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Supatanakornkij, Sasithorn. "Determinants and consequences of working capital management." Thesis, University of Edinburgh, 2015. http://hdl.handle.net/1842/16454.
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Well-managed working capital plays an important role in running a sound and successful business as it has a direct influence on liquidity and profitability. Working capital management (WCM) has recently received an increased focus from businesses and been regarded as a key managerial intervention to maintain solvency, especially during the global financial crisis when external financing was less available (PwC, 2012). This thesis contains a comprehensive analysis of the determinants and consequences of WCM. For the determinants of WCM, the results suggest that the nature of a firm’s WCM is determined by a combination of firm characteristics, economic condition, and country-level variables. Sources of financing, firm size, and levels of profitability and investment in long-term assets play a vital role in the management of working capital. The financial downturn has also put increased pressure on firms to operate with a lower level of working capital. In addition, country-level variables (i.e., legal environment and culture) have a significant influence on determining a firm’s WCM as well as its determinants. For the consequences of WCM, the findings highlight the importance of higher efficiency in WCM in terms of its potential contribution in enhancing profitability. In particular, firms operating with lower accounts receivable, inventory, and accounts payable periods are associated with higher profitability. Firms can also enhance their profitability further by ensuring a proper “fit” among these components of working capital. Finally, achieving higher efficiency in inventory management can be a source of profitability improvements during the financial crisis. Overall, the thesis contributes to the accounting and finance literature in two distinct ways: research design and new findings. A more extensive data set (in terms of countries coverage and time frame), new estimation technique (i.e., dynamic panel generalised method of moments (GMM) estimation to produce more consistent and reliable results), and substantive robustness tests (conspicuous by their absence in prior studies) were applied and result in several new empirical findings. First, a firm’s WCM is influenced not only by internal factors but also external factors such as country setting, legal environment and culture. Second, a comprehensive measure of WCM (i.e., cash conversion cycle (CCC)) does not represent a useful surrogate for the effects of WCM on corporate profitability. Instead, an examination of the individual components of CCC gives more pronounced and valid results. Third, by managing working capital correctly, firms can enhance their profitability even further, at different levels, and through different components of profitability (including profit margin and asset productivity).
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Jerónimo, Duarte Francisco Reis. "The determinants of current ratio on Portuguese Tourism industry." Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/10512.
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Mestrado em FinançasO Turismo é uma atividade económica importante em muitos países do mundo, mas assume um papel fundamental em países de pequena dimensão como Portugal dado o impacto positivo na economia através da criação de emprego e riqueza. Este estudo pretende investigar os determinantes dos current ratio na indústria do turismo em Portugal. A análise baseou-se nos dados extraídos dos relatórios de contas anuais das empresas de turismo Portuguesas no período de 2010-2013. De modo a testar a hipótese presente neste estudo foi utilizado um modelo robusto de análise de dados em painel, no qual se usou as metodologias OLS, efeitos fixos e efeitos aleatórios. Os resultados do primeiro modelo, utilizando a metodologia de efeitos aleatórios, revelam um impacto positivo e estatisticamente significativo no current ratio por parte a rentabilidade e a idade, e negativo no caso da alavancagem financeira, tamanho da empresa, número de dias de contas a pagar e número de dias de inventário. O segundo modelo apresenta um impacto positivo da rentabilidade, idade e ciclo de conversão de liquidez, e negativo da alavancagem financeira e tamanho da empresa sobre a variável dependente. Estes resultados são consistentes com vários estudos anteriores, embora não haja provas estatisticamente significativas da relação entre o número de dias de recebimentos e o current ratio.
Tourism is an important economic activity in most countries around the world but, for small countries like Portugal, it has a fundamental role due to its positive impact in the economy through the creation of jobs and wealth. This study aims to investigate the determinants of current ratio on the Portuguese tourism industry. The analysis was based on data extracted from the annual reports of the Portuguese tourism companies for the period of 2010-2013. In order to test the study hypothesis a robust panel data analysis was used, including pooled OLS, fixed effects and random effects methodologies. The results from the first model, using the random effects methodology, reveal a significant positive statistical impact on current ratio by profitability and age, and a negative by leverage, size, account payable days and inventory days. The second model presents a positive impact of profitability, age and cash conversion cycle and a negative of leverage and size on the dependent variable. These findings are consistent with several previous studies, although there is no prove of statistically significant relationship between account receivable days and current ratio.
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Moraes, Filho Marcos Gonçalves Nunes de. "Determinantes da necessidade de capital de giro em pequenas e médias empresas do estado de São Paulo no período de 2000-2010." Universidade Presbiteriana Mackenzie, 2012. http://tede.mackenzie.br/jspui/handle/tede/600.
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Previous issue date: 2012-05-09Fundo Mackenzie de Pesquisa
The Working Capital Requirement (WCR) is a necessary investment to maintain the operational cycles. There is no specific theory on Working Capital in Brazil and there are few studies on its determinants, especially in small and medium enterprises. This research tests a model based on methodological Hill, Highfield and Kelly (2010) with Brazilian companies, specifically small and mid-size companies in the last decade. The results show differences in the regression coefficients of the reference search, although some empirical concordances. It was found that the variable gross profit margin and size have statistical significance and expected relationship as existing theory. This study contributes to the management of working capital and open opportunities for alternative management.
A Necessidade de Capital de Giro (NCG) é um investimento necessário para manter os ciclos operacionais. Não há teoria específica sobre Capital de Giro e no Brasil há poucos estudos sobre seus determinantes, principalmente em pequenas e médias empresas. Esta pesquisa testa um modelo metodológico baseado em Hill, Kelly e Highfield (2010), com empresas brasileiras de pequeno e médio porte na última década. Os resultados apontam diferenças nos coeficientes das regressões da pesquisa de referência, apesar de algumas concordâncias empíricas. Foi constatado que as variáveis margem de lucro bruto e tamanho possuem significância estatística e a relação esperada, conforme teoria existente. Este estudo contribui para a gestão do capital de giro e abre perspectivas e alternativas para sua gestão.
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Rick, Leandro. "Determinantes da necessidade de capital de giro: as companhias abertas do Brasil entre 1994 e 2009." Universidade Presbiteriana Mackenzie, 2011. http://tede.mackenzie.br/jspui/handle/tede/539.
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Previous issue date: 2011-08-10Fundo Mackenzie de Pesquisa
The Operational Working Capital Requirement (WCR) is the net investment needed to keep the operating cycle. There is no specific theory on Working Capital and, in Brazil; there are few studies about its operational and financial determinants. This empirical research test, in part, a model proposed by Hill, Kelly and Highfield (2009), with Brazilian companies, in the post-Real Plan. The results show differences in the regression coefficients that may be due to macro-economic specificity and typicality of Brazilian economic sectors. This study contributes to the management of working capital, and opens prospects for alternatives to traditional methods of quantification of the WCR.
A Necessidade de Capital de Giro (NCG) Operacional é o investimento líquido necessário para manter os ciclos operacionais. Embora haja bastantes estudos sobre Capital de Giro nos EUA e Europa, ainda não há uma teoria específica sobre o mesmo e, no Brasil, poucos estudos sobre seus determinantes operacionais e financeiros foram realizados. Esta dissertação testa, parcialmente, um modelo proposto por Hill, Kelly e Highfield (2010), com empresas brasileiras, no período pós-Plano Real. Os resultados evidenciam diferenças nos coeficientes das regressões que podem ser devidas à especificidade macroeconômica brasileira ou à tipicidade dos setores de atividade econômica. Este estudo contribui para a gestão do capital de giro e abre perspectiva para alternativas aos tradicionais métodos de quantificação da NCG.
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Palombini, Nathalie Vicente Nakamura. "Gestão do capital de giro: impacto sobre a rentabilidade da empresa e seus determinantes." Universidade Presbiteriana Mackenzie, 2010. http://tede.mackenzie.br/jspui/handle/tede/759.
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Previous issue date: 2010-02-10Coordenação de Aperfeiçoamento de Pessoal de Nível Superior
Working capital management is a relevant subject for financial managers who invest a significant amount of time and effort seeking an ideal balance level of its components, in order to create value for the company (Lamberson, 1995; Appuhami, 2008; Martin e Morgan in Kim e Srinivasan, 1991). Companies are able to reduce financing costs and/or increase the available funds for investments by optimizing current assets and liabilities. To reach the optimum level decision, there are a number of complex tradeoffs that have to be considered, such as risk and return, liquidity and profitability, turning daily business questions into challenging decisions for firm s managers. Inadequate decisions over working capital components may lead to insolvency; while overinvestment decisions implies in zero or negative net present value. Although is crucial for the financial strategy of the organization, working capital management is a subject under explored by the academic literature. Current research results did not converge to a common sense about the influence of working capital management efficiency over the profitability. In the same way, there are few available studies about the determinants of working capital management. The proposal of this present study is to explore management working capital regarding two approaches: its impact on firm s profitability and its determinants. The results of the first research problem showed that the working capital management, measured by cash conversion cycle, affects negatively the gross and operational profitability, suggesting that companies can increase profitability by reducing the level of working capital. The analysis of the second research problem results showed the debt level, size and growth rate as determinants of working capital management. The negative relation with debt level is consistent with the Pecking Order Theory, suggesting that leveraged companies aim to work with low level of current assets, to avoid issuing new debt securities and equity securities. The variable free cash flow also showed a negative and significant relation with working capital management, indicating that companies with higher profitability before depreciation and after taxes, interests and dividends present lower volume of working capital.
