Determinants of working capital in emerging markets: do economic developments matter?
[ X ]
Tarih
2017
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
SPRINGER INTERNATIONAL PUBLISHING AG
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
Previous literature established on the effects of working capital management on firm's profitability or firm value and focused mostly on firm-level determinants of working capital. In this study, we aimed to examine the determinants of working capital management not only at firm level but also industry-country level. Our sample consists of 1253 manufacturing firms across 13 industries from 14 emerging markets between year 2000 and 2014. Our findings indicate that at firm-level variables, return on asset has a negative relationship with working capital while Tobin Q and Altman Z-score have a positive. At industry-country level variables, HH index, exchange rate, Lerner index, and rule of law have a positive relationship with working capital levels while credit from private sector variable has a negative relationship with working capital levels.
Açıklama
WOS: 000415645900028
Anahtar Kelimeler
Kaynak
Global Busıness Strategıes ın Crısıs: Strategıc Thınkıng and Development
WoS Q Değeri
N/A
Scopus Q Değeri
Q4
