Complementary assets and investment decisions

Pastor-Agustín, G. (Universidad de Zaragoza) ; Ramírez-Alesón, M. (Universidad de Zaragoza) ; Espitia-Escuer, M. (Universidad de Zaragoza)

Resumen: This paper analyzes which simultaneous crossover effects among tangible, intangible, and current assets affect investment and disinvestment decisions on tangible and intangible assets. Controlling for nonconvexity and irreversibility effects, we analyze investment and disinvestment over 1,044 firm-year observations of Spanish firms. The results show interrelations among tangible and intangible assets affecting their investment and disinvestment decisions, a different effect of current assets on investment and disinvestment, and the existence of lumping investment. The main contribution is the control for misspecification biases since all the effects are considered together.

Idioma: Inglés

DOI: 10.2753/REE1540-496X4706S502

Año: 2011

Publicado en: EMERGING MARKETS FINANCE AND TRADE 47, 5 (2011), 25-39
ISSN: 1540-496X

Factor impacto JCR: 0.953 (2011)

Categ. JCR: ECONOMICS rank: 132 / 320 = 0.412 (2011) - Q2 - T2
Categ. JCR: INTERNATIONAL RELATIONS rank: 25 / 80 = 0.312 (2011) - Q2 - T1
Categ. JCR: BUSINESS rank: 72 / 112 = 0.643 (2011) - Q3 - T2

Financiación: info:eu-repo/grantAgreement/ES/DGA/S42-17R-CREVALOR
Financiación: info:eu-repo/grantAgreement/ES/MEC/ECO2009-09623

Tipo y forma: Article (PostPrint)

Área (Departamento): Área Organización de Empresas (Dpto. Direcc.Organiza.Empresas)