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Dissertations / Theses on the topic 'Working capital'
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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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Andrighetti, Massimo <1994>. "Working Capital Management and Profitability." Master's Degree Thesis, Università Ca' Foscari Venezia, 2018. http://hdl.handle.net/10579/13941.
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The aim of this thesis is to analyze the main component of working capital and point out metrics and policies in order to have an efficient Working Capital Management. Secondly, we will analyze the relationship between working capital management and profitability. Finally, is described a start-up project with the aim of improving the trade of inventories among companies.
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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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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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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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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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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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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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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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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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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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Sullivan, Alice. "Cultural capital, rational choice and educational inequalities." Thesis, University of Oxford, 2000. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.322823.
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Hillergren, Micael, and Hampus Björkman. "The Effects of Working Capital Management on Firm Profitability : A study examining the impacts of different company characteristics." Thesis, Umeå universitet, Företagsekonomi, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-92870.
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Many argue that there is a trade off between profitability and liquidity. However, many studies have found that the profitability can increase with an efficient Working Capital Management. Correctly allocating cash flows to where and when it is needed increases liquidity and simultaneously increasing profitability. The purpose of this study is to develop the research on the relationship between Working Capital Management and profitability by investigating how it is affected by different company characteristics. A quantitative method was applied with philosophical stances in objectivism and positivism and deductive theory was used to approach the subject. From the theoretical framework, five hypotheses were established and statistically tested in order to answer our research question. The first hypothesis was formulated to confirm previous research, while the remaining two aimed at providing both a theoretical and practical contribution to existing knowledge. The thesis centers on the Cash Conversion Cycle, a metric of how fast a company turns purchased products into profit, with Gross Profit Margin as the measure of profitability. The data analyzed is financial information from 2012, collected from a secondary source, Business Retriever database. In order to fulfill the purpose, hypotheses were tested. The first centered in previous research of the subject, while two were introduced based on research of company characteristics. This was tested in a cross-sectional study on the Swedish wholesale industry, covering a sample of 1,485 companies. The companies were segmented by size and whether they were listed or not. By using correlation and regression analyses, the relationship between Working Capital Management and profitability is compared between the different company groups. The conclusion drawn from the study is that there is a positive relationship between the Cash Conversion Cycle and profitability, inconsistent with previous research. However, strong significant results indicated that smaller firms are returning a higher profit, regardless the level of Cash Conversion Cycle. No difference was found in the sensitivity to changes in Working Capital Management strategies. This was true also for non-listed firms, although they were performing worse than listed firms in accordance to the theory presented. The foremost conclusion from the analysis is the weak explanatory power of the Cash Conversion Cycle on Gross Profit Margin. A debate is therefore included, discussing the possibility of lurking variables influencing the results. Keywords: Working Capital Management, Cash Conversion Cycle, Profitability, size, public, private, trade credit, wholesale industry, Sweden
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Messelhaeuser, Martina [Verfasser]. "Zielkonflikte im Working Capital Management : Eine empirische Untersuchung / Martina Messelhaeuser." Baden-Baden : Nomos Verlagsgesellschaft mbH & Co. KG, 2016. http://d-nb.info/1106288505/34.
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Anker, Nils [Verfasser]. "Strategisches Working Capital Management : Grundlagen - Konzept - Prognostik - Maßnahmen / Nils Anker." Aachen : Shaker, 2014. http://d-nb.info/1050345533/34.
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Louw, Elmarie. "Management of working capital by listed South African retail companies." Diss., University of Pretoria, 2014. http://hdl.handle.net/2263/45910.
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The working capital management of a firm has a strong influence on the firm’s profitability and liquidity. The retail industry is vital to the South African economy; hence, if poor working capital management influences a firm’s profitability negatively, it will have a negative impact on the economy. Overinvestment in current assets affects profitability adversely, due to costs such as storage and inventory insurance costs. It is therefore important to find a balance between profitability and liquidity. The purpose of this study is to investigate the effect of working capital management on the profitability of a firm.
This study investigated the operations of South African retail firms listed on the Johannesburg Securities Exchange (JSE) over a period of nine years (2004–2012). The sample consisted of 18 retail firms listed on the JSE during that time. The sample was divided into sub-sectors, namely clothing (four firms), food (three firms), furniture (one firm) and other retailing firms (nine firms). The working capital management of the firms was measured by means of calculating the cash conversion cycle (CCC), which measured the time that the firm’s cash was tied up in its operations. Profitability was measured using four variables: return on equity (ROE), return on assets (ROA), gross profit margin (GPM) and economic value added (EVA).
