Chiu, Yung-Chin; Liang, Ching-Wen; Wang, Yanzhi - In: Emerging Markets Finance and Trade 48 (2012) 1, pp. 88-109
This paper investigates corporate financing decisions on corporate investment using cases of research and development (R&D) spending. We focus on U.S. firms with large R&D increases in 1986 to 2007, and we find that most firms with increases in R&D outlays use internal funds to finance the...