版權(quán)說明:本文檔由用戶提供并上傳,收益歸屬內(nèi)容提供方,若內(nèi)容存在侵權(quán),請進行舉報或認領(lǐng)
文檔簡介
National
Instituteof
Economicand
socialResearch
UKBusinessInvestment:Economists,Managers,Financiers
AnIntegratedFramework
toAnalysethePastand
UnderpinProspects
CatherineL.Mann
April2024
PRODUCTIVITY
COMMISSION
PRODUCTIVITY
COMMISSION
TheUKProductivityCommission(TheCommission)wasestablishedbytheNationalInstituteof
EconomicandSocialResearch(NIESR)aspartofTheProductivityInstitute(TPI),whichisfundedbytheEconomicandSocialResearchCouncil(ESRC).TheCommission’smainpurposeistoexamine
theUK’spoorproductivityperformanceandprovidepolicysolutionstoaddresstheshortfall.
TheobjectivesofTheCommissionare:
.tohelpunderstandandcommunicatethepolicyimplicationsofnewacademicresearchrelatedtoUKproductivity;
.tocollectevidencefromkeystakeholdersandprovidesummariesofresearchandevidencewithanemphasisonregionsandthedevolvednations;
.toexaminetheimplicationofplannedpolicies,respondtopolicyinitiativesinWhitehall,elsewhereandoverseas,providepolicyadviceanddeveloppolicyproposals.
National
Instituteof
Economicand
sociaIResearch
NIESRisBritain’slongestestablishedindependentresearchinstitute.Weoperateasacharity,
independentofallparty-politicalinterestsandreceivenocorefundingfromgovernmentor
othersources.Itsmissionisto“carryoutresearchintotheeconomicandsocialforcesthataffectpeople’slives,toimprovetheunderstandingoftheseforces,andthewaysinwhichpolicycan
bringaboutchange”.
TPIisaUK-wideacademicresearchorganisationexploringwhatproductivitymeansforbusiness,forworkersandforcommunities–howitismeasuredandhowittrulycontributestoincreased
livingstandardsandwell-being.
TheProductivityInstituteisfundedbytheEconomic
andSocialResearchCouncil(grantnumberES/V002740/1)
Contents
1.Introduction6
2.EvaluatingFutureCashFlow1
2
3.DefiningtheEquilibriumCostofCapitalandReturnonInvestment1
7
4.AligningtheObjectivesofManagersandFinanciers2
4
5.Uncertainty:AlwaysDetrimental,ThroughMultipleChannelsandTypes
30
6.ObservationsandResearchTopics
32
AboutTheAuthor
TheauthorisaProfessorofthePracticeatBrandeisUniversityandanExternalMemberoftheMonetaryPolicyCommitteeattheBankofEngland.
Acknowledgements
TheviewsexpressedaremyownanddonotreflecttheviewsoftheBankofEngland,theMonetaryPolicyCommittee,orstaff.
UKBusinessInvestment:Economists,Managers,Financiers
TheFour
KeyPoints
4NationalInstituteofEconomicandSocialResearch
UKBusinessInvestment:Economists,Managers,Financiers
UKbusinessinvestmenthasunderperformed.Researchon
othercountriessuggeststhatwhilethisisnotauniquelyBritishproblem,theUKdoesappeartofacemoreheadwinds.Slow
growthinglobaltrade,inequalitiesandincreaseduncertainties,
andconcentrationofinvestmentbothbyfirmsandbyinstitutionalinvestorsareinfocusfortheUK.
1
Uncertaintyisalwaysdetrimentaltobusinessinvestment,andherethedecisiontoleavetheEUisanimportantfactorsincedomesticgrowthandaccesstoglobalmarkets,alongwith
availablefinancing,wereallaffected.Inthefaceofvariouskindsofuncertainty,researchfindsthatUKmanagersandfirmstip
towardfinancialinvestmentsand/orholdhighercashbuffers,bothdeleteriousforbusinessinnovationandinvestment.
2
TheconcentrationofUKbusinessinvestmentinthelargest,foreign-ownedfirms,togetherwiththeconcentrationof
institutionalinvestors,meansthatanassessmentofthe
relationshipsbetweensize,ownership,andmanagement,aswellasmarketgrowthandglobalexposureisabasicstartingpointforunderstandingthedynamicsofbusinessinvestmentintheUK.
