Working capital management, financial constraints and exports: evidence from European and US manufacturers

Mansilla-Fernández, José Manuel; Baleix, Juliette Milgram

doi:10.1007/s00181-022-02295-5

Cited by 5 publications

(2 citation statements)

References 95 publications

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“…The computation of the CCC is determined by aggregating the DSO and the days sales of inventory (DSI) and then subtracting the DPO. It represents the enterprise's need for short-term debt financing and is an important factor in studying the internal financing of enterprises [34]. Considering that enterprise financialization focuses on financial management, it is reasonable to use the CCC as a proxy variable to measure the relationship between supply chain finance and enterprise financialization.…”

Section: Core Explanatory Variable: Supply Chain Financementioning

confidence: 99%

Sustainable Development of the Real Economy: Supply Chain Finance and Enterprise Financialization

Dong,

Zhang

2024

Sustainability

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Supply chain finance, as an important financial instrument supporting the sustainable development of the real economy, has attracted significant attention. In this paper, research is conducted on 3181 non-financial listed enterprises in the A-share market in China from 2012 to 2021. Multiple regression analysis is adopted to examine the relationship between supply chain finance and enterprise financialization, as well as the impact of the former on the latter and the underlying mechanisms at play. The research findings indicate that the supply chain finance model, led by core enterprises, tends to exacerbate enterprise financialization in China. The significant resource dependence of small- and medium-sized enterprises (SMEs) on core enterprises acts as a moderating variable for supply chain finance and enterprise financialization. This dependence amplifies the stimulus of supply chain finance on the “financialization” of enterprises, demonstrates a pronounced moderating effect within state-owned enterprises, and strengthens over time when the core enterprises possess information advantages. The findings articulated herein contribute to the scholarly discourse, offering insights into the improvement of supply chain finance and the advancement of the real economy’s sustainable development via financial services. A good supply chain finance model should align with the requirements for the development of China’s real economy. It should provide not only financial assistance to enterprises but also foster a virtuous cycle within the industrial chain and encourage industrial production over financial investment.

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Section: Core Explanatory Variable: Supply Chain Financementioning

confidence: 99%

Sustainable Development of the Real Economy: Supply Chain Finance and Enterprise Financialization

Dong,

Zhang

2024

Sustainability

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“…Unfortunately, high inflation, tight monetary policies, and uncertainties may intensify liquidity pressure rather than alleviate it. WCM aims to balance existing assets and liabilities (Mansilla-Fern andez and Milgram-Baleix, 2023), which is a recurring topic in business process management and ensuring optimal performance (Zimon et al, 2024). WCM involves theory, resource-based theory, VBM perspective, signalling theory, agency theory, shareholder theory, and contingency theory.…”

Section: Introductionmentioning

confidence: 99%

Do competitive strategies affect working capital management efficiency?

Habib,

Yang,

Cui

2024

BPMJ

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PurposeThis study examines the effects of CLS and DS on companies' WCME and analyses the differences in WCME at company and market levels.Design/methodology/approachThis study adopts the DEA approach, regression, differences, and additional analyses to achieve its objectives. This study employs 235 non-financial companies and 1,175 company-year observations from eight active industries in the United States from 2016 to 2020.FindingsThe findings indicate that CLS and DS strategies positively influence companies' WCME. Additionally, WCME differed across size categories and industries, with large companies and those operating in the communication services industry showing better WCME. By contrast, WCME did not differ between the periods before and during the COVID-19 pandemic.Practical implicationsThis study scrutinizes the impact of CLS and DS strategies on companies' WCME to bridge the gap in this field. It extends the investigation of competitive strategies as explanatory variables for a company's WCME and examines the differences in companies' WCME at the company and market levels, which may assist decision-makers in improving their strategies and efficiencies for continuous improvement.Originality/valueThis study enhances current knowledge by uncovering the influence of CLS and DS strategies on improving companies' WCME, an underexplored topic. It also explores companies' WCME trends and patterns regarding company size, industry type, and the pandemic period to draw interesting conclusions about the essence of WCME.

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Moderating effects of net export and exchange rate on profitability of firms: a two-step system generalized method of moments approach

Hussain,

Ali,

Abdul Latiff

et al. 2024

Cogent Economics & Finance

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Working capital management, financial constraints and exports: evidence from European and US manufacturers

Cited by 5 publications

References 95 publications

Sustainable Development of the Real Economy: Supply Chain Finance and Enterprise Financialization

Sustainable Development of the Real Economy: Supply Chain Finance and Enterprise Financialization

Do competitive strategies affect working capital management efficiency?

Moderating effects of net export and exchange rate on profitability of firms: a two-step system generalized method of moments approach

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