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An Alternative Estimation Framework for Firm-Level Capital Investment

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  • Fennema, Julian A.

    (CERT, Heriot-Watt University)

Abstract

This paper derives and implements Tobit estimation frameworks based on the Abel and Eberly (1998) investment model. We find evidence that a model of investment using rates of capacity utilisation is superior to a standard accelerator model. We apply this framework to a cross-section of firms in Poland, Romania and Spain in order to estimate the incidence of financing constraints.

Suggested Citation

  • Fennema, Julian A., 2002. "An Alternative Estimation Framework for Firm-Level Capital Investment," Royal Economic Society Annual Conference 2002 72, Royal Economic Society.
    • Handle: RePEc:ecj:ac2002:72
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