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financing constraints of R&D investment or not. Finally, the paper further investigates the interaction of financial development … and firm characteristics (including firm size, ownership nature and establishment time) on the impact of R&D investment …. The results show that the degree of financing constraint is negatively correlated with R&D investment. Both the …
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considered here may affect the sensitiveness of investment to cash flow. Large firms, stock market listed firms as well as firms …
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