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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 …
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outcomes (employment growth, sales growth, profitability), technological sophistication and links to higher education …
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