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Costa, Bárbara Reis da. "Cash conversion cycle across industries." Master's thesis, NSBE - UNL, 2014. http://hdl.handle.net/10362/11731.
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A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and EconomicsThe purpose of this research is to assess whether Cash Conversion Cycle differs between industries via their components, namely Days Inventory Outstanding, Days Sales Outstanding and Days Payables Outstanding. Based on a sample of multinational companies from two different industries, Fast Moving Consumer Goods and Airline industry for the period 2009-2012, the results suggest that Cash Conversion Cycle differs between industries. Also it differs between large and smaller companies due to different accounting choices. It contributes to a better understanding about how size of the firm, inventory system, liquidity and payables impact on CCC and consequently on companies’ profitability.
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Wildi, Philip-Markus. "The Weighted Cash Conversion Cycle in Networks Potential for WACC-Optimization /." St. Gallen, 2008. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/01655315002/$FILE/01655315002.pdf.
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Le, Roux Marthinus Theunis Steyn. "Company value : working capital and the cash conversion cycle investigated / M.T.S. le Roux." Thesis, North-West University, 2008. http://hdl.handle.net/10394/4026.
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The primary objective of any corporation should be shareholder wealth
maximisation. A firm's working capital policies have an effect on the firm's
expected future returns and the risk associated with the returns, which ultimately
have an impact on shareholder wealth. Efficient working capital management is
a fundamental portion of the overall corporate strategy to create shareholder
value.
In this study the relationship of corporate profitability and working capital
management was investigated. This relationship is examined using regression
analysis. A sample of 118 firms listed on the Johannesburg Securities Exchange
(JSE) for the period 2003 to 2007 was used. The purpose of this study is to
establish whether a relationship exists between working capital management
efficiency and profitability, considering the cash conversion cycle and operating
profitability of the firm.
The results of the regression analysis indicated that a statistical significance
exists for three of the five years (2003 - 2005) analysed between profitability,
measured with the gross operating profit, and the cash conversion cycle. It is
observed (2003-2005 regression results) that a lower gross operating profit is
associated with an increase in number of days accounts payable. The negative
relationship between accounts receivable and firms' profitability (for 2003-2005)
suggests that less profitable firms will pursue a decrease of accounts receivables
in the attempt to reduce cash gap in the respective cash conversion cycles. The
negative relationship between the number of days inventory and corporate
profitability (for 2003-2005) suggests that a sudden decrease in sales
accompanied by mismanagement of inventory, will lead to tying up excess capital
at the expense of profitable operations. Managers or owners of firms can improve profits for firms by handling correctly
the cash conversion cycle and keeping each individual component (accounts
receivable, accounts payable and inventory) to an optimum level. These results
(for 2003-2005) suggest that managers can create value for shareholders by
reducing the cash conversion cycle and its individual components.Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2009.
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John, Costa. "A Comparison of the Current Ratio and the Cash Conversion Cycle in Evaluating Working Capital Cash Flows." Diss., California Coast University, 2001. http://hdl.handle.net/10919/71545.
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The purpose of this study was to compare the effectiveness of the current ratio and the cash conversion cycle in evaluating working capital cash flows from a diagnostic and a predictive aspect.The author analyzed two case studies. Each company was reviewed over a five-year period. For each company the writer calculated the annual current ratio and the cash conversion cycle and examined the trends over the five-year periods under review.Results of these analyses indicated that the cash conversion cycle was more effective than the current ratio in diagnosing the health of each company’s working capital cash flows. The cash conversion cycle also signaled a change in liquidity earlier than the current ratio, suggesting that the former had more effective predictive capabilities than the latter. The central implication of these findings is that the cash conversion cycle might be a more useful diagnostic and predictive tool than the current ratio in liquidity analysis.The research findings were also consistent with improvement or deterioration in each company’s underlying strategic performance as measured by critical changes in its competitive position at the same point in time as the cash conversion cycle trend shifted.These results suggest that the cash conversion cycle may provide insights into the impact of planned product-market strategy on shareholder value.
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Hammady, Brho Mazen. "Supply Chain Finance: Developing a Weighted Cash Conversion Cycle to Proxy Corporate Financial Performance." Thesis, University of North Texas, 2018. https://digital.library.unt.edu/ark:/67531/metadc1248432/.
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The objective of this three-essay dissertation are to develop a weighted cash conversion cycle (CCC_EVA) and empirically investigate its commensurability of corporate financial performance. Essay 1, titled "Supply Chain Finance: Developing a Weighted Cash Conversion Cycle to Proxy Operations Liquidity", presents the development and supporting empirical evidence of CCC_EVA measurability of operations liquidity. This essay shows the processes of scaling capital intensity and financing cost into time intervals captured by the traditional metric. Specifically, this essay investigates how accurately CCC_EVA indexes operations liquidity captured working capital, operational cash flow-to-modified working capital ratio, and quick ratio. The sample used in this essay consists of 4,333 firm-year observations of publicly traded industry classified firms listed on the U.S. exchange markets. The results of the empirical testing have statistically supported the essay hypotheses, that is CCC_EVA is a more accurate proxy of operations liquidity in comparison to the traditional metric (CCC_D).
Essay 2, titled "Supply Chain Finance: Weighted Cash Conversion Cycle and Corporate Finance", expands the first essay findings by accounting for well-known financial measurements. Specifically, this essay examines the relations between CCC_EVA and operations liquidity and leverage, Market value, operating profitably and growth, and long-term asset management efficiency. This essay paper has used a sample of 24,127 firm-year observations of publicly traded firms listed on U.S. exchange markets from 1994 to 2016. The results support and extend the previous findings, that is CCC_EVA is a robust proxy of operations liquidity and can enhance its resiliency; maximize market value of corporate equity and debt; identify strategies to improve corporate profitability and credibility.
Essay 3, titled "Supply Chain Finance: An Advanced Weighted Cash Conversion Cycle", advances the accuracy of CCC_EVA by differentiating between cash and credit forms of corporate sales and purchase transactions, and introducing operational cash flow into CCC_EVA. The advanced metric allows differences in inventory carrying cost and capital costs to be sources of the economic value added (EVA). Within a longitudinal case-based approach, the results show that the advanced metric is a potential decision tool to leverage on supply chain diversity and capitalize on its relation dynamics. Specifically, the implantation of the advanced metric can minimize the overall SC weighted average cost of capital (WACC) and its inventory carry cost (ICC); boost EVA of SC activities; and hedge liquidity risk.
This three-essay dissertation has addressed the academic skepticism about CCC_D‘s commensurability by developing an advanced weighted metric (CCC_EVA) that accounts for capital intensity and financing cost. The three essays provide evidence of CCC_EVA testability and its adequacy of presenting corporate financial performance. The findings of this dissertation contribute to both industry and academia. Industry practitioners can implement CCC_EVA as a strategic decision instrument to balance SC liquidity distribution and resilience; hedge default risk of hidden deep-tier SC partners; increase overall SC profitability and creditability; boost equity value; and reveal existing opportunities of SC's EVA sources. Academically, these three essays initiate a fundamental and much-needed step for scholars to advance a systematically published metric, which can contribute to the implications, innovations, and knowledge of the SCF domain.
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Pfitzner, Marcus. "Working Capital." Saechsische Landesbibliothek- Staats- und Universitaetsbibliothek Dresden, 2016. http://nbn-resolving.de/urn:nbn:de:bsz:14-qucosa-201911.
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Ausgehend vom Bedarf an unternehmensinternen, relativ marktunabhängigen Maßnahmen zur Stärkung der Innenfinanzierungskraft von Unternehmen, kann die angestrebte Liquiditätssicherung und Ertragsstabilisierung aus einer effizienten Steuerung der Working-Capital-beeinflussenden Prozesse hervorgehen. Der vorliegende Beitrag fokussiert dabei die definitorische Abgrenzung des Working Capital und des Working Capital Management. Außerdem werden die finanziellen Wirkungen des WCM aufgezeigt. Eine detaillierte Betrachtung der das Working-Capital-beeinflussenden Prozesse verdeutlicht die Komplexität des Prozessgefüges und die Notwendigkeit eines ganzheitlichen Ansatzes zur Working-Capital-Steuerung.
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Rimo, Alexandra, and Podjaman Panbunyuen. "The effect of company characteristics on working capital management: A quantitative study of Swedish listed companies." Thesis, Umeå University, Umeå School of Business, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-35674.
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This study investigates the effect of company characteristics on the working capital management. We employed quantitative method to examine the relationship between company characteristics and the cash conversion cycle as a measure of working capital management in Swedish listed companies. The company characteristics include profitability, operating cash flow, company size, sale growth, current ratio and debt ratio. The sample consists of 40 companies in the large cap investment segment listed on NASDAQ OMX Stockholm Exchange. Financial data are extracted from companies’ annual reports of year 2007 and 2008 in order to calculate financial ratios used in the study.
