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：36-48
DOI：10.5923/s.ijfa.201601.03
语种：English
出版社：Scientific & Academic Publishing Co.
摘要：This paper examines the relationship between the effect of uncertainty on fixed investment and industrial characteristics based on a set of panel data for Japanese manufacturing firms. This study considers degree of competition in product markets and the degree of irreversibility of capital goods. We find that a lower degree of competition in product markets is associated with a greater negative effect of uncertainty on investment, suggesting that the value of the option to invest becomes higher because the effect of a first mover advantage is smaller in industries with low market competition. We also find that the effect of uncertainty on investment is significantly negative for industries with more irreversible capital goods with a low possibility of resale in a secondhand market or diversion to other industries.
关键词：Investment; Uncertainty; Irreversibility; Market competition; Real option
