메뉴 건너뛰기




Volumn 60, Issue 2, 2009, Pages 436-464

Exploring farm investment behaviour in transition: The case of Russian agriculture

Author keywords

Adjustment cost model; Dynamic investment models; Error correction investment model; Russia

Indexed keywords

AGRICULTURAL ECONOMICS; CAPITAL FLOW; ERROR CORRECTION; FINANCIAL CRISIS; INVESTMENT LOCATION; MODEL; RETURNS TO SCALE;

EID: 65449138239     PISSN: 0021857X     EISSN: 14779552     Source Type: Journal    
DOI: 10.1111/j.1477-9552.2009.00200.x     Document Type: Article
Times cited : (12)

References (63)
  • 1
    • 0001543921 scopus 로고
    • 'The present value of profits and cyclical movements in investment'
    • Abel, A. and Blanchard, O. J. 'The present value of profits and cyclical movements in investment', Econometrica, Vol. 54, (1986) pp. 249-273.
    • (1986) Econometrica , vol.54 , pp. 249-273
    • Abel, A.1    Blanchard, O.J.2
  • 2
    • 65449137290 scopus 로고    scopus 로고
    • 'Prioritet krupnym sel'khozpredpriiatiiam vsekh form sobstvennosti'
    • (in Russian)
    • Altukhov, A. 'Prioritet krupnym sel'khozpredpriiatiiam vsekh form sobstvennosti [A priority should be given to large agricultural farms regardless of ownership type]', APK: Ekonomika, upravlenie, Vol. 3, (2005) pp. 24-28 (in Russian).
    • (2005) APK: Ekonomika, Upravlenie , vol.3 , pp. 24-28
    • Altukhov, A.1
  • 3
    • 84881844837 scopus 로고
    • 'Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations'
    • Arellano, M. and Bond, S. 'Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations', Review of Economic Studies, Vol. 58, (1991) pp. 277-297.
    • (1991) Review of Economic Studies , vol.58 , pp. 277-297
    • Arellano, M.1    Bond, S.2
  • 4
    • 58149364940 scopus 로고
    • 'Another look at the instrumental variables estimation of error-components models'
    • Arellano, M. and Bover, O. 'Another look at the instrumental variables estimation of error-components models', Journal of Econometrics, Vol. 68, (1995) pp. 29-51.
    • (1995) Journal of Econometrics , vol.68 , pp. 29-51
    • Arellano, M.1    Bover, O.2
  • 5
    • 0036629007 scopus 로고    scopus 로고
    • 'Estimating a profit function in the presence of inefficiency: An application to Russian agriculture'
    • Arnade, C. and Trueblood, M. 'Estimating a profit function in the presence of inefficiency: An application to Russian agriculture', Journal of Agricultural and Resource Economics, Vol. 27, (2002) pp. 94-113.
    • (2002) Journal of Agricultural and Resource Economics , vol.27 , pp. 94-113
    • Arnade, C.1    Trueblood, M.2
  • 10
    • 0001438979 scopus 로고    scopus 로고
    • 'Initial conditions and moment restrictions in dynamic panel data models'
    • Blundell, R. W. and Bond, S. R. 'Initial conditions and moment restrictions in dynamic panel data models', Journal of Econometrics, Vol. 87, (1998) pp. 115-143.
    • (1998) Journal of Econometrics , vol.87 , pp. 115-143
    • Blundell, R.W.1    Bond, S.R.2
  • 11
    • 33745586539 scopus 로고    scopus 로고
    • 'Production risk and technical inefficiency in Russian agriculture'
    • Bokusheva, R. and Hockmann, H. 'Production risk and technical inefficiency in Russian agriculture', European Review of Agricultural Economics, Vol. 33, (2006) pp. 93-118.
    • (2006) European Review of Agricultural Economics , vol.33 , pp. 93-118
    • Bokusheva, R.1    Hockmann, H.2
  • 13
    • 84962999023 scopus 로고
    • 'Dynamic investment models and firm's financial policy'
    • Bond, S. and Meghir, C. 'Dynamic investment models and firm's financial policy', Review of Economic Studies, Vol. 61, (1994) pp. 197-222.