Thethreeperspectivesonbusinessinvestmentfromaneconomist,amanager,andafinancierareimportantly
intertwined.Withtheavailabilityoffirm-leveldata,investor-leveldata,andmanager-levelassessments,researchcancombinethethreeperspectivestogetaviewofwhatmattersmostforUK
businessinvestment.
3
4
NationalInstituteofEconomicandSocialResearch5
UKBusinessInvestment:Economists,Managers,Financiers
1.Introduction
6NationalInstituteofEconomicandSocialResearch
UKBusinessInvestment:Economists,Managers,Financiers
ThatUKbusinessinvestmenthasunderperformedisnotanewobservation.ByvariousassessmentsUKbusinessinvestmenthasbeenweakfordecades,wasparticularlysluggishaftertheGlobalFinancialCrisis,andhasslowedfurthersinceBrexitandCovid(AlayandeandCoyle2023)(Figure1aand1b).Researchonothercountriesalsopointtoacapitaldeepeningproblem.Slowglobaldemandgrowth,reducedcompetitivepressures,higheruncertaintyofvarioustypes,underexploitedagglomerationandnetworkexternalities,inequalitiesofplace,risingfinancialisationandearningsmanagement,andincreasedimportanceofinstitutionalinvestorsarevariouslycitedasculpritsholdingbackbusinessinvestment.AresomeoftheseheadwindsmoreprevalentintheUK?Thisreviewwillnotfullyanswerthisquestion,sinceUK-specificresearchhasnotinvestigatedallthesefactors.Theobjectiveofthisreviewistooutlineanintegratedframeworkforanalysisofbusinessinvestment,reviewliteraturegermanetothatframeworkfortheUKandothercountries,andpointtoresearchgapsthatmightbeparticularlyfruitfulforUK-focusedresearch.
BusinessinvestmentisthefocusforthesecondyearofTheProductivityInstitute’smulti-yearagenda,havingconsideredproductivitygrowthlastyear.Productivitygrowthisaboutthetransformationofproducts,processes,andworkplacepractices,andinallthreeofthesecontexts,businessinvestmentplaysacentralrole,whetherthatbeinvestmentinnewideas,innewlocationsforexpansion,orintechnologytochangeworkplacespracticesandproduction.Inshort,businessinvestmentandproductivitygrowthincreasethepotentialfortheeconomytodeliverhigherlivingstandards.Businessinvestmentisnottheonlyorthewholestory–publicinvestmentandenhancedlabourparticipationandskillsarealsoneeded.ButtheobjectiveofthisreviewistotakeafreshlookatUKinvestmentandpointoutdirectionsfornewresearchtobothassessthepastandofferperspectivesonhowtoimprovetheUKbusinessinvestmentoutlookandoutcome.
Figure1aG7GrossFixedCapitalFormationasashareofGDP(currentprices)
Source:AlayandeandCoyle(2023)InvestmentintheUK:LongerTermTrends.WorkingPaperNo.040,TheProductivityInstitute.
NationalInstituteofEconomicandSocialResearch7
UKBusinessInvestment:Economists,Managers,Financiers
Figure1bUKBusinessInvestmentasashareofGDP(currentprices)
Source:AlayandeandCoyle(2023)InvestmentintheUK:LongerTermTrends.WorkingPaperNo.040,TheProductivityInstitute
Thisframeworkforassessingtheliteratureintegratesthreeresearchperspectives:thatoftheeconomist,thebusinessmanager,andthefinancialinvestor.Eachoftheseperspectiveshastheoreticalframeworksthatconsiderfactorsrelevantforbusinessinvestment,whichhavebeenwellresearchedintheirownright,althoughmorecouldbedonewithaUKfocus.However,thereislessanalysisofhowtheperspectivesintegrate.Whenwethinkaboutit,analignmentofthesethreeperspectivesdeterminehowmuch,whatkind,andthegeographyofinvestment:‘Real’businessinvestment,suchascapitalequipment,intangibles,orrealestate;versusthecompetinguseoffunds,so-called‘financial’investment,suchascashholdings,M&A,orpayoutsthroughstockbuybacksordividends;andinwhatregionandsector,athomeorabroad.TheliteratureconsideredhereisnotexclusivelyabouttheUK.SomefocusesontheUSorothercountries,andsomeevaluateshypothesesusingcross-countryanalysis.SynthesizingthethreeperspectivesmayoffernewideasforresearchonUKbusinessinvestmentthatcouldsupportafreshpolicyperspective.