Using regression analysis, our results indicate that profitability, operating cash flow, company size and sale growth affect the company’s working capital management. First, we find that there is a significant positive association between profitability and the cash conversion cycle. Second, we find that the cash conversion cycle have significant negative relationship with operating cash flow, company size and sale growth. Further, we examined the industry effect and find significant positive relations with the cash conversion cycle in four industry classifications as follows: materials, industrials, health care and information technology.
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Fredriksson, Erik, and Cheraghi Kevin. "Rörelsekapitalets påverkan på företags lönsamhet : En empirisk studie av sambandet mellan Cash Conversion Cycle och ROA i Sverige." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-27684.
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Syfte: Syftet med denna uppsats är att studera om förändringar i arbetet med rörelsekapital hade ett samband med lönsamheten i företag. Som mått på rörelsekapital används Cash Conversion Cycle och som mått på lönsamhet används ROA. Teoretiskt perspektiv: Den teoretiska referensramen består av teorier om Working Capital Management, Cash Conversion Cycle, Lean, Supply Chain Management och Supply Chain Finance. Metod: I denna uppsats används en kvantitativ metod där sekundärdata samlas in från årsredovisningar för 2005 och 2013. Denna data ligger till grund för fyra korrelationsanalyser. Den beroende variabeln i korrelationsanalyserna är ROA och defyra oberoende variablerna är Cash Conversion Cycle, dagar i lager, dagar som kundfordring och dagar som leverantörsskuld. Urvalet i denna studie består av svenska aktiebolag inom branschen tillverkning och industri med fler än 50 anställda. Empiri: Empirin består av fyra tabeller som presenterar de beräkningar som gjorts. Slutsats: Sambandet mellan förändring i Cash Conversion Cycle och förändring i ROA blev väldigt svagt positivt men inte signifikant. Alla förändringar i dagar i lager, dagar som kundfordring och dagar som leverantörsskuld visade svaga negativa samband till ROA och var signifikanta.
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Koloko, Mapolo Belina. "The effect of working capital management on the profitability of small retail businesses within the Emfuleni local municipality." Thesis, Vaal University of Technology, 2016. http://hdl.handle.net/10352/384.
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Managing cash flow and cash conversion cycle is a crucial component of the overall financial management within businesses, particularly small businesses. A business is required to maintain a balance between its liquidity and profitability while conducting its day-to-day operations. Monitoring of cash as an indicator of financial health is important in the view of its crucial role within businesses. This requires a business to run an effective working capital management efficiently and profitably. Hence, efficient working capital management includes decisions on how much to invest in customers, inventory and accounts receivable, and the extent of credit to accept from suppliers.
The purpose of the study was to examine the effect of working capital management on the profitability of small retail business with the Emfuleni Local Municipality. Three variables were used as a measure of working capital management, namely the number of days inventory on hand, number of days accounts payable, number of days account receivable. The return on assets was used to measure profitability. The study adopted the quantitative research approach using a structured questionnaire. A non-probability purposive sampling method was followed, where a total of 222 questionnaires were analysed.
Spearman’s correlation analysis was conducted to examine the linear relationship between working capital management and the rate of return on assets. The results indicated that the period it takes the business to collect money from its customers impacts on the period it takes to pay the suppliers. A weak correlation was also reported between the number of days accounts are payable and the cash conversion cycle. Strong correlations also exist between day’s accounts receivable and the cash conversion cycle and days inventory on hand with the cash conversion cycle. Regression analysis results show that days account receivables have made the largest impact on return on assets. Small businesses may have to decrease the cash conversion cycle in order to help maintain value within the business. The number of days for accounts receivable should be reduced to a reasonable period (shorter than the creditor’s payment period). Small businesses may consider shortening the number of days inventory is held within the business, as this also will decrease the cost of obsolete stock.
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Milatová, Helena. "Ŕízení pracovního kapitálu ve firmě BAYER s.r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-125227.
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The aim of this thesis is to analyze the management of working capital in company Bayer s.r.o., primarily to find the weak points and to suggest measures for their improvement. First of all the company results will be evaluated based on financial analysis. Subsequently the managing process of particular working capital components will be assessed, i.e. inventories, receivables, cash and payables. The resulting findings will be interpreted and completed by proposal of measures and recommendations, which should ensure a higher efficiency of working capital management and therefore release funds, which can be used for further company development and increase its value.
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Andersson, Daniel, and Anton Wittenby. "Rörelsekapitalets påverkan på svenska nyintroducerade företags finansiella prestation och värdeutveckling i tider av ekonomisk tillväxt." Thesis, Linköpings universitet, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-151336.
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Bakgrund Rörelsekapitalet är ett företags livsnerv, det kan öppna upp för nya affärsmöjligheter; upprätthålla och förbättra kundrelationer samt föra nya produkter och teknologi till marknaden. Samtidigt kan dess hantering vara avgörande för om företaget riskerar att bli insolvent och gå i konkurs. Hur rörelsekapitalet hanteras är därmed av yttersta vikt för ett företag, då det påverkar företagets lönsamhet, likviditet och risk. Detta borde vara av intresse för investerare som vill maximera sin avkastning och för företagsledare som önskar maximera verksamhetens genererade vinst. Syfte Studiens ämnar analysera vikten av rörelsekapitalets hantering för nyintroducerade svenska företag och hur det påverkar deras finansiella prestation och värdeutveckling i en tid av ekonomisk tillväxt. Metod Detta är en kvantitativ studie med en deduktiv ansats. Finansiella data kommer analyseras över en tidsperiod på fem, fyra eller tre år beroende på när företagen introduceras på börsen vilket gör det till en longitudinell studie. Vidare används korrelationsmatris och regressioner för att analysera variablernas samband och därmed besvara studiens syfte. Slutsats Resultatet pekar på ett negativt samband mellan rörelsekapitalshantering och lönsamhet, positivt samband mellan rörelsekapitalshantering och likviditet samt ett negativt samband mellan rörelsekapitalshantering och värdeutveckling.Introduction Working capital is the life blood of a company. It is an enabler of business opportunities; a sustainer and improver of businessrelations and also an envoy of new products and technology. The management of working capital decides if a company might become insolvent or even file for bankrupcy. How the working capital is managed is therefore of utmost importancet to a company, since it detirmines the company's performance, liquidity and risk. Hence, it should be of import to prospect investors that want to maximize the return of the investment and also decision makers who wishes to maximize the operational profits. Purpose The purpose of this study is to analyze the importance of efficient working capital management and its effect on financial performance and firm value for Swedish IPO companies during an economic boom. Methodology This is a quantiative study utilizing a deductive approach. Financial data is analysed over a period of five, four or three years depending on when the IPO occured, which classifies this as a longitudinal study. A correlation matrix and regressions will be used to establish the relationships between the variables and thereby fulfill the purpose of the study. Findings The resuslts indicate a negative correlation between CCC and profitability, a positive correlation between CCC and liquidity and a negative correlation between CCC and Tobin's Q.
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Redzanovic, Naida, and Laura Hadzic. "Working Capital Management : En studie av SME:s inom fordonsindustrin." Thesis, Högskolan i Halmstad, Akademin för ekonomi, teknik och naturvetenskap, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-39678.
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Denna kvalitativa studie syftar till att få en djupare förståelse för hur små- till medelstora företag inom fordonsindustrin arbetar med Working Capital Management och hur användbara teorier kopplade till rörelsekapital är inom praktiken. Working Capital Management, som på svenska innebär styrning av rörelsekapitalet, syftar till att hitta en effektiv balans mellan rörelsekapitalets olika delar. Datainsamling till studien har skett via primära och sekundära källor, där de primära källorna är intervjuer och de sekundära tidigare empiriska studier samt tryckta källor. Fyra bolag som uppfyllt studiens krav har valts ut där två utav respondenterna var VD för respektive bolag och de andra två ekonomichefer. Intervjufrågorna baserades på den teoretiska referensramen där den empiriska datan sedan sammanställdes. Utifrån den teoretiska referensramen och den empiriska datan analyserades huruvida teorierna stämde överens med samtliga bolag. Slutsatsen av den här studien är att bolagen påverkas mycket av de större aktörerna inom fordonsindustrin vilket styr deras arbete med Working Capital Management. Däremot påverkas de olika mycket beroende på vilka kredittider bolagen har. Bolagen styrs också mycket av andra externa faktorer, där ett dotterbolag är mer styrt från övriga koncernen än vad ett moderbolag är. Slutligen kan arbetet med Working Capital Management ses som en påverkande faktor i bolagens val av finansiering, där bolagens tankesätt ligger mest i enlighet med POT.
