Purpose

The purpose of this research is to bring upfront some unconventional attributes of inflationary expectations of entrepreneurs. Firm-level attributes are instrumental in shaping the behavior of entrepreneurs, which affect the way in which they form their expectations regarding some key economic variables, like inflation. Inflationary expectations are considered important based on their significant role in affecting decisions taken by individuals, firms and policy makers. Among all economic segments, it is vital to account the inflationary expectations of entrepreneurs representing firms because their decisions critically define the future path of actual inflation and inflation inertia. This basic purpose of this paper is to offer a deterministic framework for these expectations contingent upon the firm-level attributes.

Design/methodology/approach

This paper provides survey-based evidence on inflationary expectations of entrepreneurs of the selected manufacturing, trading and service sector firms from Pakistan. Additionally, the study has focused on identifying some firm-level attributes, including market experience of the firm, scale of production, myopia in price setting behavior, forward and backward-looking behavior, rationality of the entrepreneur and the entrepreneur's relative firm-level experience as determinants of these expectations. The specified variables are constructed based on responses captured through a structured questionnaire.

Findings

Within an ordinal logistic framework, the study finds that the said attributes including market experience of the firm, scale of production, myopic tendency of entrepreneur in price setting, forward and backward-looking behavior, rationality of the entrepreneur and the entrepreneur's relative firm-level experience play a pivotal role in explaining differentials and heterogeneity in reported level of inflationary expectations.

Originality/value

The study brings upfront some unconventional attributes of inflationary expectations at entrepreneurial level. The work is unique in a sense that it provokes researchers to account behavioral and individualistic attributes within a deterministic framework for inflationary expectations.

中文翻译：

---

企业家通胀预期的企业层面属性：来自巴基斯坦经济的证据

目的

本研究的目的是预先提出企业家通胀预期的一些非常规属性。企业层面的属性有助于塑造企业家的行为，这会影响他们对某些关键经济变量（如通货膨胀）形成预期的方式。通胀预期被认为很重要，因为它们在影响个人、公司和政策制定者的决策方面发挥着重要作用。在所有经济部门中，考虑代表公司的企业家的通胀预期至关重要，因为他们的决策批判性地定义了实际通胀和通胀惯性的未来路径。本文的基本目的是为这些取决于公司层面属性的期望提供一个确定性框架。

设计/方法/方法

本文提供了基于调查的证据，说明巴基斯坦选定的制造业、贸易和服务业公司的企业家的通胀预期。此外，该研究侧重于识别一些公司层面的属性，包括公司的市场经验、生产规模、定价行为的近视、前瞻和后视行为、企业家的理性以及企业家的相对公司层面的经验。作为这些期望的决定因素。指定的变量是根据通过结构化问卷捕获的响应构建的。

发现

研究发现，在顺序逻辑框架内，上述属性包括企业的市场经验、生产规模、企业家在定价时的短视倾向、前瞻和后视行为、企业家的理性和企业家的相对企业级别。经验在解释所报告的通胀预期水平的差异和异质性方面发挥着关键作用。

原创性/价值

该研究预先提出了企业家层面通胀预期的一些非常规属性。从某种意义上说，这项工作是独一无二的，它促使研究人员在通货膨胀预期的确定性框架内考虑行为和个人属性。