- Autor
- Green Christopher J. (Loughborough University), Lensink Robert (University of Groningen, Netherlands), Murinde Victor (University of Birmingham, United Kingdom)
- Tytuł
- Are Polish Firms Risk-Averting or Risk-Loving? Evidence on Demand Uncertainty and the Capital-Labour Ratio in a Transition Economy
- Źródło
- Raporty. Opracowania. Referaty / Akademia Ekonomiczna w Poznaniu, 1999, nr 10, s. 338-355, tab., bibliogr. 6 poz.
- Tytuł własny numeru
- Proceedings of the Ace/Phare Conference on Building Financial Institutions in Transition Economies, Poznań, Poland, 14-15 May 1999
- Słowa kluczowe
- Kapitał, Praca, Motywacja do pracy
Capital, Labour, Work motivation - Uwagi
- summ.
- Abstrakt
- This paper investigates the effect of demand uncertainty on the capital-labour ratio of firms in Poland. The motivation of the paper is that, under given conditions characterizing the economic transition process in Poland, the impact of demand uncertainty on the capital-labour ratio sheds light on the firms' risk behaviour. It is argued that if firms are risk-loving, an increase in demand uncertainty increases the capital-labour ratio, whereas the capital-labour ratio would decrease when a firm is risk-averting. Hence, the main proposition put forward in the paper is that the elasticity of the capital-labour ratio with respect to demand uncertainty serves as an indirect indicator of the risk behavior of Polish firms. The empirical results of the paper shows that there is a significant positive relationship between demand uncertainty and the capital-labour ratio of Polish firms. This finding suggests that Polish firms are risk-lovers. We conclude that the evidence may have important consequences for the needed set of regulations and corporate governance in Poland.(fragment of text)
- Dostępne w
- Biblioteka SGH im. Profesora Andrzeja Grodka
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu - Bibliografia
-
- Aizenman, Joshua, and Nancy P. Marion (1993), "Macroeconomic uncertainty and priv; investment", Economics Letters, 41, 207-210.
- Ghosal, Vivek (1991), "Demand uncertainty and the capital-labor ratio: evidence from the I manufacturing sector", Ihe Review of Economics and Statistics, 73, 157-160.
- Ghosal, Vivek (1995), "Input choices under price uncertainty", Economic Inquiry, 33, 142-158.
- Ghosal, Vivek, and Prakash Loungani (1996), "Product market competition and the impact price uncertainty on investment: some evidence from US manufacturing industries Journal of Industrial Economics, 44, 217 - 228.
- Holthausen, Duncan M. (1976), "Input choices and uncertain demand", American Econ Review, 66, 94-103.
- White, Halbert (1980), "A heteroskedasticity-consistent covariance matrix estimator and a test for heteroskedasticity," Econometrica, 48, 817 - 838.
- Cytowane przez
- ISSN
- 1429-8848
- Język
- eng
