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This paper tests for the importance of cash flow on investment in fixed capital and R&D using firm-level panel data in two countries between 1985 and 1994. For German firms, cash flow is not informative in simple econometric models of fixed investment or R&D. In identical pecifications for...
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management on firm performance; (ii) a positive relationship between product market competition and average management quality … (part of which stems from the larger covariance between management with firm size as competition strengthens); and (iii) a …
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: competition, business environment, learning spillovers and human capital. Collectively, these drivers account for about a third of …
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