...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Journal of Economic Dynamics and Control >Overinvestment and macroeconomic uncertainty: Evidence from renewable and non-renewable resource firms
【24h】

Overinvestment and macroeconomic uncertainty: Evidence from renewable and non-renewable resource firms

机译：过度投资和宏观经济不确定性：来自可再生和不可再生资源公司的证据

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

Investment is an inherent component of business activities. However, what if firms invest more than they should? This study examines this phenomenon, which is dubbed as overinvestment, among resource firms as induced by the business cycle and macroeconomic uncertainties. The analysis is conducted using unbalanced panel data drawn from 584 resource companies across 32 countries covering 1986 to 2017 in four resource sectors: (1) alternative energy, (2) forestry and paper, (3) mining, and (4) oil and gas producers. The results indicate that the forestry and paper sector overinvests relative to the standard investment level predicted by the investment function regardless of the sample period, while the alternative energy sector tends to underinvest. Also, many emerging economies, including Brazil, China, India, Indonesia, Russia, and South Korea, are found to have overinvested over the last three decades or so. In addition, the results suggest that commodity price inflation plays a more important role in inducing firms' overinvestment than commodity price uncertainty. It is also found that the home country's business cycle significantly affects overinvestment, with the sign alternating from negative to positive after the global financial crisis. Furthermore, the finding also shows no significant relationship between global geopolitical risk and overinvestment but a significantly positive relationship is found between global economic and country-level governance policy uncertainties and overinvestment. Lastly, the results suggest that the effect of overinvestment on firm performance after three years is positive, especially for firms in the mining sector. (C) 2020 Elsevier B.V. All rights reserved.
机译：投资是业务活动的内在部分。但是，如果公司投资超过他们应该是什么？本研究审查了这一现象，在商业周期和宏观经济不确定因素引起的资源公司中被称为过度投资。使用从32个国家的584个资源公司绘制的不平衡面板数据进行分析，涵盖1986年至2017年的四个资源部门：（1）替代能源，（2）林业和纸，（3）采矿，（4）石油和天然气生产者。结果表明，林业和纸张部门相对于投资功能预测的标准投资水平，无论样品期限如何，替代能源部门都倾向于陷入困境。此外，许多新兴经济体，包括巴西，中国，印度，印度尼西亚，俄罗斯和韩国，在过去三十年中被发现过度投资。此外，结果表明，商品价格通胀在诱导企业过度投资方面比商品价格不确定性发挥更重要的作用。还发现归属国家的商业周期大大影响过度投资，标志在全球金融危机之后交替到正面。此外，该发现还表明全球地缘政治风险与过度投资之间没有显着的关系，但在全球经济和国家层面治理政策不确定因素与过度投资之间存在显着积极的关系。最后，结果表明，在三年后，过度投资的影响是积极的，特别是对于采矿部门的公司而言。 （c）2020 Elsevier B.V.保留所有权利。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号