A gestão do capital de giro é um assunto de grande relevância para os gestores financeiros que devotam grande parte de seu tempo e esforço para buscar um nível ótimo entre seus componentes, de modo a contribuir para a maximização do valor da empresa (Lamberson, 1995; Appuhami, 2008; Martin e Morgan in Kim e Srinivasan, 1991). As empresas são capazes de reduzir seus custos financeiros e/ou aumentar seus fundos disponíveis para investimentos por meio da otimização de seus ativos e passivos circulantes. A decisão do nível ótimo de capital de giro envolve um equilíbrio complexo entre risco e retorno, entre liquidez e rentabilidade, constituindo um desafio diário para os gestores das empresas. Decisões inadequadas de capital de giro podem levar a empresa à insolvência, enquanto que um investimento excessivo nos ativos circulantes implica em fundos que não geram valor ao acionista. Apesar disso, o tema ainda é pouco explorado pela literatura acadêmica. Os resultados dos estudos existentes não convergem em um consenso sobre a influência da eficiência da gestão do capital de giro na melhoria da lucratividade. Da mesma forma, pouco se sabe sobre os fatores que influenciam a gestão corporativa do capital de giro. O presente estudo busca explorar a gestão do capital de giro sob duas abordagens: seu impacto sobre a rentabilidade da empresas e seus determinantes. Os resultados do primeiro problema de pesquisa indicaram que a gestão do capital de giro, medida pelo ciclo de conversão de caixa, afeta a rentabilidade bruta e operacional da empresa de forma negativa, sugerindo que as empresas podem aumentar sua rentabilidade, trabalhando com níveis mais reduzidos de capital de giro. A análise dos resultados do segundo problema de pesquisa indicou o nível de endividamento, o tamanho e o crescimento da empresa como fatores determinantes na gestão do capital de giro. A relação negativa com endividamento corrobora com a Pecking Order Theory, que defende que empresas endividadas buscam trabalhar com níveis reduzidos de ativos circulantes para evitar novas emissões de títulos de dívidas e ações. A variável fluxo de caixa livre também apresentou relação negativa e significante com a gestão de capital de giro, sugerindo que empresas que apresentam maior rentabilidade antes da depreciação e após pagamento de impostos, juros e dividendos apresentam níveis menores de capital de giro.
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Pires, Clênia de Oliveira. "Fatores determinantes da necessidade de capital de giro corporativa." Universidade do Vale do Rio dos Sinos, 2013. http://www.repositorio.jesuita.org.br/handle/UNISINOS/3328.
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UNISINOS - Universidade do Vale do Rio dos Sinos
Esta dissertação teve como objetivo identificar e analisar os fatores determinantes da necessidade de capital de giro corporativa, partindo de teorias robustas de finanças (Theory of Asymmetric Information, Agency Theory, Pecking Order Theory e Theory of Financial Distress) e de estudos empíricos que também tiveram como objeto a NCG. Para isto, este estudo teve como base um painel de dados não balanceado, com informações de 222 companhias brasileiras não financeiras com ações listadas na BM&FBOVESPA e presentes na Base de Dados Compustat, durante um período de 11 anos (2000 a 2010), totalizando 2.278 observações. Foram testadas diferentes variáveis, utilizando-se modelos de regressões lineares de complexidades distintas. A partir dos resultados da regressão final, gerada pelo Painel Dinâmico, foram identificados dez fatores determinantes da necessidade de capital de giro corporativa, todos significantes. O modelo evidencia a importância da NCG do ano anterior na explicação da NCG do ano corrente e mostra que empresas maiores, com vendas mais voláteis, maior fluxo de caixa livre, maior índice de endividamento e em dificuldades financeiras adotam uma necessidade de capital de giro proporcionalmente reduzida, tornando-se mais eficientes na sua gestão do capital de giro. Por outro lado, as evidências mostram que uma maior margem de contribuição, um maior índice market-to-book e a presença de remuneração anual vinculada ao lucro levam a um aumento da necessidade de capital de giro corporativa. Além disso, os resultados sugerem que um menor risco país encoraja o investimento em capital de giro, evidenciando que fatores exógenos a empresa também determinam o volume da sua NCG. Assim, esta dissertação pretende contribuir com pesquisas futuras, visto que é a primeira a investigar os determinantes do investimento líquido em capital de giro operacional sob a ótica de quatro teorias robustas de finanças.
This thesis aims to identify and analyze the determinants of the working capital requirement corporate, from robust theories of finance (Theory of Asymmetric Information, Agency Theory, Pecking Order Theory and Theory of Financial Distress) and empirical studies that also had as object the WCR. Therefore, this study was based on a panel data unbalanced, with information of 222 Brazilian companies non-financial with stocks listed on the BM&FBOVESPA and presents in Compustat Database, for a period of 11 years (2000 to 2010), totaling 2278 observations. We tested different variables, using linear regression models of different complexities. From the results of the final regression, generated by Dynamic Panel, ten factors determinants of the working capital requirement corporate were identified, all significants. The model evidences the importance of WCR last year in explaining the WCR this year and shows that larger companies, with more volatile sales, higher free cash flow, higher debt ratio and financially distressed adopt a working capital requirement proportionally reduced, making it more efficient in its management of working capital. Moreover, the evidence shows that a higher contribution margin, a higher rate market-to-book and the presence of annual compensation tied to earnings lead to an increased working capital requirement corporate. Furthermore, the results suggest that a lower country risk encourages investment in working capital, showing that company exogenous factors also determine the volume of your WCR. Thus, this thesis aims to contribute to future research, since it is the first to investigate the determinants of the net investment in operating working capital from the perspective of four robust theories of finance.
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Cardador, Hugo Hernâni Costa. "Determinantes na opção da adesão ao factoring em Portugal: um estudo empírico." Master's thesis, Instituto Superior de Economia e Gestão, 2007. http://hdl.handle.net/10400.5/704.
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Mestrado em MBA/GestãoO propósito deste estudo é desenvolver e testar hipóteses que expliquem a escolha de adesão ao Factoring em Portugal, como forma de financiamento. Pretende-se estabelecer perfis de utilizadores baseados nas características demográficas e económico-financeiras. Adicionalmente pretende-se estender a análise e testar a existência de relação entre a utilização do Factoring e a facilidade no acesso a crédito, i.e., o valor do colateral disponível, o valor de dívida da empresa, e também o facto da empresa apresentar dificuldades financeiras. A análise refere-se a um questionário via mailmerge ao qual responderam 500 empresas das quais 322 indicaram utilizarem Factoring. Verificou-se que as variáveis mais importantes na determinação da adesão ao Factoring se prendem com o financiamento das necessidades de fundo de maneio da empresa, a disponibilidade de colateral e ainda com o sector de actividade em que opera.
The purpose of this study is to develop and test hypotheses that explain the determinants of Factoring as a financing choice in Portugal. The tests focus on establishing a profile of borrowers, based on demographic economical and financial characteristics. In addition to that we extend the analysis to test whether there exists any association between the use of Factoring and the availability of credit to firms, the value of collateral , the value of the firms debt, and also whether the business is experiencing financial difficulties. The analysis refers to a survey of 500 companies of which 322 were using Factoring services. Evidence was found that the most important determinants in firms choice of Factoring is working capital requirements, the availability of collateral and its industry sector.
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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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Hauser, Marc. "Working Capital Management." St. Gallen, 2008. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/04603254001/$FILE/04603254001.pdf.
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Etter, Kathrin. "Working Capital Management in Wertschöpfungsnetzwerken." St. Gallen, 2007. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/02607505002/$FILE/02607505002.pdf.
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Akinwande, Gbenga Segun. "WORKING CAPITAL MANAGEMENT IN TELECOMMUNICATION SECTOR." Thesis, Blekinge Tekniska Högskola, Sektionen för management, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:bth-1180.