    • (1994) Review of Economic Studies , vol.61 , pp. 197-222
    • Bond, S.1    Meghir, C.2
  • 14
    • 0037322696 scopus 로고    scopus 로고
    • 'Financial factors and investment in Belgium, France, Germany and UK: A comparison using company panel data'
    • Bond, S., Elston, J., Mairesse, J. and Mulkay, B. 'Financial factors and investment in Belgium, France, Germany and UK: A comparison using company panel data', The Review of Economics and Statistics, Vol. 19, (2003) pp. 153-516.
    • (2003) The Review of Economics and Statistics , vol.19 , pp. 153-516
    • Bond, S.1    Elston, J.2    Mairesse, J.3    Mulkay, B.4
  • 15
    • 0034105620 scopus 로고    scopus 로고
    • 'Investment and finance in de novo private firms: Empirical results from the Czech Republic, Hungary and Poland'
    • Bratkowski, A., Grosfeld, I. and Rostowski, J. 'Investment and finance in de novo private firms: Empirical results from the Czech Republic, Hungary and Poland', Economics of Transition, Vol. 8, (2000) pp. 101-116.
    • (2000) Economics of Transition , vol.8 , pp. 101-116
    • Bratkowski, A.1    Grosfeld, I.2    Rostowski, J.3
  • 16
    • 3543095193 scopus 로고    scopus 로고
    • 'Russian agriculture in the transition to a market economy'
    • Brooks, K. and Gardner, B. 'Russian agriculture in the transition to a market economy', Economic Development and Cultural Change, Vol. 52, (2004) pp. 571-587.
    • (2004) Economic Development and Cultural Change , vol.52 , pp. 571-587
    • Brooks, K.1    Gardner, B.2
  • 17
    • 0033887676 scopus 로고    scopus 로고
    • 'Liquidity constraints and investment in transition economies'
    • Budina, N., Garretsen, H. and Jong, E. D. 'Liquidity constraints and investment in transition economies', Economics of Transition, Vol. 8, (2000) pp. 453-475.
    • (2000) Economics of Transition , vol.8 , pp. 453-475
    • Budina, N.1    Garretsen, H.2    Jong, E.D.3
  • 18
    • 44449116538 scopus 로고    scopus 로고
    • 'Financial performance and efficiency of corporate farms in northwest Russia'
    • Epstein, D. 'Financial performance and efficiency of corporate farms in northwest Russia', Comparative Economic Studies, Vol. 47, (2005) pp. 188-199.
    • (2005) Comparative Economic Studies , vol.47 , pp. 188-199
    • Epstein, D.1
  • 22
    • 33845593148 scopus 로고    scopus 로고
    • 'Comparing the impact of credit constraints on the growth of SMEs in a transition country with an established market economy'
    • Hutchinson, J. and Xavier, A. 'Comparing the impact of credit constraints on the growth of SMEs in a transition country with an established market economy', Small Business Economics, Vol. 27, (2006) pp. 169-179.
    • (2006) Small Business Economics , vol.27 , pp. 169-179
    • Hutchinson, J.1    Xavier, A.2
  • 23
    • 41549093226 scopus 로고    scopus 로고
    • 'Old capital vs. new investment in Post-Soviet economies: Conceptual issues and estimates'
    • Izyumov, A and Vahaly, J. 'Old capital vs. new investment in Post-Soviet economies: Conceptual issues and estimates', Comparative Economic Studies, Vol. 50, (2008) pp. 79-110.
    • (2008) Comparative Economic Studies , vol.50 , pp. 79-110
    • Izyumov, A.1    Vahaly, J.2
  • 24
    • 0003112060 scopus 로고    scopus 로고
    • 'Do investment-cash flow sensitivities provide useful measures of financing constraints?'
    • Kaplan, S. N. and Zingales, L. 'Do investment-cash flow sensitivities provide useful measures of financing constraints?' Quarterly Journal of Economics, Vol. 112, (1997) pp. 169-215.
