دانلود مقاله ISI انگلیسی شماره 14332
عنوان فارسی مقاله

ارزش بازار شرکت و تکنولوژی تولید

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
14332 2010 7 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Firm market value and production technology
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : International Journal of Industrial Organization, Volume 28, Issue 5, September 2010, Pages 434–440

کلمات کلیدی
- سازمان صنعتی تجربی - توابع تولید - صنعت کامپیوتر
پیش نمایش مقاله
پیش نمایش مقاله ارزش بازار شرکت و تکنولوژی تولید

چکیده انگلیسی

This paper estimates the production technology of the U.S. computer industry using firm market value to control for the correlation between inputs and unobservable productivity shocks. We show that firm market value can serve as a proxy for unobservable productivity shocks. We also show that firm market value is robust as a proxy when firm faces uncertainties and capital market imperfections. Empirical results suggest that our firm market value proxy works well for the computer industry.

مقدمه انگلیسی

Empirical work depends on observables. Production technology is affected by a mix of observable factors, such as expenditures on capital and labor, and unobserved productivity shocks, such as how capably managers deploy these resources. Consequently, economists who study technology must isolate echoes of unobserved productivity shock in available data. We use firm market value to control for such unobservable characteristics in an analysis of the U.S. computer industry. We build on Olley and Pakes (1996) and Levinsohn and Petrin (2003).

نتیجه گیری انگلیسی

Production functions, which relate firms' inputs to their outputs, are a crucial tool for understanding technology. Unobserved productivity shocks, such as managerial quality and strategic decisions, affect the choice of inputs. It is often hard to objectively measure these shocks, creating a formidable endogeneity problem. Olley and Pakes (1996) develop an estimator which allows for time-varying firm quality. They rely on investment being monotonic in the marginal product of capital. We show that firm value shares this crucial property, and thus offers another potential proxy for firm heterogeneity. We test the value proxy on a sample of firms from the US computer industry.

خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.