Journal articles: 'Cash conversion cycle'

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Währisch, Michael. "Der Cash-Conversion-Cycle." Controlling 31, no. 4 (2019): 22–28. http://dx.doi.org/10.15358/0935-0381-2019-4-22.

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Kennzahlen werden eingesetzt, um Ziele zu messen und die Zielerreichung zu planen und nachzuhalten („What gets measured, gets managed“). Sofern die Kennzahlen aber nicht geeignet sind, das Ziel betriebswirtschaftlich zutreffend abzubilden, läuft das Management ins Leere. Der Beitrag untersucht, inwiefern der Cash-Conversion-Cycle als Kennzahl der Mittelbindung für das Working Capital Managements geeignet ist.

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Griffin, Richard B., B. Wynne Griffin, and K. W. VanVuren. "Dollarizing The Cash Conversion Cycle." Journal of Business & Economics Research (JBER) 12, no. 3 (July 1, 2014): 271. http://dx.doi.org/10.19030/jber.v12i3.8731.

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For most companies to be financially successful, it is critically important that operating cash flows be effectively managed. The Cash Conversion Cycle (CCC) is a traditional tool that companies use to measure the average time required for operating cash flows to cycle from cash out for the payment of payables and back to cash flow in from the collection of receivables. Knowledge that the rate their operating cash flow is speeding up or slowing down, as indicated by a decreasing or increasing CCC, while useful information, is of limited value to the company. The CCC indicates nothing about the absolute dollar amount of the cash flow. This paper illustrates a method by which the current year actual CCC and the next year target CCC, along with a few other items of data, can be used to forecast the dollar amount of the next years operating cash flows. The extension of the CCC to enable it to help forecast the dollar amount of operating cash flows makes the CCC more useful to companies attempting to effectively manage operating cash flows.

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Gentry, James A., R. Vaidyanathan, and Hei Wai Lee. "A Weighted Cash Conversion Cycle." Financial Management 19, no. 1 (1990): 90. http://dx.doi.org/10.2307/3666040.

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Wang, Baolian. "The cash conversion cycle spread." Journal of Financial Economics 133, no. 2 (August 2019): 472–97. http://dx.doi.org/10.1016/j.jfineco.2019.02.008.

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Sari, Fitri Indah, R. A. Damayanti, and Andi Kusumawati. "The Effect of Cash Conversion Cycle and Chief Executive Officer Power on Financial Distress and Leverage an Intervening Variable." International Journal of Research and Review 8, no. 7 (August 2, 2021): 337–43. http://dx.doi.org/10.52403/ijrr.20210747.

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This study aims to determine and analyze (1) the effect of the cash conversion cycle on financial distress, (2) the effect of chief executive officer power on financial distress, (3) the effect of the cash conversion cycle on leverage, (4) the effect of chief executive officer power on leverage (5) Effect of cash conversion cycle on leverage (6) Effect of cash conversion cycle on financial distress through leverage (7) Effect of chief executive officer power on financial distress through leverage. This research is a type of quantitative research. In this study using agency theory and stakeholder theory. The population in this study were all manufacturing companies listed on the Indonesia Stock Exchange (IDX) in 2016-2020. The sample determination in this study used purposive sampling with a sample size of 80. The research data is secondary data accessed through www.idx.co.id. The results showed that the cash conversion cycle had a positive and significant effect on financial distress. Chief executive officer power has a positive and significant effect on financial distress. Cash conversion cycle has a positive and significant effect on leverage. Cash conversion cycle has a negative effect on leverage. Cash conversion cycle has a positive effect on financial distress through leverage. Chief executive officer power has a negative effect on financial distress through leverage. Keywords: Cash Conversion Cycle, Chief Executive Officer Power, Financial Distress, Leverage.

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Korent, Dina. "Target adjustment model and new working capital management performance measure: Evidence from Croatia." Zbornik radova Ekonomskog fakulteta u Rijeci: časopis za ekonomsku teoriju i praksu/Proceedings of Rijeka Faculty of Economics: Journal of Economics and Business 39, no. 1 (June 30, 2021): 135–62. http://dx.doi.org/10.18045/zbefri.2021.1.135.

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The paper develops a dynamic panel model of target adjustment in order to investigate the determinants of the cash conversion cycle of companies in manufacturing, trade, and information and communication industries in the Republic of Croatia for the period 2008-2015. The emphasis is on examining the significances and the speeds of the adjustment processes of the cash conversion cycles of companies subsamples by industry and size. Due to the adjustment costs, the results show that the observed companies gradually adjust their current cash conversion cycles to the target ones. In addition, these adjustments were slow, which can be explained by the predominance of the adjustment costs over the costs of being in disequilibrium. Moreover, the results of this study indicate that the rate of adjustment varies among companies from different industries and size categories. The differences in market power allow companies to change more easily the components of the cash conversion cycle. As a result, they enable faster convergence to their target levels. Besides the lagged cash conversion cycle, tested potential determinants that significantly affect the cash conversion cycles of Croatian companies in selected industries, although with different robustness, are company size, company growth, return on assets, fixed asset investments, financial leverage and the growth of the real gross domestic product. Finally, the paper presents a new measure for working capital management performance.

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Kusumastuti, Risa. "KONVERSI KAS DAN DAMPAKNYA TERHADAP LIKUIDITAS DAN PROFITABILITAS DEBITUR USAHA KECIL (Studi Kasus di Bank Sinar Harapan Bali)." Jurnal Ekonomi, Manajemen dan Perbankan (Journal of Economics, Management and Banking) 1, no. 2 (May 30, 2017): 31. http://dx.doi.org/10.35384/jemp.v1i2.35.

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Micro, small, and medium enterprises (SMEs) is an important part of national economy.Despite their advantages, SMEs still often have problems in developing their business and have limited access to capital. In this paper, the author examines the relationship between working capital loan and industry to activity, liquidity, and profitability aspects of small business debtors in Bank Sinar Harapan Bali. The results of this study show that working capital loan and industry influence cash conversion cycle significantly, both simultaneously and partially. Cash conversion cycle affects liquidity and profitability. The total contribution of working capital loan to current ratio through cash conversion cycle variable is amounted 71,05%. The total contribution of industry to current ratio through cash conversion cycle is -14,51%. The total contribution of working capital loan to return on equity through cash conversion cycle variable is amounted 60,48%, while the total contribution of industry to current ratio through cash conversion cycle is -12,35%.

