Görtz, Christoph; Sakellaris, Plutarchos; Tsoukalas, … - 2022
productivity are leading indicators of the lumpy adjustment. Cash and debt capacity are actively manipulated, and contribute … or employment. Using U.S. firm level data, we document systematic patterns of cash and debt financing around lumpy … adjustment, remarkably similar across capital and employment. Firm specific fundamentals in Tobin's Q, profitability and …