公司风险和 COVID-19 危机对营运资本管理策略的影响:来自受经济不确定性影响的市场的证据

IF 2 Q2 BUSINESS, FINANCE Risks Pub Date : 2024-04-22 DOI:10.3390/risks12040072
Hossein Tarighi, Grzegorz Zimon, Mohammad Javad Sheikh, Mohammad Sayrani
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引用次数: 0

摘要

本研究旨在调查 COVID-19 危机和公司风险对德黑兰证券交易所(TSE)上市的制造业公司营运资本管理政策的影响。研究样本包括 1200 个观测值和 200 家在德黑兰证券交易所上市的公司,时间跨度为 2016 年至 2021 年,为期六年;此外,用于检验假设的统计方法是普通最小二乘法(OLS)。结果显示,COVID-19 大流行导致管理者提高了流动资产与总资产比率(CATAR)、流动比率(CR)、速动比率(QR)、净营运资本(NWC)、现金与流动资产比率(CTCA),同时导致运营周期(OC)、应收账款天数(DAR)和流动负债与总资产比率(CLTAR)下降。此外,我们还发现,公司风险越高,管理者越有动力接受营运资本投资政策、净营运资本、现金与流动资产比率和现金转换效率(CCE)。总体而言,我们的研究结果表明,在危机时期,伊朗公司倾向于采取保守的营运资本政策,以确保有足够的流动资金来妥善应对突发事件。在本研究中,流动性偏好理论与所观察到的公司应对 COVID-19 危机和公司风险的行为相一致,即强调流动性和短期财务稳定性变得至关重要。
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The Impact of Firm Risk and the COVID-19 Crisis on Working Capital Management Strategies: Evidence from a Market Affected by Economic Uncertainty
The present study aims to investigate the impact of the COVID-19 crisis and firm risk on working capital management policies among manufacturing firms listed on the Tehran Stock Exchange (TSE). The study sample consists of 1200 observations and 200 companies listed on the TSE over a six-year period from 2016 to 2021; furthermore, the statistical method used to test the hypotheses is ordinary least squares (OLS). The results show that the COVID-19 pandemic has led managers to increase current assets to total assets ratio (CATAR), current ratio (CR), quick ratio (QR), net working capital (NWC), cash to current assets (CTCA) ratio, while it has caused a decrease in operational cycle (OC), days account receivables (DAR), and current liabilities to total assets ratio (CLTAR). Furthermore, we find that the higher the company’s risk, the more managers are motivated to embrace the working capital investment policy, net working capital, cash to current assets ratio, and cash conversion efficiency (CCE). In general, our findings indicate that during times of crisis, Iranian companies tend to adopt conservative working capital policies to ensure sufficient liquidity to respond appropriately to unforeseen events. In this study, the theory of liquidity preference aligns with the observed behavior of firms in response to the COVID-19 crisis and firm risk, where the emphasis on liquidity and short-term financial stability becomes paramount.
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来源期刊
Risks
Risks Economics, Econometrics and Finance-Economics, Econometrics and Finance (miscellaneous)
CiteScore
3.80
自引率
22.70%
发文量
205
审稿时长
11 weeks
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