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

  • Hossain, Ferdaus
  • Jain, Ruchi
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    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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    File URL: http://purl.umn.edu/20756
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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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    1. 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.
    2. 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.
    3. Bruce C. Greenwald & Joseph E. Stiglitz, 1989. "Financial Market Imperfections and Productivity Growth," NBER Working Papers 2945, National Bureau of Economic Research, Inc.
    4. 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.
    5. Kim, Moshe & Maksimovic, Vojislav, 1990. "Technology, debt and the exploitation of growth options," Journal of Banking & Finance, Elsevier, vol. 14(6), pages 1113-1131, December.
    6. 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.
    7. Hayne E. Leland and David H. Pyle., 1976. "Informational Asymmetries, Financial Structure, and Financial Intermediation," Research Program in Finance Working Papers 41, University of California at Berkeley.
    8. B. Douglas Berhheim, 1991. "Tax Policy and the Dividend Puzzle," RAND Journal of Economics, The RAND Corporation, vol. 22(4), pages 455-476, Winter.
    9. Bernstein, Jeffrey I. & Nadiri, M. Ishaq, 1988. "Corporate Taxes And Incentives And The Structure Of Production: A Selected Survey," Working Papers 88-11, C.V. Starr Center for Applied Economics, New York University.
    10. 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.
    11. 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, Wiley Blackwell, vol. 50(1), pages 64-82.
    12. 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.
    13. James M. Poterba & Lawrence H. Summers, 1984. "The Economic Effects of Dividend Taxation," NBER Working Papers 1353, National Bureau of Economic Research, Inc.
    14. 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.
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