When the halo of steel companies faded out in China - An empirical study on the relationship between investment and cash flow
The main purpose of this study is to evaluate the ICF sensitivity changing along with the deteriorating internal and external financing conditions for 23 steel companies listed in Shenzhen and Shanghai Stock Exchange markets in China.The paper found that there is a positive relationship between investment and cash flow which is in line with previous researches. We also found a sharp ICF sensitivit
