دانلود مقاله تاثیر مدیریت سرمایه در گردش بر رتبه اعتباری
چکیده
مقدمه
مروری بر مطالعات و توسعه فرضیه ها
روش شناسی
داده ها و آمار توصیفی
نتایج تجربی
نتایجی که اظهار شده
منابع
Abstract
Introduction
Literature review and hypotheses development
Methodology
Data and descriptive statistics
Empirical results
Concluding remarks
References
چکیده
این مطالعه تاثیر عوامل نهادی را بر مدیریت سرمایه در گردش برای نمونه ای از 5431 شرکت اروپایی در دوره 2010-2010 بررسی می کند. با استفاده از روش حداقل مربعات وزنی (WLS)، ما شواهد تجربی در مورد نقش کیفیت نهادی در شکل‌دهی سیاست‌های سرمایه در گردش شرکت‌های فهرست شده اروپایی ارائه می‌کنیم. نتایج نشان می‌دهد که شرکت‌های مستقر در کشورهایی با چارچوب نهادی قوی‌تر به طور متوسط سطوح پایین‌تری از سرمایه در گردش را حفظ می‌کنند. نتایج برای زیر نمونه های مختلف شرکت ها قوی است. این مطالعه ادبیات موجود را با تجزیه و تحلیل اثرات کیفیت نهادی بر مدیریت سرمایه در گردش، در تعداد زیادی از سیستم‌های نهادی مختلف که مختص اقتصادهای توسعه‌یافته و در حال گذار هستند، تکمیل می‌کند. نتایج برای شاغلین و سیاست گذاران در درک رابطه بین کیفیت نهادی و تصمیمات کوتاه مدت در سطح شرکت مفید است.
توجه! این متن ترجمه ماشینی بوده و توسط مترجمین ای ترجمه، ترجمه نشده است.
Abstract
This study investigates the possible nonlinear relationship between working capital and credit rating. Furthermore, it examines the relationship between the three components of working capital (inventory, accounts receivable, and accounts payable) and a firm’s credit rating. Employing data for U.S listed firms for the period between 1985 and 2017, the results of our ordered probit model show a nonlinear relationship between working capital and its components and credit rating. Finally, we find that the deviation from the optimal working capital adversely affects the credit rating. The results of this study are of significant importance for policy makers, managers, decision makers, and credit-rating agencies, as they help highlight the importance of working capital management for a firm’s credit rating.
Introduction
In light of the 2008 financial crisis, credit-rating scores (CRSs) released by credit-rating agencies have grown in importance (Hung et al. 2017). Credit-rating agencies play a vital role in capital markets by reducing the moral hazard problem. In addition, credit ratings help investors assess the creditworthiness of issuers and the financial securities issued by them (Lee et al. 2021). Furthermore, credit ratings are used as a benchmark based on which investors manage their portfolios. Finally, they play an important monitoring role, as they may require firms with rating deteriorations to take corrective actions to minimize these deteriorations (Huan and Mohamed 2021). Additionally, CRSs have become a crucial tool that helps investors in their investment decision-making process, as they help investors identify risky assets, price their credit, and allocate their capital more efficiently (Amato and Furfine 2004). Investors are highly concerned about borrowers’ ability to fulfil their obligations (Haspolat 2015). Moreover, Bauer and Esqueda (2017) point out that banks rely on credit rating scales to compensate for information deficits when making loan decisions. Thus, a considerable amount of literature has been published on the impact of factors such as firm-specific characteristics [Return on Assets (ROA), size, and liquidity], corporate social responsibility (CSR), and operational leanness on the corporate credit rating (Attig et al. 2013; Hung et al. 2013; Bendig et al. 2017; Dong et al. 2021). However, to our knowledge, no previous study has investigated the impact of working capital management (WCM) on a firm’s credit rating. A key aspect of a WCM decision is its impact on a firm’s risk, return, and valuation (Smith 1980). Many researchers have attempted to investigate the impact of WCM on firms’ financial performance (e.g., Aktas et al. 2015; Jose et al. 1996; Shin and Soenen 1998; Deloof 2003; García-Teruel and Martínez-Solano 2007). These studies have mainly focused on the impact of WCM on a firm’s profitability performance. The interesting point here is the consensus that maintaining a high level of net working capital (NWC) reduces a firm’s risk and profitability.
Concluding remarks
WCM is considered to be one of the most important factors in a firm’s success or failure. Therefore, in this study, we investigate whether a firm’s WCM can affect the perceived riskiness of external evaluators, such as the credit-rating agency S&P. The rationale for this relationship is that inappropriate WCM may increase a firm’s riskiness through under- or over-investment in working capital components. Based on U.S. panel data of 43,141 firm-year observations from 1985 to 2017, we find evidence of a relationship between WCM and credit rating. In particular, we find that this relationship is concave, in which firms have an optimal working capital level that balances costs and benefits to reduce firms’ riskiness; hence, credit is improved. Further, we find that the concave relationship is applicable to working capital components (inventory, accounts receivable, and accounts payable) and that deviation from the optimal working capital level may decrease a firm’s credit rating score.