; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "The Relationship of Firm Growth and Q With Multiple Capital Goods: Theory and Evidence From Panel Data on Japanese Firms"; ; "batchuser@example.com"; "Inoue, Tohru", "Hayashi, Fumio"; "Federal Reserve Bank of Minneapolis"; "D21 - Firm Behavior: Theory", "C22 - Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes", "E50 - Monetary Policy, Central Banking, and the Supply of Money and Credit: General", "C81 - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access"; "We develop a Q model of investment with multiple capital goods that delivers a one-to-one relation between the growth rate of the capital aggregate and the stock market-based Q. We estimate the growth-Q relation using a panel of over six hundred Japanese manufacturing firms taking into account the endogeneity of Q. Identification is achieved by combining the theoretical structure of the Q model and an assumed serial correlation structure of the technology shock that comprises the error term in the growth-Q relation. The Q variable is significantly related to firm growth. Much, but not all, of the apparent explanatory power of cash flow disappears if its endogeneity is corrected for. The estimated Q coefficient is not implausibly small if the growth rate of the capital aggregate contains measurement error."^^; "1989-05-01"; "2019-05-21T19:46:52.956691181+00:00"^^; "https://doi.org/10.21034/dp.13"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Wed Apr 22 16:44:42 2020"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "360", "320"; "Discussion paper (Federal Reserve Bank of Minneapolis. Institute for Empirical Macroeconomics)"; "013"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Institute for Empirical Macroeconomics"; "Published in: _Econometrica_ (Vol. 59, No. 3, May 1991, pp. 731-753) https://doi.org/10.2307/2938226."^^; ; "Publication" . ; .