Capacity changes in U.S particleboard, southern pine plywood, and oriented strandboard industries
1995
Spelter, H. (USDA Forest Service, Forest Products Laboratory, Madison, WI.)
An industry's supply response can be decomposed into tactical (short-run) and strategic (long-run) components. The strategic component, dealing with investments in new capacity, determines the evolution of an industry and its ability to meet changing market demands. A decisive factor affecting capacity investment is the profitability of the commodity produced in relation to the cost of the equipment needed to make it. This concept is related to a theory of investment embodied in the concept of "q" developed by J. Tobin, which suggests that the ratio between the market value of an industry and the replacement cost of capital influences decisions to invest. The results developed here suggest that the theory works well for oriented strandboard, southern pine plywood, and particleboard industries. However, adjustments must be made to the empirical formula to take into account lags between the price stimulus and investment response and the difference in growth rates during the early phases of an industry's life compared with the more mature phases
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