    • (1997) Quarterly Journal of Economics , vol.112 , pp. 169-215
    • Kaplan, S.N.1    Zingales, L.2
  • 25
    • 0039011997 scopus 로고    scopus 로고
    • 'Investment-cash flow sensitivities are not valid measures of financing constraints'
    • Kaplan, S. N. and Zingales, L. 'Investment-cash flow sensitivities are not valid measures of financing constraints', Quarterly Journal of Economics, Vol. 115, (2000) pp. 707-712.
    • (2000) Quarterly Journal of Economics , vol.115 , pp. 707-712
    • Kaplan, S.N.1    Zingales, L.2
  • 26
    • 65449188780 scopus 로고    scopus 로고
    • 'Russian agrifood sector: Basic trends in 2005'
    • in Y. Gaidar, S. Sinelnikov-Mourylev and N. Glavatskaya (eds.) (Moscow: Institute for the Economy in Transition)
    • Karlova, N., Mokshina, P., Serova, E., Tikhonova, T. and Shick, O. 'Russian agrifood sector: Basic trends in 2005', in Y. Gaidar, S. Sinelnikov-Mourylev and N. Glavatskaya (eds.), Russian Economy in 2005: Trends and Outlooks, issue 27 (Moscow: Institute for the Economy in Transition, 2006).
    • (2006) Russian Economy in 2005: Trends and Outlooks , Issue.27
    • Karlova, N.1    Mokshina, P.2    Serova, E.3    Tikhonova, T.4    Shick, O.5
  • 27
    • 34249828784 scopus 로고    scopus 로고
    • Farm technical efficiency, credit and investment in a transition country: A microeconomic analysis in Poland
    • (PhD thesis; Paris: Université Paris X-NANTE RRE)
    • Latruffe, L. Farm technical efficiency, credit and investment in a transition country: A microeconomic analysis in Poland (PhD thesis; Paris: Université Paris X-NANTE RRE, 2004).
    • (2004)
    • Latruffe, L.1
  • 28
    • 24744452568 scopus 로고    scopus 로고
    • 'The impact of credit market imperfections on farm investment in Poland'
    • Latruffe, L. 'The impact of credit market imperfections on farm investment in Poland', Post-Communist Economies, Vol. 17, (2005) pp. 349-362.
    • (2005) Post-Communist Economies , vol.17 , pp. 349-362
    • Latruffe, L.1
  • 30
    • 65449176172 scopus 로고    scopus 로고
    • 'Discussant's Comments'
    • in P. Wehrheim, E. V. Serova and J. V. Braun (eds.) (Boston, MA: Kluwer Academic Publishers)
    • Lerman, Z. 'Discussant's Comments', in P. Wehrheim, E. V. Serova and J. V. Braun (eds.), Russia's Agro-food Sector: Towards Truly Functioning Markets (Boston, MA: Kluwer Academic Publishers, 2000, pp. 513-515).
    • (2000) Russia's Agro-food Sector: Towards Truly Functioning Markets , pp. 513-515
    • Lerman, Z.1
  • 32
    • 33745231681 scopus 로고    scopus 로고
    • 'Efficiency and total factor productivity in Ukrainian agriculture in transition'
    • Lissitsa, A. and Odening, M. 'Efficiency and total factor productivity in Ukrainian agriculture in transition', Agricultural Economics, Vol. 32, (2005) pp. 311-325.
    • (2005) Agricultural Economics , vol.32 , pp. 311-325
    • Lissitsa, A.1    Odening, M.2
  • 33
    • 0012343419 scopus 로고    scopus 로고
    • 'Investment, credit rationing and the soft budget constraint: Evidence from Czech panel data'
    • Lizal, L. and Svejnar, J. 'Investment, credit rationing and the soft budget constraint: Evidence from Czech panel data', Review of Economics and Statistics, Vol. 84, (2002) pp. 353-370.
    • (2002) Review of Economics and Statistics , vol.84 , pp. 353-370
    • Lizal, L.1    Svejnar, J.2
  • 37
    • 84859976810 scopus 로고    scopus 로고
    • Investiční aktivita a finanční omezení českých zemědělských podniků právnických osob
    • (Ph.D. thesis; Prague: Faculty of Economics and Management, Czech University of Agriculture)
    • Medonos, T. Investiční aktivita a finanční omezení českých zemědělských podniků právnických osob [Investment activity and financial constraint of the Czech corporate farms] (Ph.D. thesis; Prague: Faculty of Economics and Management, Czech University of Agriculture, 2006).
