{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,2,7]],"date-time":"2026-02-07T09:58:19Z","timestamp":1770458299957,"version":"3.49.0"},"reference-count":56,"publisher":"Emerald","issue":"3","license":[{"start":{"date-parts":[[2021,3,31]],"date-time":"2021-03-31T00:00:00Z","timestamp":1617148800000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.emerald.com\/insight\/site-policies"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["JES"],"published-print":{"date-parts":[[2022,3,29]]},"abstract":"<jats:sec><jats:title content-type=\"abstract-subheading\">Purpose<\/jats:title><jats:p>This study seeks to analyse the determinants of working capital of manufacturing small and medium-sized enterprises (SMEs), particularly the effect of the probability of financial distress on working capital.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Design\/methodology\/approach<\/jats:title><jats:p>Using panel data models, the authors analyse a sample of 3994 manufacturing SMEs for the period 2011\u20132017.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Findings<\/jats:title><jats:p>The results suggest that SMEs pursue conservative working capital management to avoid the failure to fulfil the commitments with creditors. Also, the positive impact of the probability of financial distress on SME working capital suggests that SMEs exposed to a higher probability of bankruptcy invest more in working capital to avoid the risk of default and financing imbalance.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Originality\/value<\/jats:title><jats:p>The novelty of this study is to extend the consequences of aggressive or conservative working capital management by analysing the probability of financial distress on working capital.<\/jats:p><\/jats:sec>","DOI":"10.1108\/jes-10-2020-0513","type":"journal-article","created":{"date-parts":[[2021,3,30]],"date-time":"2021-03-30T02:42:58Z","timestamp":1617072178000},"page":"506-521","source":"Crossref","is-referenced-by-count":17,"title":["Determinants of working capital: empirical evidence on manufacturing SMEs"],"prefix":"10.1108","volume":"49","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-2278-7161","authenticated-orcid":false,"given":"Filipe","family":"Sardo","sequence":"first","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0003-1761-5426","authenticated-orcid":false,"given":"Z\u00e9lia","family":"Serrasqueiro","sequence":"additional","affiliation":[]}],"member":"140","published-online":{"date-parts":[[2021,3,31]]},"reference":[{"issue":"6","key":"key2022032805162799500_ref001","first-page":"557","article-title":"Working capital management and performance of listed SMEs","volume":"27","year":"2015","journal-title":"Journal of Small Business and Entrepreneurship"},{"issue":"6","key":"key2022032805162799500_ref501","first-page":"55","article-title":"Effective working capital management: a study of selected quoted manufacturing companies in Nigeria","volume":"2","year":"2012","journal-title":"Economics Business Review"},{"key":"key2022032805162799500_ref002","doi-asserted-by":"crossref","first-page":"40","DOI":"10.1080\/15228916.2012.657951","article-title":"Determinants of working capital requirements in selected quoted companies in Nigeria","volume":"13","year":"2012","journal-title":"Journal of African Business"},{"key":"key2022032805162799500_ref502","doi-asserted-by":"crossref","first-page":"98","DOI":"10.1016\/j.jcorpfin.2014.12.008","article-title":"Is working-capital management value-enhancing? 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