the positive impact of sales (Neo-classic theory) and cash flow (Free Cash Flow theory) on the investments of listed Portuguese companies. Secondly, the positive effect of growth opportunities (Agency theory) is not overestimated when it seems to be the consequence of a first order autocorrelation. Using dynamic panel estimators permits correct measurement of dynamism in company investment decisions by examining the relationship between investment in the previous and the current periods.

Palabras clave : Dynamic Panel Estimators; Investment; Static Panel Models.

        · texto en Inglés     · Inglés ( pdf )

 

Creative Commons License Todo el contenido de esta revista, excepto dónde está identificado, está bajo una Licencia Creative Commons