Tytuł:

Determinants and speed of adjustment of financial liquidity: Evidence from Central and Eastern Europe

Tytuł publikacji grupowej:

Argumenta Oeconomica

Autor:

Czerwonka, Leszek ; Jaworski, Jacek

Temat i słowa kluczowe:

working capital management ; liquidity determinants ; target level of liquidity ; speed of liquidity adjustment ; Central and Eastern Europe

Opis:

Argumenta Oeconomica, 2024, Nr 2 (53), s. 200-216

Abstrakt:

The article aims at (i) identifying the financial liquidity determinants at firm, industry and country level, (ii) examining whether firms follow the target liquidity level, and (iii) determining the average speed of adjustment to this level. Statistical analysis was used in an empirical study based on financial data of 13,513 firms operating in seven countries from Central and Eastern Europe in the research period 2012-2020. The study confirmed company-specific liquidity determinants (company size, growth, tangibility, leverage and cash flow). The average industry liquidity was found to be an industry-specific factor (positive relationship). The positive impact of unemployment and access to credit was detected at country level. The study also showed that country-specific determinants had twice as broad an influence on liquidity as industry-specific factors. It also provided evidence that companies tend to achieve the target liquidity level. The speed of adjustment was 88%.

Wydawca:

Publishing House of Wroclaw University of Economics and Business

Miejsce wydania:

Wroclaw

Data wydania:

2024

Typ zasobu:

artykuł

Identyfikator zasobu:

doi:10.15611/aoe.2024.2.14

Język:

eng

Powiązania:

Argumenta Oeconomica, 2024, Nr 2 (53)

Prawa:

Pewne prawa zastrzeżone na rzecz Autorów i Wydawcy

Prawa dostępu:

Dla wszystkich zgodnie z licencją

Licencja:

CC BY-SA 4.0

Lokalizacja oryginału:

Uniwersytet Ekonomiczny we Wrocławiu