The results of this study indicated that South African retail firms reduce their CCC by reducing their selling prices and/or cost prices, causing profitability to increase. The reduction in the CCC can be accomplished by reducing average age of inventory (AAI) and average age of receivables (AAR), and increasing average age of payables (AAP). A reduction of AAI seems to have the most statistically significant impact on a firm’s profitability, and appears to be a useful strategy, given the importance of inventory management to a retail firm. By contrast, a reduction in AAR does not have as high an impact on profitability. If the AAP increases, only the GPM increases, none of the other profitability measures do. It can therefore be concluded that South African retail firms should manage their CCC by focusing on inventory management and by reducing the AAI to a minimum. Decreasing their AAI will improve their profitability.
A limitation of the study was that only 18 South African retail firms were listed on the JSE during the period under review, resulting in a small data sample. The data samples for three out of the five sub-sectors were very small (food, furniture and clothing) and statistically significant results could not be obtained; therefore only the results of the total sample and for other retailing firms were included in the results. The study covered a period of nine years, but if the period had been extended, the sample of 18 firms would not have been reduced, due to some firms not being listed on the JSE for the entire period (2004–2012).
Searches of prior studies on Google Scholar and the University of Pretoria Library’s database indicated that there have been few prior studies on working capital management in a South African context, and none that focus specifically on the retail industry. The study aimed at providing insight into the management of working capital in the retail sector by measuring the effect of strategies used on profitability, identifying areas that could be improved as well as apparently successful management techniques.Dissertation (MCom)--University of Pretoria, 2014.
tm2015
Financial Management
MCom
Unrestricted
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Torstensson, Viktor, and Iyasu Ghirmai. "Working Capital Management Inom Svenska Företag : En kvantitativ studie av Sveriges 200 största företags arbete medWorking Capital Management." Thesis, Uppsala University, Department of Business Studies, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-107486.
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Den här uppsatsen syftar till att redogöra för i vilken mån Sveriges storföretag prioriterar arbetet med att optimera sitt rörelsekapital. Studien var av en explorativ sort där målet var att identifiera och uppmärksamma tidigare okända mönster och samband angående hur kapitalrationaliseringsarbetet utförs utifrån perspektiven fokus, ansvar och mätningar.Informationen som studien bygger på inhämtades genom en enkätundersökning som skickades ut till CFO:n på de 200 största svenska företagen rankade efter omsättning, exkluderat finansiella företag. Svarsfrekvens bland respondenterna blev 25 % då exakt 50 företag valde att svara på enkätutskicket. Enkäten skickades elektroniskt och besvarades genom att svara på ett webbaserat program.Resultatet från studien visade att majoriteten av Sveriges största företag prioriterar Working Capital Management. Till vilken nivå de väljer att fokusera på Working Capital Management beror på det enskilda företagets förutsättningar som till exempel vilken bransch de opererar inom.
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Wajahat, Ali, and ul Hassan Syed Hammad. "Relationship between the profitability and working capital policy of Swedish companies." Thesis, Umeå University, Umeå School of Business, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-36086.