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Cristea, Ciprian, and Maria Cristea. "Cash conversion cycle and corporate performance: evidence from Romania." MATEC Web of Conferences 184 (2018): 04009. http://dx.doi.org/10.1051/matecconf/201818404009.

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Cash conversion cycle is considered one of the most important measures of management effectiveness, especially the cash flow and liquidity management. This study examines the relationship between cash conversion cycle and corporate profitability for the non-financial companies, from several industries, listed on the Bucharest Stock Exchange for a period of fifteen years from 2002 to 2016. The findings from a cross sectional multiple regression analysis pointed out a negative relationship between cash conversion cycle and the performance of firms. Based on the results from this paper it has been concluded that managers can improve the profitability of their firms by decreasing the number of days in cash conversion cycle.

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Makarova, Svetlana, and Elena Ermakova. "Working Capital Policy for Wholesale Trade Companies." Moscow University Economics Bulletin 2020, no. 3 (June 30, 2020): 78–105. http://dx.doi.org/10.38050/01300105202034.

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This article contains a new approach to working capital management which influences significantly the profitability and liquidity of companies. The impact of working capital management on financial results is regarded mostly theoretically in Russian literature, while in numerous foreign articles empirical results are controversial. The article presents the empirical research on the basis of 8890 Russian wholesale trade companies over the period of 2014- 2018, which reveals a non-linear relation between the profitability and cash conversion cycle. Similar relation is also revealed for 2290 Russian retail companies, 2320 Russian metal production companies and 1760 construction companies. As a result, we proved the existence of such a cash conversion cycle which provides maximum profitability for different economic sectors. This cash conversion cycle equals 19 days for wholesale trade, 9 days for retail trade, 38 days for construction and 43 for metal production. Moreover, the formula of cash conversion cycle is modified to show how the desired cash conversion cycle may be achieved. This formula demonstrates a strong impact of working capital policy on cash conversion cycle and proves the importance of coherent working capital policy. The results may be useful in the working capital management to provide an increase in profitability combined with maintenance of chosen liquidity level.

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Adiyanto, Ricky, Werner Ria Murhadi, and Liliana Inggrit Wijaya. "Working Capital Management dan Firm Profitability Perusahaan Sektor Manufaktur di Bursa Efek Indonesia dan Bursa Efek Filipina Periode 2014-2018." Journal of Entrepreneurship & Business 1, no. 1 (March 17, 2020): 31–42. http://dx.doi.org/10.24123/jerb.v1i1.2822.

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This study aims to analyze the effect of working capital management on the profitability of companies in Indonesia and Philippines. This study uses secondary data from companies listed in Indonesia Stock Exchange and Philippines Stock Exchange in the 2014-2018 period. The sample used in this study includes manufacturing sector companies listed in Indonesia Stock Exchange and Philippines Stock Exchange in that period. This research uses multiple linear regression method. Working capital is measured using cash conversion cycle, accounts receivable conversion period, inventories conversion period, and accounts payable deferral period. The results of the Indonesian sample show that the cash conversion cycle and its components, namely the accounts receivable conversion period, the inventories conversion period, and the accounts payable deferral period have a significant positive effect on firm profitability. For the Philippine sample, the result of the study show that the cash conversion cycle and its components does not have a significant effect on firm profitability. Keywords: cash conversion cycle, accounts receivable conversion period, inventories conversion period, accounts payable deferral period

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Henny Wirianata, Viriany, and Ignatius Flora De Mayo. "Corporate Governance In Cash Management, Net Working Capital, And Cash Holding." Jurnal Akuntansi 27, no. 1 (January 12, 2023): 118–35. http://dx.doi.org/10.24912/ja.v27i1.1246.

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Manufacturing companies need effective cash management to meet their capital expenditures and cash holding. Effective cash management needs to be supported by good governance so that it can determine adequate cash holding. Independent variables in this study were measured by cash flow, cash conversion cycle, capital expenditure, net working capital, and board of commissioners' activities. Governance measured by the board of commissioners' activities is also a moderation variable. The data in this study were processed and analyzed using Eviews 10 for the period 2017 to 2020. The panel's data regression results show that the cash conversion cycle and net working capital have a negative influence on cash holding. Cash flow, capital expenditure, and board of commissioners' activities have no effect. The moderation regression test results show that the board of commissioners' activities could not moderate the influence of cash flow, cash conversion cycle, capital expenditure, and net working capital on cash holding.

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Lee, Hyung Chul. "Cash Conversion Cycle and Firm Value under Uncertainty." Korea Association of Business Education 34, no. 5 (October 30, 2019): 451–66. http://dx.doi.org/10.23839/kabe.2019.34.5.451.

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Kolias, Georgios, Nikolaos Arnis, and Kostas Karamanis. "The simultaneous determination of cash conversion cycle components." JOURNAL OF ACCOUNTING AND MANAGEMENT INFORMATION SYSTEMS 19, no. 2 (June 30, 2020): 311–32. http://dx.doi.org/10.24818/jamis.2020.02005.

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Al-Mohareb, Manar Moffadi. "Cash Conversion Cycle and Profitability, Evidence from Jordan." Asian Journal of Finance & Accounting 11, no. 2 (November 4, 2019): 81. http://dx.doi.org/10.5296/ajfa.v11i2.15640.

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This study investigates the impact of working capital management and its components on profitability as a practical aspect, and how is compatible with the theoretical aspect. Besides, it examines other financial factors that may affect profitability by using a sample of Jordanian manufacturing firms listed in the Amman Stock Exchange for the period (2016-2018). Theoretically, manufacturing firms that have been studied have current assets over half of their total assets. Therefore, the working capital management role will be clearer on firm profitability.Practically, the results indicate that there is a significant relationship between the cash conversion cycle, which is considered as a proxy of working capital management, and profitability of the manufacturing firms. This provides an opportunity to create value for shareholders by decreasing receivable accounts and inventory, enhancing the profitability of the firms and reducing the collection period and by adopting effective credit policy.

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Harris, Oneil, and Jonathan Hampton. "Director co‐option and the cash conversion cycle." Journal of Corporate Accounting & Finance 33, no. 2 (March 2022): 129–41. http://dx.doi.org/10.1002/jcaf.22540.

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Chang, Chong-Chuo. "Cash conversion cycle and corporate performance: Global evidence." International Review of Economics & Finance 56 (July 2018): 568–81. http://dx.doi.org/10.1016/j.iref.2017.12.014.

