This investigation shows how the irreversibility constraints of fixed tangible investments conditioned on the debt flows and financial standing of a company affect its financial performance in cyclical adversity. The System General Method of Moments (GMM) estimator evaluates the endogenous link between the investment-financing flows of companies and the risk-adjusted returns on assets and invested capital. The detrimental effects on financial returns stem from the ill-fated timing of irreversible or partially irreversible fixed tangible investment and arise for companies when there is a deep cyclical gap in real value added, where this adverse effect is particularly strong under concomitant high uncertainty in producer prices.

中文翻译：

---

投资不可逆性和周期性逆境：对欧洲制造企业财务业绩的影响

这项调查显示了以公司的债务流动和财务状况为条件的固定有形投资的不可逆约束如何影响其在周期性逆境中的财务业绩。系统通用矩量法 (GMM) 估计器评估公司的投资融资流量与资产和投资资本的风险调整回报之间的内生联系。对财务回报的不利影响源于不可逆转或部分不可逆转的固定有形投资的不幸时机，并且出现在实际增加值存在深度周期性差距的公司中，这种不利影响在生产商的高度不确定性下尤其强烈价格。