کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5053231 1476506 2017 11 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
How do neighboring peer companies influence SMEs' financial behavior?
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
How do neighboring peer companies influence SMEs' financial behavior?
چکیده انگلیسی
Recent research into corporate finances has found that the financial decisions of peer companies are related. Companies tend to “kept an eye” on the decisions of other peer companies, among other things, trying to overcome the limitations caused by the lack of information. This paper further examines these interactions including geographical proximity among companies. With this aim, we use a heterogeneous Partial Adjustment Model on a sample of 12,444 small and medium Spanish manufacturing industrial companies. We find strong nonlinearities in the adjustment processes of liquidity, indebtedness and profitability ratios associated with basic characteristics of the companies such as size, technology, age or financial imbalances. Our results indicate that the influence of the environment on the financial behavior of each company, and its responsiveness, vary in function of neighbor firms' characteristics.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Economic Modelling - Volume 63, June 2017, Pages 104-114
نویسندگان
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