Firm Size, Capital Investment, and Debt Financing over Industry Business Cycles
研究发现大企业的资本投资和净债务发行对行业商业周期的敏感度高于小企业，这与规模对宏观经济周期的影响相反，并探讨了理论机制。
Abstract We find that capital investment and net debt issuance of large firms are, on average, more sensitive to industry business cycles than those of small firms, in stark contrast to the effect of size on investment sensitivity to macroeconomic cycles. We theoretically examine the role of firm size on firms’ responses to industry shocks. Consistent with our theoretical predictions, we find that large firms exhibit greater sensitivity to industry cycles than small firms in their investment and net debt issuance only in industries with low cyclical variability of markups and production growth, high fixed cost intensity, high market-to-book, and high markups.