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Herli, Mohammad, and Hafidhah ,. "PENGARUH CASH CONVERSION CYCLE DAN WORKING CAPITAL TURNOVER TERHADAP RETURN ON ASSET PADA INDUSTRI BARANG KONSUMSI YANG TERDAFTAR DI BURSA EFEK INDONESIA." PERFORMANCE " Jurnal Bisnis & Akuntansi" 5, no. 2 (November 21, 2015): 50. http://dx.doi.org/10.24929/feb.v5i2.189.

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This study aimed to examine the effect of the Cash Conversion Cycle and Working Capital Turnover on Return on Assets At the Consumer Goods Industry Listed in Indonesia Stock Exchange (IDX). The method used in this research is the quantitative approach. Results showed variable cash conversion cycle (CCC) and working capital turnover (WCT) simultaneously have a significant effect on profitability (Return on Total Assets). Variabel cash conversion cycle (CCC) partially not have a significant impact on profitability (Return on Total Assets) but variable working capital turnover (WCT) partially have a significant impact on profitability (Return on Total Assets) consumer goods industry issuers listed on the Indonesia Stock Exchange during the period 2010-2014. Keyword : Cash Conversion Cycle, Working Capital Turnover, Return on Assets

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Ramazani, Majid, Mahdi Salehi, and Mahmoud Laridashtbayaz. "RELATIONSHIP BETWEEN CASH FLOW MANAGEMENT AND FINANCIAL PERFORMANCE OF COMPANIES LISTED ON THE TEHRAN STOCK EXCHANGE." ЗБОРНИК РАДОВА ЕКОНОМСКОГ ФАКУЛТЕТА У ИСТОЧНОМ САРАЈЕВУ 1, no. 17 (May 17, 2019): 27. http://dx.doi.org/10.7251/zrefis1817027r.

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Purpose–Cash is one of the most important assets to business firms. To evaluate a business firm, the competencies of a firm in creating and increasing the cash are of great importance for investors, creditors, and other beneficiaries. So, the main objective of the current study is to evaluate the relationship between cash flow management and firm financial performance in Iran. Design/methodology/approach – In the present study, using the data of 155 companies listed on the Tehran Stock Exchange during 2009-2016, panel data, and multivariable regression, we tried to analyze the relationship cash flow management and financial performance. Findings –The results obtained indicated that there is a relationship between the decrease (increase) of cash conversion cycle and operational cash conversion cycle and the improvement (debilitation) of financial performance. Moreover, the pending period for collection of sales revenue, cash conversion cycle, and operational cash conversion cycle is the Granger Cause of return on assets. Originality/value – Since a few studies have been conducted on cash flow management in Iran, the current study has covered the topic in Iran..

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Telly, Beby Rama, and Muslim Ansori. "PENGARUH UKURAN DAN CASH CONVERSION CYCLE TERHADAP PROFITABILITAS PERUSAHAAN." JOURNAL OF APPLIED MANAGERIAL ACCOUNTING 1, no. 2 (September 29, 2017): 179–89. http://dx.doi.org/10.30871/jama.v1i2.505.

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This study aims to analyze the effect of firm size and Cash Conversion Cycle on profitability at manufacturing companies listed on the Indonesia Stock Exchange which publishes financial statements for 2013-2015. Company size and Cash Conversion Cycle become independent variable, while the dependent variable is profitability measured by ROA (Return On Asset) Sugiono (2009). Hypothesis proposed in this research is company size influence to profitability and Cash Corversion Cycle influence to profitability. This research data is obtained from company financial statements taken from Indonesia Stock Exchange. The population of this study is a manufacturing company listed on the Indonesia Stock Exchange during the year 2013 - 2015. Determination of samples using purposive sampling method and samples obtained as many as 261 companies. The hypothesis in this study was tested using multiple regression analysis. The results of the analysis show that the first hypothesis is firm size does not affect the profitability of the company. The second hypothesis is Cash Conversion Cycle effect on profitability.Keywords: Firm Size, Cash Conversion Cycle, and Profitability

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Malaluan, Arnold Quinto. "Performance of Micro and Small Enterprises in the Philippine Setting." Journal of Economics and Management Sciences 2, no. 1 (March 2, 2019): p15. http://dx.doi.org/10.30560/jems.v2n1p15.

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The study was conducted to assess the performance of micro and small enterprises in Lipa City, Philippines using Cash Conversion Cycle. It was conducted among 375 managers and business owners in the area. Descriptive method was to collect the data and test the null hypothesis. Frequency/percentage, weighted mean, and composite mean were used as statistical tools. Results reveal that majority of the respondents were micro enterprises with a 1-9 employees that have been operating for 1-3 years; that the cash conversion cycle and its comparison of responses to the performance of micro and small enterprises found to be effective; that the cash conversion cycle in terms of years of existence, business category and number of employees are effective; that the cash conversion cycle to the performance of micro and small enterprises in terms of cash to accounts payable, accounts payable to inventory, inventory to accounts receivable, and accounts receivable to cash are effective; that the comparison between the cash conversion cycle to the performance of micro and small enterprises and effectiveness when grouped according to years of existence, business category and number of employees were significant. Thus, the proposed extension activity can be considered and implemented by the concerned agency.

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Lin, Wang-Tzu, Min-Sun Horng, and Jian-Hsin Chou. "Relationship of cash conversion cycle and PRGap with firm performance: an empirical study of Taiwanese companies." Investment Management and Financial Innovations 13, no. 3 (October 10, 2016): 293–99. http://dx.doi.org/10.21511/imfi.13(3-2).2016.01.

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The study investigates how working capital management (WCM) impacts the profitability and operating performance of publicly traded companies in Republic of China, Taiwan. The authors use the quarterly data of 539 stocks listed on the Stock Exchange of Taiwan from 2008 to 2015, containing 17,248 observations. The study examines whether two WCM variables, namely, the cash conversion cycle (CCC), as well as the gap between days of payables outstanding and days of sales outstanding (PRGap) have any significant effects on firm profitability and operating performance. The findings demonstrate that there are significantly negative relationships between the CCC and performance indicators, whereas there are consistent positive relationships between PRGap and performance indicators. Keywords: working capital management, performance, cash conversion cycle, PRGap, Tobin’s Q. JEL Classification: G30, G31, G32, M10

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Agus Gunawan, Tita Oktaviani, and Sunayah. "Pengaruh Investment Opportunity Set, Capital Expenditure dan Cash Conversion Cycle Terhadap Cash Holding Pada Perusahaan Sektor Industri Dasar & Kimia yang Terdaftar di Bursa Efek Indonesia Periode 2015-2019." Jurnal Indonesia Sosial Sains 2, no. 5 (May 21, 2021): 681–94. http://dx.doi.org/10.36418/jiss.v2i5.292.

