ABSTRACT

This paper analyses whether there are differences in the speed of adjustment in net operating working capital (NWC) across countries. Unlike prior research, which reported that the adjustment speed of any current item is always rapid, we find that the speed of adjustment to NWC targets depends on a country’s investor protection and financial development. Specifically, using a sample of firms from 30 countries, we show that NWC adjustment speeds vary across countries, and they are faster for companies that operate in countries with stronger investor protection and greater financial development.

中文翻译：

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净营运营运资本调整速度：一项国际研究

摘要

本文分析了各国净营运营运资本（NWC）调整速度是否存在差异。与之前的研究报告任何当前项目的调整速度总是很快不同，我们发现 NWC 目标的调整速度取决于一个国家的投资者保护和金融发展。具体而言，我们使用来自 30 个国家的公司样本，表明 NWC 调整速度因国家而异，并且对于在投资者保护更强大和金融发展更发达的国家运营的公司而言，调整速度更快。