Uncertainty and tangible assets in firm investment: inter-industry evidence from APEC countries

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Uncertainty and tangible assets in firm investment: inter-industry evidence from APEC countries

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dc.contributor.advisor Ratti, Ronald A. en
dc.contributor.author Yang, Byung Nae, 1969- en_US
dc.date.accessioned 2010-01-12T18:40:22Z
dc.date.available 2010-01-12T18:40:22Z
dc.date.issued 2007 en_US
dc.date.submitted 2007 Spring en
dc.identifier.other YangB-050407-D6580 en_US
dc.identifier.uri http://hdl.handle.net/10355/4686
dc.description The entire dissertation/thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file (which also appears in the research.pdf); a non-technical general description, or public abstract, appears in the public.pdf file. en_US
dc.description Title from title screen of research.pdf file (viewed on October 15, 2007) en_US
dc.description Vita. en_US
dc.description Includes bibliographical references. en_US
dc.description Thesis (Ph. D.) University of Missouri-Columbia 2007. en_US
dc.description Dissertations, Academic -- University of Missouri--Columbia -- Economics. en_US
dc.description.abstract This dissertation investigates how the role of cash flow changes with the uncertainty coming from oil price fluctuations, using the annual data obtained from COMPUSTAT global during the period of 1991 to 2004. I construct three measures of oil price volatility and one measure of relative oil price change. The main empirical findings are that the role of cash flow diminishes with higher oil price volatility for both manufacturing and service industries. Cash flow sensitivity declines more with volatility in more energy intensive industries. Firm investments in energy intensive manufacturing are hurt the most by oil price volatility, and firms in the service industry are hurt less than firms in manufacturing. When relative oil prices are used for the measure of oil price changes, most APEC countries except the U.S. show the role of cash flow increasing during times of higher oil prices. Oil price volatility affects firm investments in the U.S. and Canadian manufacturing negatively and significantly. Manufacturing firms in low income countries and manufacturing-growing countries are less hurt by oil price volatility when they have more cash flow. In the analysis of the effect of tangible assets on firm-level investment, I find that the role of cash flow declines or does little in importance with tangible assets in manufacturing and service industries. The last finding is that sales show very little impact on firm-level investment in the service industry unlike in manufacturing. en_US
dc.language.iso en_US en_US
dc.publisher University of Missouri--Columbia en_US
dc.relation.ispartof 2007 Freely available dissertations (MU) en_US
dc.subject.lcsh Asia Pacific Economic Cooperation (Organization) en_US
dc.subject.lcsh Cash flow en_US
dc.subject.lcsh Petroleum products -- Prices en_US
dc.title Uncertainty and tangible assets in firm investment: inter-industry evidence from APEC countries en_US
dc.type Thesis en_US
thesis.degree.discipline Economics en_US
thesis.degree.grantor University of Missouri--Columbia en_US
thesis.degree.name Ph. D. en_US
thesis.degree.level Doctoral en_US
dc.identifier.merlin .b60523827 en_US
dc.identifier.oclc 174146019 en_US
dc.relation.ispartofcommunity University of Missouri-Columbia. Graduate School. Theses and Dissertations. Dissertations. 2007 Dissertations


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