FUNCTIONAL FORM IN REGRESSION-MODELS OF TOBIN-Q

• 成果类型: Note
• 署名作者: HIRSCH, BT; SEAKS, TG
• 署名单位: State University System of Florida; Florida State University; University of North Carolina; University of North Carolina Greensboro
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.2307/2109449
• 发表日期: 1993-05
• 页码: 381-385
• 关键词: structure-performance relationship; r-and-d; market value; profitability; profits; FIRMS

摘要

The Box-Cox transformation is used to compare alternative functional forms of market value equations. Based on evidence from a panel of 480 publicly-traded U.S. manufacturing companies and two additional data sets used previously in the literature, the semilog form of a Tobin's q equation is found to be strongly preferred to the commonly estimated linear form. We provide illustrations in which inferences can be affected by the choice of functional form.