The study looked at how efficiently UK firms turn their sales into investments, and how this relates to financing constraints. They found that there is a wide range of investment efficiency among firms, but the average efficiency stays consistent over time, regions, and industries. The researchers did not see a clear link between firm size and investment efficiency, even during the financial crisis. This suggests that broad policies targeting specific types of firms may not effectively address financing constraints in the UK. Instead, more detailed factors like credit history and organizational capacity may need to be considered when targeting firms with financing issues.