Working capital management during the global financial crisis: Evidence from Japan

Japan and the World Economy - Tập 49 - Trang 206-219 - 2019
Daisuke Tsuruta1
1College of Economics, Nihon University, 1-3-2 Kanda Misaki-cho, Chiyoda-ku, Tokyo 102-8360, Japan

Tài liệu tham khảo

Aktas, 2015, Is working capital management value-enhancing? Evidence from firm performance and investments, J. Corporate Finance, 30, 98, 10.1016/j.jcorpfin.2014.12.008 Almeida, 2012, Corporate debt maturity and the real effects of the 2007 credit crisis, Crit. Finance Rev., 1, 3, 10.1561/104.00000001 Baños-Caballero, 2013, The speed of adjustment in working capital requirement, Eur. J. Finance, 19, 978, 10.1080/1351847X.2012.691889 Baños-Caballero, 2014, Working capital management, corporate performance, and financial constraints, J. Business Res., 67, 332, 10.1016/j.jbusres.2013.01.016 Berger, 1998, The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle, J. Bank. Finance, 22, 613, 10.1016/S0378-4266(98)00038-7 Boissay, 2013, Payment defaults and interfirm liquidity provision, Rev. Finance, 17, 1853, 10.1093/rof/rfs045 Carbó-Valverde, 2016, Trade credit, the financial crisis, and SME access to finance, J. Money Credit Banking, 48, 113, 10.1111/jmcb.12292 Casey, 2014, Bank lending constraints, trade credit and alternative financing during the financial crisis: Evidence from European SMEs, J. Corporate Finance, 27, 173, 10.1016/j.jcorpfin.2014.05.001 Cuñat, 2007, Trade credit: Suppliers as debt collectors and insurance providers, Rev. Financial Stud., 20, 491, 10.1093/rfs/hhl015 Deloof, 2003, Does working capital management affect profitability of Belgian firms?, J. Business Finance Acc., 30, 573, 10.1111/1468-5957.00008 Flannery, 2006, Partial adjustment toward target capital structures, J. Financial Econ., 79, 469, 10.1016/j.jfineco.2005.03.004 Garcia-Appendini, 2013, Firms as liquidity providers: Evidence from the 2007-08 financial crisis, J. Financial Econ., 109, 272, 10.1016/j.jfineco.2013.02.010 Hijzen, 2015, The Japanese labour market during the global financial crisis and the role of non-standard work: A micro perspective, J. Jpn. Int. Econ., 38, 260, 10.1016/j.jjie.2015.09.003 Hill, 2010, Net operating working capital behavior: A first look, Financial Manage., 39, 783, 10.1111/j.1755-053X.2010.01092.x Kieschnick, 2013, Working capital management and shareholders’ wealth, Rev. Finance, 17, 1827, 10.1093/rof/rfs043 Kitamura, 2016, Loan interest rate pass-through and changes after the financial crisis: Japan's evidence, J. Jpn. Int. Econ., 42, 10, 10.1016/j.jjie.2016.10.002 Love, 2007, Trade credit and bank credit: Evidence from recent financial crises, J. Financial Econ., 83, 453, 10.1016/j.jfineco.2005.11.002 Molina, 2009, Trade receivables policy of distressed firms and its effect on the costs of financial distress, Financial Manage., 38, 663, 10.1111/j.1755-053X.2009.01051.x Ono, 2013, Are lending relationships beneficial or harmful for public credit guarantees? Evidence from Japan's emergency credit guarantee program, J. Financial Stabil., 9, 151, 10.1016/j.jfs.2013.01.005 Opler, 1994, Financial distress and corporate performance, J. Finance, 49, 1015, 10.1111/j.1540-6261.1994.tb00086.x Petersen, 1997, Trade credit: Theories and evidence, Rev. Financial Stud., 10, 661, 10.1093/rfs/10.3.661 Raddatz, 2010, Credit chains and sectoral comovement: Does the use of trade credit amplify sectoral shocks?, Rev. Econ. Stat., 92, 985, 10.1162/REST_a_00042 Saito, 2018, Information asymmetry in small and medium enterprise credit guarantee schemes: Evidence from Japan, Appl. Econ., 50, 2469, 10.1080/00036846.2017.1400651 Tsuruta, 2013, Customer relationships and the provision of trade credit during a recession, Appl. Financial Econ., 23, 1017, 10.1080/09603107.2013.791016 Tsuruta, 2013, Real Driver of Trade Credit. Uchino, 2013, Bank dependence and financial constraints on investment: Evidence from the corporate bond market paralysis in Japan, J. Jpn. Int. Econ., 29, 74, 10.1016/j.jjie.2013.06.003