by Chinese firms. In line with the previous literature, the paper demonstrates that investment by non-state firms is … reliance on internal cash flows to fund investment). The paper also finds that large non-state firms with weak government …-appointed Chief Executive Officers also have significantly lower investment intensities, due perhaps to their lower-powered incentives …

Using a newly constructed panel dataset of German enterprises, I estimate R&D and capital investment equations for the … time period from 1990 to 1994. Simple accelerator specifications indicate considerable sensitivity of R&D and investment to … account, but a significant positive relationship between cash flow and investment remains for relatively small firms. In the …