Stochastic frontier modelling of working capital efficiency across Europe

Afrifa Godfred Adjapong; Tingbani Ishmael; Adesina Oluseyi Oluseun

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Stochastic frontier modelling of working capital efficiency across Europe

机译：Stochastic frontier modelling of working capital efficiency across Europe

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摘要

This paper adopts the stochastic frontier analysis (SFA) to model working capital efficiency (WCE) on a sample of 6170 European firms from 2009 to 2018. We find: (i) larger firms are more efficient with their working capital management (WCM) than smaller firms, (ii) higher cash holding contributes to WCE, (iii) high competition is less conducive to WCE than low competition, (iv) export and sales growth potential decrease WCE and (v) WCE increases with access to bank credit. In the analysis, a distinction is made between the "old" EU countries and the "new" EU countries. The results are sensitive to the year of admission into the EU. The results are robust to omitted variable bias, using a more novel approach.

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来源
《Technological forecasting and social change》 |2022年第11期|568-579|共12页
作者
Afrifa Godfred Adjapong; Tingbani Ishmael; Adesina Oluseyi Oluseun;
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作者单位

Univ Kent;

Univ Southampton;

Canterbury Christ Church Univ;

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收录信息美国《科学引文索引》(SCI);美国《工程索引》(EI);
原文格式 PDF
正文语种英语
中图分类
关键词
Working capital efficiency; Working capital management; Determinants of WCE; Inventory; Trade receivables; Trade payables; Stochastic frontier analysis;

Stochastic frontier modelling of working capital efficiency across Europe

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