Effects of Changes in the Business Cycle on Small Firms in the United States
研究了小企业在商业周期不同阶段的行为，特别是销售、盈利能力和流动负债，并检验小企业是否比大企业更易受周期影响。
Dr. Meir Tamari is an economist with the Bank of Israel in Jerusalem. The original research for this paper was conducted on behalf of the United States Small Business Administration. In view of the special characteristics of small firms the paper examines the importance of monitoring their behaviour at various points in the business cycle. Three related aspects of corporate behaviour - sales, profitability, and current liabilities - are studied. The hypothesis tested in the study is that small firms are adversely affected to a greater degree than are large firms in all three aspects. An examination is first made of whether small firms actually do react differently to changes in the business cycle than large firms and then an attempt is made to measure this quantitatively for forecasting purposes.