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Irreversible investment and uncertainty : an empirical study of rice mills in the Mekong river delta, Vietnam

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  • Le, K.N.
  • Hermes, N.
  • Lanjouw, G.

    (Groningen University)

Abstract

This paper investigates the irreversibility of investments and the impact this has on the nature of the relationship between investment and uncertainty. The empirical analysis uses firm-level data and is based on a survey of 210 rice-milling firms in the Mekong River Delta in Vietnam, which was carried out during the year 2000.We show that the relationship between investment and uncertainty is influenced by the extent to which investments are irreversible. In particular, the results indicate that when the degree of irreversibility increases, this increases the negative association between uncertainty and investment.

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File URL: http://irs.ub.rug.nl/ppn/260295124
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Bibliographic Info

Paper provided by University of Groningen, Research Institute SOM (Systems, Organisations and Management) in its series Research Report with number 03E40.

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Date of creation: 2003
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Handle: RePEc:dgr:rugsom:03e40

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  1. Ferderer, J Peter, 1993. "The Impact of Uncertainty on Aggregate Investment Spending: An Empirical Analysis," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 25(1), pages 30-48, February.
  2. Kazuo Ogawa & Kazuyuki Suzuki, 2000. "Uncertainty and Investment: Some Evidence from the Panel Data of Japanese Manufacturing Firms," The Japanese Economic Review, Japanese Economic Association, vol. 51(2), pages 170-192, 06.
  3. Lensink, Robert & Steen, Paul van der & Sterken, Elmer, 2000. "Uncertainty and growth of the firm," CCSO Working Papers 200014, University of Groningen, CCSO Centre for Economic Research.
  4. Vivek Ghosal & Prakash Loungani, 1995. "Product market competition and the impact of price uncertainty on investment: some evidence from U.S. manufacturing industries," International Finance Discussion Papers 517, Board of Governors of the Federal Reserve System (U.S.).
  5. Carruth, Alan & Dickerson, Andrew & Henley, Andrew, 2000. " What Do We Know about Investment under Uncertainty?," Journal of Economic Surveys, Wiley Blackwell, vol. 14(2), pages 119-53, April.
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