加纳企业营运资金管理(WCM)决策中的政治干预

Nasiru Inusah, Josheph Yaw Dwommor
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摘要

本文评估了企业WCM决策中政治干预的普遍程度,以及国有企业和民营企业的WCM决策容易受到政治干预的程度是否存在差异。本研究收集的数据是来自加纳公司高级管理人员的调查回应,即他们公司的WCM决策是否受到政治干预的影响,是否完全由管理层控制或受政府法规的影响。对包括国有企业和民营企业在内的120家企业进行了问卷调查。研究发现,从整体上看,企业对WCM决策的政治干预程度较低,而管理层控制的发生率较高。然而,有证据表明,企业的所有权状态(国有企业或民营企业)显著影响企业WCM决策中的政治干预水平。与非国有企业相比,国有企业似乎更容易受到政治干预和政府法规的影响,对WCM决策的管理控制较少。直观地说,这些发现反映了这样一个事实,即WCM是企业生存的关键,因此样本中的国有企业和具有政治影响力的企业都保护其WCM决策不受外部干扰。这些结果的关键含义是,国有企业和民营企业的低效WCM可能不是由于政治权力和政府法规的外部影响,而是由于文献中发现的其他因素,如管理能力不足,代理问题等。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Political Interference in Working Capital Management (WCM) Decision-making of Firms in Ghana
This paper assess the prevalence of political interference in WCM decision-making of firms and whether there is any difference in the extent to which WCM decisions of SOEs and PPOEs are susceptible to political interference. Data collected for this study is survey responses from senior executives of firms in Ghana on whether WCM decisions of their firms are influence by political interference, fully controlled by management or influence by regulations of government. Survey questionnaire were administered to a sample of 120 firms consisting of SOEs and PPOEs. It is found that as a whole, there is less low prevalence of political interference and high incidence of managerial control over WCM decisions of firms. However, the evidence suggest that ownership status of a firm (SOE or PPOE) significantly influence the level of political interference in firms WCM decision-making. SOEs appear more susceptible to political interference and government regulations with less managerial control over WCM decision-making as compared to non-state-owned firms. Intuitively, these findings reflect the fact that WCM is key to the survival of the firm and hence both SOEs and politically influential firms in the sample protects their WCM decisions from external interference. The key implication of these results, inefficient WCM in both SOEs and PPOEs might not be due to external influence from political power and government regulations but other factors identified in the literature such as managerial incompetency, agency problem among others. 
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