خانه / مقالات انگلیسی با ترجمه / حسابداری و اقتصاد / مقاله انگلیسی حساب های پرداختنی و ارزش شرکت

مقاله انگلیسی حساب های پرداختنی و ارزش شرکت

مقالات مرتبط با این موضوع
مقالات انگلیسی ترجمه شده حسابداری

مقالات ترجمه شده مدیریت مالی

مقالات ترجمه شده بحران مالی

مقالات ترجمه شده ارزش شرکت

دانلود رایگان مقاله بیس انگلیسی

کد محصول: H462

قیمت فایل ترجمه شده: برای اطلاع از هزینه و مدت زمان انجام ترجمه با پشتیبانی وب سایت تماس حاصل نمایید (۰۹۳۷۲۵۵۵۲۴۰)

تعداد صفحه انگلیسی:  ۵۹

سال نشر: ۲۰۱۹

عنوان فارسی:

مقاله انگلیسی حسابداری ۲۰۱۹ :  حساب های پرداختنی و ارزش شرکت: شواهد بین المللی

عنوان انگلیسی:

Accounts payable and firm value: International evidence

چکیده فارسی:

ما آنالیز تفاوت-در-تفاوت (DID) را انجام دادیم که از بحران مالی جهانی (GFC) در سال ۲۰۰۸ به عنوان شوک خارجی برای بررسی تأثیرات ارزش حساب های پرداختنی استفاده می کند. تجزیه و تحلیل ۱۳۶،۷۸۳ از مشاهدات شرکت سال (۲۱،۷۶۵ شرکت) از ۴۰ کشور نشان می دهد که حساب های پرداختنی به طور قابل توجهی مانع از کاهش تابین کیو در طول بحران مالی جهانی می شود . اثر ارزش برای قانون مدنی، جهت گیری های بلندمدت ، و کشورهایی که از عدم قطعیت کمتری برخوردارند، که در آنها روابط بلند مدت احتمالا سودمند است، چشمگیرتر می باشد. این نتایج پس از کنترل برای سایر ویژگی های کشور و سطح شرکت و همچنین با تعاریف جایگزین بحران مالی جهانی و حساب های پرداختنی ،تعمیم پذیر می باشد. ما همچنین دریافتیم که اعتبار تجاری در این کشورها مانع کاهش چشمگیر سرمایه گذاری های موجود در طول بحران مالی جهانی می شود.

کلیدواژگان: حساب های پرداختنی، بحران مالی جهانی، مبنای حقوقی، جهت گیری بلند مدت، اجتناب از عدم قطعیت، ارزش شرکت

Abstract

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.

Keywords: Accounts payable,Global financial crisis,Legal origin,Long-term orientation,Uncertainty avoidance,Firm value

Introduction

This paper investigates the relation between accounts payable and firm performance during the global financial crisis (GFC) in 2008. An important feature of trade credit is that lenders (suppliers) can closely monitor borrowers (customers) during the course of business, which significantly reduces the information asymmetry between them (Biais and Gollier, 1997; Petersen and Rajan, 1997). Accordingly, trade credit absorbs the reduction of bank loan supply and investments during monetary tightening (Biais and Gollier, 1997; De Blasio, 2005; Nilsen, 2002; Choi and Kim, 2005; Mateut, Bougheas, and Mizen, 2006; Atanasova, 2007). Once constrained companies receive trade credit, such information from the suppliers is transmitted to banks (Biais and Gollier, 1997) and outside investors (Aktas, de Bodt, Lobez, and Statnik, 2012; Goto, Xiao, and Xu, 2015). Therefore, trade credit weakens the sensitivity of investments from constrained companies to internal funds (Guariglia and Mateut, 2006). In addition, suppliers have an incentive to provide clients with insurance against liquidity shocks to prevent violations of their long-term relationships (Cuñat, 2007). These facts imply that accounts payable creates value for borrowing companies.

A large body of literature has investigated the value of corporate liquidity, such as cash holdings (e.g., Faulkender and Wang, 2006; Denis and Sibilkov, 2010; Drobetz, Cruninger, and Hirschvogi, 2010). However, only a few studies have examined the value effects of accounts payable. This research attempts to fill the gap by focusing on the relation between accounts payable and the value of non-US companies during the GFC. An inverse relation potentially exists between firm value and accounts payable; therefore, it is not easy to investigate the value effect of trade credit. In addition, previous studies suggest that trade credit is more expensive than other financing sources, and the cost may offset its positive impacts on firm value (Ng, Smith, and Smith, 1999). Meanwhile, previous studies suggest that trade credit becomes beneficial, especially when liquidity shocks occur.2 Since firms are less likely to adjust the level of trade credit before the GFC, a difference-in-differences (DID) analysis that adopts the GFC as an exogenous liquidity shock enables us to estimate the value effect of trade credit in a quasi-experimental setting, which makes evident the positive aspect of accounts payable. We remove US companies from our main analysis, because their poor performance was possibly associated with the GFC.

Trade credit may not create value uniformly across countries. Outside investors in countries such as the US and the UK are well protected by laws and their enforcement by regulators and the courts (La Porta, Lopez-de-Silanes, Shleifer, and Vishny, 2000b). In contrast, when investor protection is weak, investors should be concerned about being expropriated. Long-term relations reduce information asymmetry and therefore may be beneficial to countries with weak investor protection. Furthermore, people anxious about future losses will be prepared to purchase implicit insurance contracts, which are based on long-term relations. These ideas suggest that the value of trade credit may differ across countries and is evident especially in countries in which long-term relations are beneficial.

دیدگاهتان را بنویسید

نشانی ایمیل شما منتشر نخواهد شد. بخش‌های موردنیاز علامت‌گذاری شده‌اند *

Time limit is exhausted. Please reload the CAPTCHA.