资本催缴
盈利能力指数
经济
波动性(金融)
现金流
杠杆(统计)
货币经济学
托宾Q法
投资(军事)
资本预算
衡平法
微观经济学
金融经济学
财务
利润(经济学)
经济资本
机器学习
政治
个人资本
计算机科学
法学
项目评估
政治学
标识
DOI:10.1016/j.rfe.2004.09.002
摘要
Abstract This paper investigates real options behavior in capital budgeting decisions using a firm‐level panel data set of U.S. companies in the manufacturing sector. Specifically, this paper looks at the relationship between the firm's investment to capital ratio and total firm uncertainty, measured as the volatility of the firm's equity returns. Total firm uncertainty is decomposed into its market, industry and firm‐specific components. Given that the irreversibility of capital is derived from asset‐specificity at the industry level, increased industry uncertainty displays a pronounced negative effect on firm investment consistent with real options behavior. Increased firm‐specific uncertainty is also found to depress firm investment—a result that can be attributed to real options behavior and not just managerial risk aversion. The results are robust to various specifications that control for the firm's investment opportunities that are captured by Tobin's q , cash flow, marginal profitability of capital and firm leverage.
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