Number of items: 7.
B
Blundell, Richard,
Bond, Stephen,
Devereux, Michael and
Schiantarelli, Fabio
(1992)
Investment and Tobin's Q: Some evidence from panel data.
Journal of Econometrics, 51 (1-2).
pp. 233-257.
Link to full text available through this repository.
- Abstract
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.
- Item type
- Article
- Subject(s)
- UNSPECIFIED
- Uncontrolled keywords
- corporate tax; corporate investment
- Centre
- Oxford University Centre for Business Taxation
D
J
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