| Titre | The oak and the reed: Working capital management and the role of business group affiliation | |
|---|---|---|
| Auteur | Vivien Lefebvre, Anaïs Hamelin | |
 |
Revue | Finance |
| Numéro | volume 43, no 2, 2022 | |
| Page | 159-194 | |
| Résumé anglais |
This study explores the role of business group affiliation in the working capital management of affiliated firms using a large sample of privately held firms in continental Europe. We show that small firms, but not medium-sized or large firms, affiliated with a business group have more operating working capital. This result is consistent with the hypothesis that affiliation with a business group relaxes financing constraints for affiliates' investment in working capital. Additional results reveal a common financial management of working capital at the group level. Source : Éditeur (via Cairn.info) |
|
| Article en ligne | http://www.cairn.info/article.php?ID_ARTICLE=FINA_432_0159 (accès réservé) |
