Liquidity as competitive advantage: The role of intangibles

• 成果类型: Article
• 署名作者: Altomonte, Carlo; Morlacco, Monica; Sonno, Tommaso; Favoino, Domenico
• 署名单位: Bocconi University; University of Southern California; University of Bologna; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2025.104168
• 发表日期: 2025
• 关键词: Intangible Capital; markups; Competitive advantage; liquidity constraints; Trade credit

摘要

We show that short-term liquidity can be a source of competitive advantage by enabling firms to invest in intangible assets. Our analysis leverages a French reform that capped payment delays in trade credit contracts, which generated quasi-experimental variation in corporate liquidity across manufacturing firms. Higher liquidity led to significantly greater investment in intangibles, which, in turn, raised markups and market shares. These results suggest a strategic role for liquidity in shaping firm performance, indicating that initial financial conditions can have lasting effects on productivity and market structure.