The differential impact of uncertainty on investment in small and large businesses

被引：155
|
作者：
Ghosal, V [1 ]
Loungani, P
机构：
[1] US Dept Justice, Antitrust Div, Econ Anal Grp, Washington, DC 20530 USA
[2] Int Monetary Fund, Washington, DC 20431 USA
来源：
REVIEW OF ECONOMICS AND STATISTICS | 2000年 / 82卷 / 02期
关键词：
D O I：
10.1162/003465300558722
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We study the impact of profit uncertainty on investment and whether or not this response is different in industries that are dominated by small firms versus those that are dominated by relatively larger firms. Our key findings are that the sign of the investment-uncertainty relationship is negative, and that the quantitative negative impact is substantially greater in industries dominated by small firms. These results are robust to accounting for potential endogeneity of the uncertainty measure, alternate procedures for measuring uncertainty, and alternate ways of segmenting industries into small- and large-firm groups.
引用
收藏
页码：338 / 343
页数：6
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