Weiwei, YING - In: Frontiers of Economics in China 2 (2007) 3, pp. 388-403
We conduct an empirical study on Chinese listed firms' investment-cash flow sensitivities in different stages of the macroeconomic cycle during 1993–2004, and find that macro-economy has a significant effect on investment-cash flow sensitivities. When economic slowdown occurred between 1998...