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Abstrak: Tujuan dari penelitian ini adalah untuk menguji pengaruh investment opportunity set, capital expenditure dan cash conversion cycle terhadap cash holding pada perusahaan sektor industri dasar & kimia. Populasi dalam penelitian ini adalah perusahaan sektor industri dasar & kimia yang terdaftar di Bursa Efek Indonesia tahun 2015-2019. Dengan menggunakan metode purposive sampling dipilih sampel sebanyak 31 selama lima tahun. Metode analisa yang digunakan dalam penelitian ini yaitu analisa regresi linier berganda. Hasil dalam penelitian ini adalah Investment opportunity set secara parsial berpengaruh signifikan terhadap cash holding. Capital Expenditure secara parsial berpengaruh tidak signifikan terhadap cash holding. Cash conversion cycle secara parsial berpengaruh signifikan terhadap cash holding. Hasil analisis dengan menggunakan uji F dalam penelitian ini menunjukkan bahwa investment opportunity set, capital expenditure dan cash conversion cycle secara simultan berpengaruh signifikan terhadap cash holding.

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Amaliah, Fitratul Firda, and Arif Darmawan. "THE IMPACT OF CASH CONVERSION CYCLE ON FINANCIAL DISTRESS WITH PROFITABILITY AS A MODERATING VARIABLE." JOURNAL OF APPLIED MANAGERIAL ACCOUNTING 3, no. 2 (September 30, 2019): 214–25. http://dx.doi.org/10.30871/jama.v3i2.1561.

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This study aims to provide empirical evidence on the impact of profitability on the correlation cash conversion cycle to financial distress. The population in this study is a manufacturing company listed on the Indonesia Stock Exchange period 2010 to 2016 with a total sample of 9 companies. The sample collection method using purposive sampling and the testing measurement used was regression analysis. The result of this study proves that the cash conversion cycle affect positive to financial distress and profitability able to moderate the relationship between the cash conversion cycle to financial distress.

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Ibrahim, Mohammed, and Bula Yila Dengel. "Cash Conversion Cycle and Value of Listed Oil and Gas Companies in Nigeria." Review of Market Integration 13, no. 1 (April 2021): 20–41. http://dx.doi.org/10.1177/09749292211065191.

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This study investigated the impact of cash conversion cycle on the value of listed oil and gas companies in Nigeria, with the specific objectives of determining its impact on share price and Tobin’s Q. To achieve this, panel data is applied with the use of descriptive, correlational and explanatory research design. The study hypothesised two research hypotheses and generalised least square regression is used in analysing the collected data that were extracted from the annual reports and accounts of eight listed oil and gas companies in Nigeria for the period 2006-2019. Share price and Tobin’s Q were used as proxies for value of firm. The study found that cash conversion cycle has a negative and significant impact on the value of listed oil and gas companies in Nigeria. In view of this finding, the study recommended, among others, that the cash conversion cycle should be reduced as reasonably possible below 365 days when the economic condition is good and vice versa when the economic situation is hard as this will enhance the value positively. It is further recommended that the individual components of cash conversion cycle, such as inventory, receivables and payables, be studied individually as net off effect exist using cash conversion cycle. JEL Classification: G31, G32

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Dirvi, Dirvi Surya Abbas. "PENGARUH GROWTH OPPORTUNITY, NWC, CASH CONVERSION CYCLE, IOS DAN LEVERAGE TERHADAP CASH HOLDING." Jemasi: Jurnal Ekonomi Manajemen dan Akuntansi 16, no. 1 (June 26, 2020): 44–58. http://dx.doi.org/10.35449/jemasi.v16i1.86.

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Penelitian ini bertujuan untuk mengetahui apakah informasi Growth Opportunity, Net Working Capital, Cash Conversion Cycle, Investment Opportunity Set dan Leverage digunakan dalam memberikan sinyal kepada investor atas Cash Holding. Penelitian ini menggunakan sampel perusahaan sektor Makanan dan Minuman selama tahun 2014-2018 dengan menggunakan metode purposive sampling. Data yang digunakan diperoleh dari laporan tahunan yang terdaftar di Bursa Efek Indonesia. Metode analisis yang digunakan adalah analisis regresi berganda dengan bantuan SPSS versi 16.0. Hasil Penelitian dari pengujian ini menghasilkan bahwa Variabel Net Working Capital dan Investment Opportunity Set secara parsial berpengaruh terhadap Cash Holding. Sedangkan variabel Growth Opportunity, Cash Conversion Cycle dan leverage tidak memiliki pengaruh terhadap Cash Holding.

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S., Vijayalakshmi, and Arpanaa S. "Cash Conversion Cycle of food and beverage Product industry." International Research Journal on Advanced Science Hub 3, Special Issue 6S (June 1, 2021): 37–41. http://dx.doi.org/10.47392/irjash.2021.162.

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Tan, Xin, and Sorin A. Tuluca. "Cash Conversion Cycle: Which One and Does It Matter?" International Journal of Accounting and Financial Reporting 9, no. 4 (October 11, 2019): 64. http://dx.doi.org/10.5296/ijafr.v9i4.15529.

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In the present study, we attempt to investigate the information validity of an important financial metric, the cash conversion cycle (CCC.) A survey of scholarly papers and textbooks reveals that multiple methods to compute the CCC components are employed. Based on a relatively large dataset for six public companies, we explore two of the different methods and their effect on the resulting CCC value. We find that the means of the time series of the two methods over 20 years have only mild statistically significant differences. However, there are important differences in several annual periods for some of the firms analyzed. Since financial managers and financial analysts use the CCC for decision-making, analysis and valuation purposes, the findings of this research represent a warning that the CCC computations might not yield reliable conclusions, as they are dependent on the input used in the calculations.

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Yazdanfar, Darush, and Peter Öhman. "The impact of cash conversion cycle on firm profitability." International Journal of Managerial Finance 10, no. 4 (August 26, 2014): 442–52. http://dx.doi.org/10.1108/ijmf-12-2013-0137.

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Purpose – The purpose of this paper is to seek to investigate the impact of cash conversion cycle (CCC) on performance (i.e. profitability) in Swedish small and medium-sized enterprises (SMEs) over the 2008-2011 period. Design/methodology/approach – The study uses a seemingly unrelated regression (SUR) model to analyse cross-sectional panel data covering 13,797 SMEs operating in four industries. Findings – The study provides empirical evidence that CCC significantly affects profitability. In addition, the firm-level control variables size, age, and industry affiliation significantly affect firm profitability. These findings imply that managers could increase firm profitability by improving their working capital management. Research limitations/implications – The present study is limited to a sample of Swedish SMEs in four industries; further research could examine the generalizability of these findings to other countries and industries. Practical implications – Improved working capital policy could improve firm profitability by reducing the firm's CCC, thereby creating additional firm value. In addition, the results can be used for other purposes, including monitoring of firms by auditors, debt holders, and other stakeholders. Originality/value – The present study contributes to the literature by employing a SUR model to analyse a comprehensive cross-sectoral sample in a high-tax environment. To the authors’ knowledge, this is the first empirical study to address this issue in the Swedish context based on a large data set covering SMEs in various industries.

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Talonpoika, Anna-Maria, Sari Monto, Miia Pirttilä, and Timo Kärri. "Modifying the cash conversion cycle: revealing concealed advance payments." International Journal of Productivity and Performance Management 63, no. 3 (April 8, 2014): 341–53. http://dx.doi.org/10.1108/ijppm-12-2012-0130.

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Purpose – The cash conversion cycle (CCC) is widely used in the academic studies of working capital management and supply chain efficiency. The purpose of this paper is to introduce a modification of this measure that takes into account advance payments as a component of operational working capital. Design/methodology/approach – A new measure, the modified cash conversion cycle (mCCC) is introduced and tested with empirical data of companies in Helsinki Stock Exchange. Findings – The mCCC reveals the real efficiency of operational working capital in companies that receive advance payments to a remarkable extent. Research limitations/implications – The mCCC can be used in empirical analysis in academic studies. In this paper, the empirical data are used only for testing the mCCC. The paper concerns received advance payments, but the mCCC can also be extended also to other components of operational working capital ignored by the traditional CCC. Practical implications – The paper offers insights into the variations of CCC for class teachers, and business practitioners, particularly financiers, who deal with operational working capital, cash flow predictions and calculations. Originality/value – There are current items that may have a remarkable effect on operational working capital, but traditionally only inventories, accounts receivable and accounts payable are discussed. The authors argue that also other current items should be taken into account, if they affect the efficiency of operational working capital. The new mCCC is encouraged to be used instead of the CCC when observing working capital management.

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Nobanee, Haitham, Modar Abdullatif, and Maryam AlHajjar. "Cash conversion cycle and firm's performance of Japanese firms." Asian Review of Accounting 19, no. 2 (July 19, 2011): 147–56. http://dx.doi.org/10.1108/13217341111181078.

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Ruslan, Zuhri, and Anggoro Budi Nugroho. "Collectibility Improvement In PT. Kaltim Prima Coal Receivables Management: A Framework Roadmap Proposal." Jurnal Sosial Sains 2, no. 1 (January 15, 2022): 149–58. http://dx.doi.org/10.36418/sosains.v2i1.320.

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Background : The Importance of efficient working capital management is indisputable given that a firm’s viability relies on the financial manager’s ability to effectively manage receivables, inventory, and payables. One of widely used measurement to calculate the effectiveness of working capital management is Cash Conversion Cycle. Purpose : Traditional Cash Conversion Cycle is calculated using items from Financial Statement. However, it is proofed to be overstated compare to the actual calculation. Based on a comparison with Cash Conversion Cycle of another company listed on Indonesian Stock Exchange, Cash Conversion Cycle of PT Kaltim Prima Coal seems to be superior with lower days it needs to convert inventory into cash and longer time to pay its payables. Method: This research uses a quantitative approach method. Results : The research found that based on the regression method, days of late payment and sales amounts of late payment have significant relationship with Profit. Days of late payment and sales amounts of late payment have significant relationship with ROA. And, Days of late payment and sales amounts of late payment also have significant relationship with NPM. Conclusion : Variables of tourist attraction and price simultaneously influence the decision to visit the Blue Kersik beach, Marangkayu.

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Tony Sudirgo, Erviana Setia Putri,. "FAKTOR-FAKTOR YANG MEMPENGARUHI CASH HOLDING PADA PERUSAHAAN MANUFAKTUR." Jurnal Paradigma Akuntansi 2, no. 4 (September 26, 2020): 1452. http://dx.doi.org/10.24912/jpa.v2i4.9322.

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The purpose of this research is to obtain empirical evidence about the effect of net working capital, leverage, cash conversion cycle, tangible asset and profitability toward cash holding in manufacturing companies listed in the Indonesian Stock Exchange in the period 2016-2018. The sample was determined by purposive sampling method. The research conducted by taking 70 manufacturing companies. The result of this research shows that net working capital, leverage, cash conversion cycle, and tangible asset have negative effect on cash holding, while profitability have positive effect on cash holding.

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Shafti, Tika Al, and Afriyanti Hasanah. "THE IMPACT OF CASH CONVERSION CYCLE EFFIENCY ON OPTIMIZATION OF RETURN ON ASSET ON PROPERTY & REAL ESTATE SUBSECTORS." JOURNAL OF APPLIED MANAGERIAL ACCOUNTING 3, no. 2 (September 30, 2019): 262–72. http://dx.doi.org/10.30871/jama.v3i2.1553.

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This study aims to examine the impact of cash conversion cycle efficiency on optimization of return on assets on property & real estate sub-sector listed in Indonesia Stock Exchange (IDX) period 2013-2016. The cash conversion cycle is proxied by 3 variables: average inventory period, average collection period and average payment period. Sampling method using purposive sampling technique. The data used is cross section data. Data analysis techniques use simple linear regression analysis. The result of research stated that debt repayment period has positive effect to return on asset of company. Cash conversion cycle, inventory turnover period and receivable collection period have no effect on return on asset of the company.

