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2017 | OriginalPaper | Buchkapitel

Determinants of Working Capital in Emerging Markets: Do Economic Developments Matter?

verfasst von : Emin Hüseyin Çetenak, Gamze Vural, A. Gökhan Sökmen

Erschienen in: Global Business Strategies in Crisis

Verlag: Springer International Publishing

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Abstract

Previous literature established on the effects of working capital management on firm’s profitability or firm value and focused mostly on firm-level determinants of working capital. In this study, we aimed to examine the determinants of working capital management not only at firm level but also industry-country level. Our sample consists of 1253 manufacturing firms across 13 industries from 14 emerging markets between year 2000 and 2014. Our findings indicate that at firm-level variables, return on asset has a negative relationship with working capital while Tobin Q and Altman Z-score have a positive. At industry-country level variables, HH index, exchange rate, Lerner index, and rule of law have a positive relationship with working capital levels while credit from private sector variable has a negative relationship with working capital levels.

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Vorheriges Kapitel The Impact of Selected Firm Features on Sales Growth: Empirical Evidence from S&P500

Nächstes Kapitel Liquidity Position and Working Capital Adequacy of Companies in Turkey: Outlook from Industry Financial Statements

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Titel: Determinants of Working Capital in Emerging Markets: Do Economic Developments Matter?
verfasst von: Emin Hüseyin Çetenak
Gamze Vural
A. Gökhan Sökmen
Verlag: Springer International Publishing
Buch: Global Business Strategies in Crisis
Print ISBN: 978-3-319-44590-8

Electronic ISBN: 978-3-319-44591-5

Copyright-Jahr: 2017
DOI: https://doi.org/10.1007/978-3-319-44591-5_26

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