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Investment in Africa’s Manufacturing Sector: a Four Country Panel Data Analysis.

Abstract:

Firm-level data for the manufacturing sector in Africa, presented in this paper, shows very low levels of investment. A positive effect from profits onto investment is identified in a flexible accelerator specification of the investment function controlling for firm fixed effects. There is evidence that this effect is confined to smaller firms. A comparison with other studies shows that, for such firms, the profit effect is much smaller in Africa than in other countries. Reasons for the relat...

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Publisher copy:
10.1111/1468-0084.00140

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Journal:
Oxford Bulletin of Economics and Statistics
Volume:
61
Issue:
4
Publication date:
1999-01-01
DOI:
URN:
uuid:6ae29ec1-4562-4056-ab06-cdb1f5799977
Local pid:
oai:economics.ouls.ox.ac.uk:14550
Language:
English

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