    • (2006)
    • Medonos, T.1
  • 38
    • 65449172511 scopus 로고    scopus 로고
    • Minselkhoz. [Russian agro-food sector in 2006, in Russian]. (Electroic database of the Ministry of Agriculture of the Russian Federation). accessed July 20, 2008 at
    • Minselkhoz. Agropromyshlennyi kompleks Rossii 2006. [Russian agro-food sector in 2006, in Russian]. (Electroic database of the Ministry of Agriculture of the Russian Federation, 2008). accessed July 20, 2008 at http://mcx.ru:8080/DDB/showcharts.jsp?project=apk2006/ mcx_apk_album.bip&report=rep_apk_album_2006.
    • (2008) Agropromyshlennyi Kompleks Rossii 2006
  • 39
    • 0003303115 scopus 로고    scopus 로고
    • 'Firm-level investment and R&D in France and The United States: A comparison'
    • in Deutsche Bundesbank (ed.) (Berlin: Springer Verlag)
    • Mulkay, B., Hall, B. H. and Mairesse, J. 'Firm-level investment and R&D in France and The United States: A comparison', in Deutsche Bundesbank (ed.) Investing Today for the World of Tomorrow (Berlin: Springer Verlag, 2001), pp. 229-279.
    • (2001) Investing Today for the World of Tomorrow , pp. 229-279
    • Mulkay, B.1    Hall, B.H.2    Mairesse, J.3
  • 40
    • 0034807078 scopus 로고    scopus 로고
    • 'Red barons or robber barons? Governance and financing in Russian financial-industrial groups'
    • Perotti, E. and Gelfer, S. 'Red barons or robber barons? Governance and financing in Russian financial-industrial groups', European Economic Review, Vol. 45, (2001) pp. 1601-1617.
    • (2001) European Economic Review , vol.45 , pp. 1601-1617
    • Perotti, E.1    Gelfer, S.2
  • 41
    • 3442902246 scopus 로고    scopus 로고
    • 'Farm investment, credit rationing, and governmentally promoted credit access in Poland: A cross-sectional analysis'
    • Petrick, M. 'Farm investment, credit rationing, and governmentally promoted credit access in Poland: A cross-sectional analysis', Food Policy, Vol. 29, (2004) pp. 275-294.
    • (2004) Food Policy , vol.29 , pp. 275-294
    • Petrick, M.1
  • 42
    • 84872087910 scopus 로고    scopus 로고
    • 'Credit rationing of Polish farm households: A theoretical and empirical analysis', Studies on the Agricultural and Food Sector in Central and Eastern Europe'
    • (Halle: Institute of Agricultural Development in Central and Eastern Europe)
    • Petrick, M. 'Credit rationing of Polish farm households: A theoretical and empirical analysis', Studies on the Agricultural and Food Sector in Central and Eastern Europe, Vol. 26 (Halle: Institute of Agricultural Development in Central and Eastern Europe, 2005).
    • (2005) , vol.26
    • Petrick, M.1
  • 43
    • 10244259148 scopus 로고    scopus 로고
    • 'Firm investment in transition: Evidence from Romanian manufacturing'
    • Rizov, M. 'Firm investment in transition: Evidence from Romanian manufacturing', Economics of Transition, Vol. 12, (2004) pp. 721-746.
    • (2004) Economics of Transition , vol.12 , pp. 721-746
    • Rizov, M.1
  • 44
    • 48849106095 scopus 로고    scopus 로고
    • 'Corporate capital structure and how soft budget constraints may affect it'
    • Rizov, M. 'Corporate capital structure and how soft budget constraints may affect it', Journal of Economic Surveys, Vol. 22, (2007) pp. 648-684.
    • (2007) Journal of Economic Surveys , vol.22 , pp. 648-684
    • Rizov, M.1
  • 47
    • 65449129743 scopus 로고    scopus 로고
    • Rosstat. (Available at last accessed 20 June)
    • Rosstat. Data on monthly investment volumes (Available at: http://www.gks.ru, last accessed 20 June 2008).