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ABSTRACT Title: Working Capital Management in Telecommunication sector: A case study of VGC telecoms Author: Gbenga Segun Akinwande Supervisor: Anders Hederstierna Department: School of Management, Blekinge Institute of Technology Course: Master’s thesis in business administration, 15 credits (ECTS). Background and Problem Discussion: The efficient management of working capital is very vital for a business survival. This is premised on the fact having too much working capital signifies inefficiency, whereas too little cash at hand signifies that the survival of business is shaky. Purpose: The purpose of this research is to study the working capital management in the small and medium scale businesses, using VGC Telecoms Company as a case study, so as to establish factors influencing working capital performance; examine how cash management, inventory management and trade credit management affects working capital management; company effectiveness in converting working capital to ready money; how working capital management impacts on the problem of slow development and to offer recommendations on possible ways of improving working capital management Method: Literatures bordering on different areas of working capital management were reviewed. Thus, this research employed qualitative and quantitative analysis; and semi- structured questions were drafted based on the issues raised from the review of various literatures. In addition, materials from journal articles, textbooks, working papers and industry practitioners are put into consideration. The use of internet and e-mails to send out questions were explored where appropriate. Analysis on the company’s financial statement was carried out in order to verify my findings. Theory: In this research, the theory section looks at various concepts that come up when analyzing the consequences of working capital management for company value and the factors that influence a company’s working capital management performance. I have therefore chosen the most common concept for the theory section. I have also tried to create a theoretical understanding for the company’s sensitivity to a workable WCM policy Analysis: In the analysis of the research findings, I employed qualitative approach to the data analysis whereby the impacts of the poor WCM on the company were discussed in depth. Conclusion: The findings corroborate the postulation of Weston et al that a company’s investment in working capital is a substantial percentage of its total investment. In case of VGC Telecoms, it is as high as 65 percent. An inefficient and ineffective management of this investment will result in slow pace of development and ultimately to the business failure. The performances of the company in the different spheres of working capital management were scored as follows:- • Cash management – 65.4 percent • Inventory management - 78.6 percent • Trade credit management and financing decisions - 60.0 percent This is an average performance of 68 percent. That is, the company’s performance is above average. This is a good performance. The financial statements as interpreted reinforce the validity of this result. The liquidity ratios are high; the collection period is short; and the cash cycle is not quite expansive. This makes it possible to sustain sufficient cash flow for the smooth running of the business. The management of working capital impacts on liquidity, investment portfolio and profitability. All these three factors are decisive in the growth or failure of a business. Hence, good performances in working capital management affects these decisive factors favourably and thus, contribute to growth and success of the business.
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Tjaondjo, Cornelia Nangoi. "Determinants of capital flight in Namibia." Master's thesis, Faculty of Commerce, 2019. http://hdl.handle.net/11427/30583.
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The research investigated the determinants of capital flight and the behaviour of capital flight before and after the passage of Regulations 28 and 29 in Namibia. Using annual data form 1990 to 2016, the unit root and cointegration analyses were performed. The findings of the study indicate that foreign direct investment, current account deficit, change in foreign exchange reserves and external debt are important determinants of capital flight, whereas corruption and political uncertainty do not influence capital flight. The researcher therefore recommends that these factors should be taken into account when designing policies to prevent and reduce the outflows of capital from Namibia. Thus, the combination of good governance and fostering fiscal discipline and tax adjustments is also recommended.
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Lima, Elaine Janine Martins de. "Determinants of start-ups capital structure." Master's thesis, Instituto Superior de Economia e Gestão, 2013. http://hdl.handle.net/10400.5/7377.
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Mestrado em FInançasO objetivo deste trabalho é analisar os determinantes mais relevantes da estrutura de capital inicial de novas empresas, através do desenvolvimento de um estudo empírico. A estrutura de capital tem sido a ser um dos temas mais controversos na literatura financeira. Embora haja uma grande quantidade de estudos empíricos e teóricos sobre este tema, não há ainda acordo na escolha da estrutura ótima de capital. Grande parte dos estudos concentra-se em empresas estabelecidas, negligenciando o tema das novas empresas. Recentemente, final dos anos 90, estudos sobre a estrutura de capital começaram a abordar o tema start-ups e pequenas empresas. Neste sentido, combinando dados financeiros de empresas e dados do fundador, que contêm informações detalhadas sobre as start-ups Portuguesas ao longo do período 2004 a 2009, a influência de fatores como o tamanho, a estrutura de ativos, o crescimento e as características dos fundadores na estrutura de capital inicial de start-ups foram analisadas. Os resultados confirman a hipótese de que o tamanho e a estrutura de ativos têm um impacto positivo sobre a estrutura de capital das start-ups, enquanto que o crescimento tem uma relação negativa. Esses resultados são consistentes com a teoria do pecking order que refere os problemas de assimetria de informação e a teoria do trade-off que refere os problemas de agência. O nível de significância e o impacto das características dos fundadores, nomeadamente a experiência no setor, regional e empresarial, educação, idade e género na estrutura de capital inicial das start-ups varia muito, não fornecendo resultados consistentes.
The objective of this paper is to analyze the most relevant determinants of new ventures initial capital structure, by developing an empirical study. Capital Structure has been one of the most controversial issues in financial literature during the past years. Although exists an enormous amount of empirical and theoretical studies on this topic, there is no agreement in choosing the optimal capital structure. Much of the existing research focuses on established firms, neglecting the field of entrepreneurial finance. Only recently, in the late 90s, the studies on capital structure were extended to start-ups and small firms. Concerning this, by combining Portuguese firm-level financial data with the matched employer-employee database, that contains unique and detailed information about the start-ups during the period 2004 to 2009, the influence of factors such as size, asset structure, growth orientation and owners' characteristics on start-ups initial capital structure were examined. The results support the hypotheses that size and asset structure have a positive impact on start-ups initial capital structure, while growth have a negative relation. These results are also consistent with the pecking order theory that incorporates information asymmetries issues and the trade-off theory with the agency problems. The level of significance and impact of owners' characteristics such as industry experience, regional experience, entrepreneurial experience, education, age and gender on start-ups initial capital structure varies widely, not providing consistent results.
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Na, Hyun Jong. "Disappearing Working Capital: Implications for Accounting Research." Thesis, The George Washington University, 2020. http://pqdtopen.proquest.com/#viewpdf?dispub=27542571.
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This dissertation examines the implications of technological advances on the net working capital balance of U.S. firms over the past five decades. I find that the annual mean value of the net working capital balance of U.S. firms has sharply declined, from 28.9% of average total assets in the 1970s to 6.5% in the 2010s. I also show that an increase in IT spending is associated with a reduction in net working capital balance, after controlling for alternative explanations. This real (vis-à-vis accounting) change in net working capital balance has significant implications for practical financial management and accounting research. On one hand, companies have become more efficient in managing their working capital and thus in conserving cash, leading to an increased cash savings at U.S. firms. On the other, the declining working capital balance has reduced accounting current accruals from 18.8% to 5.4% of earnings, which, in turn, has reduced the explanatory power of the Jones (1991) model from 23.7% to 3.7% and increased the correlation between earnings and cash flows from 0.689 to 0.947 over time. Such a structural change is worth noting for accounting research addressing the relationship between accruals, cash flows, and earnings.
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Kaikaryte, Gabija. "Working capital and profitability of manufacturing companies." Master's thesis, Vysoká škola ekonomická v Praze, 2017. http://www.nusl.cz/ntk/nusl-359267.
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The financial state of the most companies was significantly challenged by the last decade. Thus, financial managers must be aware of all factors that can contribute to the firm`s profitability in order to fight unstable economical environment. Working capital management`s effect on profitability has been raised recently and its importance is already known. This thesis aims to dig deeper into the relationship between working capital management and firm`s profitability across different sectors and different time periods. The subject for the empirical analysis are 908 UK manufacturing and 315 construction firms during the period of 2006-2013. The results indicate about the strong negative relationship between working capital, measured as cash conversion cycle (CCC) and gross operating profitability. Thus, it is an indicator that working capital and its characteristics must be included in the firm`s financial planning.
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Schrøter, Joensen Juanna. "Determinants and consequences of human capital investments /." Aarhus : School of Economics and Management, 2007. http://www.gbv.de/dms/zbw/55735238X.pdf.
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Adelman, Melissa. "Essays on the Determinants of Human Capital." Thesis, Harvard University, 2012. http://dissertations.umi.com/gsas.harvard:10336.
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This dissertation consists of three empirical essays broadly concerned with the determinants of human capital. The first essay estimates the causal effect of exposure to maternal psychological stress generated by the 9/11 attacks on the cohort in utero that day. The analysis finds that cohorts exposed during the first or second trimester in New York City weighed less at birth and had shorter gestation lengths. Male and female newborns were affected similarly. At age six, boys were more likely to be in special education and more likely to be in kindergarten rather than first grade, with no effect on girls. Births outside New York City were not affected. The results suggest that psychological stress is an important channel through which adverse conditions experienced by pregnant women negatively impact the early life outcomes of in utero cohorts. The second essay (joint with Katherine Baldiga) presents experimental evidence of a gender difference in the valuation of job training as an explanation for the female advantage in human capital investment that has emerged in many high income countries. In an online labor market, we find that when subjects have limited experience with an unfamiliar task, women are more willing to pay for training than men, and women estimate that the returns to training are higher than men do. We find that task performance, the return to training, self-confidence, and risk aversion cannot explain the gender gap in valuing training. We present suggestive evidence that training may be valued by women for increasing their willingness to take on a challenge. The third essay tests the prediction of several biological theories that maternal condition impacts the sex ratio at birth and causes differential investment by child's sex with data from the Dominican Republic, a developing country with relatively neutral offspring sex preferences. The analysis finds that more educated women are more likely to give birth to sons, and women in the middle of the maternal age distribution are less likely to have a male child die during infancy. These results provide evidence that maternal condition is correlated with the sex composition of children.Economics
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Akbarali, Ahmed, and Awambeng Foma. "Determinants of Capital Structure in Family Firms." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-28285.
