Subject. This article provides new evidence on how corporate characteristics, like leverage, liquidity, and profitability, affect the investment decisions of non-financial companies. Methods. For the study, we used a statistical data analysis, time series analysis, and an econometric analysis of panel data with fixed and random effects. Results. The article finds that companies from different non-financial industries react differently to changes in corporate variables. This is also true for companies with different sizes and capital structures. The article also confirms that investment activity during and after the debt financial crisis is different, and the materiality of variables for investment decisions changes. Relevance. The research results can be valuable for the scientific community in finding answers in the field of corporate investment, as well as for companies in making investment decisions and for the external financial industry in assessing the financial needs of companies in emerging investment opportunities.
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