We examine firms' simultaneous choice of investment, debt financing and liquidity in a large sample of US corporates … affect the corporate decisions of unconstrained firms more strongly than those of constrained firms. Investment-cash flow … sensitivities are particularly intense for unconstrained firms with high hedging needs. Investment opportunities (as proxied by Q …

In this paper, we use firm-level survey data to explore the determinants of SME investment activity and the extent to … which observed investment is in line with that suggested by economic fundamentals. In contrast to previous literature which … has focused on whether investment gaps exist at a more aggregate level, we find evidence that for SMEs actual investment …