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Most firms are using optimal combination of equity and debt so as to maximize firms value and the wealth of the shareholders. To achieve all these, firms should be aware of the factors that influence the capital structure decisions. Previous empirical studies attempted to explain what determines the choice of capital structure in firms. The focus was on firms in general without categorizing family firms and non-family firms. The primary objective of this study is to examine what determines the capital structure of family firms in OECD countries. Amadeus database was used to obtain the data needed for the statistical analysis. Measures for firm-specific characteristics were calculated based on the previous stud-ies. The study was conducted over a period of 9 years from 2005-2013. Dataset com-prised of 95 family firms resulting in 850 observations. The results from the study indicate that the capital structure for family firms in OECD countries is influenced by profitability, asset tangibility, growth, size, debt tax shield , non-debt tax shield and liquidity. Both pecking-order theory and trade-off theory explain the capital structure of family firms.
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Buferna, Fakher Muftah. "Determinants of capital structure : evidence from Libya." Thesis, University of Liverpool, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.420451.
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Bakilana, John. "Determinants of Private Capital Flows into Tanzania." Master's thesis, Faculty of Commerce, 2019. http://hdl.handle.net/11427/30403.
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This study investigates a selection of pull determinants of non-FDI private capital flows into Tanzania over the 1995 to 2004 period. The study is informed by the potential of the respective capital to contribute towards the economic development process. The study uses a time series analysis to test the various determinants. The results reveal that in the long-run, financial development, GDP growth and gross capital formation have a positive impact to the flows of non-FDI private capital into Tanzania. Broad money has a negative impact to similar flows. In the short-run, results reveal an insignificant relationship between all the selected determinants and the capital flows. The results suggest a need for continued reforms and improved capacities to attract more flows.
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Křivská, Romana. "Determinants of capital structure and its optimization." Doctoral thesis, Vysoká škola ekonomická v Praze, 2004. http://www.nusl.cz/ntk/nusl-76770.
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The finding of optimal debt-to-equity structure, taking into account the determinants which influence Capital Structure, is an ongoing problem in Corporate Finance. It is confirmed in theory as well as in practice in the world of Corporate Finance. There are several theoretical approaches to optimal Capital Structure, nevertheless, in practice none of these theories can be fully confirmed. The aim of the dissertation is the analysis of determinants of Capital Structure and the assessment of the application of current optimal Capital Structure theories. The significance of the individual determinants of Capital Structure is evaluated and the relationship between Leverage and certain determinants is analyzed, based on regression and correlation analysis. These tasks are based on an international point of view followed by the empirical application to mining companies in the Czech Republic and Europe. The dissertation is divided into 3 main parts which include a theoretical part, an analysis of current findings and, finally, an empirical analysis. In the theoretical part, the basic terms used in the topic of Capital Structure are defined by their different meanings in theory. These are Capital, Capital Structure and Leverage. The determinants of Capital Structure were specified with respect to the optimal Capital Structure theories, and the determination of optimal debt ratio is discussed. The analysis of current findings is focused on the empirical verification of optimal Capital Structure theories, on international examples, and on the example of the Czech Republic. Attention is dedicated to understanding the significance of determinants of Capital Structure and the determination of the relationship between Leverage and determinants of Capital Structure. A comparison of the theoretical and empirical findings is made between a group of American and European companies, and between three groups of countries (developed countries, developing countries and transition countries, including the Czech Republic). The empirical part is dedicated to the analysis of determinants of Capital Structure of mining companies in the Czech Republic and Europe. The analyzed determinants are size, profitability, tangibility of assets, and a non-debt tax shield.
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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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Nakale, Mansueta Maria Nandjila. "An impact analysis of working capital management on profitability of working capital entensive companies listed on the Johannesburg stock exchange." Thesis, Stellenbosch : Stellenbosch University, 2009. http://hdl.handle.net/10019.1/97171.
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Thesis (MBA)--Stellenbosch University, 2009.ENGLISH ABSTRACT: The purpose of this report is to establish whether a statistically significant relationship exists between a company's profitability and its working capital management. Profitability is measured by the return on assets, return on equities and Tobin's q ratio - the dependent variables in the report. Working capital management is assessed by inventory period, receivable period, payable period, operating cycle, cash conversion cycle and operating cash flow to total assets ratio - the independent variables in the report. Other independent variables applied are leverage and real gross domestic product growth rate. The report used a sample of working capital intensive companies listed on the Johannesburg Stock Exchange for the period of 1995-2005. These companies are divided into four sub-samples based on their working capital intensiveness. Companies with a ratio of current assets to total assets ranging from 0% to 24,99%, and from 25,00% to 49,99% are regarded as less working capital intensive. Companies with a ratio of current assets to total assets ratio ranging from 50,00% to 74.99%, and from 75,00% to 100.00% are considered high working capital intensive. The results of this research reveal that there is a positive statistically significant relationship between profitability and operating cash flow to total assets ratio. Therefore, companies with positive operating cash flow figures are likely to be profitable. The results exhibit a negative relationship between profitability and leverage. This is an indication that in order to increase its profitability, a company needs to reduce its debt ratio and keep it within the optimum capital structure level. The relationship between profitability and other independent variables is not consistent, indicating variation in working capital policies across industries. There is also a positive relationship between profitability and real GDP growth rate, although this is reflected during 2000 only. This indicates that companies' profitability is influenced by the overall economic performance. The report further evaluates whether less working capital intensive companies are more profitable as compared to high working capital intensive companies. Evidence shows that there is no difference in the profitability of less working capital intensive companies and high working capital intensive companies. However, there is confirmation that less working capital intensive companies have a high Tobin's q ratio as compared to high working capital intensive companies. This means that the percentage difference between the market value and assets is higher for less working capital intensive companies as compared to that of high working capital intensive companies.
AFRIKAANSE OPSOMMING: Die doel van hierdie verslag is om vas te stel of 'n statisties betekenisvolle verhouding tussen die winsgewendheid en die bedryfskapitaal bestuur van 'n maatskappy bestaan. Winsgewendheid word gemeet aan die opbrengs op bates, opbrengs op aandeelhouersbelang en Tobin se q-verhouding - die afhanklike veranderlikes in die verslag. Bedryfskapitaal bestuur word gemeet deur voorraadperiode, debiteursperiode, krediteursperiode, operasionele siklus, kontantomsettingsilkus en kontantvloei uit bedryfsaktiwiteite tot totale bates-verhouding - die onafhanklike veranderlikes in die verslag - te bepaal. Ander onafhanklike veranderlikes aangewend is skuldkapitaal verhouding en groei-tempo van die reele binnelandse produk. Die verslag het gebruik gemaak van 'n seleksie van bedryfskapitaal intensiewe maatskappye wat op die Johannesburgse Aandelebeurs genoteer was vir die tydperk 1995-2005. Hierdie maatskappye is in vier sub-groepe verdeel volgens bedryfskapitaal intensiwiteit. Maatskappye met 'n verhouding van bedryfsbates tot totale bates tussen 0% en 24,99%. en 25,00% tot 49,99% word as minder bedryfskapitaal intensief beskou, terwyl maatskappye waar hierdie verhouding tussen 50,00% en 74,99%, en 75,00% en 100,00% Iê as hoogs bedryfskapitaal intensief beskou word. Die resultate van hierdie navorsing dui op 'n statisties betekenisvolle verhouding- tussen winsgewendheid en die verhouding van kontantvloei uit bedryfsaktiwiteite tot fatale bates. Dus is maatskappye met positiewe kontantvloei-syfers uit bedryfsaktiwiteite waarskynlik winsgewend. Die resultate dui op 'n negatiewe verhouding tussen winsgewendheid en skuldkapitaal-verhouding, wat daarop dui dat 'n maatskappy die skuld-verhouding moet verminder en binne die optimale kapitaalstruktuur vlak te bly om winsgewendheid te vcrbeter. Die verhouding tussen winsgewendheid en ander onafhanklike veranderlikes is nie konstant nie, wat op beleidsverskille dui ten opsigte van bedryfskapitaal tussen verskillende nywerhede. Daar is 'n positiewe verhouding tussen winsgewendheid en groei in reele binnelandse produk, selfs al word hierdie verhouding slegs gedurende 2000 gesien. Dit dui daarop dat die winsgewendheid van maatskappye beinvloed word deur die algehele ekonomiese toestand. Die navorsing ondersoek verder of minder bedryfskapitaal intensiewe maatskappye meer winsgewend is as meer bedryfskapitaal intensiewe maatskappye. Resultate dui geen verskil tussen die winsgewendheid van minder bedryfskapitaal intensiewe maatskappye en meer bedryfskapitaal intensiewe maatskappye aan nie, maar bevestig wel dat minder bedryfskapitaal intensiewe maatskappye 'n hoër Tobin se q-verhouding toon. Dit beteken dat die persentasie verskil tussen markwaarde en totale bates hoër is vir minder bedryfskapitaal intensiewe maatskappye as vir meer bedryfskapitaal intensiewe maatdkappye.
