摘要：Using a large sample of Spanish companies, this paper investigates the impact that firms’financial health has on their investment and employment decisions. The results indicatethat firms’ financial position is important for explaining firms’ capital expenditures and theiremployment levels, since cash flow, indebtedness and the debt burden appear to berelevant for explaining investment and employment dynamics. Likewise, the resultsobtained point to a non-linear impact of financial position on these decisions, this beinglarger for companies in a less sound financial situation, and suggest that the role offinancial factors in explaining investment and employment dynamics is likely to be greaterin recessionary periods.
