Time/时间：5月5日（周五） 上午10:00-11:30
Venue/地点：Room 501, Jiageng Building 2/嘉庚二号楼501教室
Topic/题目：Organization Capital and Trade Credit
Speaker/报告人：Joseph SOWAHFIO SOWAH
Facilitator/主持人：Shan Li
Online Conference ID/腾讯会议号：806-984-855
Abstract/摘要：We examine the effect of organization capital on trade credit access using a sample of 84,325 U.S. firms from 1981 to 2020. Our findings reveal a significant rise in trade credit access among firms with high organization capital, consistent with financial markets’ favorable pricing of the value-enhancing characteristic of organization capital. These findings are economically significant and robust to controlling for endogeneity problems and a battery of sensitivity tests. Further analysis indicates that customer quality underlies the positive relationship between organization capital and trade credit access. We also find that the positive organization capital-trade credit effect is more pronounced in firms with greater market power, more growth opportunities, high liquidity needs, and headquartered in states adopting the Inevitable Disclosure Doctrine. However, it is mitigated in firms with greater financial constraints, asymmetric information, and agency problems. Overall, these results are consistent with the argument that organization capital improves firms’ access to external sources of financing.
About the Speaker/报告人简介：Joseph Sowahfio Sowah is a final year (2019) Ph.D. (Finance) candidate at the Institute for Financial and Accounting Studies, XMU. He is a trained teacher with a Bachelor’s in Education (Accounting and Management) from the University of Cape Coast, Ghana, and a Master’s in Business Administration (Finance) from XMU in 2019. His research interests broadly focus on Corporate Finance with special attention on corporate finance implications of intangible capital. He has co-authored papers published in the Journal of International Financial Market, Institutions, & Money and the Pacific-Basin Finance Journal (forthcoming). His research works appear in conferences such as the IFABS Annual Conference (scheduled), the Asian Finance Association Annual Meeting, World Finance Annual Conference, Financial Management Association Annual Conference, and the Cross-Country Perspectives in Finance Conferences.