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Alsenlid, Angelica, and Micaela Forsbäck. "Working Capital Management : En pilotstudie av svenska småföretag." Thesis, Högskolan i Gävle, Avdelningen för ekonomi, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-12896.
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Syfte: Working Capital Management handlar om rörelsekapitalstyrning och är enligt litteraturen av vikt speciellt för mindre företag. Anledningen är att deras kapitalstruktur består av en hög andel omsättningstillgångar och kortfristiga skulder. Working Capital Management innebär i stora drag att optimera rörelsekapitalet i företaget. Eftersom denna uppsats är en pilotstudie är syftet att göra en förundersökning om arbetet med Working Capital Management inom mindre och medelstora företag. Avstampet tas i forskningsfrågorna Använder sig mindre och medelstora företag av Working Capital Management? Känner de till begreppet? Metod: Den vetenskapliga metoden är en deduktiv, kvalitativ forskningsansats. Primärdata samlas in via webenkäter som sedan analyseras och tolkas utifrån en kvalitativt och hermeneutisk ansats. Slutsatser: Begreppet Working Capital Management överlag inte är något som de mindre och medelstora företagen vet innebörden av. Respondenterna anger att de inte använder sig av detta begrepp men svar på andra frågor motsäger detta då flertalet av de modeller och nyckeltal som ingår i begreppet ändock används.
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Garcia, Joana Filipa Lourenço. "The Impact of Working capital management upon companies." Dissertação, Faculdade de Economia da Universidade do Porto, 2010. http://hdl.handle.net/10216/57371.
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Castel-Branco, António Amaro dos Santos. "Impact of working capital management on retailers profitability." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/17016.
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Mestrado em FinançasA indústria retalhista é um exemplo de clássico de níveis baixos de contas a receber (clientes) e essa característica faz esta indústria ser tão particular. Assumindo que, as empresas retalhistas efectuam as suas vendas, por norma, a pronto pagamentos, e que têm a possibilidade de extender os seus prazos de pagamentos a fornecedores, estas empresas conseguem receber pagamentos de clientes no acto da compra de productos que ainda não estão pagos ao seu fornecedor. Continuando este exercício hipotético, seria possível para estes retalhistas vender os seus produtos a seu preço de custo e ainda assim retirar rentabilidade financeira devido a esta diferença temporal. Assim a margem operacional seria, no extremo, nula, mas por outro lado as empresas teriam rendimentos financeiros resultando desta estratégia. Claro que, este para este cenário, não assumimos a complexidade da gestão de inventário, que num cenário real seria um factor a ter em conta. O objectivo deste estudo é testar esta a hipótese e ver se poderá ser uma tendência mais rentável bem como perceber as consequências positivas e negativas deste tipo de estratégia. O estudo foi efectuado a partir da recolha de dados de 200 das maiores empresas retalhista na Europa. Os resultados demonstram existir relação entre as estratégias adoptadas e a rentabilidade das empresas retalhistas, mas sugere que a hipotese proposta, não beneficiaria a rentabilidade das empresas.
Knowing that retail clients pay for products in the moment they buy the products, and retail companies can negotiate payment periods to suppliers, it would be possible to sell and get the payment of products that are not yet payed to the supplier. Assuming this premise, there is a possibility in a hypothetical scenario where retailers sell their products at cost prices and still make a profit with short term financial gains that this time gap provides. Of course, that in this scenario, we must assume that inventory management is not a complex issue, which in a real scenario is. The purpose is to test if this strategy of switching from operational margins to financial returns would positively impact profitability. The study is made with data recovered from 200 companies among the biggest European retailers. The tests outputs show that profitability and working capital management are correlated but suggest that this type of strategies have a negative impact on retailer's profitability.
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Garcia, Joana Filipa Lourenço. "The Impact of Working capital management upon companies." Master's thesis, Faculdade de Economia da Universidade do Porto, 2010. http://hdl.handle.net/10216/57371.
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Kara, Serdar Ufuk. "The Determinants Of Capital Flows: The Turkish Evidence." Master's thesis, METU, 2007. http://etd.lib.metu.edu.tr/upload/12608842/index.pdf.
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This study investigates the domestic and external determinants of net capital flows to Turkey. The results of the Johansen cointegration analyses indicate that capital flows to Turkey increase in response to increases in domestic real interest rate, domestic real income growth, and budget balanceappreciation of domestic currency
and decreases in financial fragility and the US real interest rates. It can be said that, higher domestic real returns and improved country creditworthiness attract more foreign capital flows to Turkey. In addition, the decreases in world interest rates enable Turkey to enjoy higher capital flows. The findings are theory consistent and data-acceptable.
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Steil, Kim Marie. "Social capital determinants of environmentalism in spatial context." Diss., Mississippi State : Mississippi State University, 2008. http://library.msstate.edu/etd/show.asp?etd=etd-11072008-131723.
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Stans, Renske Adriana [Verfasser]. "Determinants of Human Capital Formation / Renske Adriana Stans." Bonn : Universitäts- und Landesbibliothek Bonn, 2020. http://d-nb.info/1219140317/34.
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Bartkus, James. "The Determinants of Success in Venture Capital Finance." ScholarWorks@UNO, 2005. http://scholarworks.uno.edu/td/146.
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The determinants of success in venture capital financing are explored in this manuscript. 1247 venture capital funds formed over a twenty-year time period are empirically analyzed with results that support theoretical research from extant finance and economics literature. Venture capitalists' choices of portfolio size, distance from portfolio firms, location, and to some extent, level of diversification in their investment portfolio, are all significant factors in explaining the success rates of venture capital funds. These results are robust even when controlling for other characteristics of venture funds and entrepreneurial firms, such as the stage of development and industry of the portfolio firms, which may affect success rates of venture capitalist portfolios.
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Stans, Renske [Verfasser]. "Determinants of Human Capital Formation / Renske Adriana Stans." Bonn : Universitäts- und Landesbibliothek Bonn, 2020. http://d-nb.info/1219140317/34.
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Grinschgl, Sandra [Verfasser]. "Determinants and consequences of offloading working memory processes / Sandra Grinschgl." Tübingen : Universitätsbibliothek Tübingen, 2020. http://d-nb.info/1218073225/34.
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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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GIRALDI, NARA LISSIA KATSUKI. "THE WORKING CAPITAL MANAGEMENT IN SMALL AND MEDIUM INDUSTRIES." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2008. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=13455@1.
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PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIROEsta dissertação analisa o perfil de pequenas e médias indústrias do Rio de Janeiro e São Paulo na administração do capital de giro. Para tanto, foi conduzida uma pesquisa de campo com questionário estruturado para uma amostra significativa destes dois estados. A pesquisa visava identificar comportamentos padrão na utilização de 7 ferramentas de administração de capital de giro selecionadas, além de delinear grupos de empresas com características e condutas semelhantes. O resultado obtido por tal pesquisa foi a identificação de quatro grupos distintos de empresa com relação ao gerenciamento do capital de giro: empresas com foco na gestão do crédito, empresas com foco na gestão financeira, empresas com foco na gestão de estoques e empresas sem foco específico na gestão do capital de giro. Adicionalmente, foram confirmadas semelhanças de comportamento frente a condições parecidas a que as empresas são submetidas.
This essay analyses the outline of small and medium industries in Rio de Janeiro and São Paulo on working capital management. With this purpose, a survey using structured questionnaire was conducted in a valid sample of those two states. The research intended to identify patterns on the usage of 7 selected working capital management routines and beside that categorize groups of firms with similar characteristics and behavior. The results obtained with the research was the identification of four different types of companies with regard to their working capital management routines: firms focused upon credit management, firms focused upon cash management, firms focused upon stock management and firms with no focus on any specific working capital management routine. In addition, similarities in behavior among firms were confirmed when they were put through similar conditions.
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Shen, Gensheng University of Ballarat. "The determinants of capital structure in Chinese listed companies." University of Ballarat, 2008. http://archimedes.ballarat.edu.au:8080/vital/access/HandleResolver/1959.17/12728.
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Traditional financial theories see capital structure as a result of mainly financial, tax and growth factors (Modigliani & Miller, 1958). But corporate governance theories (Jensen & Meckling, 1976) and business strategy theories (Barton & Gordon, 1988) suggest that ownership structure and ownership concentration, product diversification and asset specificity may also influence capital structure. Focusing on the examination of the determinants of capital structure in Chinese listed companies, this research goes beyond financial factors and considered business strategy and corporate governance approaches, and their impact on capital structure, in a transitioning Chinese context where institutions, expertise and regulatory processes are different to, but converging on, Western approaches. A panel data set of 1,098 Chinese listed companies for the period of 1991 to 2000 was collected from published sources, and conventional and innovative econometric methodologies were used to model a range of relationships between capital structure and its financial and non-financial determinants. The statistical approaches used in this study included Ordinary Least Squares Model and also Linear Mixed Model, which is a powerful tool to examine panel data where independence of explanatory variables is not assumed. The analysis also involved Hox’s model building procedures to measure model fit. The capital structure of listed companies in both the Shenzhen Stock Exchange and the Shanghai Securities Exchange is positively related to a firm’s tax rate, growth and capital intensity and negatively related to a firm’s profit and size. Other financial factors such as tangibility, risk and duration are non-significant. The capital structure of listed companies, particularly in the Shenzhen Stock Exchange, is positively related to product diversification and negatively related to asset specificity. The capital structure of listed companies in the Shanghai Securities Exchange is positively related to government ownership and ownership concentration of the largest shareholder and negatively related to legal person ownership and ownership concentration of the ten largest shareholders. The data and modelling support financial and non-financial determinants of capital structure. In particular, information asymmetry, business diversity and asset specificity have a significant impact on capital structure. In addition the empirical work in the study supports agency cost explanations of debt and equity. Finally the research demonstrates that the two main financial markets in China, Shenzhen and Shanghai, have operated differently but are converging towards a common norm. The research contributes to the general field of capital structure and provides valuable insights into the nature of the Chinese firm and the evolution of the Chinese financial system.Doctor of Philosophy
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Shen, Gensheng. "The determinants of capital structure in Chinese listed companies." University of Ballarat, 2008. http://archimedes.ballarat.edu.au:8080/vital/access/HandleResolver/1959.17/15395.
