The hidden cost of organisation capital: Evidence from trade credit

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review Pub Date : 2024-11-01 DOI:10.1016/j.bar.2023.101238

Joye Khoo , Adrian (Wai Kong) Cheung

引用次数: 0

Abstract

Organisation capital is an important firm-specific resource that is linked to value created by key talents, and the risk arising from the unexpected departure of key talents is detrimental to the firm. We find that trade credit decreases with organisation capital, particularly when labour mobility is greater or employees have more outside opportunities. This supports the agency view of organisation capital. However, when the threat of losing key talents is low, such as during the global financial crisis, the efficiency view of organisation capital prevails, making firms with high organisation capital more attractive customers for suppliers. The evidence is robust to endogeneity tests.

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组织资本的隐性成本：来自贸易信贷的证据

组织资本是企业特有的重要资源，与关键人才创造的价值息息相关，关键人才意外离职所带来的风险对企业不利。我们发现，贸易信贷会随着组织资本的增加而减少，尤其是在劳动力流动性较大或员工有更多外部机会的情况下。这支持了组织资本的代理观点。然而，当关键人才流失的威胁较低时，例如在全球金融危机期间，组织资本的效率观点就会占上风，从而使组织资本高的企业对供应商而言更有吸引力。这些证据经得起内生性检验。

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

British Accounting Review BUSINESS, FINANCE-

CiteScore

8.60

自引率

3.90%

发文量

审稿时长

76 days

期刊介绍： The British Accounting Review*is pleased to publish original scholarly papers across the whole spectrum of accounting and finance. The journal is eclectic and pluralistic and contributions are welcomed across a wide range of research methodologies (e.g. analytical, archival, experimental, survey and qualitative case methods) and topics (e.g. financial accounting, management accounting, finance and financial management, auditing, public sector accounting, social and environmental accounting; accounting education and accounting history), evidence from UK and non-UK sources are equally acceptable.