@misc{10481/76912,
year = {2022},
month = {8},
url = {https://hdl.handle.net/10481/76912},
abstract = {This paper investigates the effect of firms’ working capital management, measured
by the cash conversion cycle (CCC) on exports, on both the intensive and extensive
margins. By using Heckman’s two-stage model for the treatment of sample selection
bias, we find that the longer the CCC, the lower firms’ likelihood of exporting and the
lower the volume of their exports. This phenomenon is economically more relevant
for financially constrained firms than for unconstrained firms. The results are robust to
the propensity scorematching, the transition sample and the placebo analyses. Finally,
these results can be extrapolated in the context of the COVID-19 crisis because of the
decline in trading conditions and firms’ shortage of liquidity.},
organization = {MCIN/AEI	PID2019-104304GB-I00	
Spanish Government	PGC2018-093506-B-I00},
organization = {Junta de Andalucia	P20_00029},
organization = {Programa de ayudas de la Facultad de Ciencias Economicas y Empresariales de la Universidad de Granada para la revision de textos cientificos},
organization = {FEDER ANDALUCiA 2014-2020	B-SEJ-206-UGR20},
publisher = {Springer},
keywords = {Cash conversion cycle},
keywords = {COVID-19 crisis},
keywords = {Exports},
keywords = {Financial constraints},
keywords = {Working capital management},
title = {Working capital management, financial constraints and exports: evidence from European and US manufacturers},
doi = {10.1007/s00181-022-02295-5},
author = {Mansilla Fernández, José Manuel and Milgram Baleix, Juliette},
}