Whataresomeofthekeyelementsofeachofthethreeperspectives,theearlynotionsofhowtheyoverlap?
8NationalInstituteofEconomicandSocialResearch
UKBusinessInvestment:Economists,Managers,Financiers
Theeconomist'sperspectiveoninvestmentisbasedonasimpleequation:Whenthepresentdiscountedvalueofthefuturestreamofearningsfromaninvestmentexceedsthecostoffinancingthatinvestment,theinvestmentwillbeundertaken.Complicationsimmediatelyariseinanyempiricalassessmentofinvestmentdriversusingthisequation.Howshouldthefuturestreamofearningsbemeasured?Whatisthecostofcapital?Whatisthehorizonoftheinvestment?Dothemetricsdifferforbusinessinvestmentversusfinancialinvestment,becausetheimplicationsforpotentialoutputandproductivitygrowthofbusinessversusfinancialinvestmentcertainlydodiffer.
Themanager’sperspectiveaddsonissuesofself-interest,agencyandinformation.Insimpleterms,managersultimatelymaketheinvestmentdecisions,andtheyhaveinsideinformationabouttheoperationsofthefirmandpotentialvalueofaninvestmenttothefirm’soperations.Butdotheyhavethesameobjectivesastheownersofthefirm?Orofsocietymoregenerally,onecouldask.Wouldtheirassessmentofthefuturestreamofearnings,orcostofcapital,orhorizonforreturnontheinvestmentmatchthatoftheultimateownersorbeneficiaries?Incentivecompensationschemesandrequirementsfortransparencyofaccountsaredesignedtoaligntheseobjectives.However,evenifthoseobjectivesarealignedandtransparencycomplete,willthisyieldamorerobustbusinessinvestmentoutcome?Iftheownersofthefirm(forexample,stockholders)havehighhurdleratesorshorthorizons,thenbusinessinvestmentwithalonger-termrewardmaysufferrelativetoacompetinguseoffunds.
Moreover,managers’decisionsinteractwiththefinancialinvestor,thethirdperspective.Oneviewofthefinancierissimplyaspassiveintermediarythatprovidesafinancialflowatthemarketpricetothebusinessinvestmentdecisionmadebyincentive-alignedmanagerandowner.Inreality,financiersarenotsopassive.Takingonalittlebitmoreresponsibility,financierscanhelpreducethecostofcapitalviatheirroleasinformationgatherersassessingthequalityofthemanagementandtheirinvestmentdecisions.Moreaggressively,asenforcersofreportingtransparencyand/orbybuildingrelationships,financierscouldimprovedecisionmakingwithinthefirmandbyowners,increasingthelikelihoodthatprofitableinvestments(intheeconomicsense)willbeundertaken.Finally,withincreasedconcentrationoffinancialinstitutions,includingtherisingimportanceofinstitutionalinvestorsasshareholders,financierscaneffectivelyownthefirm,withbusinessinvestmentdecisionsdrivenbytheirobjectivesandattitudestowardscashflows,costofcapital,andinvestmenthorizon.
Beforedelvingintoresearchfindings,itisusefultostartwithacoupleofobservationsabouttheUK.BusinessinvestmentintheUKishighlyconcentratedinafewfirms–lessthan?ofonepercentofallUKfirmsaccountformorethanhalfofallUKbusinessinvestment.Thesefirmsaresubsidiariesofmultinationals,whichhavebeenstableleadersintheUKmarketplacefor15years(Hanappi,MillotandTurban,OECD,2023).FollowingBrexit,however,foreignbusinessinvestmentintheUKappearstobeincreasinglyrelatedtolocalmarketconditions,includinginfrastructure,ratherthanforaugmentingexportpotential.M&Aunderpinnedbyforeignfinancialinstitutionshasfocusedonknowledgeacquisition,whichasanintangibleisfootloosesocouldbeboughtandthenmovedabroad(Driffield,Yuan,andBarragan2023,a,b,c).
