Shadow price of capital and the Furubotn–Pejovich effect: Some empirical evidence for Italian wine cooperatives

Ornella Maietta and Vania Sena

Applied Stochastic Models in Business and Industry, 2008, vol. 24, issue 5, 495-505

Abstract: We test the underinvestment hypothesis (the so‐called Furubotn–Pejovich effect) from the specialized literature on co‐ops by comparing the shadow price of capital and the dual capacity utilization index for a panel of Italian cooperative and conventional firms, 1996–2003. The results do not show any difference between co‐ops and conventional firms in this respect. Copyright © 2008 John Wiley & Sons, Ltd.

Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:wly:apsmbi:v:24:y:2008:i:5:p:495-505

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