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Perception of the business cycle can differ among firms, which has been confirmed by extensive survey data. The question the authors want to answer in this paper is "What Causes Differences In Business Cycle Perception?" by utilizing a newly designed questionnaire. Specifically, they match properties emphasizing the absolute level of economic activities or the direction of their changes and indicators of a firm's managerial and financial conditions, and examine the relationship between them. Based on these results, they could not find a particular indicator for the properties of firms that indicate level or trend change. However, a higher level of capital or number of employees suggests a tendency to emphasize change or rate of change, rather than the level of the business survey index.
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