Cooperative and corporate farms have retained an important role for agricultural production in many transition countries of Central and Eastern Europe. Despite this importance, their ownership structure and particularly the ownership's effect on their investment activity vital for efficient...

Investment models typically explain only a small share of the total investmentvariation within or between firms. A reason for this may be that those models do not explicitlydifferentiate between the decision to invest and the decision about the level of investment. Inthis paper, a two-steps...