| Summary: | 碩士 === 元智大學 === 商學碩士班(財務金融學程) === 102 === This study examines whether manager use the macroeconomic variable to predict future recessions. According to the prospect, manager will adjust company’s investment ratio. In addition, if the GDP or energy significantly explains firm’s earning, will it affect the investment ratio? The result provide some evident that firms do prepare for future recessions. Furthermore, if GDP have higher explanatory power to company’s earning, it causes investment ratio decrease. If energy cost have higher explanatory power to company’s earning, it causes investment ratio increase.
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