Firms were found to rely on inventory decumulation to a lesser extent compared to the past, to generate internal financing.
More specifically,
disinvestments in financial assets were found to represent, as a matter of fact,
one of the main drivers adopted to ease liquidity tensions :
a negative and strongly significant relationship with inventory investment was detected , after controlling for short-run liquidity constraints at firm level.
By contrast
, only a weak negative relationship was established with fixed capital during the same recessionary biennium.
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