Determinantes do investimento das firmas industriais brasileiras: uma análise exploratória com modelos hierárquicos

The paper carries out an exploratory analysis of the determinants of the level of investment of manufacturing firms in Brazil, from 1996 to 2006. The exercise departed from the premise that investment responds both to internal and external factors, such as the sector in which each firm is embedded. From a simple accelerator model, pooled and panel data regressions were estimated to estimate the basic model, followed by hierarchical models with intercept-as-outcome that include two distinct analytical levels. The results confirmed the accelerator effect of investment, revealed the relevance of introduction of variables from the sectoral level, and stressed the importance of factors such as the degree of concentration as a determinant of investment levels.