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Hagberg, Niklas, and Viktor Johansson. "Working Capital Management : A study about how Swedish companies manage working capital in relation to revenue growth over time." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-246448.
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A shift in focus from growing revenues towards managing working capital could be observed in many companies in the recession that followed the financial crisis of 2008. This thesis therefore investigates the relation between working capital management (WCM) and revenue growth by examining 36 Swedish companies within the IT & Telecom, Wholesale, and Manufacturing industries. The results show that there currently is a general gap between the perceived and actual performance regarding WCM and the effects on revenue growth. The studied companies report a belief that no trade-off between WCM and revenue growth exists. However, the actual performance in the studied industries indicates that increases in revenues often are not justifiable in proportion to the increases in net working capital (NWC). The study also shows that responsibility for WCM and implementation of WCM decisions are to a high extent assigned to a centralized organizational level. Recommendations derived from this study are that while companies need a centralized responsibility for WCM decisions, the responsibility also needs to be decentralized for successful implementation. Furthermore, the NWC development in relation to revenue growth needs to be continually monitored.
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Gadelius, Arvid, and Erik Larsson. "The impact of the global financial crisis on working capital management in Swedish listed firms." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-393980.
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This thesis studies the relationship between efficient working capital management and firm profitability, and if the global financial crisis has affected the relationship. Previous literature has presented inconsistent results regarding the impact of working capital management on firm profitability, finding both negative and positive effects. It has also been argued that the global financial crisis has increased the attention of and possibly changed the attitude towards working capital management as a strategy in order to increase firm profitability. In the study, the cash conversion cycle is used as a measure for working capital management, and return on assets as a measure for firm profitability. The sample in this thesis consists of 1170 observations from 78 Swedish listed companies over the time-period 2003–2017. Both multiple regression analysis and an independent-sample t-test were conducted in order to examine the given relationship. The findings of this thesis indicate that firms can increase their profitability by implementing efficient working capital management. However, the global financial crisis has not brought a change in companies' working capital management.
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Eric, Hörnell, and Cikotic Adis. "Liquidity is not a matter of life and death, it’s more important than that. : How does working capital management affect the profitability of Swedish SMEs?" Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-96981.
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Abstract Master Thesis in Business Finance, School of Economics, Linnaeus University Authors: Adis Cikotic and Eric Hörnell Supervisor: Magnus Willesson Examiner: Andreas Jansson Title: "Liquidity is not a matter of life and death, it is more important than that" Background: One of the biggest concerns for Swedish small and medium businesses is their lack of capital, which might lead to lower profitability. A significant reason behind this is said to be the buyer's long payment terms contrary to the supplier's payment terms for their own expenses, which increases the risk of an imbalance between the inflows and outflows of money. This situation occurs due to, for example, power relations and institutional factors, which might affect a firm's Cash Conversion Cycle and furthermore the firm's profitability. Purpose: The primary purpose of the thesis is to examine whether the length of a firm's Cash Conversion Cycle has an impact on the profitability of Swedish SMEs. Moreover, the purpose is to determine if the presence of Buyers Power affects a firm's profitability. Method: The thesis has a deductive research approach where the theories applied, Cash Conversion Cycle and Buyers Power, lead to the formulated hypotheses. The quantitative research methodology is based on a data set of approximately 38 000 Swedish SME's between the years 2015-2018. Conclusions: It could be seen that there is a concave relationship between firm's Cash Conversion Cycle and a firm's profitability for Swedish SMEs. The interpretation is therefore that both too short and too long Cash Conversion Cycle is not optimal, and the optimal length of the Cash Conversion Cycle is 36 days for Swedish SMEs. Moreover, the result showed that a presence of Buyers Power has a positive relationship with profitability, meaning that a larger ratio between a firm's accounts receivables and accounts payables increases the firm's profitability.
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Gama, Fabíola Paiva. "Gerenciamento do capital de giro e excesso de rentabilidade da empresa." reponame:Repositório Institucional do FGV, 2012. http://hdl.handle.net/10438/9989.
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The main objective of this paper is to determine how the working capital of a company that has excess profitability relates to that of the industry’s average profitability. The combined effect on profitability of the three main components of working capital—inventory, accounts receivable, and accounts payable—was analyzed through the cash cycle, as were the separate effects of working capital’s components on excess returns through receivables, inventory, and payables turnover. In addition, it was checked if variations in a company’s leverage and the prevailing interest rate could maximize the effects of changes in working capital on a company’s excess returns. Data for all companies listed on three exchanges, the BM&FBOVESPA (Brazil), BMV (Mexico), and BCBA (Argentina), were extracted from the Economática database for 2004-2011. The panel data method for econometric estimates was adopted and the Hausman test was used to choose between employing the fixed or random effects model. For Brazil, a negative relationship was proven to exist between investment in working capital and excess returns. On the other hand, receivables, inventory, and payables turnovers were not statistically significant factors at 5%, which implies that the combined effect of working capital’s three main components on excess profitability outweigh their individual influences on a company’s profitability. While it was confirmed that leverage influences investments in working capital, increasing the impact on excess returns for companies listed in Brazil, no such relationship was observed for fluctuations in interest rates. Overall, the results for Mexico and Argentina showed less statistical significance.
O objetivo principal do presente trabalho é determinar de que forma o capital de giro se relaciona com o excesso de rentabilidade de uma empresa ante a média do setor a que pertence. Analisa-se o efeito combinado dos três principais componentes do capital de giro (estoque, contas a receber e contas a pagar) — por meio do ciclo financeiro e do capital de giro líquido — e os efeitos isolados deles sobre o excesso de rentabilidade — por meio dos prazos médios de renovação dos estoques, de recebimento e de pagamento. Além disso, testou-se se o grau de endividamento e as oscilações na taxa de juros influenciam conjuntamente os investimentos em capital de giro das empresas e o excesso de rentabilidade. Do banco de dados Economática, foram extraídos dados de todas as empresas listadas, entre 2004 e 2011, na BM&FBOVESPA (Brasil), na BMV (México) e na BCBA (Argentina). Adotou-se o método de estimação econométrica de painel e, para a escolha entre os modelos de efeito fixo ou aleatório, foi utilizado o teste de Hausman. Para o Brasil, verificou-se a existência de uma relação negativa entre investimento em capital de giro e excesso de rentabilidade. Por outro lado, os prazos médios de renovação de estoques, de recebimento e de pagamento se mostraram pouco significativos nas estimações quando analisados individualmente. Subentende-se, assim, que o efeito combinado dos três principais componentes do capital de giro sobrepõe-se às suas influências individuais na definição da rentabilidade da empresa. Apenas para o Brasil ratificou-se que o grau de endividamento influencia conjuntamente os investimentos/desinvestimentos adicionais em capital de giro e o excesso de rentabilidade. O mesmo não foi observado para oscilações na taxa de juros no Brasil e na Argentina. De uma maneira geral, observou-se para o México e a Argentina resultados com uma menor significância estatística.
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Černá, Romana. "Řízení platební schopnosti podniku." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2016. http://www.nusl.cz/ntk/nusl-241618.
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The thesis deals with the management of the solvency in the company MFC-MORFICO s. r. o. are Found through the analysis of individual components of working capital weak spots to improve and streamline its management, attention is paid to the evaluation of the processes intervening in obratového cycle of money, analysis of working capital as a whole and compared with the two largest competitors of the company in the field was designed, appropriate measures and recommendations which should in the future bring higher efficiency in working capital management, the subsequent savings and increase the value of the company.
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Pahkamaa, Tobias, and Oscar Gustén. "Working Capital Efficiency and Firm Profitability : A Quantitative Study of Listed Swedish Firms 2000-2015." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-324750.
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This thesis examines the relationship between working capital efficiency and firm profitability, and how this relationship is affected by economic fluctuations. In the existing literature, the relationship between working capital efficiency and firm profitability has been extensively researched. However, the impact of economic fluctuations on the relationship between working capital efficiency and firm profitability is sparsely researched. To the best of our knowledge, only Enqvist, Graham and Nikkinen (2014) have addressed the impact ofeconomic fluctuations on the relationship between working capital efficiency and firm profitability. This thesis is a replication of their study in another geographical setting, another time period and studying different types of firms. Using a sample of 2,589 firm-year observations of listed Swedish firms for the years 2000-2015, this thesis conducts multiple regression analysis to examine the relationship between working capital efficiency and firm profitability. The findings of this thesis propose that firms can enhance profitability by improving their working capital efficiency. However, the relationship between working capital efficiency and firm profitability does not appear to be significantly affected by economic fluctuations. This thesis contributes to the existing literature by further strengthening the understanding of the relationship between working capital efficiency and firm profitability. In addition, it also adds to the existing literature on the relationship between working capital efficiency and firm profitability in a Swedish context.
