Inventories, sales uncertainty, and financial strength

被引：35

作者：

Caglayan, Mustafa ^{[1
]}

Maioli, Sara ^{[2
]}

Mateut, Simona ^{[3
]}

机构：

[1] Univ Sheffield, Dept Econ, Sheffield S1 4DT, S Yorkshire, England

[2] Newcastle Univ, Sch Business, Newcastle Upon Tyne NE1 4SE, Tyne & Wear, England

[3] Univ Nottingham, Sch Business, Nottingham NG8 1BB, England

来源：

JOURNAL OF BANKING & FINANCE | 2012年 / 36卷 / 09期

关键词：

Inventory investment; Uncertainty; Financial constraints; RESEARCH-AND-DEVELOPMENT; FIRM-LEVEL EVIDENCE; CASH FLOW; PANEL-DATA; TRADE CREDIT; UK FIRMS; INVESTMENT; SENSITIVITY; CONSTRAINTS; BEHAVIOR;

D O I：

10.1016/j.jbankfin.2012.05.006

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate the empirical linkages between sales uncertainty and firms' inventory investment behavior while controlling for firms' financial strength. Using large panels of manufacturing firms from several European countries we find that higher sales uncertainty leads to larger stocks of inventories. We also identify an indirect effect of sales uncertainty on inventory accumulation through the financial strength of firms. Our results provide evidence that financial strength mitigates the adverse effects of uncertainty. (C) 2012 Elsevier B.V. All rights reserved.

引用

页码：2512 / 2521

页数：10

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