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| Goncharova, Natalia V.; Oskam, Arie J.. |
| The entry and exit decisions, considered as investment decisions, are investigated in the paper. Taking into account the heterogeneity of entry and exit, the analysis is based on two types of entry-exit: real (related to the establishment or closing of a firm), or entry-exit in a new sector (indicating the diversification or changing specialisation). The theoretical model is based on Marshallian trigger points with Real Option trigger points as an alternative. The estimation exploited the negative binomial model to investigate the role of trigger points (thresholds) on the observed number of entry or exit firms in Dutch glasshouse horticulture over 25 years. Firms should overcome different thresholds depending on types of entry and exit. Marshallian... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Entry and exit; Trigger points; Glasshouse horticulture; Crop Production/Industries; Industrial Organization. |
| Ano: 2008 |
URL: http://purl.umn.edu/44451 |
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| Oskam, Arie J.; Goncharova, Natalia V.; Verstegen, Jos A.A.M.. |
| Investment models typically explain only a small share of the total investment variation within or between firms. A reason for this may be that those models do not explicitly differentiate between the decision to invest and the decision about the level of investment. In this paper, a two-steps theoretical framework and estimation procedure are developed to take into account the different nature of both decisions. ‘Nearly zero’ investments are considered to be small replacement or maintenance investments and treated as ‘zero’ investments. The applied two-step Heckman model shows that the decision to invest is significantly related to available capital (-), wealth (+), debts (-), output prices (+), land price growth (+), capital price growth (-), energy... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Investments; Glasshouse horticulture; Heckman selection model; Agribusiness; Agricultural Finance; D92; Q12. |
| Ano: 2009 |
URL: http://purl.umn.edu/51574 |
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