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Inventory (Dis)Investment, Internal Finance Fluctuations, and the Business Cycle

Citations

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Cited by:

  1. González, Andrés & Teräsvirta, Timo & van Dijk, Dick & Yang, Yukai, 2005. "Panel Smooth Transition Regression Models," SSE/EFI Working Paper Series in Economics and Finance 604, Stockholm School of Economics, revised 11 Oct 2017.
  2. Allen, Donald S., 1997. "A multi-sector inventory model," Journal of Economic Behavior & Organization, Elsevier, vol. 32(1), pages 55-87, January.
  3. Chen, Minjia & Guariglia, Alessandra, 2013. "Internal financial constraints and firm productivity in China: Do liquidity and export behavior make a difference?," Journal of Comparative Economics, Elsevier, vol. 41(4), pages 1123-1140.
  4. Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95, February.
  5. Akarım, Yasemin Deniz, 2013. "The impact of financial factors on export decisions: The evidence from Turkey," Economic Modelling, Elsevier, vol. 35(C), pages 305-308.
  6. Fabio Bagliano & Alessandro Sembenelli, 2004. "The cyclical behaviour of inventories: European cross-country evidence from the early 1990s recession," Applied Economics, Taylor & Francis Journals, vol. 36(18), pages 2031-2044.
  7. Hubbard, R Glenn & Kuttner, Kenneth N & Palia, Darius N, 2002. "Are There Bank Effects in Borrowers' Costs of Funds? Evidence from a Matched Sample of Borrowers and Banks," The Journal of Business, University of Chicago Press, vol. 75(4), pages 559-581, October.
  8. Tribo, Josep A., 2001. "Inventories, financial structure and market structure," International Journal of Production Economics, Elsevier, vol. 71(1-3), pages 79-89, May.
  9. Heisz, Andrew & Larochelle-Cote, Sebastien, 2004. "Corporate Financial Leverage in Canadian Manufacturing: Consequences for Employment and Inventories," Analytical Studies Branch Research Paper Series 2004217e, Statistics Canada, Analytical Studies Branch.
  10. Bruce A. Rayton & Jonathan S. Seaton, 1999. "The size of employee stakeholding in large UK corporations," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 20(5), pages 259-266.
  11. Tsoukalas, John D., 2006. "Financing constraints and firm inventory investment: A reexamination," Economics Letters, Elsevier, vol. 90(2), pages 266-271, February.
  12. Evangelina Dardati & Julio Riutort, 2016. "Cap-and-Trade and Financial Constraints: Is Investment Independent of Permit Holdings?," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 65(4), pages 841-864, December.
  13. Louri, Helen, 1996. "Inventory investment in Greek manufacturing industry: Effects from participation in the European market," International Journal of Production Economics, Elsevier, vol. 45(1-3), pages 47-54, August.
  14. Nufazil Altaf & Farooq Ahmad Shah, 2018. "Investment and financial constraints in Indian firms: Does working capital smoothen fixed investment?," DECISION: Official Journal of the Indian Institute of Management Calcutta, Springer;Indian Institute of Management Calcutta, vol. 45(1), pages 43-58, March.
  15. Greenaway, David & Guariglia, Alessandra & Kneller, Richard, 2007. "Financial factors and exporting decisions," Journal of International Economics, Elsevier, vol. 73(2), pages 377-395, November.
  16. Muravyev, Alexander & Talavera, Oleksandr & Schäfer, Dorothea, 2009. "Entrepreneurs' gender and financial constraints: Evidence from international data," Journal of Comparative Economics, Elsevier, vol. 37(2), pages 270-286, June.
  17. Yang, Xiaolou, 2011. "The role of trade credit in the recent subprime financial crisis," Journal of Economics and Business, Elsevier, vol. 63(5), pages 517-529, September.
  18. Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 27-48, Fall.
  19. Erik Hofmann & Juuso Töyli & Tomi Solakivi, 2022. "Working Capital Behavior of Firms during an Economic Downturn: An Analysis of the Financial Crisis Era," IJFS, MDPI, vol. 10(3), pages 1-20, July.
  20. Donald S. Allen, 1994. "Why does inventory investment fluctuate so much during contractions?," Working Papers 1994-029, Federal Reserve Bank of St. Louis.
  21. Di Ubaldo, Mattia, . "Firms and trade in downturns," Economics PhD Theses, Department of Economics, University of Sussex Business School, number 0416, December.
