印记(心理学)
营运资金
市场流动性
首席执行官
会计
业务
应付账款
现金转换周期
独创性
自由现金流
现金流
经济
财务
现金管理
管理
生物化学
化学
创造力
政治学
法学
付款
基因
作者
Zagdbazar Davaadorj,Bolortuya Enkhtaivan,Jamie Weathers
出处
期刊:International Journal of Managerial Finance
[Emerald (MCB UP)]
日期:2023-02-06
卷期号:19 (5): 1124-1146
标识
DOI:10.1108/ijmf-09-2022-0426
摘要
Purpose The paper aims to investigate the imprinting effect on working capital (WC) management as higher-level managers' transition to chief executive officer (CEO) positions. This paper proposes that WC management defined as a shorter cash conversion cycle (CCC) can be carried forward to the new firm when the managers are appointed as a CEO. Design/methodology/approach The authors employ a multivariate regression approach. The data in this study come from two sources: Execucomp which provides data for corporate managers of the largest 2,000 USA firms including S&P 1,500 US and Compustat which provides financial information of firms. Findings The authors find a positive imprinting effect of “new” CEOs on WC outcomes – proxied by the CCC. CCC shortens by approximately 16 days when CEOs are efficient managers at previous institutions, predominantly derived from improvements in inventory and payables. The effect is sensitive to individuals' age, familiarity with the industry and high-pressure circumstances. Practical implications The paper includes important implications of WC management for firms to consider, especially during economic crises when liquidity management is a priority. Originality/value This paper extends the literature on the imprinting effect on managerial decision-making. The paper offers evidence of cooperative yet dynamic efforts in managing WC during CEO turnover events, which are unique findings.
科研通智能强力驱动
Strongly Powered by AbleSci AI