Determinants of working capital: empirical evidence on manufacturing SMEs

dc.contributor.authorSardo, Filipe
dc.contributor.authorSerrasqueiro, Zélia
dc.date.accessioned2021-04-21T17:32:20Z
dc.date.available2021-04-21T17:32:20Z
dc.date.issued2021
dc.description.abstractPurpose – 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.pt_PT
dc.identifier.citationSardo, F., & Serrasqueiro, Z. (2020 Determinants of working capital: empirical evidence on manufacturing SMEs. Journal of Economic Studies. Disponível no Repositório UPT, http://hdl.handle.net/11328/3454pt_PT
dc.identifier.doi10.1108/JES-10-2020-0513pt_PT
dc.identifier.issn0144-3585
dc.identifier.urihttp://hdl.handle.net/11328/3454
dc.language.isoengpt_PT
dc.peerreviewedyespt_PT
dc.publisherEmerald Publishing Limitedpt_PT
dc.relation.publisherversionhttps://www.emerald.com/insight/publication/issn/0144-3585pt_PT
dc.rightsopen accesspt_PT
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/pt_PT
dc.subjectDynamic panel estimatorspt_PT
dc.subjectProbability of financial distresspt_PT
dc.subjectSMEspt_PT
dc.subjectWorking capitalpt_PT
dc.titleDeterminants of working capital: empirical evidence on manufacturing SMEspt_PT
dc.typejournal articlept_PT
degois.publication.titleJournal of Economic Studiespt_PT
dspace.entity.typePublicationen

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