Mansilla-Fernández José Manuel, Milgram-Baleix Juliette
Department of Business Management and Institute for Advanced Research in Business and Economics (INARBE), Public University of Navarre (UPNA), Arrosadia Campus, 31006 Pamplona, Navarre Spain.
Department of Economics Theory and Economic History, University of Granada, Campus Universitario de Cartuja, 10587 Granada, Granada Spain.
Empir Econ. 2023;64(4):1769-1810. doi: 10.1007/s00181-022-02295-5. Epub 2022 Aug 23.
This paper investigates the effect of firms' working capital management, measured by the cash conversion cycle (CCC) on exports, on both the intensive and extensive margins. By using Heckman's two-stage model for the treatment of sample selection bias, we find that the longer the CCC, the lower firms' likelihood of exporting and the lower the volume of their exports. This phenomenon is economically more relevant for financially constrained firms than for unconstrained firms. The results are robust to the propensity score matching, the transition sample and the placebo analyses. Finally, these results can be extrapolated in the context of the COVID-19 crisis because of the decline in trading conditions and firms' shortage of liquidity.
本文研究了以现金转换周期（CCC）衡量的企业营运资金管理对出口在集约边际和广延边际上的影响。通过使用赫克曼两阶段模型来处理样本选择偏差，我们发现现金转换周期越长，企业出口的可能性越低，出口量也越低。这种现象在经济上对受财务约束的企业比不受约束的企业更为显著。这些结果在倾向得分匹配、过渡样本和安慰剂分析中都是稳健的。最后，由于贸易条件下降和企业流动性短缺，这些结果在新冠疫情危机背景下也可外推。
