Supplier Financing and Abnormal Cash Flows Sample Clauses

Supplier Financing and Abnormal Cash Flows. We test the association between supplier financing arrangements and abnormal cash flows using the model (1). Abnormal cash flows are estimated using Roychowdhury’s (2006) model, and we expect firms with supplier financing arrangements to have lower abnormal cash flows. Results in Table 3, Panel A provide support for our expectation. In column 1, Supplier Financing indicator has a significantly negative coefficient (p-value is 0.039). In other words, firms with lower than normal levels of operating cash flows are more likely to engage in supplier financing. Next, we separately examine the supplier financing firms. Within this sample of firms, we explore the association between Abnormal CFO and an indicator variable signifying an extensive use of supplier financing. We proxy the extensive use of supplier financing with three separate indicator variables based on information from the 2023 10Q disclosures. Specifically, we categorize firms as extensive users of supplier financing arrangements that mention the use of these arrangements to increase their payment terms (column 2), disclose a 2023 quarterly increase in their supplier financing payables (column 3), or disclose a 2023 supplier financing payable balance greater than the median (column 4). If firms with the lowest abnormal cash flows use supplier financing to the greatest extent, then we expect negative coefficients for these indicator variables. If, on the other hand, the most extensive users of supplier financing obtain the greatest cash flow benefit from these arrangements, then we expect positive coefficients for these indicator variables. These estimations do not yield any significant results within the small sample of supplier financing firm-years. These results are consistent with the notion that if firms with the poorest cash flows use supplier financing more extensively, their cash flows improve from the extensive use of these arrangements. In other words, the two countervailing associations offset each other. To corroborate our findings in Table 3, Panel A and provide support for H1, we also test whether supplier financing firms have lower excess cash holdings, on average. Excess cash holdings are estimated using Opler et al.’s (1999) model, and we expect firms with lower excess cash holdings are more likely to engage in supplier financing arrangements. Results in Table 3, Panel B provide support to our expectation. In column 1, Supplier Financing indicator variable has a significantly negat...
Sample 1
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Related to Supplier Financing and Abnormal Cash Flows

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