U.K. Companies' Short-Term Financial Decisions: Evidence from Company Accounts Data
AbstractShort-term financial decisions of companies are modeled with data from the published accounts of a sample of U.K. companies. The total short-term financing requirement is modeled as a buffer, absorbing deficits and surpluses elsewhere in the company's accounts. The focus is on the allocation of this total across four financial instruments: short-term bank borrowing, liquid assets, trade credit given and received. The major determinants of the allocation are found to be the company's mainstream operations (investment, profits, etc), its balance-sheet position, and economy-wide factors (interest rates, tax rates, statutory controls). There is evidence of systematic differences in behavior across companies related to size and profitability. Copyright 1994 by Blackwell Publishers Ltd and The Victoria University of Manchester
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Bibliographic InfoArticle provided by University of Manchester in its journal The Manchester School of Economic & Social Studies.
Volume (Year): 62 (1994)
Issue (Month): 4 (December)
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- Barbara Summers & Nicholas Wilson, 2002. "An Empirical Investigation of Trade Credit Demand," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 9(2), pages 257-270.
- Goodhart, Charles, 1989. "The Conduct of Monetary Policy," Economic Journal, Royal Economic Society, vol. 99(396), pages 293-346, June.
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