  22. Greg Hannsgen, 2007. "The Transmission Mechanism of Monetary Policy: A Critical Review," Chapters, in: Philip Arestis & Malcolm Sawyer (ed.), A Handbook of Alternative Monetary Economics, chapter 13, Edward Elgar Publishing.
  23. Barcos, Lucía & Barroso, Alicia & Surroca, Jordi & Tribó, Josep A., 2013. "Corporate social responsibility and inventory policy," International Journal of Production Economics, Elsevier, vol. 143(2), pages 580-588.
  24. Ameer, Rashid, 2010. "The role of institutional investors in the inventory and cash management practices of firms in Asia," Journal of Multinational Financial Management, Elsevier, vol. 20(2-3), pages 126-143, July.
  25. Simon Gilchrist & Raphael Schoenle & Jae Sim & Egon Zakrajšek, 2017. "Inflation Dynamics during the Financial Crisis," American Economic Review, American Economic Association, vol. 107(3), pages 785-823, March.
  26. Chu, Chau M. & Nguyen, Bach, 2025. "Foreign small- and medium-sized enterprises and regional institutions," Journal of World Business, Elsevier, vol. 60(5).
  27. Andrew Benito, 2002. "Financial pressure, monetary policy effects and inventory adjustment by UK and Spanish firms," Working Papers 0226, Banco de España.
  28. Heitor Almeida & Murillo Campello & Michael S. Weisbach, 2002. "Corporate Demand for Liquidity," NBER Working Papers 9253, National Bureau of Economic Research, Inc.
  29. Caprio, Gerard, Jr & Demirguc-Kunt, Asli, 1998. "The Role of Long-Term Finance: Theory and Evidence," The World Bank Research Observer, World Bank, vol. 13(2), pages 171-189, August.
  30. Guido de Blasio, 2005. "Does Trade Credit Substitute Bank Credit? Evidence from Firm‐level Data," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 34(1), pages 85-112, February.
  31. Tribó, Josep A., 2009. "Firms' stock market flotation: Effects on inventory policy," International Journal of Production Economics, Elsevier, vol. 118(1), pages 10-18, March.
  32. Dbouk, Wassim & Moussawi-Haidar, Lama & Jaber, Mohamad Y., 2020. "The effect of economic uncertainty on inventory and working capital for manufacturing firms," International Journal of Production Economics, Elsevier, vol. 230(C).
  33. Wang, Hung-Jen, 2002. "Exogenous cash: testing financing constraints on inventory investment using dynamic panels with additional information from annual reports," The Quarterly Review of Economics and Finance, Elsevier, vol. 42(4), pages 779-802.
  34. Hendel, Igal, 1997. "Aggressive pricing as a source of funding," Economics Letters, Elsevier, vol. 57(3), pages 275-281, December.
  35. Li, Wenli, 2002. "Entrepreneurship and government subsidies: A general equilibrium analysis," Journal of Economic Dynamics and Control, Elsevier, vol. 26(11), pages 1815-1844, September.
  36. Richard D. Farmer, 2006. "Risk-Smoothing Across Time and the Demand for Inventories: A Mean-Variance Approach," Eastern Economic Journal, Eastern Economic Association, vol. 32(4), pages 699-722, Fall.
  37. Anil K. Kashyap & Jeremy C. Stein, 1997. "The role of banks in monetary policy: a survey with implications for the European Monetary Union," Economic Perspectives, Federal Reserve Bank of Chicago, vol. 22(Sep), pages 2-18.
  38. Jia Liu, 2009. "Business Failures And Macroeconomic Factors In The Uk," Bulletin of Economic Research, Wiley Blackwell, vol. 61(1), pages 47-72, January.
  39. Tongxia Li & Chun Lu & Lei Xu, 2024. "The impact of organisation capital on inventory efficiency," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(4), pages 3751-3779, December.
  40. Chang, Chong-Chuo, 2018. "Cash conversion cycle and corporate performance: Global evidence," International Review of Economics & Finance, Elsevier, vol. 56(C), pages 568-581.
  41. Rose Cunningham, 2004. "Finance Constraints and Inventory Investment: Empirical Tests with Panel Data," Staff Working Papers 04-38, Bank of Canada.
