Heterogeneity of Capital Stock and Multiple q

• Asako Kazumi

• Tonogi Konomi

Bibliographic Information

Other Title

• 資本ストックの異質性とMultiple q
• シホン ストック ノ イシツセイ ト Multiple q

Abstract

By utilizing the panel data on the Japanese listed firms covering 1982-2004, we estimate investment functions within the framework of Tobin's multiple q and test the null hypothesis that capital stocks disaggregated by different usage are homogeneous. We construct the time series data on capital stocks by paying special attention on disinvestment or sales and displacement of old capital. The test result indicates that whether some capital stocks are judged homogeneous with others is not a universal feature, but instead depends on the economic environments firms face. We consider a non-linear adjustment cost function as well and compute the partial q of each capital stock by usage.

Journal

• 経済研究

  経済研究 61 (4), 325-341, 2010-10-25

  岩波書店

Details

• CRID: 1390853649798438912
• NII Article ID: 120004921996
• NII Book ID: AN00070761
• DOI: 10.15057/21987
• HANDLE: 10086/19635
• NDL BIB ID: 10867580
• ISSN: 00229733
• Web Site: https://ndlsearch.ndl.go.jp/books/R000000004-I10867580
• Text Lang: ja
• Data Source:
  • JaLC
  • IRDB
  • NDL
  • CiNii Articles
  • KAKEN
• Abstract License Flag: Disallowed