Supply Chain Finance Arrangements and Shareholder Benefits

IF 1.3 Q3 ECONOMICS
Leiza Nochebuena-Evans
{"title":"Supply Chain Finance Arrangements and Shareholder Benefits","authors":"Leiza Nochebuena-Evans","doi":"10.1080/08853908.2022.2140230","DOIUrl":null,"url":null,"abstract":"ABSTRACT Supply chain finance (SCF) is a buyer-led financial innovation used to optimize working capital and increase liquidity within the supply chain. Advertised as win-win, little is known of the benefits to firms or shareholders. I explore whether these arrangements are beneficial to the initiating firm and whether such benefits percolate to the buyer’s investors. I find that although a firm’s days payable outstanding increases post-adoption, SCF arrangements are not beneficial to all firms. Liquidity and profitability decrease post-adoption. I also find that shareholders respond negatively to SCF adoptions, but this response may be attenuated by some firms increasing share repurchases.","PeriodicalId":35638,"journal":{"name":"International Trade Journal","volume":null,"pages":null},"PeriodicalIF":1.3000,"publicationDate":"2022-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Trade Journal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1080/08853908.2022.2140230","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0

Abstract

ABSTRACT Supply chain finance (SCF) is a buyer-led financial innovation used to optimize working capital and increase liquidity within the supply chain. Advertised as win-win, little is known of the benefits to firms or shareholders. I explore whether these arrangements are beneficial to the initiating firm and whether such benefits percolate to the buyer’s investors. I find that although a firm’s days payable outstanding increases post-adoption, SCF arrangements are not beneficial to all firms. Liquidity and profitability decrease post-adoption. I also find that shareholders respond negatively to SCF adoptions, but this response may be attenuated by some firms increasing share repurchases.
供应链金融安排与股东利益
供应链金融(SCF)是一种以买方为主导的金融创新,用于优化供应链内的营运资金和增加流动性。虽然被宣传为双赢,但对公司或股东的好处却知之甚少。我探讨这些安排是否有利于发起公司,以及这些利益是否渗透到买方的投资者。我发现,虽然公司的应付天数在采用后有所增加,但SCF安排并非对所有公司都有利。采用后,流动性和盈利能力下降。我还发现,股东对采用SCF的反应是消极的,但这种反应可能会被一些公司增加股票回购而减弱。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 求助全文
来源期刊
International Trade Journal
International Trade Journal Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)
CiteScore
1.90
自引率
0.00%
发文量
34
期刊介绍: The International Trade Journal is a refereed interdisciplinary journal published for the enhancement of research in international trade. Its editorial objective is to provide a forum for the scholarly exchange of research findings in,and significant empirical, conceptual, or theoretical contributions to the field. The International Trade Journal welcomes contributions from researchers in academia as well as practitioners of international trade broadly defined.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信