IDEAS home Printed from https://ideas.repec.org/a/prs/ecoprv/ecop_0249-4744_2001_num_149_3_6295.html
   My bibliography  Save this article

Hétérogénénéité des comportements d'investissement et fluctuations de l'investissement agrégé

Author

Listed:
  • Richard Duhautois
  • Stéphanie Jamet

Abstract

[eng] Heterogeneity of Investment Behaviour and Changes in Aggregate Investment . by Richard Duhautois and Stéphanie Jamet . This paper studies the characteristics of companies' investment profiles using a database covering a large number of French companies. Following the example of Doms and Dunne (1998) we construct two statistical methods making it possible to identify periods of zero investment and periods of substantial investment. It appears that investment is intermittent and extremely heterogeneous. This finding raises the question of whether it is relevant to assume a representative agent for an aggregate investment model. In order to test whether the heterogeneity of company investment contains information on changes in aggregate investment, we suggest indicators for this heterogeneity and then incorporate them in an aggregate investment equation. Key-words : irreversible investment, heterogeneity, form-level data JEL Classification : D8, D21, C23 [fre] Cet article étudie les caractéristiques du profil d’investissement des entreprises à partir d’une base de données comportant un grand nombre d’entreprises françaises. Nous construisons, à l’instar de Doms et Dunne (1998), deux outils statistiques qui permettent d’appréhender les périodes d’investissements nuls et celles d’investissements massifs. Il apparaît que les investissements sont discontinus et fortement hétérogènes. Ce constat soulève le problème de la pertinence de l’hypothèse d’un agent représentatif pour un modèle d’investissement agrégé. Afin de tester si l’hétérogénéité des investissements des entreprises est porteuse d''information sur l'évolution de l'investissement agrégé, nous proposons des indicateurs de cette hétérogénéité puis les introduisons dans une équation d’investissement agrégé. Mots-clés : investissement irréversible, hétérogénéité, données d'entreprises. Classification JEL : D8, D21, C23

Suggested Citation

  • Richard Duhautois & Stéphanie Jamet, 2001. "Hétérogénénéité des comportements d'investissement et fluctuations de l'investissement agrégé," Économie et Prévision, Programme National Persée, vol. 149(3), pages 103-115.
    • Handle: RePEc:prs:ecoprv:ecop_0249-4744_2001_num_149_3_6295
    DOI: 10.3406/ecop.2001.6295
    Note: DOI:10.3406/ecop.2001.6295
    as

