ABSTRACT

In this study we investigate the investment behaviour of the First Nation governments (FNGs) ($N=68$) in Saskatchewan, Canada. FNGs invest revenues into First Nation-owned businesses or through joint ventures with neighbouring FNGs. We argue that in cases of jointly controlled capital stock through joint ventures between multiple FNGs, it is necessary to account for externalities originating from neighbouring FNGs. To test this hypothesis, we developed a spatially augmented model of investment behaviour. The results show that capacity utilization is a major determinant of FNGs’ investment behaviour. Neighbouring FNGs influence the investment behaviour of other FNGs and accounting for other FNGs’ externalities improves explanatory power of empirical models of First Nation investment behaviour.

摘要

在这项研究中，我们调查了第一民族政府（FNGs）的投资行为（$N=68$) 在加拿大萨斯喀彻温省。FNG 将收入投资于原住民拥有的企业或通过与邻近 FNG 的合资企业进行投资。我们认为，在通过多个 FNG 之间的合资企业共同控制资本存量的情况下，有必要考虑源自相邻 FNG 的外部性。为了验证这一假设，我们开发了一个空间增强的投资行为模型。结果表明，产能利用率是 FNG 投资行为的主要决定因素。相邻的 FNG 会影响其他 FNG 的投资行为，并且考虑其他 FNG 的外部性可以提高原住民投资行为经验模型的解释力。