Persistance du comportement d’investissement dans le secteur manufacturier français

[Autom. eng. transl.] This study questions the investment process of companies in the manufacturing sector in France between 1996 and 2007. We confirm the presence of investment peaks but also identify a certain continuity of investment rates over time, indicated by a coefficient of relatively weak but very persistent autocorrelation. Indeed, the investment rate is significantly and positively correlated with its past values up to ten years apart. In addition, an estimate of the autoregressive coefficient shows that the investment rate is partly explained by its past value. These results can be explained in particular by the indivisibility of capital, which requires several episodes of investment to be fully integrated into the operation of the company.