    Download full text from publisher

    File URL: https://doi.org/10.3406/ecop.2001.6295
    Download Restriction: no
    File URL: https://www.persee.fr/doc/ecop_0249-4744_2001_num_149_3_6295
    Download Restriction: no
    File URL: https://libkey.io/10.3406/ecop.2001.6295?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Avinash K. Dixit & Robert S. Pindyck, 1994. "Investment under Uncertainty," Economics Books, Princeton University Press, edition 1, number 5474.
    2. Mark E. Doms & Timothy Dunne, 1998. "Capital Adjustment Patterns in Manufacturing Plants," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(2), pages 409-429, April.
    3. Ricardo J. Caballero & Eduardo M. R. A. Engel, 1999. "Explaining Investment Dynamics in U.S. Manufacturing: A Generalized (S,s) Approach," Econometrica, Econometric Society, vol. 67(4), pages 783-826, July.
    4. Robert McDonald & Daniel Siegel, 1986. "The Value of Waiting to Invest," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 101(4), pages 707-727.
    5. repec:adr:anecst:y:1995:i:37-38:p:09 is not listed on IDEAS
    6. McDonald, Robert L & Siegel, Daniel R, 1985. "Investment and the Valuation of Firms When There Is an Option to Shut Down," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 26(2), pages 331-349, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Paolo M. Panteghini, 2012. "Corporate Debt, Hybrid Securities, and the Effective Tax Rate," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 14(1), pages 161-186, February.
    2. Paolo M. Panteghini & Sergio Vergalli, 2016. "Accelerated depreciation, default risk and investment decisions," Journal of Economics, Springer, vol. 119(2), pages 113-130, October.
    3. Samaniego, Roberto M. & Sun, Juliana Y., 2019. "Uncertainty, depreciation and industry growth," European Economic Review, Elsevier, vol. 120(C).
    4. Nick Bloom & Stephen Bond & John Van Reenen, 2007. "Uncertainty and Investment Dynamics," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 74(2), pages 391-415.
    5. Tauer, Loren W., 2006. "When to Get In and Out of Dairy Farming: A Real Option Analysis," Agricultural and Resource Economics Review, Cambridge University Press, vol. 35(2), pages 339-347, October.
    6. Chronopoulos, Michail & De Reyck, Bert & Siddiqui, Afzal, 2014. "Duopolistic competition under risk aversion and uncertainty," European Journal of Operational Research, Elsevier, vol. 236(2), pages 643-656.
    7. Chen, I-Ju & Wang, David K., 2019. "Real option, idiosyncratic risk, and corporate investment: Evidence from Taiwan family firms," Pacific-Basin Finance Journal, Elsevier, vol. 57(C).
    8. Marcelo L. Veracierto, 2002. "Plant-Level Irreversible Investment and Equilibrium Business Cycles," American Economic Review, American Economic Association, vol. 92(1), pages 181-197, March.
    9. Tomat, Gian Maria, 2008. "Modeling the Effects of Financial Constraints on Firm's Investment," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 2, pages 1-26.
    10. Liang, Hueimei & Lee, Kuo-Jung & Huang, Jen-Tsung & Lei, Hsien-Wei, 2013. "The optimal decisions in franchising under profit uncertainty," Economic Modelling, Elsevier, vol. 31(C), pages 128-137.
    11. Paolo Panteghini, 2004. "Wide vs. Narrow Tax Bases under Optimal Investment Timing," CESifo Working Paper Series 1246, CESifo.
    12. House, Christopher L., 2014. "Fixed costs and long-lived investments," Journal of Monetary Economics, Elsevier, vol. 68(C), pages 86-100.
    13. Sendstad, Lars Hegnes & Chronopoulos, Michail, 2017. "Strategic Technology Switching under Risk Aversion and Uncertainty," Discussion Papers 2017/10, Norwegian School of Economics, Department of Business and Management Science.
    14. van den Goorbergh, R.W.J. & Huisman, K.J.M. & Kort, P.M., 2003. "Risk Aversion, Price Uncertainty and Irreversible Investments," Discussion Paper 2003-119, Tilburg University, Center for Economic Research.
    15. Sergio Vergalli & Chiara D’Alpaos & Michele Moretto & Paola Valbonesi, 2009. ""It Is Never too late": Optimal Penalty for Investment Delay in Public Procurement Contracts," Working Papers 2009.78, Fondazione Eni Enrico Mattei.
    16. Vesa Kanniainen & Paolo M. Panteghini, 2013. "Tax Neutrality: Illusion or Reality? The Case of Entrepreneurship," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 69(2), pages 167-193, June.
    17. Del Boca, Alessandra & Galeotti, Marzio & Rota, Paola, 2008. "Non-convexities in the adjustment of different capital inputs: A firm-level investigation," European Economic Review, Elsevier, vol. 52(2), pages 315-337, February.
    18. Panteghini Paolo, 2001. "On Corporate Tax Asymmetries and Neutrality," German Economic Review, De Gruyter, vol. 2(3), pages 269-286, August.
    19. Miao, Jianjun & Wang, Neng, 2011. "Risk, uncertainty, and option exercise," Journal of Economic Dynamics and Control, Elsevier, vol. 35(4), pages 442-461, April.
    20. Chen, Yu-Fu & Funke, Michael, 2003. "Option Value, Policy Uncertainty, and the Foreign Direct Investment Decision," HWWA Discussion Papers 234, Hamburg Institute of International Economics (HWWA).

    More about this item

    JEL classification:

    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:ecoprv:ecop_0249-4744_2001_num_149_3_6295. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Equipe PERSEE (email available below). General contact details of provider: https://www.persee.fr/collection/ecop .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.