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Depreciation rates in a transition economy: evidence from czech panel data

  • Lubomír Lízal

This paper examines industrial differences in depreciation rates and thesuitabilitz of financial data for a microeconomic analzsis. Depreciation isa main source of enterprise investment and serves as a source forreplacement of obsolete or used-up capital. The findings on capitalstructure in this paper are consistent with the common view that heavzindustrz firms have long-life capital while firms operating in electronics,or light industrz as a whole, have a capital structure containing a higherportion of a short-life capital. Also, larger firms are more likelz to havea higher portion of long-life capital, like real estate. The last conclusiondrawn from this analzsis is that certain tzpes of financial data might behighlz influenced bz seasonal effects which could operate a s a measurementerror and therefore distort estimates which are sensitive to them.

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Article provided by University of Economics, Prague in its journal Prague Economic Papers.

Volume (Year): 1999 (1999)
Issue (Month): 3 ()
Pages:

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Handle: RePEc:prg:jnlpep:v:1999:y:1999:i:3:id:50
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  1. Stephen Bond & Costas Meghir, 1990. "Dynamic Investment Models and the Firm's Financial Policy," CEPR Financial Markets Paper 0013, European Science Foundation Network in Financial Markets, c/o C.E.P.R, 77 Bastwick Street, London EC1V 3PZ..
  2. Harris, M.N. & Matyas, L., 1996. "A Comparative Analysis of Different Estimatiors for Dynamic Panel data Models," Monash Econometrics and Business Statistics Working Papers 4/96, Monash University, Department of Econometrics and Business Statistics.
  3. Toni M. Whited, 1990. "Debt, liquidity constraints, and corporate investment: evidence from panel data," Finance and Economics Discussion Series 114, Board of Governors of the Federal Reserve System (U.S.).
  4. Steven Fazzari & R. Glenn Hubbard & Bruce C. Petersen, 1987. "Financing Constraints and Corporate Investment," NBER Working Papers 2387, National Bureau of Economic Research, Inc.
  5. Nickell, Stephen J, 1981. "Biases in Dynamic Models with Fixed Effects," Econometrica, Econometric Society, vol. 49(6), pages 1417-26, November.
  6. Abel, Andrew B & Blanchard, Olivier J, 1986. "The Present Value of Profits and Cyclical Movements in Investment," Econometrica, Econometric Society, vol. 54(2), pages 249-73, March.
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