تصمیمات سرمایه گذاری کار
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تصمیمات سرمایه گذاری کار

عنوان فارسی مقاله: آیا واقعا تصمیمات سرمایه گذاری کار ماهیتا کوتاه مدت هستند؟
عنوان انگلیسی مقاله: Are working capital decisions truly short-term in nature?
مجله/کنفرانس: مجله تحقیقات کسب و کار-Journal of Business Research
رشته های تحصیلی مرتبط: اقتصاد، مدیریت
گرایش های تحصیلی مرتبط: اقتصاد مالی، مدیریت مالی
کلمات کلیدی فارسی: مدیریت سرمایه کار، تخصیص دارایی، پایداری، کارایی
کلمات کلیدی انگلیسی: Working capital management، Asset allocation، Persistence، Efficiency
نوع نگارش مقاله: مقاله پژوهشی (Research Article)
نمایه: Scopus – Master Journals List – JCR
شناسه دیجیتال (DOI): https://doi.org/10.1016/j.jbusres.2019.02.032
دانشگاه: Finance and Accounting Area, Indian Institute of Management Indore, Indore, Madhya Pradesh 453556, India
ناشر: الزویر - Elsevier
نوع ارائه مقاله: ژورنال
نوع مقاله: ISI
سال انتشار مقاله: 2019
ایمپکت فاکتور: 5.352 در سال 2018
شاخص H_index: 158 در سال 2019
شاخص SJR: 2.203 در سال 2018
شناسه ISSN: 0148-2963
شاخص Quartile (چارک): Q1 در سال 2018
فرمت مقاله انگلیسی: PDF
تعداد صفحات مقاله انگلیسی: 16
وضعیت ترجمه: ترجمه نشده است
قیمت مقاله انگلیسی: رایگان
آیا این مقاله بیس است: خیر
آیا این مقاله مدل مفهومی دارد: ندارد
آیا این مقاله پرسشنامه دارد: ندارد
آیا این مقاله متغیر دارد: دارد
کد محصول: E12259
رفرنس: دارای رفرنس در داخل متن و انتهای مقاله
فهرست انگلیسی مطالب

Abstract


1. Introduction


2. Background literature


3. Persistent working capital allocations


4. Determinants of working capital allocations


5. Discussion and implications for future research


6. Conclusion


Declarations of interest


Funding


Appendix A. Cross-sectional determinants of working capital


Appendix B. Measurement and definition of variables


Appendix C. Descriptive statistics of the variables of interest


Appendix D. Correlation matrix


References

نمونه متن انگلیسی مقاله

Abstract


We investigate the extent of short-term flexibility in firms’ working capital management decisions. Contrary to the firms’ perceived ability to frequently modulate their working capital allocations, we find systematic and persistence differences in working capital allocations across and within industries. Specifically, industries and firms within industries with relatively higher or lower working capital allocations remain so for a sustained period of time, often exceeding 15 years. Contrary to the past literature suggesting that such allocations are driven by firms’ concerns over improving inter-temporal cash flows and sales or absorbing shocks to their capital expenditure schedules, we find that firm-specific time-invariant factors rather primarily drive them.


Introduction


Corporate working capital decisions are often cited as short-term financial decisions. Textbook treatment of working capital management concurs with this idea (see, e.g., Brealey, Myers, & Allen, 2016, and Brigham & Ehrhardt, 2015). Such perceptions often stem from the short-term turnover cycles associated with working capital components viz: credit receivables, inventories and trade payables. For many firms, these components turn over several times in a typical year of operation. Past literature seems to evaluate the efficiency of firms’ working capital management by comparing the relative working capital allocations across firms (see, e.g., Frankel, Levy, & Shalev, 2017 and Ek & Guerin, 2011). Presumably, firms can swiftly modulate their working capital to conform to the optimal allocations in their respective industry (see, e.g., Aktas, Croci, & Petmezas, 2015 and Baños-Caballero, GarcíaTeruel, & Martínez-Solano, 2010). As per this literature, such modulations may provide the required tactical asset allocation to enhance firm value. Accordingly, we should expect frequent modulations in firms’ working capital allocations within the industry over time. For example, we expect firms with relatively higher (lower) working capital allocation within an industry to decrease (increase) their allocations over time. Similarly, firms within an industry are likely to operate with a similar working capital allocation that is presumably optimal for the industry. However, interestingly, such modulations in working capital allocations and industry-wide optimal allocations are not empirically observed in the data.

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