Working capital (mis)management – impact of executive age

Autor:	Marcin W. Krolikowski, James Malm, Hari P. Adhikari, Nilesh B. Sah
Rok vydání:	2019
Předmět:	Labour economics business.industry Risk aversion media_common.quotation_subject Economics Econometrics and Finance (miscellaneous) Working capital Cash conversion cycle Financial management Trade credit Top Executives Argument Accounting Cash business Finance media_common
Zdroj:	Accounting & Finance. 61:727-761
ISSN:	1467-629X 0810-5391
DOI:	10.1111/acfi.12591
Popis:	Several recent studies have used the upper echelons theory to explain the impact of personal traits of top executives on various corporate policies. In this, first of its kind, study we find that older executives invest more in working capital; take longer to convert inventories to cash; and pay their suppliers sooner. These findings are consistent with the argument that risk aversion increases with executive age. Our findings indicate that executive age has significant bearing on working capital management policies. This study also initiates new avenues in research relating behavioral aspect of executives with short‐term financial management.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::662ebec56cf00de00ac6e8cd32b9f656 https://doi.org/10.1111/acfi.12591 Zobrazit plný text záznamu Plný text