Returns to Capital in Microenterprises: Evidence from a Field Experiment

• Tác giả: Suresh de Mel
• Ngôn ngữ: eng
• Ký hiệu phân loại: 338.5 General production economics
• Thông tin xuất bản: 2012
• Bộ sưu tập: Tài liệu truy cập mở
• ID: 291530
• Chủ đề: 1. Capital and Ownership Structure G320; 2. Capital Budgeting; 3. Financial Risk and Risk Management; 4. Financing Policy; 5. Fixed Investment and Inventory Studies G310

Tóm tắt

 We use randomized grants to generate shocks to capital stock for a set of Sri Lankan microenterprises. We find the average real return to capital in these enterprises is 4.6%-5.3% per year), substantially higher than market interest rates. We then examine the heterogeneity of treatment effects. Returns are found to vary with entrepreneurial ability and with household wealth, but not to vary with measures of risk aversion or uncertainty. Treatment impacts are also significantly larger for enterprises owned by males
  indeed, we find no positive return in enterprises owned by females.