文章基本信息

标题：Dynamic Dividend and Investment Decisions in Value Added Firms: An Application to Farmer Owned Ethanol Plants
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作者：Zhu, Jianhua ; Jolly, Robert W.
期刊名称：Journal of Food Distribution Research
印刷版ISSN：0047-245X
出版年度：2005
期号：SUPPL
出版社：Food Distribution Research Society
摘要：The paper analyzes the dynamic interaction between dividend and investment by adopting numerical methods in a growth framework. Two benchmark models are introduced and their modified version for ethanol production is particularly studied. The transition path supports the trend of smoothing procedure and approximately follows plant’s life cycle. After ethanol plants achieve the mature size, impulse response functions and moment properties for dividend and investment associated with margin shocks and interest rate shocks are computed numerically. The result suggests that investment amount is adjusted in wide range and dividend decision is highly associated with cash flows available in ethanol plants.
关键词：dividend;investment;and numerical method