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Traditional financial theories see capital structure as a result of mainly financial, tax and growth factors (Modigliani & Miller, 1958). But corporate governance theories (Jensen & Meckling, 1976) and business strategy theories (Barton & Gordon, 1988) suggest that ownership structure and ownership concentration, product diversification and asset specificity may also influence capital structure. Focusing on the examination of the determinants of capital structure in Chinese listed companies, this research goes beyond financial factors and considered business strategy and corporate governance approaches, and their impact on capital structure, in a transitioning Chinese context where institutions, expertise and regulatory processes are different to, but converging on, Western approaches. A panel data set of 1,098 Chinese listed companies for the period of 1991 to 2000 was collected from published sources, and conventional and innovative econometric methodologies were used to model a range of relationships between capital structure and its financial and non-financial determinants. The statistical approaches used in this study included Ordinary Least Squares Model and also Linear Mixed Model, which is a powerful tool to examine panel data where independence of explanatory variables is not assumed. The analysis also involved Hox’s model building procedures to measure model fit. The capital structure of listed companies in both the Shenzhen Stock Exchange and the Shanghai Securities Exchange is positively related to a firm’s tax rate, growth and capital intensity and negatively related to a firm’s profit and size. Other financial factors such as tangibility, risk and duration are non-significant. The capital structure of listed companies, particularly in the Shenzhen Stock Exchange, is positively related to product diversification and negatively related to asset specificity. The capital structure of listed companies in the Shanghai Securities Exchange is positively related to government ownership and ownership concentration of the largest shareholder and negatively related to legal person ownership and ownership concentration of the ten largest shareholders. The data and modelling support financial and non-financial determinants of capital structure. In particular, information asymmetry, business diversity and asset specificity have a significant impact on capital structure. In addition the empirical work in the study supports agency cost explanations of debt and equity. Finally the research demonstrates that the two main financial markets in China, Shenzhen and Shanghai, have operated differently but are converging towards a common norm. The research contributes to the general field of capital structure and provides valuable insights into the nature of the Chinese firm and the evolution of the Chinese financial system.Doctor of Philosophy
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Thiengtham, Dolruedee. "Legal, regulatory, and fiscal determinants of venture capital investments." Thesis, University of Exeter, 2010. http://hdl.handle.net/10036/117945.
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The question whether and how a country’s institutional environment affects unilateral and bilateral venture capital flows in an international context has so far received little attention in the academic literature although it has been the subject of much political debate. Using data on VC investments in 55 countries from 1995 to 2008, this dissertation contributes to that debate by examining the effect of a country’s legal, regulatory, and fiscal environment on VC investments. In addition, I explore whether governments can establish a domestic VC industry or attract foreign VC funding via targeted policy reforms. The results of this study suggest that VC investment flows are significantly affected by a country’s institutional environment. In addition, they suggest that the judicial independence of a country’s courts and the adaptability of its laws have a strong influence on the country’s attractiveness for VC investors. Moreover, VC investments are strongly affected by macroeconomic, political, and cultural factors, confirming the results of prior studies in the VC literature. Finally, I show that bankruptcy law reforms, VC-related pension fund regulations, and fiscal reforms are important tools whereby governments can attract and retain domestic and foreign VC investors – a result that should be of much interest to policy makers. A series of sensitivity checks reveals that my results are highly robust to alternative sample compositions, estimation methods, and variable definitions.
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Dericks, Gerard Henry. "London office performance : determinants and measurement of capital returns." Thesis, London School of Economics and Political Science (University of London), 2013. http://etheses.lse.ac.uk/697/.
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This thesis develops three chapters which extend our understanding of asset performance within the London office market by analysing the determinants and measurement of capital returns. The first chapter examines whether enlisting the services of a star-architect allows developers to persuade city planners to build bigger within the tightly regulated London property market, and therefore to engage in rent-seeking behaviour. We find that outside protected conservation areas famous architects can not only build taller, but that their designs have no effect on building sale prices holding the amount of space constant. For a given land plot however, the ability to build taller increases total floorspace and developer profits even when accounting for the increased costs of hiring a famous architect and building to their higher standards. The second chapter investigates potential sources of bias in commercial repeat-sales price indices by constructing such an index for the central London office market and examining the sources of index change relative to the underlying market. We find evidence that employment density changes and the restrictiveness of new development in the relevant local authority are key external drivers of bias on estimated price levels. This discrepancy arises because repeat-sales occur disproportionately in areas where changes in these attributes differ relative to the stock as a whole. The third chapter presents a comparison of seven competing real estate price index construction methodologies in the London office market. This exercise sheds light on the history of London office market returns from 1998-2010, and the relative pros and cons of the major index construction methods utilized by research and industry. This comparison also reveals substantial differences between indices in the timing of market turning points and various descriptive statistics, and demonstrates that the hedonic model outperforms the repeat-sales index due to the greater inclusivity of sale observations.
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Mandalinci, Zeyyad. "Determinants, dynamics and implications of international portfolio capital flows." Thesis, University of Warwick, 2014. http://wrap.warwick.ac.uk/64030/.
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This thesis examines the determinants, the dynamics and the implications of international portfolio capital flows (PCF) to Emerging Markets (EM). It consists of 3 separate chapters focussing on different aspects of international PCFs. The literature documents that international portfolio equity investment depends on factors additional to returns and variance/covariances. First chapter presents a portfolio selection problem that takes into account the presence of additional factors and can match the actual United States (US) investment data. A recent series of IMF Staff Discussion Notes warns that capital controls may deflect PCFs across countries. The second chapter investigates whether these effects exist in a comprehensive global econometric model. Overall, results indicate that there are no significant deflection effects. Furthermore, it studies the domestic effects and the drivers of PCFs. The third chapter analyses the time-varying global drivers of PCFs to EMs in recent decades. Moreover, it involves identifying surge and stop episodes and comparing their time-varying characteristics. Finally, it investigates the effects of the US Quantitative Easing (QE) program on PCFs to EMs in 2009 by conducting a counterfactual exercise. Results indicate that there have been changes in the importance of different factors over time and QE had a significant positive effect on PCFs during 2009.
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Canda, Francis Edward. "The influence of specified determinants of corporate capital structure." The Ohio State University, 1991. http://rave.ohiolink.edu/etdc/view?acc_num=osu1271777764.
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Albarrak, Mansour Saleh. "Determinants of capital structure : the case of MENA countries." Thesis, University of Plymouth, 2015. http://hdl.handle.net/10026.1/3764.
