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Investment in Africa's Manufacturing Sector: a Four Country Panel Data Analysis

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Author Info
Bigsten, A.
Collier, P.
Dercon, S.
Gauthier, B.
Gunning, J.W.
Isaksson, A.
Oduro, A.
Oostendorp, R.
Pattillo, C.
Soderbom, M.
Sylvain, M.
Teal, F.
Zeufack, A.

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Abstract

Firm-level data for the manufacturing sector in Africa, presented in this paper, showa very low levels of investment. A positive effect from profis onto investment is identified in a flexible accelerator specification of the investment function controlling for firm fixed effects. There is evidence that this effect is confined to smaller firms. A comparison with other studies shows that, for such firms, the profit effect is much smaller in Africa than in other countries.

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Publisher Info
Paper provided by Centre for the Study of African Economies, University of Oxford in its series Working Papers Series with number 97-11.

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Length: 23 pages
Date of creation: 1997
Date of revision:
Handle: RePEc:fth:oxesaf:97-11

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Related research
Keywords: INVESTMENTS ; LIQUIDITY ; AFRICA ; MANUFACTURES;

Other versions of this item:

Find related papers by JEL classification:
D21 - Microeconomics - - Production and Organizations - - - Firm Behavior
O55 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Africa
O12 - Economic Development, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development

Cited by:
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  1. Louise Grenier & Andrew McKay & Oliver Morrissey, . "Determinants of Exports and Investment of Manufacturing Firms in Tanzania," Discussion Papers 98/5, University of Nottingham, CREDIT. [Downloadable!]
  2. Reinikka, Ritva & Svensson, Jakob, 1999. "Confronting competition - investment response and constraints in Uganda," Policy Research Working Paper Series 2242, The World Bank. [Downloadable!]
  3. Schündeln, Matthias, 2005. "Modeling Firm Dynamics to Identify the Cost of Financing Constraints in Ghanaian Manufacturing," Proceedings of the German Development Economics Conference, Kiel 2005 29, Verein für Socialpolitik, Research Committee Development Economics. [Downloadable!]
  4. Måns Söderbom & Francis Teal & Anthony Wambugu, 2004. "Does firm size really affect earnings?," Development and Comp Systems 0409011, EconWPA. [Downloadable!]
  5. Hallward-Driemeier, Mary, 2001. "Firm-level survey provides data on Asia's corporate crisis and recovery," Policy Research Working Paper Series 2515, The World Bank. [Downloadable!]
  6. Guido Fioretti, 2002. "The Investment Acceleration Principle Revisited by Means of a Neural Net," Computational Economics 0207002, EconWPA. [Downloadable!]
  7. Léonce Ndikumana, 2001. "Financial Markets and Economic Development in Africa," Working Papers wp17, Political Economy Research Institute, University of Massachusetts at Amherst. [Downloadable!]
  8. Reinikka, Ritva & Svensson, Jakob, 1999. "How inadequate provision of public infrastructure and services affects private investment," Policy Research Working Paper Series 2262, The World Bank. [Downloadable!]
  9. Admasu Shiferaw, 2006. "Capital adjustment patterns and uncertainty in African manufacturing," Working Papers - General Series 435, Institute of Social Studies. [Downloadable!]
  10. Admasu Shiferaw, 2009. "Which Firms Invest Less Under Uncertainty? Evidence from Ethiopian Manufacturing," Courant Research Centre: Poverty, Equity and Growth - Discussion Papers 2, Courant Research Centre PEG. [Downloadable!]
  11. Varouj Aivazian & Dipak Mazumdar & Eric Santor, 2003. "Financial Constraints and Investment: Assessing the Impact of a World Bank Loan Program on Small and Medium-Sized Enterprises in Sri Lanka," Working Papers 03-37, Bank of Canada. [Downloadable!]
  12. Bigsten, Arne & Soderbom, Mans, 2005. "What have we learned from a decade of manufacturing enterprise surveys in Africa ?," Policy Research Working Paper Series 3798, The World Bank. [Downloadable!]
    Other versions:
  13. repec:bep:eapcon:v:4:y:2005:i:1:p:1228-1228 is not listed on IDEAS
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