This paper investigates how cross-sectional micro-uncertainty influences the investment of small and large firms and … discusses the aggregate implications of the heterogeneity in their investment decisions. Empirically, we find that large firms … show less investment decline in times of heightened uncertainty. We provide empirical evidence for the underlying driver of …

analyze the relationship between investment and internal cash flows. The results indicate that the investment sensitivity to … VC-backed SME investment. The moderation effect of VC ownership reduces the magnitudes of the positive impact of cash … flows and debt as well as the negative effect of growth opportunities on investment in both smaller and larger VC …