Abstract

This study explores the various attributes of the direct relationship between firm-level productivity, measured by total factor productivity, and liquidity, determined by the cash conversion cycle, without the intermediating effect of firm profits. For this objective, panel data is employed to understand the existence, linearity, directionality, type, and seasonality (or its absence) of such a relationship for firms of all sizes across several sampled industries. The results demonstrate that the relationship exists to a considerable extent, is bi-directional, predominantly linear with non-linearity observed in the case of revenue-wise large firms, and primarily negative and seasonal.

摘要

本研究探讨了以全要素生产率衡量的企业级生产率与由现金转换周期决定的流动性之间的直接关系的各种属性，而没有企业利润的中介效应。为此，我们使用面板数据来了解多个抽样行业中各种规模的公司这种关系的存在、线性、方向性、类型和季节性（或不存在）。结果表明，这种关系在很大程度上存在，是双向的，主要是线性的，在收入明智的大公司的情况下观察到非线性，主要是负的和季节性的。