Plant-Level Productivity and the Market Value of a Firm

Douglas W Dwyer

Working Papers from U.S. Census Bureau, Center for Economic Studies

Abstract: Some plants are more productive than others – at least in terms of how productivity is conventionally measured. Do these differences represent an intangible asset? Does the stock market place a higher value on firms with highly productive plants? This paper tests this hypothesis with a new data set. We merge plant-level fundamental variables with firm-level financial variables. We find that firms with highly productive plants have higher market valuations as measured by Tobin's q – productivity does indeed have a price.

Keywords: CES; economic; research; micro; data; microdata; chief; economist (search for similar items in EconPapers)
Date: 2001-06
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Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:cen:wpaper:01-03

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