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Financial Structure, Production and Productivity Growth in U.S. Food Manufacturing Industry

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Author Info
Hossain, Ferdaus
Jain, Ruchi
Abstract

This paper examines the effects of financial decsion on production, input demands, profitability, and productivityis in U.S. food manufacturing industry. Empirical results shows that output supply, variable input demands, profitability and productivity are affected by agency costs of debt and signaling benefits of dividend payments. Positive contribution of signalling benefits of dividend payments was more than offset by the negative effects of agency cost of debt in TFP growth.

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Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2001 Annual meeting, August 5-8, Chicago, IL with number 20756.

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Date of creation: 2001
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Handle: RePEc:ags:aaea01:20756

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Keywords: Agribusiness;

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. B. Douglas Berhheim, 1991. "Tax Policy and the Dividend Puzzle," RAND Journal of Economics, The RAND Corporation, vol. 22(4), pages 455-476, Winter. [Downloadable!] (restricted)
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  2. James M. Poterba & Lawrence H. Summers, 1985. "The Economic Effects of Dividend Taxation," NBER Working Papers 1353, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Jeffrey I. Bernstein & M. Ishaq Nadiri, 1993. "Production, Financial Structure and Productivity Growth in U.S. Manufacturing," NBER Working Papers 4309, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. Greenwald, Bruce C. & Kohn, Meir & Stiglitz, Joseph E., 1990. "Financial market imperfections and productivity growth," Journal of Economic Behavior & Organization, Elsevier, vol. 13(3), pages 321-345, June. [Downloadable!] (restricted)
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  5. Catherine J. Morrison & Donald Siegel, 1997. "External Capital Factors And Increasing Returns In U.S. Manufacturing," The Review of Economics and Statistics, MIT Press, vol. 79(4), pages 647-654, November. [Downloadable!] (restricted)
  6. Auerbach, Alan J, 1979. "Wealth Maximization and the Cost of Capital," The Quarterly Journal of Economics, MIT Press, vol. 93(3), pages 433-46, August. [Downloadable!] (restricted)
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  7. Jeffrey I. Bernstein & M. Ishaq Nadiri, 1988. "Corporate Taxes and Incentives and the Structure of Production: A Selected Survey," NBER Working Papers 2579, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  8. Pindyck, Robert S & Rotemberg, Julio J, 1983. "Dynamic Factor Demands and the Effects of Energy Price Shocks," American Economic Review, American Economic Association, vol. 73(5), pages 1066-79, December. [Downloadable!] (restricted)
  9. Brander, James A & Spencer, Barbara J, 1989. "Moral Hazard and Limited Liability: Implications for the Theory of the Firm," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 30(4), pages 833-49, November. [Downloadable!] (restricted)
  10. Berndt, Ernst R. & Morrison, Catherine J., 1995. "High-tech capital formation and economic performance in U.S. manufacturing industries An exploratory analysis," Journal of Econometrics, Elsevier, vol. 65(1), pages 9-43, January. [Downloadable!] (restricted)
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  11. Morrison, C. J. & Berndt, E. R., 1981. "Short-run labor productivity in a dynamic model," Journal of Econometrics, Elsevier, vol. 16(3), pages 339-365, August. [Downloadable!] (restricted)
  12. Catherine J. Morrison Paul, 1999. "Scale Effects and Mark-ups in the US Food and Fibre Industries: Capital Investment and Import Penetration Impacts," Journal of Agricultural Economics, Blackwell Publishing, vol. 50(1), pages 64-82. [Downloadable!] (restricted)
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  1. Hailu, Getu & Jeffrey, Scott R. & Goddard, Ellen W. & Ng, Desmond, 2004. "Incentive Incompatibility In Co-Operative Agribusiness Firms In Canada: Does Supply Management Matter?," Journal of Food Distribution Research, Food Distribution Research Society, vol. 35(01), March. [Downloadable!]
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