Why Do US Firms Invest Less over Time?

FJ Fu (First Author), S Huang (Participant Author), R Wang (Participant Author)

科研成果: 期刊稿件期刊论文

1 引用 (Web of Science)

摘要

Capital expenditures of U.S. public firms, relative to total assets, decrease by more than half from 1980 to 2020. The decline is pervasive across industries and firms of different characteristics and cannot be explained by the usual determinants of investment and many other seemingly plausible reasons. The decline is consistent with the transformation in production technology - firms rely more on intangible capital and less on fixed assets in production. Industry-level analyses yield supporting evidence. We observe similar declining trend in capital expenditure in other developed countries but not in most emerging markets.
源语言英语
页(从-至)15-42
页数28
期刊Journal of Empirical Finance
69
DOI
出版状态已出版 - 12月 2022

Corresponding author email

rongwang@smu.edu.sg

成果物的来源

  • ABDC-A
  • SSCI

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