Dependent variable
|
Working capital requirement |
WCR |
[(Cash and cash equivalents + Inventories + Accounts receivable) - (Accounts payable + Other accounts payable)] / Total assets |
|
Gill (2011)Gill, A. (2011). Factors that influence working capital requirements in Canada. Economics and Finance Review, 1(3), 30–40. and Wasiuzzaman and Arumugam (2013)Wasiuzzaman, S., & Arumugam, V. C. (2013). Determinants of working capital investment: A study of Malaysian Public Listed firms. Australasian Accounting, Business and Finance Journal, 7(2), 63–83.
|
Variables of interest
|
Import |
IMP |
Foreign suppliers / Total suppliers |
- |
Gill (2011)Gill, A. (2011). Factors that influence working capital requirements in Canada. Economics and Finance Review, 1(3), 30–40. and Santos (2016)Santos, M. A. (2016). Internacionalização de empresas e o fechamento do capital: Um estudo sobre a deslistagem no mercado brasileiro. [Dissertação de mestrado não publicada]. Universidade Federal de Uberlândia.
|
Debt in foreign currency |
DIVE |
Short and long-term debt in foreign currency / Total liabilities |
- |
Saito and Hiramoto (2010)Saito, R., & Hiramoto, E. (2010). Foreign activity effects and capital structure: Brazilian evidence. Academia Revista Latinoamericana de Administración, (45), 59–75., Pereira (2013)Pereira, V. S. (2013). Ensaios sobre os efeitos da internacionalização na estrutura de capital e estrutura de propriedade de multinacionais latino-americanas. [Tese de doutorado não publicada]. Fundação Getulio Vargas., and Santos (2016)Santos, M. A. (2016). Internacionalização de empresas e o fechamento do capital: Um estudo sobre a deslistagem no mercado brasileiro. [Dissertação de mestrado não publicada]. Universidade Federal de Uberlândia.
|
American Depositary Receipt issuing firms |
ADR |
Dummy: 1 for firms that issue ADR |
+ |
Souza et al. (2011)Souza, F. C. D., Murcia, F. D. R., & Marcon, R. (2011). Bonding hypothesis: Análise da relação entre disclosure, governança corporativa e internacionalização de companhias abertas no Brasil. Contabilidade, Gestão e Governança, 14(2), 62–81.
|
Crisis period |
Crise |
Dummy: 1 for crisis years |
- |
Baños-Caballero et al. (2010)Baños-Caballero, S., García-Teruel, P. J., & Martínez-Solano, P. (2010). Working capital management in SMEs. Accounting & Finance, 50(3), 511–527. https://doi.org/10.1111/j.1467-629X.2009.00331.x https://doi.org/10.1111/j.1467-629X.2009...
and Wasiuzzaman and Arumugam (2013)Wasiuzzaman, S., & Arumugam, V. C. (2013). Determinants of working capital investment: A study of Malaysian Public Listed firms. Australasian Accounting, Business and Finance Journal, 7(2), 63–83.
|
Control variables
|
Size |
TAM |
ln (Total assets) |
- |
Gill (2011)Gill, A. (2011). Factors that influence working capital requirements in Canada. Economics and Finance Review, 1(3), 30–40. and Moussa (2019)Moussa, A. A. (2019). Determinants of working capital behavior: Evidence from Egypt. International Journal of Managerial Finance, 15(1), 39–61. https://doi.org/10.1108/IJMF-09-2017-0219 https://doi.org/10.1108/IJMF-09-2017-021...
|
Leverage |
ALAV |
Gross debt / Total assets |
- |
Gill (2011)Gill, A. (2011). Factors that influence working capital requirements in Canada. Economics and Finance Review, 1(3), 30–40. and Palombini and Nakamura (2012)Palombini, N. V. N., & Nakamura, W. T. (2012). Key factors in working capital management in the Brazilian market. Revista de Administração de Empresas, 52(1), 55–69. https://doi.org/10.1590/S0034-75902012000100005 https://doi.org/10.1590/S0034-7590201200...
|
Tobin’s Q |
QTB |
(Gross debt + Equity) / Total assets |
+ |
Gill (2011)Gill, A. (2011). Factors that influence working capital requirements in Canada. Economics and Finance Review, 1(3), 30–40. and Moussa (2019)Moussa, A. A. (2019). Determinants of working capital behavior: Evidence from Egypt. International Journal of Managerial Finance, 15(1), 39–61. https://doi.org/10.1108/IJMF-09-2017-0219 https://doi.org/10.1108/IJMF-09-2017-021...
|
Company age |
IDC |
ln (Age of the company) |
- |
Wasiuzzaman and Arumugam (2013)Wasiuzzaman, S., & Arumugam, V. C. (2013). Determinants of working capital investment: A study of Malaysian Public Listed firms. Australasian Accounting, Business and Finance Journal, 7(2), 63–83.
|
Operating cycle |
COP |
Economatica (days) |
+ |
Azeem and Marsap (2015)Azeem, M. M., & Marsap, A. (2015). Determinant factors and working capital requirement. International Journal of Economics and Finance, 7(2), 280–292. https://doi.org/10.16930/2237-766220192842 https://doi.org/10.16930/2237-7662201928...
|
Growth |
CRES |
(Sales t - Sales t-1) / Sales t-1
|
- |
Azeem and Marsap (2015)Azeem, M. M., & Marsap, A. (2015). Determinant factors and working capital requirement. International Journal of Economics and Finance, 7(2), 280–292. https://doi.org/10.16930/2237-766220192842 https://doi.org/10.16930/2237-7662201928...
and Moussa (2019)Moussa, A. A. (2019). Determinants of working capital behavior: Evidence from Egypt. International Journal of Managerial Finance, 15(1), 39–61. https://doi.org/10.1108/IJMF-09-2017-0219 https://doi.org/10.1108/IJMF-09-2017-021...
|
Return on assets |
ROA |
Net income / Total assets |
+ |
Gill (2011)Gill, A. (2011). Factors that influence working capital requirements in Canada. Economics and Finance Review, 1(3), 30–40. and Azeem and Marsap (2015)Azeem, M. M., & Marsap, A. (2015). Determinant factors and working capital requirement. International Journal of Economics and Finance, 7(2), 280–292. https://doi.org/10.16930/2237-766220192842 https://doi.org/10.16930/2237-7662201928...
|
Industrial sector |
IND |
Dummy: 1 for industry |
+ |
Gill (2011)Gill, A. (2011). Factors that influence working capital requirements in Canada. Economics and Finance Review, 1(3), 30–40., Palombini and Nakamura (2012)Palombini, N. V. N., & Nakamura, W. T. (2012). Key factors in working capital management in the Brazilian market. Revista de Administração de Empresas, 52(1), 55–69. https://doi.org/10.1590/S0034-75902012000100005 https://doi.org/10.1590/S0034-7590201200...
, and Moussa (2019)Moussa, A. A. (2019). Determinants of working capital behavior: Evidence from Egypt. International Journal of Managerial Finance, 15(1), 39–61. https://doi.org/10.1108/IJMF-09-2017-0219 https://doi.org/10.1108/IJMF-09-2017-021...
|
Commercial sector |
COM |
Dummy: 1 for commerce |
+ |
Palombini e Nakamura (2012)Palombini, N. V. N., & Nakamura, W. T. (2012). Key factors in working capital management in the Brazilian market. Revista de Administração de Empresas, 52(1), 55–69. https://doi.org/10.1590/S0034-75902012000100005 https://doi.org/10.1590/S0034-7590201200...
|