Do Working Capital Strategies Matter? Evidence from Small Business Data in Japan

被引：7
|
作者：
Tsuruta, Daisuke [1 ]
机构：
[1] Nihon Univ, Coll Econ, Tokyo, Japan
来源：
ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES | 2018年 / 47卷 / 06期
基金：
日本学术振兴会;
关键词：
Working capital; Firm performance; Trade credit; Inventory; Small businesses; CASH CONVERSION CYCLE; FINANCIAL DISTRESS; TRADE CREDIT; MANAGEMENT; PERFORMANCE; INVESTMENT;
D O I：
10.1111/ajfs.12239
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Previous studies show that a high level of working capital is harmful to firm performance. Using data from over 100,000 small businesses in Japan, we show that a high level of working capital has a positive effect on default risk and sales growth. Therefore, this activity has both positive and negative effects. Additionally, the relationship between working capital and firm performance is negative over a 1-year period, but positive over longer periods, implying that a high level of working capital is ultimately not harmful for small businesses.
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页码：824 / 857
页数：34
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