Disaggregated Investment and Corporate Performance: Evidence from a Panel of UK Firms
In recent work, De Long and Summers find a dominant role for investment in equipment to explain growth-differences across countries, and reject the standard Solow growth model. However, Auerbach et al reject these results in the OECD subsample of advanced industrial countries. In a different approach, Oulton and O'Mahony also find little support for the special importance of equipment using UK industry data. With a panel of large UK firms, we find equipment investment plays a major role in sales and profit growth, while other investment has weak and only partially significant effects. These surprising results suggest a misallocation of investment and some tentative policy conclusions.
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