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- W4380052802 abstract "Abstract This paper investigates the impact of volatility in profitability shock, capital price distortion and adjustment costs on capital misallocation among Chinese industrial firms. We estimate a dynamic model pertaining firms' investment decision, incorporating institutional differences between state and private firms, so the model can reproduce salient features observed from Chinese firms. Our analysis shows: (i) capital price distortion is more severe among state firms than private ones; (ii) adjusting capital is more costly for state than private firms; (iii) volatility in profitability shock is a major source that causes capital misallocation for both types of firms." @default.
- W4380052802 created "2023-06-10" @default.
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- W4380052802 date "2023-06-08" @default.
- W4380052802 modified "2023-09-26" @default.
- W4380052802 title "Capital misallocation in Chinese industrial firms" @default.
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- W4380052802 doi "https://doi.org/10.1111/sjpe.12354" @default.
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