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Akdoğan, Ece Ceylan. "How globalization affects the operational efficiencies of emerging market firms?: A comparative analysis on Turkish SMEs." Economics and Business Letters 7, no. 1 (May 8, 2018): 9. http://dx.doi.org/10.17811/ebl.7.1.2018.9-17.

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This paper examines the impact of globalization on the operational efficiencies of emerging market firms by concentrating on the financial outcomes of a firm’s main operations through focusing on operating income and cash conversion cycle as well as on their possible causes in an emerging market, Turkey. The findings indicate that globalization significantly deteriorates the operating income and lengthens the cash conversion cycle of Turkish firms and their components. However, although no difference could be reported on the direction of these effects, the adverse impact of globalization on operating income and its components are observed to be weaker while the lengthening impact on cash conversion cycle and its components are observed to be stronger for SMEs.

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Nobanee, Haitham, Mohammed Haitham A. Salman, and Jaya Anitha Abraham. "Current Assets Management, Remuneration, and Operating Cash Flow of UAE Construction Companies." International Journal of Financial Research 12, no. 3 (January 21, 2021): 142. http://dx.doi.org/10.5430/ijfr.v12n3p142.

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This paper examines the effect of current assets management and remuneration on operating cash flow of construction firms listed in the United Arab Emirates stock market before and after the financial crises of 2008. The results present a negative and significant relationship between cash conversion cycle and operating cash flow for the full sample. The results also show a negative and significant relationship between the cash conversion cycle and operating cash flow of the firms during the crisis period. This indicated that the UAE construction companies were more efficient in managing their current assets during the crisis period.

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Sofia Prima Dewi, Clara Veda Chandra,. "Faktor-Faktor Yang Memengaruhi Cash Holding Pada Perusahaan Manufaktur." Jurnal Paradigma Akuntansi 3, no. 2 (April 23, 2021): 550. http://dx.doi.org/10.24912/jpa.v3i2.11695.

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The purpose of this study is to examine the effect of leverage, firm size, liquidity, profitability, and cash conversion cycle on cash holding. This study uses secondary data which was tested using Eviews Program 11.0. Samples that have been selected by purposive sampling method and selected as many as 51 manufacture companies as a sample from 153 companies that go public and listed on the IDX for the period 2017-2019. The results of the research showed that leverage and liquidity have positive effects to the cash holding, while firm size has no positive effect to the cash holding, profitability has no negative effect to the cash holding, and cash conversion cycle has negative effect to the cash holding.

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Susilawati, Nisa, and Yoyon Supriadi. "Pengaruh Cash Ratio dan Siklus Konversi Kas Terhadap Profitabilitas Perusahaan." Jurnal Ilmiah Manajemen Kesatuan 5, no. 2 (July 27, 2018): 115–24. http://dx.doi.org/10.37641/jimkes.v5i2.76.

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Profit in a company’s operation is an important element to ensure the survival of the company in the future. The company’s success can be measured from its ability in creating profits derived from committed financing, its competitiveness in the market, and its ability company to expand the business. The company’s ability to generate profits from its business activities is called profitability. The purpose of this research is to determine the effects of operating cycle and Cash Conversion Cycle on the Profitability of the company, respresented by ROA (return on asset). The study was conducted at PT. Indocement Tunggal Prakarsa, Tbk, PT. Semen Gresik (Persero), Tbk and PT. Holcim Indonesia, Tbk for ten years from 2005 to 2014. In this study, the data used are cash ratio, cash conversion cycle and the financial statement (balance sheet and income statement) PT. Indocement Tunggal Prakarsa, Tbk, PT. Semen Gresik (Persero), Tbk and PT. Holcim Indonesia, Tbk period 2005 to 2014. Analysis of the data used is the linear regression analysis and determination coefficient, T test and F test. The study conclude that the of operating cycle has partially significant effect on profitability of PT. Holcim Indonesia, Tbk , because Sig. 0,009 is less than the standard error or alpha (α) of 5%, the of cash conversion cycle has partially significant effect on profitability PT. Semen Gresik (Persero), Tbk , because Sig. 0,001 is less than the standard error or alpha (α) of 5%, and cash ratio and cash conversion cycle simultaneously have not significant effects on the PT. Indocement Tunggal Prakarsa, Tbk because Sig. 0,079 greater than the standard error or alpha (α) of 5%.

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Widya Pratiwi, Dwi, Nurzi Sebrina, and Halmawati Halmawati. "Manajemen Aliran Kas Dan Dampaknya Terhadap Nilai Perusahaan." JURNAL EKSPLORASI AKUNTANSI 2, no. 1 (February 12, 2020): 2142–61. http://dx.doi.org/10.24036/jea.v2i1.204.

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This study aims to determine the effect of cash flow management on firm Value. Researchers tested manufacturing companies listed on the Indonesia Stock Exchange in 2017-2018 with a total sample of 101 samples using a purposive sampling method. In this study, the firm’s value is measured using Tobin's Q ratio. Analysis technique used Panel EGLS (Cross-section random effects) analysis. The first model investigates of the three component cash flow measures (days of sales outstanding, days of inventory outstanding and days of payable outstanding), and the last two models investigate the cash conversion cycle and operating cash cycle metrics, respectively. Thechange (Δ) in one variable for period t is that measured by the differences between at the end of the quarter and at the end of the previous quarter’s value. The results showed that days of sales outstanding, days of inventory outstanding, cash conversion cycle and operating cash cycle have a significant effect on firm value.

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Merry Susanti, Gionia,. "FAKTOR-FAKTOR YANG MEMPENGARUHI CASH HOLDING PADA PERUSAHAAN MANUFAKTUR DI INDONESIA." Jurnal Paradigma Akuntansi 2, no. 3 (October 9, 2020): 1026. http://dx.doi.org/10.24912/jpa.v2i3.9528.

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The purpose of this study was to examine the effect of firm size, net working capital, cash flow, cash conversion cycle, leverage and growth opportunities on cash holding. The population of this study are all manufacturing companies listed in Indonesia Stock Exchange (IDX) period 2016-2018. The data used in this study is collected through purposive sampling technique where 76 companies met the criteria in this study and were analyze using Eviews 10 with fixed effect model to test the hypothesis. The research shows that net working capital and leverage have a positive effect on cash holding. Cash conversion cycle and growth opportunities have a negative effect on cash holding. Finally, firm size and cash flow do not have effect on cash holding.

