After the period of financial liberalization, the activities of firms can create signals for financial and macroeconomic environment and the relationship between financial and macroeconomic variables can be captured by firm-based empirical evidence. From this point of, we employ panel least squares method to investigate the interactions between the balance sheets accounts of US firms in biotechnology, telecommunications and transportation sectors. Our results expose that the technology level is not sufficient to promote the activity of firms and their liquidity. It is also revealed that the number of employee positively affects the cash account whereas the property account does not have a significant impact on cash. According to our estimations, we suggest that an optimal empirical framework should be derived to capture the microeconomic origins of macroeconomic developments in terms of effects of total productivity shocks in those sectors.(C) 2016 The Authors. Published by Elsevier B.V.