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

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

{"title":"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","authors":"Himansu Sekhar Sethi , Saumya Ranjan Dash","doi":"10.1016/j.frl.2025.108494","DOIUrl":null,"url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108494"},"PeriodicalIF":6.9000,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Firm-level geopolitical risk and working capital adjustment across the firm life cycle: Evidence from a middle-income economy\",\"authors\":\"Himansu Sekhar Sethi , Saumya Ranjan Dash\",\"doi\":\"10.1016/j.frl.2025.108494\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>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.</div></div>\",\"PeriodicalId\":12167,\"journal\":{\"name\":\"Finance Research Letters\",\"volume\":\"86 \",\"pages\":\"Article 108494\"},\"PeriodicalIF\":6.9000,\"publicationDate\":\"2025-09-18\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Finance Research Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1544612325017489\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612325017489","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

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。

查看原文本刊更多论文

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

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.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance