Stochastic frontier modelling of working capital efficiency across Europe
采用随机前沿分析，基于6170家欧洲企业2009-2018年数据，研究营运资本效率的影响因素，发现企业规模、现金持有、竞争、出口增长和银行信贷等对效率有显著影响，并区分了新旧欧盟国家。
This paper adopts the stochastic frontier analysis (SFA) to model working capital efficiency (WCE) on a sample of 6170 European firms from 2009 to 2018. We find: (i) larger firms are more efficient with their working capital management (WCM) than smaller firms, (ii) higher cash holding contributes to WCE, (iii) high competition is less conducive to WCE than low competition, (iv) export and sales growth potential decrease WCE and (v) WCE increases with access to bank credit. In the analysis, a distinction is made between the “old” EU countries and the “new” EU countries. The results are sensitive to the year of admission into the EU. The results are robust to omitted variable bias, using a more novel approach.