  42. Bustos, Emil, 2023. "The Effect of Financial Constraints on Inventory Holdings," Working Paper Series 1463, Research Institute of Industrial Economics.
  43. Louis J. Maccini & Bartholomew J. Moore & Huntley Schaller, 2004. "The Interest Rate, Learning, and Inventory Investment," American Economic Review, American Economic Association, vol. 94(5), pages 1303-1327, December.
  44. Anna Bottasso, 1996. "Firms’ Financial Structure And Real Decisions: A Critical Survey Of The Empirical Literature," CERIS Working Paper 199623, CNR-IRCrES Research Institute on Sustainable Economic Growth - Torino (TO) ITALY - former Institute for Economic Research on Firms and Growth - Moncalieri (TO) ITALY.
  45. Simon Gilchrist & Charles Himmelberg, 1999. "Investment: Fundamentals and Finance," NBER Chapters, in: NBER Macroeconomics Annual 1998, volume 13, pages 223-274, National Bureau of Economic Research, Inc.
  46. Carpenter, Robert E. & Guariglia, Alessandra, 2008. "Cash flow, investment, and investment opportunities: New tests using UK panel data," Journal of Banking & Finance, Elsevier, vol. 32(9), pages 1894-1906, September.
  47. Jabbouri, Imad, 2016. "Determinants of corporate dividend policy in emerging markets: Evidence from MENA stock markets," Research in International Business and Finance, Elsevier, vol. 37(C), pages 283-298.
  48. Barcos, Lucía & Barroso, Alicia & Surroca, Jordi & Tribó, Josep A., 2010. "Corporate social responsibility and inventory policy," IC3JM - Estudios = Working Papers id-10-03, Instituto Mixto Carlos III - Juan March de Ciencias Sociales (IC3JM).
  49. Arun Khanna, 2004. "Corporate Investments, Liquidity and Bank Financing: Empirical Evidence from an Emerging Market," William Davidson Institute Working Papers Series 2004-649, William Davidson Institute at the University of Michigan.
  50. Nguyen, Hang Thu & Alphonse, Pascal & Nguyen, Hiep Manh, 2022. "Financial distress and the accrual anomaly," Journal of Contemporary Accounting and Economics, Elsevier, vol. 18(3).
  51. Wetzel, Philipp & Hofmann, Erik, 2019. "Supply chain finance, financial constraints and corporate performance: An explorative network analysis and future research agenda," International Journal of Production Economics, Elsevier, vol. 216(C), pages 364-383.
  52. Wang, Hung-Jen & Ho, Chia-Wen, 2010. "Estimating fixed-effect panel stochastic frontier models by model transformation," Journal of Econometrics, Elsevier, vol. 157(2), pages 286-296, August.
  53. Andrew Benito & Ignacio Hernando, 2002. "Extricate: Financial Pressure and Firm Behaviour in Spain," Working Papers 0227, Banco de España.
  54. Milos Markovic & Michael A. Stemmer, 2017. "Firm Growth Dynamics and Financial Constraints: Evidence from Serbian Firms," Documents de travail du Centre d'Economie de la Sorbonne 17012, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
  55. Jun Du & Yama Temouri, 2015. "High-growth firms and productivity: evidence from the United Kingdom," Small Business Economics, Springer, vol. 44(1), pages 123-143, January.
  56. Caglayan, Mustafa & Maioli, Sara & Mateut, Simona, 2012. "Inventories, sales uncertainty, and financial strength," Journal of Banking & Finance, Elsevier, vol. 36(9), pages 2512-2521.
  57. Guariglia, Alessandra & Mateut, Simona, 2006. "Credit channel, trade credit channel, and inventory investment: Evidence from a panel of UK firms," Journal of Banking & Finance, Elsevier, vol. 30(10), pages 2835-2856, October.
  58. Ding, Sai & Guariglia, Alessandra & Knight, John, 2013. "Investment and financing constraints in China: Does working capital management make a difference?," Journal of Banking & Finance, Elsevier, vol. 37(5), pages 1490-1507.
  59. Andrew Benito & Ignacio Hernando, 2007. "Firm Behaviour And Financial Pressure: Evidence From Spanish Panel Data," Bulletin of Economic Research, Wiley Blackwell, vol. 59(4), pages 283-311, October.
  60. Guariglia, Alessandra & Mateut, Simona, 2010. "Inventory investment, global engagement, and financial constraints in the UK: Evidence from micro data," Journal of Macroeconomics, Elsevier, vol. 32(1), pages 239-250, March.