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This thesis examines the determinants of capital structure in the MENA coun- tries. The main interest is to investigate both financial firms specially banks and non-financial firms. This study test the main theories of capital structure, namely: trade off theory and pecking order theory. The countries included in this thesis are Saudi Arabia, United Arab Emirates (Include both Abo-Dhabi and Dubai stock indexes), Bahrain, Qatar, Kuwait, Oman, Egypt, Morocco, Tunisia, Palestine and Jor- dan. The characteristics it covers as suggested by previous literature are tangibility, profitability, risk, debt tax shield, growth, dividends,size, cash flow and liquidity. It will also investigate the effect of the industry, credit rating and ownership structure on the capital structure This study also investigates the determinants of capital structure in Islamic and conventional banks. This is one of the first attempts to empirically examine the determinants of capital structure in Islamic and conventional banks in general and in MENA countries in particular. This study fills the gap in this important area of research and can provide a base for future research on capital structure in Islamic banks. This thesis use different models to test the capital structure and these are Panel data models (OLS, Fixed, and Random); Tobit and Dynamical model (Arellano-Bover Blundell-Bond), Structural Equation Modeling (SEM) and Generalised Regression Neural Networks (GRNN). The results suggest that the three methods used in this study lead to similar re- sults with a few exceptions in some countries. This thesis finds that the relation between leverage and the determinants of capital structure is different when using the market or the book leverage. It also finds that the determinants of capital struc- ture between the MENA countries are different. For example, profitability attribute relation with leverage follow the trade-off theory in some countries and follow the picking order theory in other countries. Also, liquidity is significant in all the countries in the sample and have a negative relation to leverage. In addition, tangibility is found to have a mixed results with some countries following the trade-off theory and other countries which follow the trade-off theory but overall it is a key determinant of capital structure. Additionally, the findings show that although that the majority of firms in the MENA countries don’t pay dividends the relation between the long term debt and leverage is negative in all the countries in the sample. The growth opportunities have a negative relation in Bahrain, Egypt, Jordan, Kuwait, Morocco, Palestine, Qatar and Tunisia but positive in rest of the countries. The cash flow attribute have a negative relation with leverage in all the countries in the sample except Saudi Arabia and Qatar when using the short and long term debt. Furthermore, the ownership variable is expected to have a negative relation when the ultimate owner is an institution. The results show that overall when there is an ultimate owner the leverage will have a negative relation. Suggesting that ultimate owners will force managers to keep a low debt in firms capital structure. This PhD also attempt to investigate the capital structure in banks within the MENA countries. A special focus is on the differences between the Islamic banks and conventional banks capital structure. First, the findings show that the banks follow the same determinants of capital structure as non-financial firms and that regulations are not the main determinant of capital structure in banks. Then, This study show that there is a difference in capital structure of Islamic banks in com- parison with conventional banks. The findings for the dividends variable show that Islamic banks do not follow the pecking order theory but conventional banks don’t. The results of the size variable show that when Islamic banks are large they use less debt in their capital structure. Growth variable show mixed results depending on the use of book or market leverage. Ownership structure show that when there is an ultimate owner leverage increase which is the reverse of the relation in the non-financial firms. The age variable is negative in relation to the book leverage and positive with the market leverage. Also, credit rating relation is different between the two banks, as it is positive with the conventional banks and negative with Islamic banks. Therefore, this study conclude that the main capital structure theories are applicable to MENA countries. Also indicate that Islamic banks have a different capital structure to conventional banks.
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Gennari, Alessio Nulli. "The determinants of SMEs capital structure: Overcoming supply constraints." Master's thesis, NSBE - UNL, 2012. http://hdl.handle.net/10362/9570.
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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 EconomicsThis paper studies the most relevant literature on firms’ capital structure, in general, and Small and Medium Enterprises, in particular. Evidencing that SMEs’ financing needs to evolve with their age, literature notes that failures in this market stem generally from a shortage in capital supply and from the extreme degree of opacity which characterizes young and small corporations. The forthcoming Basel III regulations will strengthen the future banking environment but probably affect even more financing to small businesses. Given that the imperfections of this market are not only present in periods of economic turmoils but also on a structural basis, finding ways to enhance SMEs’ transparency, and designing instrument to reduce dependence from bank credit, should be a priority for future actions undertaken by practitioners and regulators. Following the effective examples of the Indian SMEs Rating Agency, of the Korean corporate bonds market and of the growing phenomenon of crowdfunding, this work analyzes their pros and cons as well as their potential to become worldwide industry standards.
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Gonçalves, Maria Raquel Martins. "Determinants of capital structure : large Portuguese companies, 1984-1988." Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/9104.
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Mestrado em FinançasEsta dissertação pretende verificar quais as variáveis que influenciam nas decisões relacionadas com a estrutura de capital. O objectivo deste trabalho é estudar um período de 5 anos em Portugal – 1984 a 1988, para 50 grandes empresas portuguesas. As variáveis selecionadas são baseadas em estudos anteriores neste tema: tamanho, rendibilidade, nível de crescimento, estrutura do activo, vantagens fiscais e risco de negócio. Os resultados empíricos mostraram uma significância estatística positiva entre a estrutura do activo e o nível de endividamento. Por outro lado, a dimensão mostrou uma significância estatisticamente negativa com o nível de endividamento. Em relação às outras variáveis selecionadas, os resultados não indicaram nenhuma influência com as decisões na estrutura de capital.
This dissertation aims to verify what variables influence the decisions in the capital structure. The objective is to study a gap in a 5-year period in Portugal – 1984 to 1988. This study uses the financial reports of 50 large Portuguese manufacturing firms during this period. The variables were selected based on previous research in this area: size, profitability, level of growth, asset structure, fiscal advantages and business risk. The empirical results showed a statistically positive significant relationship between the asset structure and leverage. On the other hand, size had a statistically negative significant relationship with leverage. All the other variables showed insignificant relationship in the debt level in a firm.
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Chiu, Pai-Hsia, and 邱百霞. "The Determinants of Working Capital Management Revisited." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/36832269578850777934.
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碩士淡江大學
會計學系碩士在職專班
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The purpose of this thesis is to explore the impact of the electronic industry on the working capital requirements and to positive working capital requirements in the different decision variables. The data used for this thesis are obtained from the company of electronic industry listed on Taiwan Stock Exchange and Over-the-Counter markets, and the sample period is from 2002 to 2011. The main findings of this thesis, listed electronics industry determinants of working capital for operating cash flow, free cash flow, market value to book value ratio, market share, financial distress, debt ratio, the rate of sale growth, operating margin and fixed asset turnover. However, OTC electronics industry determinants of working capital for operating cash flow, market value to book value ratio, market share, debt ratio, the rate of sale growth, and fixed asset turnover. The results of this study, is not only to provide the reference to manager of decision-making but also to fill the gap of the current literature.
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Russo, João Filipe Tavares Batista. "The working capital management: the determinants and the effect on profitability: evidence from portuguese smes." Master's thesis, 2013. http://hdl.handle.net/10071/8554.
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Through an empirical analysis, the study objectives pass to evidence the determinants of working capital and conversely, analyze the relationship between this type of management and the SMEs’ profitability, as well to find evidence that the Portuguese GDP and different industries influence the management of working capital. The sample considers the period 2009-2011 and consists in 1192 Portuguese SMEs. Controlling for possible problems of unobservable heterogeneity and endogeneity, the results suggest that the capacity to generate internal funds and leverage are the determinants of working capital. The capacity to generate internal funds is negatively related with this type of management, suggesting that companies manage working capital efficiently when they have greater capacity to generate cash flows. Leverage is negatively related with this type of management, suggesting that when firms increase their level of debt, they manage efficiently the working capital, to not increase even more the financial needs. Unlike most previous studies, it was found no relationship between working capital management and the SMEs’ profitability, which was confirmed by robustness tests, suggesting that this type of management does not have a significant role in working capital management. The results also suggest that the Portuguese GDP has no influence on the management of working capital, and it was confirmed that this type of management varies between different industries in this study.Através de uma análise empírica, o estudo tem como objectivos evidenciar os determinantes da gestão do fundo de maneio e contrariamente, analisar a relação entre este tipo de gestão e a rendibilidade das PMES, bem como evidenciar se o PIB português e as diferentes indústrias influenciam a gestão do fundo de maneio. A amostra considera o período 2009-2011, sendo constituída por 1192 PMEs portuguesas. Controlando para possíveis problemas de heterogeneidade não observável e de endogeneidade, os resultados obtidos sugerem que a capacidade de gerar fundos internamente e a alavancagem financeira são os determinantes da gestão do fundo de maneio. A capacidade de gerar fundos internamente está negativamente relacionada com este tipo de gestão, sugerindo que as empresas gerem eficientemente o fundo de maneio quando têm maior capacidade de gerar fluxos de caixa. A alavancagem financeira está negativamente relacionada com este tipo de gestão, sugerindo que quando as empresas aumentam a sua dívida, estas gerem eficientemente o fundo de maneio, de forma a não acrescentar mais necessidades de financiamento. Contrariamente à maioria dos estudos anteriores, não foi encontrada relação entre a gestão de fundo de maneio e a rendibilidade das PMEs, que por ventura foi confirmada por testes de robustez, sugerindo que este tipo de gestão não tem um papel significativo na rendibilidade das PMEs portuguesas. Os resultados também sugerem que o PIB português não tem influência na gestão do fundo de maneio, e foi confirmado que este tipo de gestão varia entre as diferentes indústrias neste estudo.
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Li, Qian. "Working capital management and its effect on the profitability of chinese listed firms." Master's thesis, 2016. http://hdl.handle.net/10071/12367.
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Classificação JEL: G32, G32Working capital management is one part of the integrated corporate financial strategy. Efficient working capital management is expected to have a positive effect on companies’ business. The study aims to investigate the main factors that impact working capital practices of some listed firms in China across different industries and their effect on the firms’ performance. The sample contains more than 2000 listed companies in China during the 2010 to 2014 period. Cash Conversion Cycle (CCC) is used as a measure of working capital policy, while Gross Operational Income (GOI) is used as a measure of profitability. The main results of the study suggest that Chinese listed firms’ working capital policy is different across industries and stable over the research period. Firms in China are prone to choose conservative working capital policy, which is shown to be positively associated to the firms’ profitability in this sample. Like most previous studies, a negative relation is found between the working capital indicator CCC and the profitability indicator GOI, which means that while the overall financing policy is conservative, reducing the CCC can still make the firms profitability increase. Unlike most of the research, the leverage is positively related to the working capital indicator CCC, suggesting that working capital reduction could be an alternative way of financing.
