期刊名称：AESTIMATIO : the IEB International Journal of Finance
印刷版ISSN：2173-0164
出版年度：2012
期号：4
页码：28-51
出版社：Instituto de Estudios Bursátiles
摘要：By exploring evidence on the value of fixed assets, this paper uses firm-level data sets from manufacturing on capital depreciations spanning the period 1990-2008 from a group of OECD countries, along with panel data to investigate their association with total factor productivity (TFP), since different capital depreciation profiles imply dif- ferent rates of capital accumulation and, therefore, different estimates of TFP. Our em- pirical findings, based on panel cointegration and error correction methodologies, indicate the presence of a positive relationship between capital depreciations and TFP. This result implies either the presence of strong institutions reducing levels of corrup- tion, the presence of production embodying high technological achievements reducing the cost of capital maintenance, that the effectiveness of policy making minimizes the impact of uncertainty on investments, or the absence of certain distortions stemming from government financing policies, such as special tax credits to corporate investments and subsidies to investment loans.
关键词：TFP; Fixed capital depreciations; Firm level data; Panel data cointegration; Panel ; data error correction.
