Oskam, Arie J.; Goncharova, Natalia V.; Verstegen, Jos … - 2009
takeinto account the different nature of both decisions. ‘Nearly zero’ investments are consideredto be small replacement or … maintenance investments and treated as ‘zero’ investments.The applied two-step Heckman model shows that the decision to invest is … significantlyrelated to available capital (-), wealth (+), debts (-), output prices (+), land price growth (+),capital price growth …