Firm-level geopolitical risk and working capital adjustment across the firm life cycle: Evidence from a middle-income economy

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-09-18 DOI:10.1016/j.frl.2025.108494

Himansu Sekhar Sethi , Saumya Ranjan Dash

引用次数: 0

Abstract

This study examines how firm-level geopolitical risk affects the speed of working capital adjustment in Indian firms, with a focus on business group affiliation and firm life cycle stages. We find that firm-level geopolitical risk decreases working capital speed of adjustment, reflecting heightened financial responsiveness to external uncertainty. Business group firms adjust faster, likely due to easier access to internal capital markets. Growth and mature-stage firms also show faster adjustment, while introduction and decline firms respond more cautiously, suggesting conservatism and resource slack.

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企业层面的地缘政治风险和整个企业生命周期的营运资本调整：来自中等收入经济体的证据

本研究考察了公司层面的地缘政治风险如何影响印度公司的营运资金调整速度，重点关注商业集团隶属关系和公司生命周期阶段。我们发现，企业层面的地缘政治风险降低了营运资金的调整速度，反映了财务对外部不确定性的反应能力增强。商业集团公司调整得更快，可能是因为更容易进入内部资本市场。成长期和成熟期企业也表现出较快的调整，而引进型和衰退期企业的反应更为谨慎，表明企业的保守性和资源松弛。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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