This study aims to investigate the determinants of capital expenditure (capex) for Malaysian palm oil companies listed at Bursa Malaysia. The study uses the dynamic panel data analysis (generalized method of moment) estimation for the sample of 40 palm oil-oriented firms that spanning from year 2000 until 2016. Findings/Originality: The empirical findings revealed that, in the short run and the long run, the capex spending is significantly affected by the cash flow, sale growth, and world crude palm oil price. However, Average Q significantly influences the capex decision in the long run only. Thus, the policy implication from this study suggests that palm oil-oriented firms should take into account the movement of world crude palm oil (CPO) price in designing their capital expenditure strategy. In addition, proper planning for managing firms’ cash flow and sale growth are also important for expanding their capex in future.

中文翻译：

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马来西亚棕榈油行业资本支出的决定因素：动态面板数据分析

本研究旨在调查在马来西亚交易所上市的马来西亚棕榈油公司资本支出 (capex) 的决定因素。该研究对 2000 年至 2016 年间 40 家以棕榈油为导向的公司样本使用动态面板数据分析（广义矩法）估计。 结果/原创性：实证结果表明，在短期和长期运行，资本支出受现金流、销售增长和世界毛棕榈油价格的显着影响。然而，平均 Q 仅在长期内显着影响资本支出决策。因此，本研究的政策含义表明，以棕榈油为导向的公司在设计资本支出策略时应考虑世界原棕油 (CPO) 价格的变动。此外，