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Hossain, Md Mahabbat, and Tahmina Rahman. "Dependency of Profitability on Cash Conversion Cycle of Listed Companies: The Case of Engineering and Textile Industries in Bangladesh." Asian Accounting and Auditing Advancement 5, no. 1 (December 31, 2014): 41–53. http://dx.doi.org/10.18034/4ajournal.v5i1.30.

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For attaining better performance in manufacturing firms, working capital management plays a noteworthy role. The study analyzes the impact of the length of the cash conversion cycle on a firm’s profitability, as a performance measure. For this purpose, data of 31 manufacturing firms in the engineering and textile industries are considered which are listed on Dhaka Stock Exchanges. Relevant data have been collected from the audited financial statements published in the annual reports for the year 2011 of the concerned firms. It is suggested that the firms should try to shorten the length of the cash conversion cycle which will increase the profitability of the firms. Among three components of the cash conversion cycle, the account receivable collection period in days is more crucial for manufacturing firms. To increase sales firms should tradeoff between sales and associated risk before offering credit facilities to their customers. Analyses also reveal that listed engineering firms are more profitable than listed textile firms. The study also proves the positive association between the size of a firm and profitability.

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Margaretha, Farah, and Ayu Puspita. "ANALISIS MANAJEMEN MODAL KERJA PADA INDUSTRI DASAR DAN KIMIA." Media Riset Bisnis & Manajemen 7, no. 3 (December 12, 2007): 301–13. http://dx.doi.org/10.25105/mrbm.v7i3.1057.

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The objective of this research is to observe the working capital management on basic industry and chemical companies. Data research were obtained from 21 basic industry and chemical companies which are listed on the Jakarta Stock Exchange and this research was using the descriptive method, in order to observe the working capital management effectiveness by using the net working capital to sales ratio, current ratio, quick ratio, inventory turnover, account receivables turnover and working capital turnover on the basic industry and chemicai companies and also using the hypothesis testing method in order to observe whether the working capital management was measured by using the cash conversion cycle.have an influence towards the profitability. Data analysis method was using the working capital analysis, cash conversion cash analysis, profitability analysis (operating profit margin), classic assumption test, fit model test, hypothesis test (t-test). Based on the statistic test, obtained that the working capital management have a negative influence towards the profitability. In order to achieve an effective and proper operational in the company, thus the basic industry and chemical companies should lessen the cash conversion cycle by: lessen the inventory conversion period, by selling the inventory in the warehouse earlier than predicted. Such as cement, ceramic, glass, sand, etc; lessen the receivable collection period by collecting the account receivables; the payables deferral period will be extended by delaying the payment. A short cash conversion cycle could provide a better profit, because the longer the cash conversion cycle, the external fund and other funds requirement will also perceived higher.Keywords : working capital management, financial ratio

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Yahya, Dian Ratnasari. "PENGARUH PENGELOLAAN MODAL KERJA TERHADAP PROFITABILITAS DAN LIKUIDITAS DENGAN SIKLUS BISNIS SEBAGAI VARIABEL MODERASI." Media Mahardhika 17, no. 3 (May 30, 2019): 400. http://dx.doi.org/10.29062/mahardika.v17i3.96.

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This study aims to examine and analyze the effect of working capital management on profitability and liquidity with the business cycle as a moderating variable. The research is quantitative by using secondary data in the form of financial statements, the population used is a manufacturing company with a sample of 81 companies from 2005 to 2015. Data management has done by using SPSS (Statistical Program for Social Science). The results reveal that inventory turnover has no significant effect on profitability, accounts receivable turnover and debt turnover has significant negative effect on profitability, so the cash conversion cycle negatively does not give an affect of profitability due to business cycle conditions that fluctuated from 2005 to 2015. Inventory turnover, accounts receivable turnover, debt turnover and cash conversion cycle have significant negative effect on liquidity. Business cycles (D1) and (D2) are moderate management of working capital towards profitability. The business cycle (D1) is moderates the management of working capital towards liquidity and the business cycle (D2) is not moderate the management of working capital towards liquidity.

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Artha Merika Indah Puspita Sari and Rahmat Setiawan. "Pengaruh Manajemen Modal Kerja Terhadap Profitabilitas Dengan Moderasi Financial Constraints." SKETSA BISNIS 8, no. 1 (September 1, 2021): 72–81. http://dx.doi.org/10.35891/jsb.v8i1.2220.

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Abstract This study aims to determine the effect of working capital management on profitaility. Working capital management here is seen through cash conversion cycle company. The study also looked at the moderating effect of financial constraints on the effect of working capital management on profitaility. The research used purposive sampling method and the analytical method used in this study is multiple linear regression. Based on the results of the analysis it can be concluded that cash conversion cycle has a significant negative effect on profitability. The financial constraints variabel strengthens the negative effect of the cash conversion cycle on profitability. Keywords: working capital management, cash conversion cycle, profitability, and financial constraints. Abstrak Penelitian ini bertujuan untuk mengetahui pengaruh manajemen modal kerja terhadap profitabilitas. Manajemen modal kerja disini dilihat melalui siklus konversi kas perusahaan. Penelitian ini juga melihat efek moderasi financial constraints pada pengaruh manajemen modal kerja terhadap profitabilitas. Metode pengambilan sampel menggunakan purposive sampling, dan metode analisis yang digunakan pada penelitian ini adalah metode regresi linier berganda. Berdasarkan hasil analisis dapat disimpulkan bahwa manajemen modal kerja melalui siklus konversi kas berpengaruh negatif signifikan terhadap profitabilitas. Variabel financial constraints memperkuat pengaruh negatif siklus konversi kas terhadap profitabilitas. Kata Kunci: manajemen modal kerja, siklus konversi kas, profitabilitas dan financial constraints.

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Agustin, Naning Dewi, and Ani Wilujeng Suryani. "HUBUNGAN ANTARA CASH CONVERSION CYCLE DAN GROWTH OPPORTUNITY DENGAN PROFITABILITAS." Ekonomi dan Bisnis 9, no. 1 (July 1, 2022): 29. http://dx.doi.org/10.35590/jeb.v9i1.3936.

