Strategic complementarities, geographical agglomeration, and firm investment

被引：0
|
作者：
Jorge, Jose [1 ]
机构：
[1] Univ Porto, Fac Econ, CEF UP, Porto, Portugal
来源：
EUROPEAN JOURNAL OF FINANCE | 2023年 / 29卷 / 02期
关键词：
Investment; industry spillovers; production externalities; agglomeration; INCREASING RETURNS; LOCALIZATION; INDUSTRIES; MANAGEMENT; BANKRUPTCY; LOCATION; MATTERS; SHOCKS;
D O I：
10.1080/1351847X.2022.2030778
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We estimate the effect of strategic complementarities (measured by the geographical agglomeration of firms) on firm investment. Individual firm investment responds significantly to industry investment in agglomerated industries, whereas the response is null in dispersed industries. Industry-region sales do not explain the differential effect between these two types of industries. These results have been overlooked in the literature, provide a justification for regional and industry policies, and challenge the stable unit treatment value assumption (SUTVA) required in potential outcome analysis.
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页码：135 / 154
页数：20
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