From chain to capital: Supply chain risks and working capital management
研究供应链风险如何影响企业营运资本管理，发现风险每增加1%，净营运资本年增6%，企业通过增加库存和应收账款、减少应付账款来缓冲冲击，尤其对财务受限、国际业务多或高风险行业的企业影响更大。
• This study investigates the effects of supply chain risks on working capital management, focusing on how external shocks shape financial strategies. • The findings confirm a strong positive impact of firm-level supply chain risk on net working capital, with a 6% annual increase. • Firms respond by increasing inventory and accounts receivable while reducing accounts payable to buffer against disruptions. • These adjustments are more pronounced in firms with financial constraints, international exposure, and in high-risk sectors, highlighting strategies for resilience. This study empirically examines the influence of supply chain risks on working capital management. By employing a text-based measure of firm-specific supply chain risks and a large sample of US listed firms, this study uncovers a strong positive correlation between supply chain risk exposure and net working capital, with an increase of approximately 6% annually. Firms strategically adjust by increasing inventory and accounts receivable while reducing accounts payable to buffer against disruptions. This adaptive response is particularly evident in firms facing financial constraints, higher international exposure, and those in high-risk sectors, offering critical insights into enhancing resilience and operational efficiency.