Fixed capital Depreciations and tfP Growth: Evidence from Firm's Economic Balances

• Autores: Nicholas Apergis, John Sorros
• Localización: Aestimatio: The IEB International Journal of Finance, ISSN 2173-0164, Nº. 4, 2012, págs. 28-51
• Idioma: español
• Enlaces
  • Texto completo (pdf)
• Resumen
  • español

    Mediante el analisis de la evidencia sobre el valor de los activos fijos, este articulo utiliza conjuntos de datos sobre depreciacion de capital �\a nivel de compania manufacturera, para un grupo de paises de la OCDE y en el periodo 1990-2008�\ junto con datos panel, para investigar su asociacion con la productividad total de los factores (TFP), ya que diferentes perfiles de depreciacion de capital implican diferentes tasas de acumulacion de capital y, por tanto, diferentes estimaciones de la productividad total de los factores. Los resultados empiricos obtenidos, basados en metodologias de cointegracion y correccion del error con datos de panel, indican la presencia de una relacion positiva entre la depreciacion del capital y la productividad total de los factores. Este resultado implica bien instituciones fuertes que reducen el nivel de corrupcion, una produccion que incorpora logros relacionados con la alta tecnologia que reducen el coste de mantenimiento del capital, decisiones de politica eficaces que minimizan el impacto de la incertidumbre en las inversiones, o ausencia de ciertas distorsiones derivadas de las politicas gubernamentales de financiacion, tales como creditos fiscales especiales para las inversiones empresariales y las subvenciones a prestamos de inversion

  • English

    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 different rates of capital accumulation and, therefore, different estimates of TFP. Our empirical 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 corruption, 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

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