Cash management is important for energy SMEs, which, differently from large firms, face severe financial constraints and need to seize growth opportunities to ensure their survival. This paper, analyzing a large sample of European energy SMEs, finds a positive effect of holding a buffer of cash on firm performance. It shows that a stock of cash allows energy firms to prevent negative contingencies and/or achieve valuable growth patterns and investments. Moreover, considering that the energy industry is involved in environmental sustainability policies promoted by national governments, we find that complying with environmental regulations reduces the value of cash. Countries that pay more attention to environmental issues provide energy SMEs with growth opportunities and financial support, reducing the need to hold a stock of cash. A key implication is that, in a context with high environmental concern, energy SMEs have more financial flexibility to guarantee their growth with positive externalities for the energy sector.

中文翻译：

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一个国家的环境政策是否会影响中小企业在能源领域的流动性价值？

现金管理对能源中小企业很重要，与大型企业不同，能源中小企业面临严重的财务约束，需要抓住增长机会以确保其生存。本文分析了欧洲能源中小企业的大量样本，发现持有现金缓冲对公司业绩有积极影响。它表明，现金存量允许能源公司防止负面意外事件和/或实现有价值的增长模式和投资。此外，考虑到能源行业涉及国家政府推动的环境可持续性政策，我们发现遵守环境法规会降低现金​​价值。更加重视环境问题的国家为能源中小企业提供增长机会和资金支持，减少持有现金的需要。