    • (2008) Data on Monthly Investment Volumes
  • 50
    • 0001755034 scopus 로고
    • 'The estimation of economic relationships using instrumental variables'
    • Sargan, J.D. 'The estimation of economic relationships using instrumental variables', Econometrica, Vol. 26, (1958) pp. 393-415.
    • (1958) Econometrica , vol.26 , pp. 393-415
    • Sargan, J.D.1
  • 51
    • 0005622933 scopus 로고    scopus 로고
    • 'Do firms in transition economies have soft budget constraints? A reconsideration of concepts and evidence'
    • Schaffer, M. E. 'Do firms in transition economies have soft budget constraints? A reconsideration of concepts and evidence', Journal of Comparative Economics, Vol. 26, (1998) pp. 80-103.
    • (1998) Journal of Comparative Economics , vol.26 , pp. 80-103
    • Schaffer, M.E.1
  • 52
  • 53
    • 11344256304 scopus 로고    scopus 로고
    • 'Russia's agro-food sector: State of the art'
    • in P. Wehrheim, E. V. Serova and J. v. Braun (eds.) (Boston, MA: Kluwer Academic Publishers)
    • Serova, E. 'Russia's agro-food sector: State of the art', in P. Wehrheim, E. V. Serova and J. v. Braun (eds.), Russia's Agro-food Sector: Towards Truly Functioning Markets (Boston, MA: Kluwer Academic Publishers, 2000, pp. 81-106).
    • (2000) Russia's Agro-food Sector: Towards Truly Functioning Markets , pp. 81-106
    • Serova, E.1
  • 56
    • 65449147617 scopus 로고
    • Statisticheski godishnik na Narodna Republika Bulgaria. Annual editions from 1991 to 1993, (Sofia)
    • Statisticheski godishnik na Narodna Republika Bulgaria. Bulgarian Statistical Yearbook. Annual editions from 1991 to 1993, (Sofia, 1991-1993).
    • (1991) Bulgarian Statistical Yearbook
  • 58
    • 33645485047 scopus 로고
    • Statisticka rocenka Ceske Republiky. Annual Editions from 1993 to 1995, (Prague)
    • Statisticka rocenka Ceske Republiky. Statistical Yearbook of Czech Republic. Annual Editions from 1993 to 1995, (Prague, 1993-1995).
    • (1993) Statistical Yearbook of Czech Republic
  • 59
    • 33748804613 scopus 로고    scopus 로고
    • 'Large and small business in Russian agriculture: Adaptation to market'
    • Uzun, V. 'Large and small business in Russian agriculture: Adaptation to market', Comparative Economic Studies, Vol. 47, (2005) pp. 85-100.
    • (2005) Comparative Economic Studies , vol.47 , pp. 85-100
    • Uzun, V.1
  • 60
    • 65449117734 scopus 로고    scopus 로고
    • VIAPI. [Rating of large and efficient agricultural producers in Russia in 2000-2002]. (Moscow, Ministry of Agriculture of the Russian Federation, All-Russian Institute of Agrarian Problematic and Informatics)
    • VIAPI. Reitingi naibolee krupnykh i effektivnykh proizvoditelei sel'skokhozjaistvennoi produktcii v Rossii za 2000-2002gg [Rating of large and efficient agricultural producers in Russia in 2000-2002]. (Moscow, Ministry of Agriculture of the Russian Federation, All-Russian Institute of Agrarian Problematic and Informatics, 2003, 39 pp; in Russian).
    • (2003) Reitingi Naibolee Krupnykh I Effektivnykh Proizvoditelei Sel'skokhozjaistvennoi Produktcii V Rossii Za 2000-2002gg , pp. 39
  • 62
    • 65449133307 scopus 로고    scopus 로고
    • 'Nonpayments, bankruptcy and government support in Russian agriculture'
    • Yastrebova, O. 'Nonpayments, bankruptcy and government support in Russian agriculture', Comparative Economic Studies, Vol. 47, (2005) pp. 167-180.
    • (2005) Comparative Economic Studies , vol.47 , pp. 167-180
    • Yastrebova, O.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.