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Šimíček, Jakub. "Řízení pracovního kapitálu ve společnosti Krnovské opravny a strojírny, s.r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-72797.
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The aim of this thesis is to analyze the management of working capital in Krnovske opravny a strojirny s.r.o. and to find possible ways to improve and streamline its management. Through the analysis of individual component of working capital, evaluation of processes affecting the cash conversion cycle, analysis of working capital as a whole and via comparison with its five biggest competitors, it was suggested to take appropriate measures and that would enable the company to manage working capital more effectively going forward, realize savings and subsequently increase its value.
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Bernardes, Gustavo Alexandre Gomes. "The relation between working capital, companies’ profitability and shareholder value creation: evidence from Brazilian listed industrial companies." reponame:Repositório Institucional do FGV, 2018. http://hdl.handle.net/10438/24718.
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Submitted by Gustavo Alexandre Gomes Bernardes (gustavoagbernardes@gmail.com) on 2018-09-04T03:36:37Z
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Rejected by Joana Martorini (joana.martorini@fgv.br), reason: Prezado Gustavo, bom dia. Para aprovação de seu trabalho postado, deverá ajustar os seguinte: O nome da escola deverá estar em português " ESCOLA DE ECONOMIA DE SÃO PAULO" (capa, segunda pagina e folha de assinaturas) Falta o resumo em português antes do ABSTRAT. após a realização dos ajustes deverá postar novamente. Att, Joana Alves on 2018-09-05T14:12:26Z (GMT)
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The main goal of this study was to evaluate to what extent working capital management - mesasured through the Cash Conversion Cycle - is related to a higher profitability and to a higher creation of value for the shareholders - measured through the Tobin’s Q. The central hypoteshis are that (1) firms' with lower Cash Conversion Cycle present higher profitability and (2) companies with lower Cash Conversion Cycle show higher value generation for shareholders. This study used a database extracted from Economática, with financial details from 46 different companies listed within the INDX (BM&FBOVESPA Industrials Index as of April 18th 2018), which represents the most representative traded stocks among industrial companies in Brazil. The regressions shown herein were built using the Panel Dataset Methodology, estimated on a quarterly basis from the period between 1986 to 2017, totaling 31 years. Regression analysis were made in order to assess the relation between variables, using both Multiple OLS (Ordinary Least Square) and Fixed Effects models. The results show strong evidences that industrial companies in Brazil that have a lower cash conversion cycle also present (1) higher profitability and (2) higher creation of value for its shareholders. Breaking down the Cash Conversion Cycle into its components (Days Sales Outstanding, Days Payables Outstanding, Days Inventory Outstanding), the study found negative and significant relation between profitability and generation of value with the Days Inventory Outstanding, suggesting that companies with lower average inventory days presents higher profitability and generates more value to shareholders. The results showed a positive and significant relation between the Days Payables Outstanding with both the Gross Operating Profit and Tobin’s Q, indicating that companies that have more extended payment terms present higher profitability and higher generation of value for the shareholders. The research also found a statistically significant negative relationship between the Days Sales Outstanding and the and the Tobin’s Q, suggesting that firms with lower average collection period shows higher creation of value. The study did not find a statistically significant relation between the DSO and the GPO.According to the research, from the three components of the cash conversion cycle, the Days Payables Oustanding was the one with the higher relation with both profitability and creation of value, followed by the Days Inventory Outstanding and Days Sales Outstanding.
O principal objetivo deste estudo foi avaliar em que medida a gestão do capital de giro - representada pelo índice Ciclo de Conversão de Caixa - está relacionada a uma maior lucratividade e uma melhor percepção de valor pelos acionistas e pelo mercado - medido pelo Q de Tobin. As hipóteses centrais são: (1) as empresas com menor Ciclo de Conversão de Caixa apresentam maior lucratividade e (2) as empresas com menor Ciclo de Conversão de Caixa apresentam maior geração e percepção de valor para os acionistas. Este estudo utilizou um banco de dados extraído do sistema Economática, com dados financeiros de 46 empresas listadas no Índice INDX (Índice do Setor Industrial da BM&FBOVESPA com data base de 18 de abril de 2018), que representam as ações mais representativas entre as empresas industriais no Brasil. As regressões aqui apresentadas foram construídas utilizando o método de dados em painel, cujos dados foram extraídos em uma base entre o período de 1986 a 2017, totalizando 31 anos. Análises de regressão foram feitas para estimar a relação entre as variáveis, usando os modelos de Mínimos Quadrados Ordinários (MQO) e Efeitos Fixos. Os resultados mostram fortes evidências de que as empresas industriais no Brasil que possuem um ciclo de conversão de caixa mais curto também apresentam (1) maior lucratividade e (2) maior criação e percepção de valor para seus acionistas. Através da quebra do Ciclo de Conversão de Caixa em seus componentes (Prazo Médio de Estocagem, Prazo Médio de Pagamento e Prazo Médio de Recebimento), o estudo encontrou relação negativa e significante entre lucratividade e geração de valor com o Prazo Médio de Estocagem, sugerindo que empresas com menor média de dias de estoque apresentam maior rentabilidade e geram maior percepção de valor para os acionistas. Os resultados também mostram uma relação positiva e significante entre o Prazo Médio de Pagamento tanto com o Lucro Operacional Bruto quanto com o Q de Tobin, indicando que as empresas que possuem prazos de pagamento mais alongados apresentam maior rentabilidade e maior geração e percepção de valor para os acionistas. A pesquisa também encontrou uma relação negativa estatisticamente significante entre o Prazo Médio de Recebimento e o Q de Tobin, sugerindo que as empresas com menor período médio de recebimento apresentam maior percepção de valor. O estudo não encontrou uma relação estatisticamente significante entre o Prazo Médio de Recebimento e o Lucro Bruto Operacional. De acordo com a pesquisa, dos três componentes do ciclo de conversão de caixa, o Prazo Médio de Pagamento apresentou a maior relação com rentabilidade e com a percepção e criação de valor, seguido pelo Prazo Médio de Estocagem e Prazo Médio de Recebimento.
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Bianchi, Francisco Soares. "Working capital liability of foreignness: the apparel retail experience in Brazil." reponame:Repositório Institucional do FGV, 2018. http://hdl.handle.net/10438/25692.
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Submitted by Francisco Soares Bianchi (francisco.bianchi@gmail.com) on 2018-10-31T14:47:03Z
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Purpose: To provide propositions regarding how juxtaposing two well-known and established theories might impact the way firms venture when entering into new international markets. Design/Methodology/Approach: Building on exploratory and inductive research and on multiple cases and on work in related disciplines and on 18 field interviews with managers and C-level executives in diverse functions and organizations. Findings: Provide empirical support from interviews on the case studies to corroborate with the three propositions and compare amongst the observed practices what could be done differently to mitigate WCLOF (Working Capital Liability of Foreignness). The first proposition is presented regarding how the Liability of Foreignness (LOF) plays a role when international firms are managing their Working Capital (WC) of a subunit in a host market, using six qualitative case studies from three international players and three local competitors; the second proposition is related to if firms overcome LOF over time when, using the same three international players in qualitative case studies to observe how they have been evolving is the new host market regarding their WC improvement and; the third proposition is whether the international players might carry an advantage when establishing a subunit in a new host market, considering again the same three international players in qualitative case studies. Research Limitations: Further research is necessary into different markets other than Brazil and / or different industries other than the apparel / fashion retailing. Broader survey, with statistical generalization, might validate the propositions presented. Practical Implications: The propositions could serve as a managerial tool for identifying WCLOF, thus also for assisting to overcome it. Originality/value: given the novelty in bringing these two existing theories juxtaposed in academic literature, it demanded inductive research to assist uniqueness findings.
