Accounts payable and firm value: International evidence
Accounts payable and firm value: International evidence
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DOI：
10.1016/j.jbankfin.2019.03.010
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发表时间：
2019-05
影响因子：
3.7
通讯作者：
Hocheol Nam;Konari Uchida
中科院分区：
文献类型：
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作者：
Hocheol Nam;Konari Uchida
我们进行了差异中差异（DID）分析，使用2008年的全球金融危机（GFC）作为外生冲击，以检查应付账款的价值影响。对来自40个国家的136，783个公司年度观察（21，765家公司）的分析表明，应付账款在全球金融危机期间显著吸收了托宾Q的减少。价值效应对于民法、长期导向和高度不确定性规避的国家是显著的，在这些国家，长期关系可能是有益的。这些结果是在控制了其他国家和公司一级的特点以及全球金融危机和应付账款的其他定义之后得出的。我们还发现，在这些国家的贸易信贷防止库存投资在全球金融危机期间显着减少。
We conduct a difference-in-differences (DID) analysis that uses the global financial crisis (GFC) in 2008 as an exogenous shock to examine the value effects of accounts payable. Analyses of 136,783 firm-year observations (21,765 companies) from 40 countries show that accounts payable significantly absorbed the reduction of Tobin's Q during the GFC. The value effect is pronounced for civil law, long-term-oriented, and high-uncertainty-avoidance countries, in which long-term relations are likely beneficial. These results are obtained after controlling for other country- and firm-level characteristics as well as with alternative definitions of the global financial crisis and accounts payable. We also find that trade credit in those countries prevents a significant reduction in inventory investments during the GFC.