  61. Yang, Xiaolou, 2011. "Trade credit versus bank credit: Evidence from corporate inventory financing," The Quarterly Review of Economics and Finance, Elsevier, vol. 51(4), pages 419-434.
  62. Peek, Joe & Rosengren, Eric S & Tootell, Geoffrey M B, 2003. "Identifying the Macroeconomic Effect of Loan Supply Shocks," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 35(6), pages 931-946, December.
  63. R. Glenn Hubbard, 1998. "Capital-Market Imperfections and Investment," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 193-225, March.
  64. Calomiris, Charles W., 1995. "Universal banking and the financing of industrial development," Policy Research Working Paper Series 1533, The World Bank.
  65. Cheung, Yan-Leung & Rau, P. Raghavendra & Stouraitis, Aris & Tan, Weiqiang, 2021. "Does the market understand the ex ante risk of expropriation by controlling shareholders?," Journal of Corporate Finance, Elsevier, vol. 68(C).
  66. Akbar, Saeed & Rehman, Shafiq ur & Ormrod, Phillip, 2013. "The impact of recent financial shocks on the financing and investment policies of UK private firms," International Review of Financial Analysis, Elsevier, vol. 26(C), pages 59-70.
  67. Ramey, Valerie A. & West, Kenneth D., 1999. "Inventories," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 13, pages 863-923, Elsevier.
  68. Piekkola, Hannu & Haaparanta, Pertti, 1999. "Liquidity Constraints Faced by Firm and Employment," Discussion Papers 695, The Research Institute of the Finnish Economy.
  69. Durlauf, Steven N. & Maccini, Louis J., 1995. "Measuring noise in inventory models," Journal of Monetary Economics, Elsevier, vol. 36(1), pages 65-89, August.
  70. Chen, Chongyang & Kieschnick, Robert, 2018. "Bank credit and corporate working capital management," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 579-596.
  71. Ian Small, 2000. "Inventory investment and cash flow," Bank of England working papers 112, Bank of England.
  72. Sangalli, Ilaria, 2013. "Inventory investment and financial constraints in the Italian manufacturing industry: A panel data GMM approach," Research in Economics, Elsevier, vol. 67(2), pages 157-178.
  73. Rahman, Molla Ramizur & Misra, Arun Kumar & Kumar, Satish, 2024. "A financial supply chain on corporate working capital and interbank lines of credit," International Review of Financial Analysis, Elsevier, vol. 91(C).
  74. Sonia Baños‐Caballero & Pedro J. García‐Teruel & Pedro Martínez‐Solano, 2010. "Working capital management in SMEs," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 50(3), pages 511-527, September.
  75. Saibal Ghosh & Saurabh Ghosh, 2006. "Does Monetary Policy Affect A Firm’s Investment Through Leverage? Micro Evidence for India," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 59(1), pages 17-31.
  76. Théo Nicolas, 2022. "Short-term financial constraints and SMEs’ investment decision: evidence from the working capital channel," Small Business Economics, Springer, vol. 58(4), pages 1885-1914, April.
  77. Calomiris, Charles W. & Himmelberg, Charles P. & Wachtel, Paul, 1995. "Commercial paper, corporate finance, and the business cycle: a microeconomic perspective," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 42(1), pages 203-250, June.
  78. Egon Zakrajšek, 1997. "Retail inventories, internal finance, and aggregate fluctuations," Research Paper 9722, Federal Reserve Bank of New York.
  79. Greg Hannsgen, 2005. "Minsky's acceleration channel and the role of money," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 27(3), pages 471-489.
  80. Guariglia, Alessandra, 2008. "Internal financial constraints, external financial constraints, and investment choice: Evidence from a panel of UK firms," Journal of Banking & Finance, Elsevier, vol. 32(9), pages 1795-1809, September.
  81. Robert E. Carpenter & Bruce C. Petersen, 2002. "Capital Market Imperfections, High-Tech Investment, and New Equity Financing," Economic Journal, Royal Economic Society, vol. 112(477), pages 54-72, February.
  82. Robert E. Carpenter, 1994. "Finance Constraints or Free Cash Flow? The Impact of Asymmetric Information on Investment," Finance 9401001, University Library of Munich, Germany.
