期刊名称：International Journal of Finance and Accounting
印刷版ISSN：2168-4812
电子版ISSN：2168-4820
出版年度：2016
卷号：5
期号：5A
页码：30-35
DOI：10.5923/s.ijfa.201601.02
语种：English
出版社：Scientific & Academic Publishing Co.
摘要：This article explores the empirical relationship between market conditions and capital investment. We extend the q investment model to the circumstances of oligopolistic market competition. Several regression models are employed to investigate the possible difference between firms with large and small market shares. We find that industry concentration has a negative influence on investment by firms with small market shares and little influence for large-share firms. This result is consistent with the preemptive investment hypothesis. This paper also examines the investment bandwagon hypothesis. We find that firms with smaller market shares are more likely to “hop on the investment bandwagon”.
关键词：Capital Investment; Industry Concentration; Bandwagon Effect
