The common approach in empirical capital structure research has been to study the determinants of optimal leverage by studying the association between observed leverage and a set of explanatory variables. This approach has two major shortcomings. First, the observed leverage need not necessarily...

This paper proposes an approach to specify and estimate multiple input, multiple output production frontiers and technical efficiency using a stochastic ray frontier production model A possible model extension is to incorporate a technical efficiency effects model to allow estimation of the...

The relationships between firms' size, age and their growth rate are examined for a large sample of micro and small firms in Sweden. These firms have employees numbering in the range of 1-100 and are operating in a geographically concentrated area. Micro and small firms dominate the industrial...

This paper presents a dynamic adjustment model of employment. The model is applied to a panel of ten Zimbabwean manufacturing industries observed over the period 1970-1993. The adjustment process is industry and time specific. The adjustment parameter is specified in terms of factors affecting...

This paper investigates the time-path of efficiency and productivity change in the case of the Romanian cement industry 1966-1989. The analysis is based on different specifications of stochastic frontier models. The efficiency scores and the time paths of efficiency and technical change are...

This paper has two purposes. The first purpose is methodological and aims to extend previous work on efficiency analysis by implementing a multiple-output stochastic ray frontier production function model. This model generalizes the single-output stochastic frontier model to multiple-input,...

This paper proposes a generalization of the single output stochastic production frontier model. The generalization allows estimation of production frontiers and distance functions (technical efficiency) for multiple output technologies using cross section or panel data on inputs and outputs.

Determining the competitive position of dairy farms depends on several technological, economic and institutional variables. Among them, are remarkable those related to animal feeding in the current context of high variability on prices. In this context, the aim of our study is to analyze the...

We analyse the determinants of off-farm labour participation of farmers. For estimation, we use different dynamic models, accounting for both heterogeneity and state dependence, as well as for the initial conditions. Our results suggest that, when keeping into account all these features, the...

This paper provides a quantitative assessment of the effects of input and output prices on French GHG emissions from agriculture, forestry and other land use (AFOLU) at the NUTS2 level. Reduced-form, random-effect spatial error models are estimated for four emissions categories (nitrogen use,...