Determinants of working capital: empirical evidence on manufacturing SMEs
Autor(a) principal: | |
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Data de Publicação: | 2021 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/11328/3454 |
Resumo: | Purpose – This study seeks to analyse the determinants of working capital of manufacturing small and medium-sized enterprises (SMEs), particularly the effect of the probability of financial distress on working capital. Design/methodology/approach – Using panel data models, the authors analyse a sample of 3994 manufacturing SMEs for the period 2011–2017. Findings – The results suggest that SMEs pursue conservative working capital management to avoid the failure to fulfil the commitments with creditors. Also, the positive impact of the probability of financial distress on SME working capital suggests that SMEs exposed to a higher probability of bankruptcy invest more in working capital to avoid the risk of default and financing imbalance. Originality/value – The novelty of this study is to extend the consequences of aggressive or conservative working capital management by analysing the probability of financial distress on working capital. |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Determinants of working capital: empirical evidence on manufacturing SMEsDynamic panel estimatorsProbability of financial distressSMEsWorking capitalPurpose – This study seeks to analyse the determinants of working capital of manufacturing small and medium-sized enterprises (SMEs), particularly the effect of the probability of financial distress on working capital. Design/methodology/approach – Using panel data models, the authors analyse a sample of 3994 manufacturing SMEs for the period 2011–2017. Findings – The results suggest that SMEs pursue conservative working capital management to avoid the failure to fulfil the commitments with creditors. Also, the positive impact of the probability of financial distress on SME working capital suggests that SMEs exposed to a higher probability of bankruptcy invest more in working capital to avoid the risk of default and financing imbalance. Originality/value – The novelty of this study is to extend the consequences of aggressive or conservative working capital management by analysing the probability of financial distress on working capital.Emerald Publishing Limited2021-04-21T17:32:20Z2021-01-01T00:00:00Z2021info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/11328/3454eng0144-358510.1108/JES-10-2020-0513Sardo, FilipeSerrasqueiro, Zéliainfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-06-15T02:11:56ZPortal AgregadorONG |
dc.title.none.fl_str_mv |
Determinants of working capital: empirical evidence on manufacturing SMEs |
title |
Determinants of working capital: empirical evidence on manufacturing SMEs |
spellingShingle |
Determinants of working capital: empirical evidence on manufacturing SMEs Sardo, Filipe Dynamic panel estimators Probability of financial distress SMEs Working capital |
title_short |
Determinants of working capital: empirical evidence on manufacturing SMEs |
title_full |
Determinants of working capital: empirical evidence on manufacturing SMEs |
title_fullStr |
Determinants of working capital: empirical evidence on manufacturing SMEs |
title_full_unstemmed |
Determinants of working capital: empirical evidence on manufacturing SMEs |
title_sort |
Determinants of working capital: empirical evidence on manufacturing SMEs |
author |
Sardo, Filipe |
author_facet |
Sardo, Filipe Serrasqueiro, Zélia |
author_role |
author |
author2 |
Serrasqueiro, Zélia |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Sardo, Filipe Serrasqueiro, Zélia |
dc.subject.por.fl_str_mv |
Dynamic panel estimators Probability of financial distress SMEs Working capital |
topic |
Dynamic panel estimators Probability of financial distress SMEs Working capital |
description |
Purpose – This study seeks to analyse the determinants of working capital of manufacturing small and medium-sized enterprises (SMEs), particularly the effect of the probability of financial distress on working capital. Design/methodology/approach – Using panel data models, the authors analyse a sample of 3994 manufacturing SMEs for the period 2011–2017. Findings – The results suggest that SMEs pursue conservative working capital management to avoid the failure to fulfil the commitments with creditors. Also, the positive impact of the probability of financial distress on SME working capital suggests that SMEs exposed to a higher probability of bankruptcy invest more in working capital to avoid the risk of default and financing imbalance. Originality/value – The novelty of this study is to extend the consequences of aggressive or conservative working capital management by analysing the probability of financial distress on working capital. |
publishDate |
2021 |
dc.date.none.fl_str_mv |
2021-04-21T17:32:20Z 2021-01-01T00:00:00Z 2021 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/11328/3454 |
url |
http://hdl.handle.net/11328/3454 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
0144-3585 10.1108/JES-10-2020-0513 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Emerald Publishing Limited |
publisher.none.fl_str_mv |
Emerald Publishing Limited |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
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repository.mail.fl_str_mv |
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_version_ |
1777302555413446656 |