Hofmann, Erik; Töyli, Juuso; Solakivi, Tomi - In: International Journal of Financial Studies : open … 10 (2022) 3, pp. 1-20
In times of crisis, cash and liquidity play an essential role. This paper analyzes the working capital measures over the course of a business cycle. We examine (1) how companies behave in economic downturns regarding their working capital components and (2) whether firms with higher financial...