Whatabouttheother50percentofinvestment?Whatarethecharacteristicsofthesefirms?IfwewanttounderstandUKbusinessinvestment,weneedtoexploretowhatextentthebehaviouroftheverysmallnumberoflargeinternationalfirmsissimilarordifferentfromthemanyotherUKdomesticfirmsthataccountfortheotherhalfofUKinvestment.
NationalInstituteofEconomicandSocialResearch9
UKBusinessInvestment:Economists,Managers,Financiers
Second,financiersintheUKalsoareconcentrated.Institutionalinvestorsaccountfor60percentofmarketcapitalization,splitabouthalf-and-halfintoforeignanddomesticinstitutionalinvestors(Figure2a).TheforeignshareisparticularlyhighintheUK.Thetop3institutionalinvestorsownabout23percentofeachofthelistedfirmsintheUK.(Medina,delaCruz,andTang,OECD,2022(Figure2b));sofinancialexposureisconcentratedtwoways.AninstitutionalinvestorofparticularnoteintheUKisthepensionfund.In2008pensionschemesinvestedabout25percentoftheirassetsinUKcompanystockshares;butthissharefellto2percentby2022.1
Overthesametimeperiod,thenumberoflistedUKfirmsalsofell.Understandingtheincentives,constraints,andfinancialobjectivesofthesevariousinvestorsandhowtheseinteractwiththemanagers’perspectivesisimportanttounderstandbusinessinvestmentintheUK.
Figure2aOwnershipbyinvestorcategoryasashareofmarketcapitalisation,end2020
Source:Medina,delaCruz,Tang.(2022).Corporateownershipandconcentration(No.27).OECDPublishing.
1
.uk/economy/investmentspensionsandtrusts/datasets/ownershipofukshares
10NationalInstituteofEconomicandSocialResearch
UKBusinessInvestment:Economists,Managers,Financiers
Figure2bOwnershipconcentrationbythetop3institutionalinvestorsatthecompany
level,end-2020
Source:Medina,delaCruz,Tang.(2022).Corporateownershipandconcentration(No.27).OECDPublishing.
Thefollowingsectionsreviewresearchalongthethreethemesofevaluatingcashflows,estimatingcostofcapital,andaligninginvestmenthorizons,takingtheseandthreadingthemthroughthethreeperspectivesofaneconomist,amanager,andafinancier.
NationalInstituteofEconomicandSocialResearch11
UKBusinessInvestment:Economists,Managers,Financiers
2.EvaluatingFutureCashFlow
Fundamentaltotheeconomist'sequationoninvestmentisevaluatingthefuturecashflowsassociatedwithaninvestment,becausethesecashflowscontributetotheearningsofthefirmandthereforethereturnstothefirm’sowners(throughdirectpass-throughorthroughstockvaluation),aswellastomanagers(throughwagesandincentivecompensationplans).Cashflowscomprisepricesandquantities,andbothareafunctionofproductdemandandthedegreeofcompetitioninthemarketplace.Businessdecisionstoinvestinnewproducts(innovation),complementaryinvestments(toaugmentexistingcapitalandworkers)orexpandcapacity(intonewmarkets)thereforewillbeinfluencedbycharacteristicsofboththebuyerofthefirm’sproductsanditscompetitors.Ofparticularinterestishowtherisingimportanceofintangiblesinbusinessinvestmentandwinner-take-mostnetworkexternalitiesmightaffectthedynamicsofproductdemandandcompetition.
However,evaluatingfuturecashflowisnotjustaboutassessingbusinessinvestmentprospects.Fundsthatcouldbeallocatedtobusinessinvestmentcompetewithalternativefinancialinvestmentssuchascashbuffers,M&A,andpayouts(includingbuy-backs,dividends,andbonuses).EvaluatingthecashflowassociatedwithanM&Ainvestmentisadualtobusinessinvestmentbecausethesetwocouldbeviewedasalternativewaystoachievethesameoutcomeofhighercashflow,butthroughverydifferentmeans,withpotentiallydifferentimplicationsformarketcharacteristicsgoingforward.Forexample,afirmcoulduseitscashflowstopursueaninvestmentinnovationtoupstageacompetitorandexpanditsownmarketandearnings.Alternatively,thefirmcoulduseitsresourcestobuyitscompetitor,whichexpandsitscashflowsandmarketshare,butpotentiallyattheexpenseofinnovationandmarketcompetition.Financialinvestmentssuchasbuy-backs,dividends,andbonusesmaybepreferredtothemanagerandshareholder,dependingontheirtimehorizonanddiscountrate.
