Do Public and Private Firms Behave Differently? An Examination of Investment in the Chemical Industry

A. Sheen
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引用次数: 43

Abstract

I compare the U.S. capacity expansion decisions of public and private producers of 7 commodity chemicals from 1989 to 2006. I find that private firms invest differently than public firms. Private firms are more likely than public firms to increase capacity prior to a positive demand shock (an increase in price and quantity) and less likely to increase capacity before a negative demand shock. Potential mechanisms include public firm overextrapolation of past demand shocks and agency problems arising from greater separation between ownership and control.
公共企业和私营企业的行为不同吗?对化学工业投资的审查
我比较了1989年至2006年美国7种商品化学品的公共和私营生产商的产能扩张决策。我发现私营公司的投资方式与上市公司不同。私营企业比上市企业更有可能在正面需求冲击(价格和数量的增加)之前增加产能,而在负面需求冲击之前增加产能的可能性较小。潜在的机制包括上市公司对过去需求冲击的过度推断,以及所有权和控制权进一步分离所产生的代理问题。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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