Complementary Assets and Investment Decisions
This paper analyzes which simultaneous crossover effects among tangible, intangible, and current assets affect investment and disinvestment decisions on tangible and intangible assets. Controlling for nonconvexity and irreversibility effects, we analyze investment and disinvestment over 1,044 firm-year observations of Spanish firms. The results show interrelations among tangible and intangible assets affecting their investment and disinvestment decisions, a different effect of current assets on investment and disinvestment, and the existence of lumping investment. The main contribution is the control for misspecification biases since all the effects are considered together.
Year of publication: |
2011
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Authors: | Pastor-Agustín, Gema ; Ramírez-Alesón, Marisa ; Espitia-Escuer, Manuel |
Published in: |
Emerging Markets Finance and Trade. - M.E. Sharpe, Inc., ISSN 1540-496X. - Vol. 47.2011, 11, p. 25-39
|
Publisher: |
M.E. Sharpe, Inc. |
Saved in:
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