a)Marketcharacteristics,competitivepressures,financialcomplementarities
Akeydriverofbusinessinvestmentismarketdemandfortheproductfromhomeandabroad,inwhichthetypeofproductanddegreeofcompetitioncanplayimportantroles.But,thebusinessinvestmentdecisionisnottakeninademandvacuum;availabilityofcomplementaryfactorsofproduction(skills,forexample)alsoarerelevant,asisavailabilityoffinance.
ConsideradetailedstudyoftheUSasaresearchbenchmark.Theinterplayofmarketcharacteristicsandfinancialfactorsloomslargeinmacro-dataanalysisaswellasmicrofirm-leveldataanalysisbyGutierrezandPhilippon(2017andBrookings,2023).Theyfindthattraditionalsourcesoffinancialfrictions,suchascreditavailability,arenotthestorybehindsluggishUSinvestment.Theyfindthattheriseofintangibles,diminishedcompetition,andshort-termmanagerialhorizonexplaintheslowdowninUSbusinessinvestment.Diminishedcompetitivepressurecomesfromtwosources:Reducedproductcompetitionbutalsoconcentratedfinancierownership,viainstitutionalinvestors.Giventhesepressures,firmsareincentivisedtospendtheirearningsonfinancialinvestments(suchasbuybacksanddividendswhichaugmentreturnsimmediately)ratherthanaugmentthefirm’scapitalstock(and,withsomeprobability,earningsinthefuture)throughbusinessinvestment.
12NationalInstituteofEconomicandSocialResearch
UKBusinessInvestment:Economists,Managers,Financiers
ThefactorsofmarketcharacteristicsandfinancialcomplementaritieshavebeenimportantforresearchersexaminingproductivitygrowthintheUK,withindirectattentiontobusinessinvestment.Riley,Rincon-AznarandSamek(2018)evaluatingsectoraldatafor2011-2015,findthatUKsectorsmostexposedtotheglobalenvironmenthadworseproductivityandinvestmentoutcomesasglobaldemandsoftened.Ontheotherhand,FernaldandInklaar(2022)arguethatlackofbusinessinvestmentwasnotthemostnotabledriveroftheUKoverallproductivityslowdown,ratherpoorperformanceoftheminingsectorwasthemainstory.Coyle(2022)concludedthatslowdowninproductivitygrowthbyfrontierfirms1wasmostrelevantforslowingaggregateproductivitygrowth;theroleforbusinessinvestmentwasnotdirectlyaddressed.Driffield,Lavoratori,Temouri(2021)consideringregionalproductivity(1980to2017)foundthattherewasadecreasingstatisticalabilitytoexplainvariationsinproductivityamongstfirmsbyownership,location,sector,orsize.Theincreasingunexplainedresidual,firm-levelTFP2andtheunexplainedintra-regionalvariationproductivityamongfirmscouldbeduetocharacteristicsofmarketregulationandcompetitionaswellasmanagerialandfinancierdecision-making,whichallwerefactorshighlightedintheUSstudybyGutierrezandPhilippon,citedabove.AfocusonbusinessinvestmentspecificallyusingthedatasetsalreadyassembledforthisworkontheproductivityinUKcouldprovideimportantnewinsightsthatalignsproductivityandbusinessinvestmentresearch.
UKbusinessinvestmenthasbeenaddressedbyCarella,Chen,andShao(2023)usingbothmacroandfirmleveldatawithananalyticalstrategysimilartoGuitierrezandPhilippon,citedabove.Inadditiontothemarketconcentrationandfinancialconstraints,theyalsoexplicitlyaddresshowthedecisiontowithdrawfromthefavourabletradingarrangementwiththeEUhasaffectedUKbusinessinvestment.TheyconfirmthatBrexithashadanegativeeffectonUKbusinessinvestment.However,theyalsoshowthatfirmswithhigherretainedearnings,presenceofexternallong-termcapital,andlowlevelsofindebtednessinvestmore.
