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首页> 外文期刊>The International Journal of Productivity and performance management >Determinants of liquidity in Malaysian SMEs: a quantile regression approach
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Determinants of liquidity in Malaysian SMEs: a quantile regression approach

机译：马来西亚中小企业流动性的决定因素：分位数回归方法

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Purpose - The management of liquidity has always been seen as a critical but often ignored issue in finance. Despite the abundance of studies on liquidity management, these studies mainly focus on developed countries and on large firms. Liquidity is critical for the small firm but studies on liquidity management in small and medium enterprises (SMEs) are lacking. The purpose of this paper is to examine the firm-level determinants of liquidity of SMEs in Malaysia. Design/methodology/approach - Data are collected for a total of 986 small firms in Malaysia from 2011 to 2014, resulting in a total of 2,683 observations. Firm-specific variables and the effect of the economy are considered as the possible determinants of liquidity. Ordinary least squares (OLS) regression analysis with standard errors adjusted for firm-level clustering and quantile regression analysis are used for this purpose. Findings - Analysis using OLS regression technique indicates that a firm's profitability, its growth, asset tangibility, size, age and firm status are significant factors in influencing its liquidity decision. Leverage and economic condition are not found to have any significant influence on liquidity. However, quantile regression analysis provides a different picture especially for SMEs with liquidity at the quantile levels of G = 0.10 and 0.90. At θ = 0.10, only profitability, tangibility and firm status are significant, while at 0 = 0.90, tangibility, size, firm status and, to some extent, age are significant in influencing liquidity levels. Originality/value - To the author's knowledge, this is the first study analyzing the liquidity decision of SMEs in an emerging market such as Malaysia. Most studies on liquidity management of SMEs are focused on developed countries due to data availability but these studies are also only a handful. Additionally, this study uses quantile regression analysis which highlights the need to analyze financial decisions at different levels rather than at the aggregate level as done in OLS regression analysis.
机译：目的-流动性管理一直被视为金融中的关键问题，但常常被忽略。尽管关于流动性管理的研究很多，但这些研究主要集中在发达国家和大公司上。流动性对小公司至关重要，但缺乏对中小企业流动性管理的研究。本文的目的是研究马来西亚中小型企业流动性的公司层面决定因素。设计/方法/方法-从2011年到2014年，收集了马来西亚总共986家小公司的数据，总共进行了2683次观察。公司特定变量和经济影响被认为是流动性的可能决定因素。为此，使用针对公司级聚类进行了标准误差调整的普通最小二乘（OLS）回归分析和分位数回归分析。调查结果-使用OLS回归技术进行的分析表明，公司的盈利能力，其增长，资产有形性，规模，年龄和公司状态是影响其流动性决策的重要因素。没有发现杠杆和经济状况对流动性有重大影响。但是，分位数回归分析提供了不同的图景，特别是对于流动性处于G = 0.10和0.90的中小企业。在θ= 0.10时，只有盈利能力，有形性和公司状态是重要的，而在0 = 0.90时，有形性，规模，公司状态以及在一定程度上，年龄对影响流动性水平具有重要意义。原创性/价值-就作者所知，这是第一项分析中小企业在马来西亚等新兴市场中流动性决策的研究。由于数据的可获得性，大多数有关中小企业流动性管理的研究都集中在发达国家，但这些研究也很少。此外，本研究使用分位数回归分析，强调了需要分析不同级别的财务决策，而不是像OLS回归分析中那样在汇总级别进行财务决策。

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