التفاصيل البيبلوغرافية
| العنوان: |
Capital misallocation in Chinese industrial firms. |
| المؤلفون: |
Tang, Le1 (AUTHOR) ltang7@suffolk.edu, Zhang, Jun2 (AUTHOR), Shen, Jim Huangnan3,4,5 (AUTHOR) |
| المصدر: |
Scottish Journal of Political Economy. Feb2024, Vol. 71 Issue 1, p75-100. 26p. |
| مصطلحات موضوعية: |
*CAPITAL costs, *PRICES, *BUSINESS enterprises, *FOOD prices, DYNAMIC models, INSTITUTIONAL environment |
| مصطلحات جغرافية: |
CHINA |
| مستخلص: |
This paper investigates the impact of volatility in profitability shock, capital price distortion and adjustment costs on capital misallocation among Chinese industrial firms. We estimate a dynamic model pertaining firms' investment decision, incorporating institutional differences between state and private firms, so the model can reproduce salient features observed from Chinese firms. Our analysis shows: (i) capital price distortion is more severe among state firms than private ones; (ii) adjusting capital is more costly for state than private firms; (iii) volatility in profitability shock is a major source that causes capital misallocation for both types of firms. [ABSTRACT FROM AUTHOR] |
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| قاعدة البيانات: |
Business Source Index |