  83. Sanjay Sehgal & Ritesh Kumar Mishra & Ajay Jaisawal, 2021. "A search for macroeconomic determinants of corporate financial distress," Indian Economic Review, Springer, vol. 56(2), pages 435-461, December.
  84. Anil K. Kashyap & Jeremy C. Stein, 1997. "What Do a Million Banks Have to Say About the Transmission of Monetary Policy?," NBER Working Papers 6056, National Bureau of Economic Research, Inc.
  85. Julio Lopez & Tracy Mott, 1999. "Kalecki Versus Keynes on the Determinants of Investment," Review of Political Economy, Taylor & Francis Journals, vol. 11(3), pages 291-301.
  86. Coad, Alex, 2010. "Neoclassical vs evolutionary theories of financial constraints: Critique and prospectus," Structural Change and Economic Dynamics, Elsevier, vol. 21(3), pages 206-218, August.
  87. Godfred Adjapong Afrifa & Ishmael Tingbani & Ahmad Alshehabi & Hussein Halabi, 2024. "Short-term credit policies and operating performance," Review of Quantitative Finance and Accounting, Springer, vol. 62(4), pages 1755-1790, May.
  88. Chun Lu & James Routledge & Kam C. Chan & Tongxia Li, 2023. "Policy uncertainty and inventory behavior: Evidence from the US manufacturing sector," Economics and Politics, Wiley Blackwell, vol. 35(3), pages 919-948, November.
  89. Baños-Caballero, Sonia & García-Teruel, Pedro J. & Martínez-Solano, Pedro, 2014. "Working capital management, corporate performance, and financial constraints," Journal of Business Research, Elsevier, vol. 67(3), pages 332-338.
  90. Chow, Clement Kong-Wing & Fung, Michael Ka Yiu, 2000. "Small businesses and liquidity constraints in financing business investment: Evidence from shanghai's manufacturing sector," Journal of Business Venturing, Elsevier, vol. 15(4), pages 363-383, July.
  91. Jeremy C. Stein & Anil K. Kashyap, 2000. "What Do a Million Observations on Banks Say about the Transmission of Monetary Policy?," American Economic Review, American Economic Association, vol. 90(3), pages 407-428, June.
  92. Corbett, Jenny & Hay, Donald & Louri, Helen, 1999. "A financial portfolio approach to inventory behaviour: Japan and the UK," International Journal of Production Economics, Elsevier, vol. 59(1-3), pages 43-52, March.
  93. Dimelis, Sophia P. & Lyriotaki, Maria-Niki, 2007. "Inventory investment and foreign ownership in Greek manufacturing firms," International Journal of Production Economics, Elsevier, vol. 108(1-2), pages 8-14, July.
  94. Czarnitzki, Dirk & Kraft, Kornelius, 2000. "Haftungsregeln und Innovation," ZEW Discussion Papers 00-38, ZEW - Leibniz Centre for European Economic Research.
  95. Allen, Donald S., 1999. "Aggregate dynamics of (S, s) inventory management," International Journal of Production Economics, Elsevier, vol. 59(1-3), pages 231-242, March.
  96. Charles W. Calomiris & Athanasios Orphanides & Steven A. Sharpe, 1994. "Leverage as a state variable for employment, inventory accumulation, and fixed investment," Finance and Economics Discussion Series 94-24, Board of Governors of the Federal Reserve System (U.S.).
  97. Voutsinas, Konstantinos & Werner, Richard A., 2011. "Credit supply and corporate capital structure: Evidence from Japan," International Review of Financial Analysis, Elsevier, vol. 20(5), pages 320-334.
  98. Mulier, Klaas & Schoors, Koen & Merlevede, Bruno, 2016. "Investment-cash flow sensitivity and financial constraints: Evidence from unquoted European SMEs," Journal of Banking & Finance, Elsevier, vol. 73(C), pages 182-197.
  99. Klaas Mulier & Koen Schoors & Bruno Merlevede, 2014. "Investment-Cash Flow Sensitivity and the Cost of External Finance," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 14/890, Ghent University, Faculty of Economics and Business Administration.
  100. Yang, Junhong & Guariglia, Alessandra & Peng, Yuchao & Shi, Yukun, 2022. "Inventory investment and the choice of financing: Does financial development play a role?," Journal of Corporate Finance, Elsevier, vol. 74(C).
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