Therefore,whereasthedecisiontoleavetheEUisanimportantjuncture,financialfactorsmayhaveexacerbatedtheBrexit-relatedheadwindforsomefirms.AscomparedtotheUSresearchfindings,notedabove,thefinancierappearstoplayaclearerroleintheUKbusinessinvestmentequation.Whatofthemanager?Thedirectionofcausality,frombettermanagedfirmstoavailabilityoffinancetomorebusinessinvestment,andhowthoserelationshipsarerelatedtomarketcharacteristics,arestudiedinindividualresearchhypotheses,discussedmorebelow.
AdditionalstudiesaddresstheconsequencesoftheBrexitvote.HaskelandMartin(2023)estimatedthatUKbusinessinvestmentis10percentloweronaccountofBrexit,althoughthroughwhatspecificchannelwasnotproposed.Twootherauthorsdohypothesiseandtestspecificchannels.Gornicka(2018)determinedthathighertradecostsassociatedwithBrexitreducedbusinessinvestment,particularlybyfirmsmostexposedtothehighercosts.Crowley,Exton,andHan(2019)calculatedthat5percentmorefirmswouldhaveenteredtoexportand6percentwouldnothaveexitedfromexportingtotheEUhadBrexitnotcomeintoplay.Sincemarketsizeandmarketcompetitionarerelatedtothedecisiontoundertakebusinessinvestment,thesehighercostsandreducedentryandgreaterexitoffirmsfrombeingexportersarespecificwaysthatBrexitcouldhavereducedbusinessinvestmentintheUK.Bringinginthemanager'sperspective,BloomandvanReenen(2007)showthatweakcompetitioninthemarketplaceiscorrelatedwithpoormanagementpractices,thuslinkingtheeconomist'sviewandthemanager'sviewofhowmuchbusinessinvestmenttodo.Finally,resourcesdevotedtomanagingBrexit-relatedcostscouldhavebeendirectedtowardbusinessinvestmentinstead,withpositiveconsequencesforfirmsandtheUKeconomy.
1Frontierfirmsarethosewiththehighestproductivitygrowthinthesample
2TFPisTotalFactorProductivity,theresidualinanassessmentoftotaloutputrelativetototalinputsusedinproduction.Itisameasureoftransformationofproducts,process,andworkplacepracticesandinthiscontextisameasureofinnovation.
NationalInstituteofEconomicandSocialResearch13
UKBusinessInvestment:Economists,Managers,Financiers
b)Regions,agglomerationexternalities,andproductandfirmcharacteristics
Asecondtopicthatweavesthroughthethreeresearchperspectivesishowproximityamongfirmsrelatesmanagercapability,financialflows,andbusinessinvestment.Amongtheattractorsforbusinessinvestmentbyanindividualfirm,ormanager,orfinancialinvestoristhepotentialforgainsfromagglomeration,includingofthetypeofagglomerationbasedonlinkingproductionoftradableproductsthroughproductionnetworks.RichUKfirm-leveldata,product-leveldata,andregion-leveldatahasspawnedasetofresearchpapersontheserelationshipsandlinkages.Thenewavailabilityofregion-specificbusinessinvestmentdata(BeckerandMartin2023)opensupanewresearchfronttoevaluatebusinessinvestmenthypothesesattheregionallevel.
ExistingresearchusingUKsub-nationaldatafindsthattradability,skills,andagglomerationbenefitsgohand-in-handwithbusinessinvestmenttogeneratehighercashflows.Tradabilityisnotnecessarilyaboutexportingglobally,butaboutcross-regionalproductreach.OECD(2023)analysingUKcitydynamics,arguesforthecomplementarityofskillmatching,networkinfrastructures,andbusinessinvestment.Superiorskillmatchingisatypeofagglomerationacrossworkersandfirmsoperatingwithinaregion.Networkinfrastructures(suchastransportanddigital)promoteexternaltradability;botharepositivelyassociatedwithbusinessinvestmentoutcomes.Ortega-ArgilesandMcCann(2021)provideanoverviewoflinkagesandtransmissionofinnovativeinvestmentfromoneUKregiontoanother,whichemphasisesbothagglomerationgainsaswellasbenefitscomingfromthecharacteristicsoftheproducts.Oneconcernisthatwhereasthereareagglomerationgains,whichcanbeaccentuatedbytradabilityofproductsincludingthroughbettertradelinkages,thereisalsothepotentialforfootlooseactivitiestoleave.
