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  • Articles and reports: 11F0027M2013087
    Geography: Canada
    Description:

    The topic of firm size and performance continues to spark the interest of researchers and policy-makers. Small and medium-sized enterprises receive much of the attention, as they have the potential to grow significantly. However, compared with their larger counterparts, these firms are more likely to fail and are therefore riskier.

    Is risk important in explaining differences in profitability across firm size classes? This study uses a longitudinal firm-level dataset to examine determinants of profitability by firm size, with an emphasis on risk, or the volatility in rates of return. It builds on previous research that found firms with 10 to 20 employees tend to be the most profitable.

    Release date: 2013-12-19

  • Articles and reports: 15-206-X2008021
    Description:

    This paper makes use of a growth accounting framework to examine the importance of public capital for private sector productivity growth. Most measures of multifactor productivity consider only the inputs of the business sector. This paper produces an alternate measure of multifactor productivity for the business sector that incorporates the impact of public capital. It uses the estimate of the elasticity of business sector output with respect to public capital derived from Macdonald (2008). Over the period, the conventional estimate of MFP growth averages 0.4% per year. About half of this growth is attributable to public capital.

    Release date: 2009-01-14

  • Articles and reports: 11F0027M2008050
    Geography: Canada
    Description:

    This paper examines whether or not the long-term government bond rate could reasonably be employed as the rate of return on public capital when calculating public sector gross domestic product. It finds that the rate of return on public capital is lower than often reported and is roughly consistent with the rate of return on private capital. Given that there is a range of estimates that are plausible, the paper concludes that the long-run government bond rate could be used as a conservative estimate for the rate of return for public infrastructure.

    Previous studies have shown that production function estimates tend to find rates of return that are implausibly large, while cost function estimates appear more reasonable. This paper shows that public capital and total factor productivity (TFP) growth behave similarly, and argues that production function estimates for the impact of public capital overstate its impact as a result, catching part of what belongs in estimates of TFP. It also shows that the similarity between the growth in public capital and TFP leads to a large confidence interval around public capital elasticity estimates derived from the production function framework. The paper then proceeds by generating a confidence interval from the production function estimated first with and then without TFP growth. It then uses a cost function to pinpoint more precisely estimates for the marginal cost savings from public capital. Importantly, the estimate derived from the cost function is found in the lower part of the confidence interval derived from the production function. The rate of return associated with the overlapping estimates is then shown to cover a range that extends from the average long-run government bond rate to the rate of return on private capital.

    Release date: 2008-04-15

  • Surveys and statistical programs – Documentation: 15-206-X2007009
    Description:

    This paper examines the effects of alternative specifications of the user costs of capital on the estimated price and volume indices of capital services. It asks how sensitive the results are to the use of exogenous versus endogenous rates of return, to alternate ways of including capital gains, and to whether corrections are made for tax rates. The paper also examines the effect of the various user cost formulae on the measured multifactor productivity growth.

    Release date: 2007-04-04

  • Articles and reports: 11F0024M20050008659
    Description:

    Traditionally rates of return in the agriculture sector have been calculated on the market value of the assets as opposed to the historical cost. In other sectors rates of return are calculated on the basis of the historical cost of the assets which has meant that rates of returns in agriculture are not comparable to those in other sectors.

    This paper calculates rates of return for incorporated farms, based on the historical cost of the assets and compares these rates of returns to those in other sectors. It also measures the impact of capital gains on the rates of return for the agriculture sector. In the final section of the paper we measure the level of risk with the rates of return both in the agricultural sector and in other sectors.

    Release date: 2005-10-20

  • Articles and reports: 21-601-M2002059
    Description:

    The purpose of this paper is to examine profitability trends in the Canadian food processing industry, comparing it with other manufacturing industries during the period of 1990 to 1998.

    Release date: 2002-11-14
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  • Articles and reports: 11F0027M2013087
    Geography: Canada
    Description:

    The topic of firm size and performance continues to spark the interest of researchers and policy-makers. Small and medium-sized enterprises receive much of the attention, as they have the potential to grow significantly. However, compared with their larger counterparts, these firms are more likely to fail and are therefore riskier.

    Is risk important in explaining differences in profitability across firm size classes? This study uses a longitudinal firm-level dataset to examine determinants of profitability by firm size, with an emphasis on risk, or the volatility in rates of return. It builds on previous research that found firms with 10 to 20 employees tend to be the most profitable.

    Release date: 2013-12-19

  • Articles and reports: 15-206-X2008021
    Description:

    This paper makes use of a growth accounting framework to examine the importance of public capital for private sector productivity growth. Most measures of multifactor productivity consider only the inputs of the business sector. This paper produces an alternate measure of multifactor productivity for the business sector that incorporates the impact of public capital. It uses the estimate of the elasticity of business sector output with respect to public capital derived from Macdonald (2008). Over the period, the conventional estimate of MFP growth averages 0.4% per year. About half of this growth is attributable to public capital.

    Release date: 2009-01-14

  • Articles and reports: 11F0027M2008050
    Geography: Canada
    Description:

    This paper examines whether or not the long-term government bond rate could reasonably be employed as the rate of return on public capital when calculating public sector gross domestic product. It finds that the rate of return on public capital is lower than often reported and is roughly consistent with the rate of return on private capital. Given that there is a range of estimates that are plausible, the paper concludes that the long-run government bond rate could be used as a conservative estimate for the rate of return for public infrastructure.

    Previous studies have shown that production function estimates tend to find rates of return that are implausibly large, while cost function estimates appear more reasonable. This paper shows that public capital and total factor productivity (TFP) growth behave similarly, and argues that production function estimates for the impact of public capital overstate its impact as a result, catching part of what belongs in estimates of TFP. It also shows that the similarity between the growth in public capital and TFP leads to a large confidence interval around public capital elasticity estimates derived from the production function framework. The paper then proceeds by generating a confidence interval from the production function estimated first with and then without TFP growth. It then uses a cost function to pinpoint more precisely estimates for the marginal cost savings from public capital. Importantly, the estimate derived from the cost function is found in the lower part of the confidence interval derived from the production function. The rate of return associated with the overlapping estimates is then shown to cover a range that extends from the average long-run government bond rate to the rate of return on private capital.

    Release date: 2008-04-15

  • Articles and reports: 11F0024M20050008659
    Description:

    Traditionally rates of return in the agriculture sector have been calculated on the market value of the assets as opposed to the historical cost. In other sectors rates of return are calculated on the basis of the historical cost of the assets which has meant that rates of returns in agriculture are not comparable to those in other sectors.

    This paper calculates rates of return for incorporated farms, based on the historical cost of the assets and compares these rates of returns to those in other sectors. It also measures the impact of capital gains on the rates of return for the agriculture sector. In the final section of the paper we measure the level of risk with the rates of return both in the agricultural sector and in other sectors.

    Release date: 2005-10-20

  • Articles and reports: 21-601-M2002059
    Description:

    The purpose of this paper is to examine profitability trends in the Canadian food processing industry, comparing it with other manufacturing industries during the period of 1990 to 1998.

    Release date: 2002-11-14
Reference (1)

Reference (1) ((1 result))

  • Surveys and statistical programs – Documentation: 15-206-X2007009
    Description:

    This paper examines the effects of alternative specifications of the user costs of capital on the estimated price and volume indices of capital services. It asks how sensitive the results are to the use of exogenous versus endogenous rates of return, to alternate ways of including capital gains, and to whether corrections are made for tax rates. The paper also examines the effect of the various user cost formulae on the measured multifactor productivity growth.

    Release date: 2007-04-04
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