Determinants of capital investment in the context of investment theories’ development
Journal Title: Ekonomika ir Vadyba: Aktualijos ir Perspektyvos - Year 2013, Vol 32, Issue 4
Abstract
This paper presents review of various investment theories in order to determine the factors influencing the change of capital investment. There is a strong focus on capital investment, highlighting the significant impact of investment on economic growth, in the scientific literature. Many scientific studies have established a positive relationship between economic growth and investment growth (Samuel, 1996; Jongwanich and Kohpaiboon, 2008; Tvaronavičius and Tvaronavičienė, 2008; Hare and Fofie, 2010; Soli, Harvey and Hagan, 2008; Tomaševič and Mackevičius, 2010, Karagöz, 2010; Safdari, Mehrizi and Elahi, 2011). Jongwanich and Kohpaiboon (2008) highlight the importance of investment in the post-crisis years, when in the crisis-affected countries, investment reaches its previous levels very hardly. The slow recovery of investment may hamper the efficient use of resources and generate negative signals to foreign investors (Jongwanich and Kohpaiboon, 2008). In recent years, in the crisis-affected countries, investment growth is particularly relevant. Investment growth is important from public and private sectors’ positions, as only a successful and competitive private sector can ensure that the state will be able to pursue its functions successfully, funding them through the tax system. There is no doubt that investment positively affects economic growth, so the research of investment determinants becomes more relevant. In this context, analysis of investment theories, highlighting the key factors determining investment, is vital. Although various authors examine determinants of investment, but analysis of investment is commonly limited to any one investment theory. Therefore, a systematic approach to investment determinants is still missing. Research object – capital investment theories. Research aim – to identify determinants of capital investment by performing analysis of investment theories’ development. Research methods – a systematic analysis of scientific literature, methods of logic comparative analysis and synthesis were used. Keywords: capital investment, development of investment theories, determinants of capital investment.
Authors and Affiliations
Lina Sinevičienė
Keywords
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