Ownership structure and inventory policy

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dc.contributor.author Tribo Gine, José Antonio
dc.date.accessioned 2006-11-07T11:18:05Z
dc.date.available 2006-11-07T11:18:05Z
dc.date.issued 2004-08
dc.identifier.uri http://hdl.handle.net/10016/99
dc.description.abstract This paper explores the effect of a firm's ownership structure on its inventory policy. We have argued that the presence of institutional investors like banks as blockholders, reduces a firm's liquidity needs and prevents overinvestment policies. This, in turn, leads to lower inventory levels, especially for small and/or diversified firms. Also, we expect less inventory investment when bank equity financing is compared with bank debt financing. Finally, other components of ownership structure like the number of blockholders prevent overinvestment that may generate excessive inventory accumulation. We have proved these theoretical contentions making use of a database of Spanish manufacturing firms.
dc.format.extent 549255 bytes
dc.format.mimetype application/pdf
dc.language.iso eng
dc.language.iso eng
dc.relation.ispartofseries Workings Paper. Bussiness Economics
dc.relation.ispartofseries 2004-11
dc.title Ownership structure and inventory policy
dc.type workingPaper
dc.subject.eciencia Empresa
dc.rights.accessRights openAccess
dc.identifier.repec wb043211
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