Publication: Working capital management, financial constraints and exports: evidence from european and US manufacturers
| dc.contributor.author | Mansilla Fernández, José Manuel | |
| dc.contributor.author | Milgram Baleix, Juliette | es_ES |
| dc.contributor.department | Institute for Advanced Research in Business and Economics - INARBE | en |
| dc.contributor.funder | Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa | es |
| dc.date.accessioned | 2023-01-19T13:07:50Z | |
| dc.date.available | 2023-01-19T13:07:50Z | |
| dc.date.issued | 2022 | |
| dc.date.updated | 2023-01-19T12:39:55Z | |
| dc.description.abstract | This paper investigates the effect of firms’ working capital management, measured by the cash conversion cycle (CCC) on exports, on both the intensive and extensive margins. By using Heckman’s two-stage model for the treatment of sample selection bias, we find that the longer the CCC, the lower firms’ likelihood of exporting and the lower the volume of their exports. This phenomenon is economically more relevant for financially constrained firms than for unconstrained firms. The results are robust to the propensity score matching, the transition sample and the placebo analyses. Finally, these results can be extrapolated in the context of the COVID-19 crisis because of the decline in trading conditions and firms’ shortage of liquidity. | en |
| dc.description.sponsorship | José Manuel Mansilla-Fernández gratefully acknowledges financial support from Grant PID2019-104304GB-I00 funded by MCIN/AEI/ 10.13039/501100011033. Juliette Milgram thanks the financial support from the following Projects: PGC2018-093506-B-I00 from Ministerio de Ciencia, Innovación y Universidades (Spain), P20_00029 (Junta de Andalucía) and B-SEJ-206-UGR20 (FEDER ANDALUCÍA 2014–2020). The authors acknowledge financial support from the “Programa de ayudas de la Facultad de Ciencias Económicas y Empresariales de la Universidad de Granada para la revisión de textos científicos”. | en |
| dc.format.mimetype | application/pdf | en |
| dc.identifier.citation | Mansilla-Fernández, J. M., & Milgram-Baleix, J. (2022). Working capital management, financial constraints and exports: Evidence from European and US manufacturers. Empirical Economics. https://doi.org/10.1007/s00181-022-02295-5 | en |
| dc.identifier.doi | 10.1007/s00181-022-02295-5 | |
| dc.identifier.issn | 0377-7332 | |
| dc.identifier.uri | https://academica-e.unavarra.es/handle/2454/44609 | |
| dc.language.iso | eng | en |
| dc.publisher | Springer | en |
| dc.relation.ispartof | Empirical Economics (2022) | en |
| dc.relation.projectID | info:eu-repo/grantAgreement/AEI/Plan Estatal de Investigación Científica y Técnica y de Innovación 2017-2020/PID2019-104304GB-I00/ES/ | en |
| dc.relation.projectID | info:eu-repo/grantAgreement/AEI/Plan Estatal de Investigación Científica y Técnica y de Innovación 2017-2020/PGC2018-093506-B-I00/ES/ | en |
| dc.relation.publisherversion | https://doi.org/10.1007/s00181-022-02295-5 | |
| dc.rights | This article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article’s Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article’s Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. | en |
| dc.rights.accessRights | Acceso abierto / Sarbide irekia | es |
| dc.rights.accessRights | info:eu-repo/semantics/openAccess | en |
| dc.rights.uri | http://creativecommons.org/licenses/by/4.0/ | |
| dc.subject | Cash conversion cycle | en |
| dc.subject | COVID-19 crisis | en |
| dc.subject | Exports | en |
| dc.subject | Financial constraints | en |
| dc.subject | Working capital management | en |
| dc.title | Working capital management, financial constraints and exports: evidence from european and US manufacturers | en |
| dc.type | Artículo / Artikulua | es |
| dc.type | info:eu-repo/semantics/article | en |
| dc.type.version | Versión publicada / Argitaratu den bertsioa | es |
| dc.type.version | info:eu-repo/semantics/publishedVersion | en |
| dspace.entity.type | Publication | |
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