资本支出支出的决定因素在马来西亚棕榈油行业:一个动态面板数据分析

IF 0.7 Q3 ECONOMICS
A. A. M. Hisham, Zulkefly Abdul Karim, Norlin Khalid
{"title":"资本支出支出的决定因素在马来西亚棕榈油行业:一个动态面板数据分析","authors":"A. A. M. Hisham, Zulkefly Abdul Karim, Norlin Khalid","doi":"10.20885/ejem.vol11.iss2.art9","DOIUrl":null,"url":null,"abstract":"This study aims to investigate the determinants of capital expenditure (capex) for Malaysian palm oil companies listed at Bursa Malaysia.  The study uses the dynamic panel data analysis (generalized method of moment) estimation for the sample of 40 palm oil-oriented firms that spanning from year 2000 until 2016. Findings/Originality : The empirical findings revealed that, in the short run and the long run, the capex spending is significantly affected by the cash flow, sale growth, and world crude palm oil price. However, Average Q  significantly influences the capex decision in the long run only. Thus, the policy implication from this study suggests that palm oil-oriented firms should take into account the movement of world crude palm oil (CPO) price in designing their capital expenditure strategy. In addition, proper planning for managing firms’ cash flow and sale growth are also important for expanding their capex in future.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.7000,"publicationDate":"2019-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Determinants of capital expenditure spending in Malaysian palm oil industries: A dynamic panel data analysis\",\"authors\":\"A. A. M. Hisham, Zulkefly Abdul Karim, Norlin Khalid\",\"doi\":\"10.20885/ejem.vol11.iss2.art9\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This study aims to investigate the determinants of capital expenditure (capex) for Malaysian palm oil companies listed at Bursa Malaysia.  The study uses the dynamic panel data analysis (generalized method of moment) estimation for the sample of 40 palm oil-oriented firms that spanning from year 2000 until 2016. Findings/Originality : The empirical findings revealed that, in the short run and the long run, the capex spending is significantly affected by the cash flow, sale growth, and world crude palm oil price. However, Average Q  significantly influences the capex decision in the long run only. Thus, the policy implication from this study suggests that palm oil-oriented firms should take into account the movement of world crude palm oil (CPO) price in designing their capital expenditure strategy. In addition, proper planning for managing firms’ cash flow and sale growth are also important for expanding their capex in future.\",\"PeriodicalId\":41472,\"journal\":{\"name\":\"Economic Journal of Emerging Markets\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.7000,\"publicationDate\":\"2019-10-31\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Economic Journal of Emerging Markets\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.20885/ejem.vol11.iss2.art9\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economic Journal of Emerging Markets","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.20885/ejem.vol11.iss2.art9","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 1

摘要

本研究旨在调查资本支出的决定因素(资本支出)为马来西亚棕榈油公司在马来西亚交易所上市。该研究使用动态面板数据分析(广义矩法)估计40个棕榈油导向公司的样本,从2000年到2016年。研究结果/原创性:实证研究发现,在短期和长期,资本支出受到现金流、销售增长和世界毛棕榈油价格的显著影响。然而,平均Q仅在长期内显著影响资本支出决策。因此,本研究的政策意涵建议棕榈油导向企业在设计资本支出策略时应考虑世界粗棕榈油(CPO)价格的变动。此外,妥善规划管理公司的现金流和销售增长也很重要,以扩大其未来的资本支出。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Determinants of capital expenditure spending in Malaysian palm oil industries: A dynamic panel data analysis
This study aims to investigate the determinants of capital expenditure (capex) for Malaysian palm oil companies listed at Bursa Malaysia.  The study uses the dynamic panel data analysis (generalized method of moment) estimation for the sample of 40 palm oil-oriented firms that spanning from year 2000 until 2016. Findings/Originality : The empirical findings revealed that, in the short run and the long run, the capex spending is significantly affected by the cash flow, sale growth, and world crude palm oil price. However, Average Q  significantly influences the capex decision in the long run only. Thus, the policy implication from this study suggests that palm oil-oriented firms should take into account the movement of world crude palm oil (CPO) price in designing their capital expenditure strategy. In addition, proper planning for managing firms’ cash flow and sale growth are also important for expanding their capex in future.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
自引率
20.00%
发文量
21
审稿时长
12 weeks
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信