This paper examines the dynamic relationship among cash flow, R&D investment and profitability. Previous empirical … individual fixed effects. We find that the positive impact of R&D investment on profitability over the long term, which indicates … the difference in R&D effect on profitability for the two groups of firms, is significantly larger in high-tech firms. In …

)). The contradiction of high profitability and low efficiency causes great confusion in understanding banking in China. Our …, Chinese banks led the global banking profitability ranking through the years from 2008 to 2010 and contributed one fifth of …. However, the low efficiency in Chinese banks is still persistent, as evident in many empirical studies (e.g. Feyzioğlu, (2009 …