Propósito: Prover proposições a respeito de como duas conhecidas and estabelecidas teorias justapostas poodem impactar as firmas ao entrar em novos mercados internacionais. Design / Metodologia / Abordagem: a partir de pesquisa exploratória e indutiva e em casos múltiplos, em temas relacionados e em 18 entrevistas de campo com gestores e executivos em diversas funções e organizações. Resultados: prover base empírica a partir de entrevistas sobre os estudos de caso para corroborar com as três proposições e comparar, entre as práticas observadas, o que poderia ser feito de forma diferente para mitigar o WCLOF (Working Capital Liability of Foreignness). A primeira proposição é sobre o papel que Liability of Foreignness (LOF) desempenha quando as firmas internacionais gerenciam seu Capital de Giro (WC) de uma subunidade em um mercado estrangeiro, a com base em seis estudos de caso qualitativos de três competidores internacionais e três pares locais; a segunda proposição é a se as empresas superam o LOF ao longo do tempo, com base nos mesmos pares internacionais em estudos de caso qualitativos para observar como eles, no novo mercado estrangeito em relação ao aprimoramento de seus WC; a terceira proposição é se as firmas internacionais podem trazer uma vantagem ao estabelecer uma subunidade em um novo mercado estrangeiro, considerando novamente as mesmos três firmas internacionais em estudos de casos qualitativos Limitações de pesquisa: Pesquisas adicionais são necessárias em diferentes mercados, exceto no Brasil e / ou em diferentes indústrias, além do varejo de vestuário / moda. Um levantamento mais amplo, com testes estatísticos, pode validar as proposições apresentadas. Implicações Práticas: As proposições poderiam servir como uma ferramenta gerencial para identificar o WCLOF, assim também para ajudar a superá-lo. Originalidade / valor: dada o ineditismo em avaliar essas duas teorias existentes justapostas na literatura acadêmica, foram requeridas pesquisas indutivas para auxiliar a novidade das descobertas.
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Mothes, Patricia. "Quand l'analyse didactique clinique des pratiques évaluatives révèle les ressorts du désir d'enseigner : étude de cas en français et en mathématiques dans le premier degré (cycle 3)." Thesis, Toulouse 2, 2016. http://www.theses.fr/2016TOU20095/document.
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L'évaluation est aujourd'hui une question scolairement vive, qui est le centre du débat didactique. Cette recherche en didactique clinique à visée compréhensive questionne la situation évaluative sommative en cycle 3 du point de vue de l'enseignant, en production d'écrits et en résolution de problèmes. Dans un contexte où l'enseignant est dit polyvalent et où la pression à l'évaluation se fait de plus en plus forte, cette recherche tente de comprendre comment se(re)compose le désir d'enseigner, mais aussi quels sont les processus spécifiques de conversion didactique en jeu dans la situation d'évaluation sommative. Enfin, dans la mesure où l'évaluation est aussi le lieu de la contingence et de la rencontre entre l'enseignant et la difficulté de l'élève, elle interroge ses effets sur l'enseignant. L'originalité de ce travail réside notamment dans son approche en didactique clinique, prenant comme focale principale le sujet dans ses rapports au(x) savoir(s), à l’institution et à l’épreuve : il s'agit de considérer les pratiques professionnelles à travers le prisme de l'évaluation, considérant que la situation évaluative est dynamique : elle agit sur l’enseignant comme l’enseignant agit sur elle. La didactique clinique, et notamment les concepts de « déjà-là », d' « impossible à supporter » et de « rapport à l'épreuve » permettent d'éclairer et de mieux comprendre la situation évaluative : comment et pourquoi Jean, enseignant débutant exerçant en milieu urbain continue-t-il à enseigner durant l'évaluation ? Pourquoi Karine, enseignante expérimentée en milieu rural dit-elle refuser l'évaluation ? Et enfin, pourquoi Solange, enseignante expérimentée en milieu semi-urbain « oublie-t-elle » de faire passer l'évaluation de production d'écrits ? Autant de questions que les cadres classiques de la didactique peinent à traiter. A partir de l'analyse croisée de trois constructions de cas contrastés, ce travail cherche à caractériser la structuration du rapport à l'évaluation de l'enseignant à partir de trois dimensions : le rapport au(x) savoir(s), le rapport à l'institution et le rapport à l'épreuve. Les données recueillies par entretiens, questionnaires et captations vidéo sont analysées à partir d'une méthodologie qui croise les outils de la méthodologie d'ingénierie didactique et la temporalité de la didactique clinique. Après un premier entretien, l'enseignant se voit proposer une ingénierie didactique d’évaluation sommative comportant deux épreuves,l'une en production d'écrit et l'autre en résolution de problèmes. Les deux séances font l'objet d'une captation vidéo. L’ensemble est suivi, dans l'après-coup, d'un entretien post qui permet au sujet de réélaborer sa Vérité. Pris dans le didactique, le sujet est soumis à un ensemble de tensions qui se cristallisent lors du moment d'évaluation sommative. A ce titre, l'observation de l'enseignant en situation évaluative, et en particulier l'analyse des écarts observables entre le prévu et le réalisé, le fait et l'observé, le savoir « à évaluer » et le savoir « évalué » sont révélateurs des ressorts du désir d'enseigner qui animent le sujet. Les conclusions ouvrent des pistes à la fois pour la recherche et pour la formation, dans le sens de la préconisation d'une plus grande prise en compte de la singularité du sujet dans la conception de l'enseignementNowadays, evaluation is a scholasticly thorny question, which is the center of the didactical debate. This clinicaldidactics research with understanding aim questions the asessment situation in primary school (cycle 3) from the teacherpoint of view, both in writing production and problems solving tasks. Within a context where the teacher is versatile, and where pressure to evaluate is getting more and more important, this research tries to understand how teaching desire is(re)structuring, but also which are spécific didactical conversion process of the situation. Last, as evaluation also is the place of contingency and teacher / pupil difficulty place of meeting, it questions the situation effects on the teacher. The originality of this work takes place in its clinical didactic approach, taking as main focal the question ofsubject in its links to knowledge(s), institution and test-time. It's a question of considering professionnal practices acrossprism of evaluation, considering this situtaion is dynamic : it acts on the teacher as the teacher acts on it. Clinicaldidactics, and above all concepts of « déjà-là », « impossible to deal with » and « link to test-time » allow to give lightand understand evaluative situation in a better way. How and why does Jean, a starting teacher practising in a centertown school, continue to teach during evaluative situation ? Why does Karine, experienced teacher in a countrysideschool, refuse evaluation ? And finally, why does Solange, experienced teacher in a mid-urban school, « forget » toorganise writing evaluation ? So much questions that usual didactic struggle to deal with. From the crossed analysis ofthree contrasting cases building, this work tries to characterise the structuring of the link to evaluation from threedimensions : link to institution, link to knwoledge(s) and link to times-test. Data gathered through interviews,questionnaires and videos are analysed from a methodolgy which crosses didactic engineering methodology tools, andclinical didactic temporality. After a first interview, the teacher is getting proposed a didactic engineering of sommativeevaluation including two test, one in wrinting and one in problems solving. Both sessions are video recorded.Afterwards, a second interview allows the subject to re-work his truth out.Taken into didactic, the subject is in the middle of a group of tensions which crystallize during evaluation time.From this point of view, the observation of the teacher during evaluation time, and especially the analysis of gapsbetween what is planned and what is done, or between what is done and what is observed, knowledge to be evalued andknowledge assessed reveal springs of the teaching desire of the subject.Conclusions open tracks for both research and teaching, in the sense of better considering the singularity of thesubject n the conception of education
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LIN, WANG-TZU, and 林旺賜. "Cash Conversion Cycle, PRGap and Firm Performance." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/mpz6ux.
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博士國立高雄第一科技大學
財務金融學院博士班
106
The dissertation investigates how working capital management (WCM) impacts the performance of publicly traded companies in Taiwan and China. This study use the quarterly data of 539 publicly traded Taiwanese companies from 2008 to 2015, containing 17,248 observations, and 632 listed Chinese firms from 2006 to 2015, yielding 24,648 observations. The study examines whether two WCM variables, namely, the cash conversion cycle (CCC), the mostly used in the literature representing the length of cash cycle, as well as the gap between days of payables outstanding and days of sales outstanding (PRGap), a firstly introduced variable representing bargaining power among suppliers and customers, have any significant effects on firm profitability and operating performance. The findings both in Taiwan and China consistently demonstrate that there are significantly negative relationships between the CCC and performance indicators, a lower CCC equates to higher firm performance, which are consistent with majority of literatures, whereas there are consistent positive relationships between PRGap and performance indicators, a larger PRGap equates to higher firm performance, the economic sense is the stronger bargaining power among suppliers and customers leads longer PRGap and then better firm performance.
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Chen, Chih-Wei, and 陳致維. "Optimal Cash Conversion Cycle： Evidence from MNCs and DCs." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/28305857028678934272.
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Huang, Kai-Ynug, and 黃愷詠. "The Effects of Cash Flow Statement and Cash Conversion Cycle on Firm Value." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/21615370693458622708.
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碩士淡江大學
管理科學學系碩士班
100
Cash management should be an important section of the financial management. We investigate whether and how the accounts related to either cash flow statement or cash conversion cycle would affect firm values with concerning corporate governance variables as controlling variables. The results show that the accounts related to cash flow statement and information retrieved from cash flow statement would indeed affect the firm value. In addition, the ratios related to cash conversion cycles also play an important role for firm value, which might infer the ratio deemed as the management of short-term financing. By employing the constituent stocks of Taiwan50 ETF, medium-size Taiwan 100 ETF, and Fubon ETF, we reveal that the variables related to cash management do play important roles for firm value. Therefore, market participants should put more attention on the accounts or ratio relate to cash management as investing these constituent stocks.
