This study focuses on the influence intellectual capital has on employees’ perceptions as related to both company investments and productivity levels. The data was obtained from 440 employees at 13 Portuguese companies. Both ANOVA and Regression Analysis were conducted in order to understand the impact three Intellectual Capital Scale components have on perceptions of investment and organizatio...

Corporate Governance, Capital Market Discipline and the Returns on Investment* by Klaus Gugler, Dennis C. Mueller and B. Burcin Yurtoglu We analyze the impact of corporate governance institutions, ownership structures and external capital market constraints on company returns on investment by using a sample of more than 19,000 companies from 61 countries across the world. We show that (1) of th...

The role of government expenditure is analyzed in the context of growing economy with endogenous labor supply and with investment adjustment costs. Assuming the dynasty model of representative consumer’s utility maximization i.e., the present value of over time felicity function maximization under the law of motion capital where felicity function depends consumption, leisure and government expe...

This paper studies optimal investment in sunk assets for a ̄rm facing uncertain future demand and costs. The investment problem is decomposed into decisions over scale and timing which are in°uenced by convex adjustment costs and the feasibility of delaying investment. The value of the resulting real option to delay behaves as expected in response to increases in demand and cost uncertainty but...

a r t i c l e i n f o In this study we examine whether a decision aid is an effective means of reducing risk aversion within a capital investment decision context, and under what conditions. Participating in the experiment were 78 working adults (mid management) with a mean age 30 and enrolled in a leading U.S. MBA program. We predict and find that a decision aid will be most effective among in...

First version: April, 2001 This version: February, 2005 ABSTRACT This paper analyzes a model of investment with fixed investment costs and capital market imperfections. In this model finance influences the level of capital firms hold, as well as the frequency at which they invest. In consequence investment reacts nonlinearly with respect to shocks to productivity and liquidity. Liquidity and pr...

This paper constructs China’s capital stock, which is used in conjunction with a labor variable to estimate a Cobb-Douglas production function for the Chinese economy. Two panels of data are used – one for capital formation and one for sources of investment finance. Both national and provincial data are used for these two panels, thus giving a total of four capital-stock series. The Cobb-Dougla...

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In light of the various capital crises in the past few years, there has been a tendency to denigrate portfolio investment, while singing the praises of direct investment. Yet, it is also recognized that efficient capital markets help to mobilize financing for growth and development. Both direct and portfolio investment can promote sustainable growth in developing, and industrialized, economies,...