Ontheotherhand,agglomerationseemstobequitesticky,forbetterorworse.MealyandCoyle(2022),McCannandYuan(2022),Daams,McCann,Veneri,andBarkham(2023)andRiceandVenables(2023)consideragglomerationlegacy,productivity,investment,andfinancialflows.ThefirstpaperappliesthemetricsofeconomiccomplexityusuallydeployedtounderstandcountrydevelopmentpatternstoUKregions.Theyfindthatactivitiesdoagglomerate,butintostriatedpercapitaincomesandgrowthpotentials,e.g‘thosethathath’highervalue-addedactivitiesapparentlygainmorefromagglomeration.ThisisechoedinRiceandVenables(2023)andemphasisedinCollinson,Driffield,Hoole,andKitsos(2022).Thesecondpaperarguesthat‘cumulativecausation’liesbehindthestriatedoutcomes;thatis,businessinvestmentgrowthandagglomerationbenefitsarepositivelycorrelatedandbuildovertime.Thethirdpaperfocusesonfinancialinvestmentandrealestatevaluations,whicharerelevantforbusinessinvestmentdirectly,andindirectlyascollateral.Theyfindthat‘flighttosafety’capitalflowsintoLondonexacerbatedexistingincome-striatedregionalperformance.Insum,researchfindsa
溫馨提示
- 1. 本站所有資源如無特殊說明,都需要本地電腦安裝OFFICE2007和PDF閱讀器。圖紙軟件為CAD,CAXA,PROE,UG,SolidWorks等.壓縮文件請下載最新的WinRAR軟件解壓。
- 2. 本站的文檔不包含任何第三方提供的附件圖紙等,如果需要附件,請聯(lián)系上傳者。文件的所有權(quán)益歸上傳用戶所有。
- 3. 本站RAR壓縮包中若帶圖紙,網(wǎng)頁內(nèi)容里面會有圖紙預(yù)覽,若沒有圖紙預(yù)覽就沒有圖紙。
- 4. 未經(jīng)權(quán)益所有人同意不得將文件中的內(nèi)容挪作商業(yè)或盈利用途。
- 5. 人人文庫網(wǎng)僅提供信息存儲空間,僅對用戶上傳內(nèi)容的表現(xiàn)方式做保護處理,對用戶上傳分享的文檔內(nèi)容本身不做任何修改或編輯,并不能對任何下載內(nèi)容負責(zé)。
- 6. 下載文件中如有侵權(quán)或不適當(dāng)內(nèi)容,請與我們聯(lián)系,我們立即糾正。
- 7. 本站不保證下載資源的準(zhǔn)確性、安全性和完整性, 同時也不承擔(dān)用戶因使用這些下載資源對自己和他人造成任何形式的傷害或損失。
最新文檔
- 人音版四年級上冊音樂教學(xué)計劃
- 《區(qū)塊鏈平臺選型規(guī)范(征求意見稿)》編制說明
- 高二數(shù)學(xué)直線傾斜角與斜率同步練習(xí)題
- 全區(qū)性行業(yè)協(xié)會商會服務(wù)高質(zhì)量發(fā)展專項行動進展情況統(tǒng)計表
- 社會組織相關(guān)審計資料清單
- 求婚驚喜創(chuàng)意中獎方案
- 可充氣頸墊項目可行性實施報告
- 原電池組市場環(huán)境與對策分析
- 親子讀書心得15篇
- 可折疊水桶項目可行性實施報告
- 110KV變電站運行費用表
- 高壓清洗機安全操作制度
- 中歷史課堂教學(xué)的不同課型的基本方法和要求
- 餐飲服務(wù)單位臺賬樣本8項
- 單位公務(wù)用車加油登記表格模板正式版
- 蘇教版小學(xué)六年級科學(xué)上冊《火山與地震》
- 部編版小學(xué)語文四年級上冊第五單元《習(xí)作例文(我家的杏熟了)》第一課時課件
- 廣東省交通集團高速公路營運管理規(guī)范
- 校服發(fā)布主持稿(202103)
- 檢驗科醫(yī)院感染危險風(fēng)險評估
- GB-T-30512-2014-汽車禁用物質(zhì)要求
評論
0/150
提交評論