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Yeh, Chun-Yi, and 葉駿逸. "Portfolio Optimization Considering Cash Conversion Cycle – IT Industry in Taiwan." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/t66697.
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Kuo, Yuan-Ching, and 郭元慶. "The Study for Decreasing Cash Conversion Cycle days by Business Process Reengineering." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/79605691041906263006.
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碩士朝陽科技大學
企業管理系碩士班
90
Abstract Working capital management is very important for business. Without enough attention, your business may risk failing. “Cash conversion cycle” is a key indicator of performance for working capital management. It means the necessary time for a company from paying cash to the cash of sales is received. In the past, although entrepreneurs knew how important the cash conversion cycle is, there wasn’t an adequate management mechanism to deal with it. Our research will try to adapt the management mechanism which is being utilized generally by business — BPR (Business Process Reengineering) as the tool to shorten the cash conversion cycle days. Our research, in the first place, is based on the literature review. We find out the key factors in BPR literature and in successful BPR projects, and according to these factors, and then design questionnaire for business financial managers in mid-Taiwan area in order to understand their perception of BPR and cash conversion cycle. From the returned questionnaires, we employ statistic tools such as descriptive statistics, t test and factor analysis etc. The main conclusions are: 1.The financial managers in Mid-Taiwan business have no comment on “Salary is one of main content need to reengine”. Except this, they consider other key factors of BPR can be applied to shorten cash conversion cycle days. 2.The financial managers in Mid-Taiwan business have no comment regarding “innovation and adventurous conception” as a successful factor of BPR project for decreasing cash conversion cycle days. They consider other factors would help business to decrease cash conversion cycle days and to succeed in BPR project. 3.From analyzed results, we conclude 8 factors for succeeding in BPR project and decreasing business’s cash conversion cycle days. They are “Leadership effect”, “Seize key factors to reengine”, “Have a clear objective on BPR”, “Strong execution power”, “Efficient management mechanism and resource”, “Good use of human resource development”, “Integrated effect of organization structure” and “Capability to innovate on business intelligence”. We hope they can be references for industry and business. Key Words：Business Process Reengineering(BPR)、Cash Conversion Cycle
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田瑜萱. "A study on Cash Conversion Cycle: Evidence from Taiwanese Firms investing in China." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/7yjtsz.
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碩士逢甲大學
國際貿易學系
103
The literature of corporate financial management has always focused on the study of long-term financial issues, such as capital structure, investment decisions, dividend policies and corporate value, the short-term capital management aspect is relatively rarely to be discussed and research. However, the short-term working capital management affects a firm’s financial liquidity indeed, also maybe affects corporate values (Smith 1980). To measure working capital management, previous studies usually used based on the Cash Conversion Cycle (CCC).Using Taiwan listed companies investingin China as sample, and divided listed companies into only investment in China and not only in China but in other countries, and domestic firms (no investment in China), this study examines and compares Cash Conversion Cycles. The samples are yearly data from 2000 to 2013.Research result: (1) ROA, LEV, CFLOW, SGROW, SIZE, FA and AGE are determinesof cash conversioncycle. (2) cash conversion cycle to firm performance is negative significant. (3) Taiwan listed companies not exist optimal cash conversion cycle (CCC*).
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Shyang-PingHsiung and 熊庠平. "Cash Conversion Cycle, Firm Performance and Stock Value Evidence from Taiwan Listed Companies." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/20845751224602552083.
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碩士國立成功大學
財務金融研究所碩士在職專班
103
This study investigates the impact of working capital efficiency on firm performance and firm value. By sampling 8,707 publicly listed firms in Taiwan, it is found that although the efficiency of a firm’s working capital management has positive impact on firm performance; its influence fails to reach the statistically significant level. Secondly, it is also found that the improvement of the working capital efficiency will significantly enhance the value of the firm, suggesting that the market responds to the improvement of working capital efficiency earlier. Finally, this study does not reveal that the impact of working capital efficiency on firm’s value is more profound for the firms having limited debt capacity. The results provide some implications for the working capital management of firms.
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Yang, Chung-Hsing, and 楊忠興. "The relationship among corporate governance , the cash conversion cycle and the cash holdings : evidence from Chinese listed firms." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/9yu64k.
Full textAbstract:
碩士國立中央大學
企業管理學系在職專班
104
This study investigates the relationship among corporate governance, cash conversion cycle and cash holdings. The sample consists of 2,783 listed companies in China for the period from 2000 to 2014. The major dependent variable is cash holdings, and the main independent variables are categorized into cash conversion cycle and board characteristics. Panel data analysis is used to evaluate the relation among corporate governance, cash conversion cycle and cash holdings. The empirical results show that cash holdings have negative association with cash conversion cycle and corporate governance positively affects cash holdings, especially for board size and outside directors. However, this improvement of cash holdings is not made through working capital management decisions.
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Sandag, Altantungalag, and Altantungalag Sandag. "Relationship between Profitability and Cash Conversion Cycle: An Empirical Analysis of Listed Companies in Taiwan." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/29132825301767808295.
Full textAbstract:
碩士亞洲大學
經營管理學系碩士班
100
Working capital management (WCM) plays an important role for the success or failure of a firm. In business, efficient WCM is an integral part of the overall corporate strategy to create profitability. The purpose of this study is to establish a relationship that is statistically significant between cash conversion cycle (CCC), its components, and profitability. In addition, we analyze empirical evidence of the effects of WCM on the profitability of a sample of Taiwanese public companies for the period covering 1981 to 2010. This relationship was analyzed by using a multiple regression model and Pearson correlation analysis. Empirical findings show that the periods of accounts receivables and inventory, and the CCC negatively affect return on assets (ROA). Moreover, the accounts payable period positively affects ROA. Therefore, shortening the CCC improves corporate profitability. Finally, managers can create profits for their companies by employing a well-designed and implemented WCM.
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Lin, Hsiao-Chiao, and 林小喬. "A Study on the Relationship between Operating Performance and Cash Conversion Cycle for Taiwan Listed Companies." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/62760677093382385022.
Full textAbstract:
碩士國立交通大學
管理學院財務金融學程
103
This research is done based on listed companies in Taiwan between 2008 and 2014, which examine the relationship between company operating performance and its Cash Conversion Cycle. The outcome of indicates: (1) For the entire sample industries, it was found that Cash Conversion Cycle has a negative effect on Return on Asset and Return on Equity. Return on Asset in particular, has a significant negative impact. (2) The sample from manufacturing industries shows that Cash Conversion Cycle has a negative effect on Return on Asset and Return on Equity, however, the larger the scale of the company, the smaller impact of Cash Conversion Cycle on company’s operation performance. (3) For non-manufacturing industries, it was found that Cash Conversion Cycle does not show any consistent relationship with company operating performance. This research result is also in accordance with past researches and references, which a company could shorten its Cash Conversion Cycle to improve its operating performances.
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Chiang, Yu-Chin, and 江玉琴. "The Impacts of Cash Conversion Cycle on Business Operating Performance - Using Pan Industrial Computer as an Example." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/wz2462.
Full textAbstract:
碩士國立臺北大學
企業管理學系
104
This study intends to investigate the impacts of cash conversion cycle variables, such as CCC, INV, AR, and AP, on corporate performance. Quarterly financial data, ranging from 2005/Q1~2014/Q4, of 19 listed industrial PC and 5 listed POS (point of sales) PC firms were selected. A total of 653 observations are collected. The analytical methods include correlation analysis and standardized beta regression estimates are adopted. The empirical findings are summarized as follows: 1.The CCC has negative impacts on corporate performance, indicating company with shorter CCC days has better performance. 2.The INV and AR have negative impacts on corporate performance, indicating company with shorter INV, AR days has better performance. Whereas, AP days have positive impacts on corporate performance, indicating company with longer AP days has better performance. 3.Comparing with two sub-industries (Industrial PC and POS), the relative importance of cash conversion cycle variables on corporate performance for Industrial PC are: INV>CCC>AP>AR, respectively; and for POS PC are: AR>CCC>INV>AP, respectively.
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Vasconcelos, Maria Luís Bento de Almeida Aguiar de. "The relationship between liquidity and profitability in the pharmaceutical industry a comparison between India and the United States." Master's thesis, 2019. http://hdl.handle.net/10362/68748.
Full textAbstract:
This Work Project gives new insights into the liquidity and profitability relationship in the pharmaceutical industry, by adding epidemiological and economic variables to the debate. Between 2013 and 2017, the results show two significant relationships, positive in India, and negative in the United States (US). US producers are recommended to diversify and improve cost efficient processes, to decrease government dependency and increase customer reach. In Indian companies since working capital efficiency is a profitability driver, managers are recommended to sustain low production and skilled labour costs, and decrease cash conversion cycle and operating risk, while investing in marketing.
