Do financial development and law enforceability effect the relationship between net working capital and firm value? Empirical evidence from Asia

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2018-08-06 DOI:10.1108/AJB-11-2017-0034

Nufazil Altaf

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引用次数: 9

Abstract

Purpose The purpose of this paper is to examine the relationship between net working capital and firm value for a sample of 2,483 firms across 16 Asian countries. In addition, this study also examines the impact of degree of financial development and law enforceability on net working capital-firm value relationship. Design/methodology/approach The study is based on secondary financial data of 2,483 Asian firms obtained from Bloomberg database, pertaining to a period of five years. This study employs the fixed effects approach to arrive at results. Findings Results of the study confirm a strong negative relationship between net working capital and firm value. In addition, the author also found that the negative relationship between net working capital and firm value to be strong for countries that have a high degree of financial development and law enforceability. Originality/value Unlike prior studies, this study examines the relationship between net working capital and firm value. In addition, this study also tests the impact of degree of financial development and law enforceability on this relationship. To the best knowledge, no such study has been conducted in the Asian context.

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金融发展和法律执行是否影响净营运资本和公司价值之间的关系?来自亚洲的经验证据

目的本文的目的是检查在16个亚洲国家的2483家公司的样本净营运资本和企业价值之间的关系。此外，本研究亦检视金融发展程度与法律执行力对净营运资本-企业价值关系的影响。设计/方法/方法该研究基于从彭博数据库获得的2,483家亚洲公司的二手财务数据，为期五年。本研究采用固定效应方法得出结果。研究结果证实了净营运资本与公司价值之间存在强烈的负相关关系。此外，作者还发现，在金融发展程度和法律可执行性较高的国家，净营运资本与企业价值之间的负相关关系更为强烈。原创性/价值与先前的研究不同，本研究考察了净营运资本与公司价值之间的关系。此外，本研究还检验了金融发展程度和法律执行程度对这一关系的影响。据我所知，还没有在亚洲进行过这样的研究。

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

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.