Mansilla Fernández, José ManuelMilgram Baleix, Juliette2023-01-192023-01-192022Mansilla-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/s00181-022-02295-50377-733210.1007/s00181-022-02295-5https://academica-e.unavarra.es/handle/2454/44609This 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.application/pdfengThis 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.Cash conversion cycleCOVID-19 crisisExportsFinancial constraintsWorking capital managementArtículo / Artikulua2023-01-19Acceso abierto / Sarbide irekiainfo:eu-repo/semantics/openAccess