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Dibon, Michael. "Management pracovního kapitálu v retailu." Master's thesis, 2020. http://www.nusl.cz/ntk/nusl-412168.
Full textAbstract:
This master thesis is focused on operating working capital and its implication towards corporate performance in the retail industry in a relevant business framework that takes into account structural changes in the industry. Our results suggest that there is a negative relationship between cash conversion cycle and corporate performance. Therefore, the management of retail companies should focus on shortening the cash conversion cycle to create value. However, in the apparel retail industry, companies with exceptionally long cash conversion cycles are better off keeping working capital investments high as those companies generate on the WC higher profitability than are the opportunity costs for this allocated capital. Finally, we have not found enough evidence to conclude that investment strategies based on the cash conversion cycle are able to generate alpha. However, there seems to be a sign of persistence for value-weighted portfolios. JEL Classification G31, G32 Keywords Working capital, Working capital management, Cash Conversion Cycle, Retail Author's e-mail michael.dibon@gmail.com Supervisor's e-mail ales.cornanic@gmail.com
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Songa, Adriana José. "The influence of working capital on business performance in the bicycle industry of Portugal and Spain." Master's thesis, 2018. http://hdl.handle.net/10773/29258.
Full textAbstract:
The purpose of the study was to do a literature review that examined the influence of working capital management on business performance in Portugal and Spain in the bicycle industry. Data was extracted from the data base SABI of 111 businesses located in both Portugal and Spain from which only 51 were selected due to excessive missing data for the periods 2013-2017. Data was analyzed using SPSS, correlation and multiple regression. The findings show that there is strong negative relationship between inventory, cash conversion cycle, account receivable days and gross operating income.O estudo aborda uma revisao de literatura que enquadra a influência so capital circulante no desempenho das empresas em Portugal e Espanha no setor de bicicletas. Os dados foram extraídos da base de dados SABI de 111 empresas localizadas em Portugal e Espanha, das quais apenas 51 foram selecionadas devido ao excesso de dados em falta para os períodos de 2013-2017. Os resultados da analyse mostram que existe uma forte relação negativa entre o inventário, ciclo de tesouraria, contas a receber e o resultado operacional.
Mestrado em Finanças
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Neves, Luís Filipe Santos Granja. "Working capital management and profitability: the Telecom case." Master's thesis, 2011. http://hdl.handle.net/10071/4326.
Full textAbstract:
The Working Capital Management should be carried out as efficiently as possible in order to maximize value creation for the various stakeholders. This relationship between efficiency and profitability has been examined by several authors who have attempted to establish this relationship through the analysis of three elements: current financial management policies, size and industry.
The purpose of this study is to examine empirically the specific relationship between profitability and efficiency of working capital management in the worldwide telecommunication services industry. The sample consists of 48 companies classified by Reuters® as Integrated Telecommunication Operators, resulting in 488 firm-year observations for the period 1998-2009.
Through the analysis of descriptive statistics, Pearson correlation and of the regressions performed by the Fixed Effects Model, it is possible to conclude that the Net Trade Cycle is a better measure of efficiency of Working Capital Management in the telecommunication industry, when compared with the Cash Conversion Cycle. Another conclusion is that increasing the Net Trade Cycle represents an enhance of profitability of the telecom operators. This increase at the Net Trade Cycle level can be generated by reducing the number of days sales of accounts payable.
Overall, the telecommunication services companies may be facing some needs for investment at the Working Capital level.A Gestão das Necessidades em Fundo de Maneio deve ser efectuada da forma mais eficiente possível, de modo a potenciar a criação de valor para os diferentes stakeholders. Esta relação entre eficiência e rentabilidade tem sido objecto de análise por parte de diversos autores, os quais têm tentado estabelecer esta relação através da análise de três elementos: políticas de gestão financeira corrente, dimensão e indústria. O objectivo do presente estudo é analisar, empiricamente, a relação específica entre rentabilidade e a eficiência da Gestão das Necessidades em Fundo de Maneio no sector dos serviços de telecomunicações a nível mundial. A amostra contém 48 empresas classificadas pela Reuters® como Operadores Integrados de Telecomunicações, traduzindo-se em 488 observações empresa-ano, com referência ao período de 1998 a 2009. Através da análise da estatística descritiva, da correlação de Pearson e das regressões efectuadas pelo Método dos Efeitos Fixos, é possível concluir que o Ciclo Financeiro de Exploração se apresenta como melhor medida de eficiência da Gestão das Necessidades em Fundo de Maneio no sector das telecomunicações, quando comparado com o Ciclo de Conversão Monetário. Conclui-se também que aumentar o Ciclo Financeiro de Exploração se traduz num acréscimo na rentabilidade dos operadores de telecomunicações. Este aumento ao nível do Ciclo Financeiro de Exploração poderá ser gerado pela redução do número de dias de vendas de contas a pagar a fornecedores. Em termos globais, os operadores de telecomunicações poderão estar defronte de necessidades de investimento ao nível das Necessidades de Fundo de Maneio.
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Velez, Afonso Miguel De Melo Tomaz Diogo. "Is liquidity associate to profitabilitry? An analysis of the retail industry in Portugal." Master's thesis, 2020. http://hdl.handle.net/10362/106988.
Full textAbstract:
This Work Project analyses the relationship betweenliquidity, proxied by Cash Conversion Cycle and Liquidity Ratios,and Return on Assets, namely how and to what extent these variables associate.Based on a sample of Portuguese retail companies forthe period 2016-2018,the results show thatDays Payable Outstanding and Days Sales Outstanding havea significant influence in profitabilitywhereasDays Inventory Outstanding doesnot. Moreover, liquidity profiles and sources of profitability differ between smallerand biggercompanies.The research is relevant to working capital management and addresses to managers whocan improve profitabilityby reducing liquidity.
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Méndez, Natalia Andrea Cabrera. "Common-sized financial statements in the retail and airline industries in Colombia." Master's thesis, 2017. http://hdl.handle.net/10362/23214.
Full textAbstract:
This teaching case study intends to serve Financial Statement Analysis courses in the undergraduate and master’s degree, by helping student’s learning process, applying real-life examples in evaluating the ability to use and interpret fundamental data, assessing and analyzing the Cash Conversion Cycle and Return on Assets. Common-sized financial statements and other financial ratios from two Colombian companies, operating in the retail and airline industries are compared, highlighting the differences in cash conversion cycle, their components and the drivers of return on assets in each industry. Common-sized financial statements allow comparing different companies regardless of size and industry.
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Almeida, Rui Filipe Rocha. "The relationship between liquidity and profitability in the food & beverage industry evidence from Europe and United States." Master's thesis, 2016. http://hdl.handle.net/10362/17236.
Full textAbstract:
This Work Project clarifies the relationship between liquidity and profitability based on a sample in
the Food & Beverage (F&B) industry, and comparing the largest European and United States
companies. The research concludes that liquidity, proxied by current ratio or quick ratio, correlates
with return on assets taken as the measure of profitability, and so does the cash conversion cycle and
its components. Moreover, company size correlates with liquidity, and indirectly affects ROA. This
research contributes and addresses to managers in the F&B industry and recommends how they
should act in order to improve profitability in the industry.
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Duarte, Ana Beatriz Carvalho. "Farfetch IPO: how far can it go? How much can it fetch?" Master's thesis, 2019. http://hdl.handle.net/10362/71309.
Full textAbstract:
The following case describes the dilemma faced by Carmo, an Investment Advisor, a day ahead of Farfetch’s Initial Public Offering. It covers the company’s journey since its foundation in 2007 to its IPO in late September 2018. Over the course of ten years, the company has demonstrated a remarkable growth path as a result of the deep relationships it has built and nurtured, but it is still thriving to become profitable. As Farfetch prepares to go public, Carmo is faced with issues such as the chosen listing location, the company’s dual class structure and the offering valuation
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Mabandla, Ndonwabile Zimasa. "The relationship between working capital management and the financial performance of listed food and beverage companies in South Africa." Diss., 2018. http://hdl.handle.net/10500/25014.
Full textAbstract:
Abstract in Xhosa and EnglishThis study aimed to examine the relationship between working capital management and the financial performance of listed food and beverage companies in South Africa. Despite the existing literature on this relationship, no notable studies have investigated it in this particular industrial sector. Various data from a sample of 12 food and beverage companies listed on the JSE during the period 2007 to 2016 were collected from iress McGregor databases. Econometric regression analysis was then conducted on the data to determine the magnitude of relationships between working capital components and the financial performance of these companies. The researcher found that adopting an aggressive working capital management strategy assists in creating shareholder wealth through improved financial performance of the firm. To sum up, the shorter the cash conversion cycle, the more profitable the firm will be.
