Is size important for the investment-uncertainty relationship? : an empirical analyses for Dutch firms

Abstract
By using data from a survey amongst a panel of Dutch firms we investigate whether the
investment-uncertainty relationship depends on the size of the firm. We find that uncertainty has a
positive effect on investment of small firms, whereas it is negative for large firms. There are
probably two reasons for this outcome. First, both small and large Dutch firms do not seem to be
financially constrained. Second, sunk costs are much higher for large than for small Dutch firms.

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