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dc.contributor.authorGradzewicz, Michał
dc.date.accessioned2023-07-31T07:49:11Z
dc.date.available2023-07-31T07:49:11Z
dc.date.issued2018-10
dc.identifier.citationGradzewicz M., What happens after an investment spike - investment events and firm performance, SGH KAE Working Papers, 2018, nr 2018/040, s. 1-32en
dc.identifier.urihttp://hdl.handle.net/20.500.12182/1132
dc.description.abstractOur study aims at investigating the relationship between investment spikes andsubsequent productivity development at the firm level. We propose a novel identification scheme for the effects of an investment spike, using matching techniques andadequate econometric modelling. It allows us to find efficiency differentials againstmatched firms. We showed that TFP falls after an investment spike and slowly recovers thereafter, which is consistent with learning-by-doing effects. For smaller firmsthe fall is more pronounced and the subsequent recovery is longer. On the contrary, labor productivity rises after an investment spike, driven mainly by capital deepen-ing. The increase of sales after a spike suggests that expansion is the main purpose of an investment spike and rising employment confirms that this type of investmentis complementary to labor. As firms with spikes are on average more efficient andinvestment spikes attract resources and production factors, it suggests that improved allocative efficiency is an important factor driving positive macroeconomic correlation between investment and TFP.en
dc.language.isoen
dc.rightsDozwolony użytek*
dc.subjectdifference-in-differenceen
dc.subjectinvestment spikeen
dc.subjectmatchingen
dc.subjectproductivityen
dc.subjectTFPen
dc.subject.classificationD22en
dc.subject.classificationD24en
dc.subject.classificationL16en
dc.subject.classificationO3en
dc.titleWhat happens after an investment spike - investment events and firm performanceen
dc.typeworkingPaperen
dc.description.number2018/040en
dc.description.physical1-32en
dc.description.seriesSGH KAE Working Papers Seriesen
dc.identifier.urlpublisherhttp://wydawnictwo.sgh.waw.plen


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