Show simple item record

dc.contributor.authorO'Toole, Conor M.*
dc.contributor.authorNewman, Carol*
dc.contributor.authorHennessy, Thia*
dc.date.accessioned2014-07-31T15:27:39Z
dc.date.available2014-07-31T15:27:39Z
dc.date.issued2011
dc.identifier.citationO'Toole, C. M., Newman, C. and Hennessy, T. The role of investment, fundamental Q and financing frictions in agricultural investment decisions: an analysis pre and post financial crisis. REDP Working Paper Seriesen_GB
dc.identifier.urihttp://hdl.handle.net/11019/689
dc.descriptionJEL classifcation: G31, G32, F34en_GB
dc.description.abstractThis paper uses a fundamental Q model of investment to consider the role played by nancing frictions in agricultural investment decisions, controlling econometrically for censoring, heterogeneity and errors-in-variables. Our ndings suggest that farmer's in- vestment decisions are not driven by market fundamentals. We nd some evidence that debt overhang restricts investment but investment is not dependent on liquidity or internal funds. The role of nancing frictions in determining investment decisions changes in the post- nancial crisis period when debt overhang becomes a signi cant impediment to farm investment. The evidence suggests that farmers increasingly rely on internal liquidity to drive investment. Finally, we nd no evidence that farmers use o -farm capital to fund on-farm investment.en_GB
dc.description.sponsorshipTeagasc Walsh Fellowship Programmeen_GB
dc.language.isoenen_GB
dc.publisherTeagasc, Oak Park, Carlow, Irelanden_GB
dc.relation.ispartofseriesREDP Working Paper Series;
dc.subjectCredit Constraintsen_GB
dc.subjectFirm Level Investment,en_GB
dc.subjectTobin's Qen_GB
dc.subjectDebten_GB
dc.titleThe role of investment, fundamental Q and financing frictions in agricultural investment decisions: an analysis pre and post financial crisisen_GB
dc.typeWorking Paperen_GB
dc.contributor.sponsorTeagasc Walsh Fellowship Programme
refterms.dateFOA2018-01-12T08:03:46Z


Files in this item

Thumbnail
Name:
role of investment.pdf
Size:
444.4Kb
Format:
PDF

This item appears in the following Collection(s)

Show simple item record