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Profitabilitas menjadi indikator dalam pengembangan perusahaan dengan perolehan pendapatan dalam mengelola operasi perusahaan. Perusahaan berupaya mempertahankan dan meningkatkan profitabilitas untuk mengukur kinerja perusahaan dengan meningkatkan efisiensi manajemen modal kerjanya. Penelitian ini menyelidiki pengaruh manajemen modal kerja melalui cash conversion cycle dan growth opportunity melalui sales growth terhadap profitabilitas perusahaan. Penelitian ini dilakukan pada 91 perusahaan sektor industri barang konsumsi di Indonesia dari tahun 2015 hingga 2020. Pengujian hipotesis dari 489 data dilakukan dengan analisis regresi data panel dengan model random effect. Hasil penelitian menunjukkan bahwa CCC dan growth opportunity tidak berpengaruh signifikan terhadap profitabilitas. Temuan ini menunjukkan bahwa perusahaan sektor barang konsumsi perlu melakukan pertimbangan mengenai pengelolaan manajemen modal kerja yang menjadi bagian dalam operasional perusahaan secara efisien, sehingga perusahaan dapat memaksimalkan keuntungan perusahaan.

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Giriyani, Ni Luh Putu Widya, and Lucia Ari Diyani. "PENGARUH CASH CONVERSION CYCLE, LIKUIDITAS DAN FIRM SIZE TERHADAP PROFITABILITAS." Jurnal Profita 12, no. 1 (April 20, 2019): 130. http://dx.doi.org/10.22441/profita.2019.v12.01.010.

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Al-Rahahleh, Ayat S. "Corporate Governance Quality and Cash Conversion Cycle: Evidence from Jordan." International Business Research 9, no. 10 (September 14, 2016): 140. http://dx.doi.org/10.5539/ibr.v9n10p140.

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This study aims at examining the impact of corporate governance quality on cash conversion cycle (CCC) in Jordan. Using OLS regression for a sample of all industrial companies listed on Amman Stock Exchange during the period (2009-2013). The results revealed that CCC is affected negatively by corporate governance quality, which provides an implication to industrial companies in Jordan to boost their compliance with corporate governance code in order to improve their working capital management efficiency. Furthermore, the outcomes showed a variation in corporate governance categories between sub-samples, which supports contingency theory that rejects the approach of “one size fits all”. The findings provide implications for future studies to deal with firm characteristics as context dependent rather than simply as control variables. The results also provide implications for regulatory bodies in Jordan that highlight the importance of “comply or explain” approach to some corporate governance rules embracing the “one size does not fit all” approach. This study fills a gap in the existing literature by studying the quality of corporate governance and by using the context dependent approach.

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Lancaster, Carol, and Jerry L. Stevens. "Corporate Liquidity And The Significance Of Earnings Versus Cash Flow." Journal of Applied Business Research (JABR) 14, no. 4 (August 29, 2011): 27. http://dx.doi.org/10.19030/jabr.v14i4.5649.

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This paper replicates and extends prior work appearing in this journal on the relationship between liquidity and accrual income versus cash flow. The measure of corporate liquidity is expanded to include both static liquidity (current and quick ratios) and dynamic liquidity (cash conversion cycle). The analysis is also extended to more recent data. Prior conclusions on the insignificance of cash flow from operations in explaining liquidity are revised. Cash flow from operations is significantly related to both the current ratio and the cash conversion cycle and has significant incremental explanatory power relative to accrual income. Statistical significance of cash flow from operations in explaining the quick ratio is sensitive to the sample period and is more difficult to generalize.

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Suam Toro, Muh Juan, and Deny Dwi Hartomo. "SIKLUS KONVERSI KAS: ALTERNATIF RASIO LIKUIDITAS YANG LEBIH BAIK DALAM MEMPREDIKSI PROFITABILITAS." Jurnal Bisnis dan Manajemen 14, no. 1 (December 23, 2016): 31. http://dx.doi.org/10.20961/jbm.v14i1.2682.

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The aim of this research are to investigate the effect of cash conversion cycle on firm profitability and to compare that effect to the effect of classic liquidity ratio on firm profitability. This research is also to investigate the effect of cash conversion cycle on firm firm profitability in different firm sizes and industries. The population of research object is companies listed on Indonesian Stock Exchange from 2006 to 2009. Sampling method used is purposive sampling. Samples consist of member of Manufacture industry represented by Plastic and Glass sub-industry and member of Service industry represented by Transportation Service sub-industry. The statistic tool used is multiple regression. The result shows that the cash conversion cycle has negative effect on firm profitability. There is no difference effect between different industry and firm size.

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Rosmita Rosyid, Ezelle Halim,. "FAKTOR-FAKTOR YANG MEMENGARUHI CASH HOLDING PERUSAHAAN CONSUMER GOODS INDUSTRY." Jurnal Paradigma Akuntansi 2, no. 3 (October 9, 2020): 1380. http://dx.doi.org/10.24912/jpa.v2i3.9566.

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The purpose of this study was to examine the effect of profitability, firm size, capital expenditure, net working capital, leverage, cash conversion cycle on cash holding in manufacture companies subsector consumer goods industry. The population of this study are all manufacture companies subsector consumer goods industry that is listed in Indonesia Stock Exchange (IDX) for the period of 2016 – 2018. The samples used in this research are 27 companies using purposive sampling method. According to likelihood test and hausman test used in Eviews 10.0 software, this model used random effect model. The result of this research is that profitability, leverage, and net working capital had positive effect on cash holding, while firm size, capital expenditure, and cash conversion cycle had no effect on cash holding.

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Wahyuni, Marina Fitri, Saiful Saiful, and Nikmah Nikmah. "PENGARUH RASIO-RASIO MODAL KERJA DAN ARUS KAS OPERASI TERHADAP PROFITABILITAS." JURNAL FAIRNESS 7, no. 2 (March 28, 2021): 111–26. http://dx.doi.org/10.33369/fairness.v7i2.15151.

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This study aimed is find an empirical evidence about the influence of working capital ratios and cash flow on profitability. Working capital ratios is proxied by the cash conversion cycle, current ratio, quick ratio, inventory turnover, accounts receivable turnover, turnover of debt and working capital turnover. Meanwhile cash flows dan profitability measured by change in cash flows and return on investment (ROI) respectively.Based on purposive sampling, 67 manufacturing companies were selected as a sample of this study for three years observation.This study found that the cash conversion cycle and quick ratio negatively influence on profitability. Incontrast, this study also found that current ratio positively influence on profitability. This study could not find the influence of inventory turnover, accounts receivable turnover, turnover of debt, working capital turnover, and operating cash flow on profitability.

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Journal articles on the topic 'Cash conversion cycle'

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