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 …

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 …

flows to fund investment), and that the sensitivity of investment to internal cash flows is higher for firms that report …

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 …