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 2019/05
形態種別 原著論文
査読 査読あり
標題 Accounts Payable and Firm Value: International Evidence
執筆形態 共著
掲載誌名 Journal of Banking & Finance
掲載区分国外
出版社・発行元 Journal of Banking & Finance
巻・号・頁 102,pp.116-137
著者・共著者 Konari Uchida
概要 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.
DOI https://doi.org/10.1016/j.jbankfin.2019.03.010
ISSN 0378-4266