Injongo yesi sifundo kukuphonononga unxulumano phakathi kolawulo lwemali etyalelwa ukusebenza (inkunzi) nentsebenzo yemali (inzala) eyenziwa ziinkampani ezibhalisiweyo zokutya neziselo eMzantsi Afrika. Nangona kukhona okubhaliweyo malunga nolu nxulumano, akukho sifundo sigqamileyo ngeli candelo lorhwebo. Kukho iinkcukacha ezaqokelelwa kwiinkampani ezikhethiweyo ezili-12 nezibhaliswe kwiJSE. Ezi nkcukacha zazikwingqokelela egciniweyo eyaziwa ngokuba yi ‘iress McGregor databases’. Kuye kwenziwa uhlalutyo ngokuthelekisa inzala eqhele ukwenziwa naleyo kuqikelelwa ukuba iza kwenziwa kwezi nkcukacha zikaMcGregor. Oku bekusenzelwa ukubona ubungakanani bonxulumano phakathi kwenkunzi nenzala eyenziwa zezi nkampani. Umphandi ufumanise ukuba ukwakha icebo lolawulo olungqongqo lwenkunzi kuyanceda ekudaleni ubutyebi babanini zabelo ngokuphucula inzala eyenziwa liqumrhu lorhwebo. Elokuqukumbela lithi, ngokufutshanisa ivili lokuguqula imali, iya kuba ngaphezulu inzala yequmrhu lorhwebo.
Business Management
M. Com. (Business Management)
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Marques, Ana Alexandra Ferreira Rodrigues. "Cross industry analysis of working capital in the European Union." Master's thesis, 2014. http://hdl.handle.net/10071/8959.
Full textAbstract:
The present empirical study aims to show evidence of the effects of Working Capital Management policies on firms’ profitability which, in this study, is measured by the Return on Assets (ROA). Moreover, it intends to determine if different sectors follow different Working Management strategies and if the sovereign crisis has had any impact on these strategies. Therefore, the behavior of Days Accounts Receivable, Days of Inventory, Days Accounts Payable and Cash Conversion Cycle is analysed in order to achieve the referred goal. Control variables are also considered, such as, Leverage, Size, Growth and the Gross Domestic Product of each country throughout different years.
It was considered a sample of 1901 companies, belonging to 15 different sectors out of the 28 countries of the European Union, between 2003 and 2012. Different steps were taken in order to reach the conclusions of this work: first, descriptive and correlation analyses were performed and finally, using panel data methodology, several models were estimated according with the principle of controlling for unobserved heterogeneity which was achieved by using the Fixed Effects Model.
All in all, it was found that from the four independent variables only Days Accounts Receivable has a significant impact on ROA. These results are not robust after controlling for Sector, Years and Countries. The results also show that firms after the crisis or belonging to a PIIGS country have on average higher profitability.O presente estudo empírico tem como objetivo analisar os efeitos que a gestão do fundo de maneio pode ter sobre a rendibilidade das empresas que, neste caso, é medida através do rendimento dos ativos. Além disso, pretende também determinar se diferentes setores seguem também diferentes políticas de fundo de maneio, bem como analisar se a crise soberana teve de facto impacto nestas políticas. Por conseguinte, são consideradas como variáveis os dias relativos a contas a receber, dias de inventário, dias relativos a contas a pagar e ainda o ciclo de conversão monetário. Como variáveis de controlo temos a alavancagem financeira, a dimensão, o crescimento das vendas e o Produto Interno Bruto (PIB). Foi considerada uma amostra de 1901 empresas, pertencentes a 15 setores diferentes de entre os 28 países da União Europeia, para o período compreendido entre 2003 e 2012. Em primeiro lugar, foi conduzida uma análise descritiva e correlativa e, por último, diversos modelos de dados em painel foram estimados de acordo com o princípio de controlo da heterogeneidade não observável o que foi efetuado através da utilização do Modelo de Efeitos Fixos. Deste modo, foi possível concluir que, de entre as quatro variáveis independentes, apenas a variável dos dias relativos a contas a receber tem um impacto significativo na rendibilidade dos ativos. Contudo, estes resultados não são robustos depois de efetuar um controlo para Setores, Anos e Países. Os resultados obtidos mostram também que as empresas depois da crise ou pertencentes aos países PIIGS têm maior rendibilidade.
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Ferreira, Vasco Manuel Martins. "O impacto do Working Capital na rentabilidade: análise de empresas vitivinícolas de Portugal, Espanha, França e Itália." Master's thesis, 2019. http://hdl.handle.net/10437/9437.
Full textAbstract:
Orientação: Maria Teresa Ribeiro CandeiasO Working Capital é uma ferramenta fundamental na gestão das empresas. Deloof (2003) estudou o impacto deste nas empresas da Bélgica e concluiu que existe uma relação com a rentabilidade das empresas. Lazaridis (2006) encontrou também uma relação entre o Working Capital (WCM) e a rentabilidade das empresas da Grécia. O objetivo deste estudo é encontrar a relação entre a rentabilidade das empresas vitivinícolas de Portugal, Espanha, França e Itália e a sua rentabilidade através da correlação de Pearson e de redes neuronais. Os dados foram obtidos através da base de dados europeia “Amadeus” e foram estudadas 324 empresas após a remoção de outliers. As redes neuronais são um tópico abordado cada vez mais no âmbito empresarial e é uma ferramenta que tenta encontrar a melhor forma de se prever o resultado baseando-se nas variáveis estudadas. Através deste estudo encontrou-se que existe uma correlação negativa entre o Ciclo Operacional e a rentabilidade das empresas francesas, uma correlação negativa entre o Prazo Médio de Recebimento e a rentabilidade das empresas italianas e uma correlação positiva entre o Ciclo de Conversão de Caixa e a rentabilidade das empresas portuguesas. A rede neuronal utilizada neste estudo não foi capaz de gerar uma previsão exata. No entanto, consegue prever uma tendência para as variáveis do Working Capital.
Working Capital is a key tool in business management. Deloof (2003) studied the impact of this on Belgium companies and concluded that there is a relationship with the profitability of companies. Lazaridis (2006) also found a relationship between the WCM and the profitability of Greek companies. The objective of this study is to find the relationship between the profitability of wine companies of Portugal, Spain, France and Italy and their profitability through the Pearson correlation and neural networks. The data used was obtained from the European database - “Amadeus” and 324 companies were studied after the removal of outliers. Neural networks are a topic that is increasingly addressed in the business environment and is a tool that tries to find the best way to predict the result based on the studied variables. Through this study it was found that there is a negative correlation between the Operational Cycle and the profitability of the French companies, a negative correlation between Days Sales Outstanding and the profitability of Italian companies and a positive correlation between the Cash Conversion Cycle and profitability of Portuguese companies. The neural network used in this study was not able to generate an accurate prediction. However, it can predict a trend for the Working Capital variables.
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Strahler, Reinhold. "Coming to faith in Christ : case studies of muslims in Kenya." Thesis, 2009. http://hdl.handle.net/10500/3527.
Full textAbstract:
This thesis analyses the conversion processes of 17 urban Muslims in Kenya who decided to
follow Jesus Christ. It first describes conversion from a multidisciplinary perspective by
introducing sociological, psychological, anthropological, theological and missiological
understandings of such a change in religious affiliation.
Next in-depth interviews are analysed using principles of grounded theory, where new
theory is developed by interaction between data from reality, the analysis and existing theories
(abductive reasoning).
The main findings are that the conversion of Muslims who accept Jesus Christ as Saviour
and Lord is a process that develops over a period of time through phases with a cognitive and
an affective dimension. Changes with regard to convictions and attitudes take place
simultaneously on several properties or ‘layers’ of both dimensions. The process is influenced
by significant factors in the form of causal and intervening conditions, resulting in
consequences for the convert in the form of a transformation as well as in changed
relationships with the community. Gender, socio-economic level, education as well as the
community from which the converts come influence the process.
In order to describe the complex dynamics that are at work in such conversion processes
of Muslims, a Matrix of Conversion Processes is developed in which the multiple movements
of a convert on the two dimensions are put in relation to six chronological phases. A matrix of
different types of conversion processes and the description of four typical processes emerge
from the analysis.
In order to facilitate conversion processes, cognitive and affective elements need to be
addressed together. The interaction between different factors, the will-power of the person and
the influence of God determine the development, an understanding that is relevant for
conversion studies, as well as for missiology and the missionary task of the church in Kenya
and beyond.Christian Spirituality, Church History and Missiology
D.Th. (Missiology)