Persistance du comportement d’investissement dans le secteur manufacturier français
This article studies French manufacturing firms’ investment process over the 1996-2007 period. We confirm the presence of investment spikes but we also identify a certain level of continuity in investment rates over time, as indicated by a weak but persistant autocorrelation coefficient. Indeed, the investment rate is significantly and positively correlated with its past values up to the tenth lag. Moreover, the estimation of the autoregressive coefficient shows that the investment rate is partially explained by its past value. These results can be explained by capital indivisibility, which however requires several investment episodes to be fully integrated in the firm’s production process.
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Volume (Year): n° 150 (2015)
Issue (Month): 2 ()
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