Mobility Barriers and Tobin's q
Mobility Barriers and Tobin's q
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移动障碍和托宾q
DOI：
10.1086/296411
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发表时间：
1987
期刊：
影响因子：
--
通讯作者：
Stavros B. Thomadakis
中科院分区：
文献类型：
--
作者：
Steven Lustgarten;Stavros B. Thomadakis
托宾 q 与企业结构特征的横截面关系取决于市场条件。产业集中度等特点；广告和研发强度；公司专业化；根据期望的方向，使用专门资源的代理可以作为进入或退出的障碍。当“经济状况”明显不同时，q 对结构特征的回归有力地证实了这一观点。例如，在 20 世纪 60 年代中期，浓度与 q 呈正相关，但在 1970 年代中期则呈负相关。所有结构变量的系数也发生了显着变化。这意味着结构特征必须被解释为资源灵活性的指标，而不是稳定的正租金的来源。芝加哥大学版权所有 1987。
The cross-sectional relation of Tobin's q to structural features of firms depends on market conditions. Features such as industry concentration; advertising and research and development intensity; firm specialization; and proxies for the use of specialized resources can operate as barriers to entry or to exit, depending on the direction of expectations. Regressions of q on structural features over periods when the "state of the economy" was clearly different strongly confirm this view. For example, concentration was positively related to q in the mid-1960s but negatively related in the mid-1970s. Coefficients for all structural variables also changed significantly. This implies that structural features must be interpreted as indexes of resources flexibility rather than as sources of stable positive rents. Copyright 1987 by the University of Chicago.