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| Author: | Rizov, M. |
| Title: | Firm investment in transition: evidence from Romanian manufacturing |
| Journal: | Economics of transition
2004 : VOL. 12:4, p. 721-746 |
| Index terms: | Corporate restructuring Investment Manufacturing Romania |
| Language: | eng |
| Abstract: | This article presents and estimates a model based on the Euler equation of optimal capital accumulation in the presence of convex adjustment costs. The theoretical model explicitly allows for differential financial status across companies. The empirical analysis uses Romanian manufacturing company panel data to estimate dynamic investment models with the generalized method of moments (GMM-IV) technique and tests the derived hypothesis. The findings show that the model based on the perfect market assumptions is rejected. |
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