A gestão do working capital é parte integrante da estratégia financeira de uma empresa. A gestão eficiente do working capital deverá ter um efeito positivo no desempenho das empresas. Neste estudo pretende-se investigar quais os principais determinantes na gestão do working capitale quais os seus efeitos na performance de um conjunto de empresas cotadas Chinesas. A amostra contém mais de 2000 empresas cotadas na China durante o período de 2010 a 2014. O Cash ConversionCycle (CCC) é a medida utilizada na análise das políticas de working capital, enquanto o Gross OperationalIncome (GOI) é a medida de rendibilidade utilizada. Os principais resultados sugerem que as políticas de working capital seguidas diferem entre setores de atividade, embora se mantenham estáveis ao longo do período de análise. As empresas Chinesas tendem a seguir políticas de working capital conservadoras, o que está associado de forma positiva com a rendibilidade nas empresas em estudo. Embora no geral a política de financiamento seja conservadora, e tal como em muitos estudos anteriores, foi possível encontrar uma relação negativa entre o indicador de working capital CCC e o indicador de rendibilidade GOI, onde uma redução do CCC está associada à melhoria da rendibilidade. Ao contrário de estudos anteriores, o endividamento está positivamente relacionado com o working capital, sugerindo que as empresas podem reduzir o working capital como fonte alternativa de financiamento..
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Pereira, Rui Nuno Mendes. "Working capital management: evidências para as grandes empresas europeias." Master's thesis, 2017. http://hdl.handle.net/10071/16058.
Full textAbstract:
Gerir o "working capital", deve ser segundo a relevância das decisões financeiras diárias das
empresas. A gestão do "working capital" é importante devido aos seus efeitos no desempenho e
risco das empresas, tendo impactos sobre o valor das mesmas. Diversos autores estudaram estas
relações sobre o WCM, com o intuito de explicar as práticas de gestão de "working capital". Para
o presente estudo, a amostra é constituída por 360 195 grandes empresas europeias, 18
indústrias e 43 países, no período entre 2007 e 2015. O objetivo primordial deste estudo é
estudar a relação entre o WCM e os seus determinantes. Realizou-se uma análise de estatística
descritiva; uma análise de correlação linear de Pearson e recorreu-se ao modelo de regressão de
efeitos fixos, para garantir uma melhor compreensão das relações obtidas. Os resultados
encontrados sugerem uma relação significativa e positiva entre o WCM e as contas a receber e
os inventários; uma relação significativa e negativa entre o WCM e as contas a pagar; e para
cada empresa de uma diferente indústria são adotadas políticas de WCM diferentes.
Montenegro revela um "working capital" elevado, enquanto Mónaco revela um "working capital"
baixo. É importante referir que um nível ótimo de "working capital", permite que as empresas
apresentem melhores desempenhos e que os gestores, quer das grandes empresas, quer das
pequenas e médias empresas, devem ter em consideração o "working capital" e os seus impactos.Working capital should be managed according to the relevance of the companies' daily financial decisions. The working capital management due to its effects, is important on performance and companies risk, having an impact on their value. Several authors have studied these relationships on WCM, in order to explain how practices in working capital management. For the present study, a sample consisting of 360,195 large European companies, 18 industries and 43 countries, between 2007 and 2015. The objective of this study is to study the relationship between WCM and its determinants. A descriptive statistics analysis was performed; A Pearson correlation analysis was used and the fixed effects regression model was used to guarantee a better understanding of the relations obtained. The results suggest a significant and positive relationship between WCM and accounts receivable and inventories; a significant and negative relationship between WCM and accounts payable; and for each company of another industry adopts different WCM policies. Montenegro highlights a high capital work, while Monaco has a low working capital. It is important to note the number of working capital businesses, allowing companies to perform better and to run the best companies in small and medium-sized enterprises.
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Helena, Catarina Martins Pires. "A gestão do working capital: impacto na rentabilidade das PME´s na União Europeia." Master's thesis, 2017. http://hdl.handle.net/10071/16133.
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Perante a atual conjuntura económica da Europa, as empresas sentem de forma mais
marcante a diminuição da procura e necessitam de alternativas externas ao financiamento.
Observa-se o contínuo aumento do número de PME’s que, devido às suas características
particulares tornam-se mais dependentes do crédito comercial e do financiamento de
curto prazo. A importância de medidas relacionadas com o curto prazo tem assim um
papel cada vez mais significativo nas resoluções financeiras do dia-a-dia deste tipo de
empresas que apostam cada vez mais numa eficiente gestão do Working Capital.
Nesse contexto, com o intuito de fornecer evidências empíricas sobre o impacto que a
gestão do Working Capital possa ter na rentabilidade das PME’s da União Europeia e da
relação que existe entre cada uma das determinantes do Working Capital e a sua gestão,
o presente estudo empírico considera para o período de 2009 a 2016, uma amostra
composta por 141.400 PME’s europeias.
Os resultados sugerem que a relação existente entre a gestão do Working Capital, medida
pelo prazo do Cash Conversion Cycle, e a rentabilidade das PME’s é significativa e
negativa, indicando que encurtar o CCC leva a um aumento na rentabilidade das PME’s.
Reduzir o nível de stock em armazém, diminuir os créditos comerciais concedidos aos
clientes e antecipar os pagamentos a fornecedores, aumenta a rentabilidade das PME’s.
Outros determinantes como a dimensão da empresa, o crescimento das vendas, a
alavancagem e o crescimento do Produto Interno Bruto, influenciam significativamente
a medida de gestão do Working Capital.Given the current economic circumstances in Europe, companies are more affected by the declining demand and need alternatives to external financing. It is possible to state that SMEs have been continuously growing and, due to their particular characteristics, become more dependent on trade credit and short-term financing. The importance of procedures related to short term policies play a significant role in the day-to-day financial resolutions of this type of business which are increasingly investing on an efficient management of Working Capital. In this context and, in order to provide empirical evidence on the impact that the working capital management can have on the profitability of the European Union SMEs and on the relationship between each one of the working capital determinants in its management, the present empirical study for the period from 2009 to 2016, a sample composed of 141.400 European SMEs. The results show that the relationship between the management of the Working Capital, measured by the Cash Conversion Cycle, and the profitability of the SMEs is significant and negative, indicating that decreasing the Cash Conversion Cycle leads to an increase in the profitability of these companies. Reducing inventory and accounts receivables and anticipating payments to suppliers increases the profitability of SMEs. Determinants such as the size of the company, sales growth, leverage, and Gross Domestic Product growth all significantly influence the management of the Working Capital.
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Mateus, Miguel Lopes. "A relação entre a gestão do "Working Capital" e rentabilidade das empresas: evidência de empresas europeias." Master's thesis, 2017. http://hdl.handle.net/10071/15748.
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O processo de globalização, associado à presente conjuntura macroeconómica obrigou a que as
empresas melhorassem a sua gestão de "Working Capital", tornando-a mais eficiente. Decisões
corretas a nível operacional e estrutural permitem uma crescente rentabilidade das entidades, o
que vai de encontro aos objetivos dos investidores. Em causa está um estudo empírico, que se
caracteriza por incluir dados de 27 países do continente europeu, no período de 2007 a 2015 e
com 19 tipos de indústria.
A análise pretende verificar os determinantes de uma gestão eficiente do "Working Capital" e
ainda evidenciar os fatores com impacto superior no retorno dos ativos. Associado à revisão de
literatura, o procedimento consiste em uma análise estatística descritiva, análise de correlação
e ainda a aplicação de modelos de regressão múltipla a partir do método dos efeitos fixos.
No período em análise verifica-se que, o investimento em "Working Capital" anual aumentou
devido ao crescente número médio de dias de inventário nas empresas. Salienta-se a relação
negativa entre o "Working Capital" e o retorno dos ativos, o que comprova que uma gestão
eficiente do "Working Capital" permite uma rentabilidade superior aos investidores. Destaca-se
ainda a relação negativa entre o "Cash Flow" e o "Working Capital", e que se torna mais forte com
a inclusão dos tipos de indústria e dos diferentes países europeus. Reino Unido evidencia o
menor investimento em "Working Capital", enquanto a Itália apresenta o valor superior. Os
resultados apresentados vão de encontro à literatura existente.The globalization's process, coupled with the current macroeconomic situation, has forced companies to improve their working capital management, making it more efficient. Correct operational and structural decisions allow an increasing profitability of the entities, which meets the objectives of investors. This is an empirical study, which includes data from 27 European countries from 2007 to 2015 and 19 types of industry. The analysis intends to verify the determinants of efficient working capital management and also to highlight the factors with a higher impact on the return of assets. Based on the literature review, the procedure consists on a descriptive statistical analysis, correlation analysis and also the application of multiple regression models from the fixed effects method. In the period under review, it can be seen that Working Capital annual investment increased due to the increasing average number of days of inventory in companies. The negative relationship between the Working Capital and the return on assets is highlighted, which proves that efficient Working Capital management allows a higher profitability to investors. The negative relationship between the Cash Flow and the Working Capital is also highlighted, and it becomes stronger with the inclusion of the types of industry and the different European countries. United Kingdom shows the lower investment in Working Capital, while Italy presents the higher value. The results presented here, are according with the existing literature on the matter.