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Gross Investment And Technological Change

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Author Info

  • Paul Stoneman
  • Myung-Joong Kwon

Abstract

The impact of technological change upon gross investment has been relatively ignored. Building upon the foundations of the analysis of technological diffusion, an empirical model of gross investment is constructed that takes due account of technological change. This model is then tested upon a panel data set covering 185 UK firms over the period from 1984 to 1992. The results support the hypothesis that there are significant relationships of the expected signs between firm level gross investment, indicators of technological opportunity; the price of the capital goods that embody new technology, and firm and industry characteristics. There is also evidence of lagged adjustment effects in the investment process.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/10438599800000035
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Economics of Innovation and New Technology.

Volume (Year): 7 (1998)
Issue (Month): 3 ()
Pages: 221-243

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Handle: RePEc:taf:ecinnt:v:7:y:1998:i:3:p:221-243

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Related research

Keywords: Investment; Technological change; Innovation JEL Classification: 033; E22;

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Cited by:
  1. Bartzokas, Anthony, 2001. "European Financial Markets after Emu: A Review of Recent Literature and Evidence," EIFC - Technology and Finance Working Papers 1, United Nations University, Institute for New Technologies.

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