ナム ホチョル   NAM,Hocheol
  南 ホチョル
   所属   北星学園大学  経済学部 経済法学科
   職種   専任講師
言語種別 英語
発行・発表の年月 2020/03
形態種別 査読のない論文
標題 Accounts Payable and Natural Hedge
執筆形態 単著
掲載誌名 北星学園大学経済学部北星論集
掲載区分国内
出版社・発行元 北星学園大学
巻・号・頁 59(2),pp.67-78
概要 In this paper, I examine the relation between accounts payable and natural hedge. Prior literature has argued that firms with high natural hedge (proximity to the median industry capital-labor ratio) tend to have less financial leverage. Firms with less leverage may suffer from liquidity constraints and asymmetric information. Theories of accounts payable suggest that accounts payable can substitute for institutional finance. I discovered that natural hedge is positively related to the level of accounts payable in which high natural hedge holds low institutional loans. Based on previous studies of accounts payable and natural hedge, this paper demonstrates that after controlling for firm- and industry-level factors, a firm’s choice of accounts payable is associated with its natural hedge.
ISSN 0289-3398