Investment differences between public and private firms: Evidence from US tax returns

被引：8

作者：

Feldman, Naomi ^{[1
]}

Kawano, Laura ^{[2
]}

Patel, Elena ^{[3
]}

Rao, Nirupama ^{[4
]}

Stevens, Michael ^{[5
]}

Edgerton, Jesse ^{[6
]}

机构：

[1] Hebrew Univ Jerusalem, Jerusalem, Israel

[2] Univ Michigan, Off Tax Policy Res, Ann Arbor, MI 48109 USA

[3] Univ Utah, Eccles Sch Business, Salt Lake City, UT 84112 USA

[4] Univ Michigan, Ross Sch Business, Ann Arbor, MI 48109 USA

[5] US Treasury, Off Tax Anal, Washington, DC USA

[6] JP Morgan, New York, NY USA

来源：

JOURNAL OF PUBLIC ECONOMICS | 2021年 / 196卷

关键词：

Investment; Public firms; Corporate governance; OPERATING PERFORMANCE; STOCK-MARKET; CORPORATE; COMPANIES; DECISION; INCENTIVES; INCOME;

D O I：

10.1016/j.jpubeco.2021.104370

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Using tax data, we compare the investment behavior of public and private firms for a representative sample of all U.S. corporations. We find that while both types of firms invest similarly in physical capital, public firms out-invest private firms in R&D. Compared to observationally-similar private firms, public firms invest roughly 50% more in R&D relative to their asset bases. Further, public firms dedicate 7.4 percentage points more of their investments to R&D than private firms. This stronger public firm R&D investment is muted when shareholder earnings pressures are heightened, but not so much as to overcome the baseline investment advantage. (c) 2021 Elsevier B.V. All rights reserved.

引用

页数：11

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