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Over the years there has been a big debate on the effect of working capital policy on theprofitability. Few researchers argue that working capital is just an idle resource with ahigh cost and low benefit associated with it so, companies should follow zero workingcapital policy but such a policy is very risky because it reduces the liquidity and it mightleads to a default. Other researchers support companies to have a working capital policybecause they believe that proper management of components of working capital canbalance cost and benefits of the company and it will reduce the risk of default by raisingthe level of liquidity. Companies can choose among three different types of workingcapital i.e. aggressive, conservative and moderate but their choice depends on their desirelevel of liquidity and risk.Researchers realize the importance of the topic and lot of research has been carried out allover the world especially in developing countries like Pakistan, India, and Taiwan etc.Despite the importance of topic we were unable to find any research carried out inSweden or in any other Scandinavian country. So, this study is conducted with thepurpose to explore the relationship between working capital policy and profitability ofSwedish firms. Furthermore this study also investigates the nature of relationshipbetween working capital policy and component of cash conversion cycle. For the purposeof our study we used the sample of 37 listed companies in the OMX Stockholm stockexchange over the period of five years (2004-2008).The study has been conducted in a natural environment and it follows the explanatoryresearch strategy. Moreover it is a quantitative study which follows the deductiveapproach and it is longitudinal in nature.We used GOP as a measure to profitability and CCC is used as a gauge to measure theaggressiveness of working capital policy. We used the secondary data, which has beenextracted from the annual financial reports of the companies, to calculate the GOP,financial debt, firm size, fixed financial asset, component of CCC and CCC.In this study, six regressions were run on 185 observations in SPSS software. In eachregression analysis dependent variable (GOP), independent variable firm size, financialdebt ratio, and fixed financial asset ratio remains the same but independent variableCCCS, CCCA, CCCD, day’s inventory held, days account receivable and days accountpayable replace each other. The reason for this replacement of independent variables is tofind out that how CCC and component of CCC affects the GOP.The result of regression analysis shows that managers can’t change the level ofprofitability by adopting any of the working capital policy i.e. there exist no relationshipbetween working capital policy and profitability. Furthermore profitability is directlyassociated with days inventory held and days account payable but it is in inverse relationwith days account receivables.
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Wickström, Sofia, and Jessica Danielsson. "Sustainable working capital management : A case study of five successful firms." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-227059.
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With the financial crisis, many firms suffered from liquidity shortages and needed to quickly change their way of working to release capital from the operations. Scholars argue that firms should handle immediate crisis with short-term measures first, and then change the underlying organizational routines to prevent recurrence. The management of working capital has received increased attention amongst corporate managers as a result of the crisis, whereby it is interesting to understand how firms can reduce their working capital in a sustainable way. By using the problem-finding and problem-solving approach, this study explores how successful firms have found and solved problems to make them sustainable. To answer the research question a multiple-case study is performed, where five firms are explored through interviews with key respondents. The study indicates that urgency is the main driver for both introducing and increasing the focus on working capital management. Different strategies for obtaining sustainable working capital management are found, where focus and commitment from the top management is suggested to be the glue that makes it last. It is furthermore suggested that managers have two main tools for creating and sustaining desired routines and practices; communication and control.
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Bianchi, Francisco Soares. "Working capital liability of foreignness: the apparel retail experience in Brazil." reponame:Repositório Institucional do FGV, 2018. http://hdl.handle.net/10438/25692.
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Purpose: To provide propositions regarding how juxtaposing two well-known and established theories might impact the way firms venture when entering into new international markets. Design/Methodology/Approach: Building on exploratory and inductive research and on multiple cases and on work in related disciplines and on 18 field interviews with managers and C-level executives in diverse functions and organizations. Findings: Provide empirical support from interviews on the case studies to corroborate with the three propositions and compare amongst the observed practices what could be done differently to mitigate WCLOF (Working Capital Liability of Foreignness). The first proposition is presented regarding how the Liability of Foreignness (LOF) plays a role when international firms are managing their Working Capital (WC) of a subunit in a host market, using six qualitative case studies from three international players and three local competitors; the second proposition is related to if firms overcome LOF over time when, using the same three international players in qualitative case studies to observe how they have been evolving is the new host market regarding their WC improvement and; the third proposition is whether the international players might carry an advantage when establishing a subunit in a new host market, considering again the same three international players in qualitative case studies. Research Limitations: Further research is necessary into different markets other than Brazil and / or different industries other than the apparel / fashion retailing. Broader survey, with statistical generalization, might validate the propositions presented. Practical Implications: The propositions could serve as a managerial tool for identifying WCLOF, thus also for assisting to overcome it. Originality/value: given the novelty in bringing these two existing theories juxtaposed in academic literature, it demanded inductive research to assist uniqueness findings.
Propósito: Prover proposições a respeito de como duas conhecidas and estabelecidas teorias justapostas poodem impactar as firmas ao entrar em novos mercados internacionais. Design / Metodologia / Abordagem: a partir de pesquisa exploratória e indutiva e em casos múltiplos, em temas relacionados e em 18 entrevistas de campo com gestores e executivos em diversas funções e organizações. Resultados: prover base empírica a partir de entrevistas sobre os estudos de caso para corroborar com as três proposições e comparar, entre as práticas observadas, o que poderia ser feito de forma diferente para mitigar o WCLOF (Working Capital Liability of Foreignness). A primeira proposição é sobre o papel que Liability of Foreignness (LOF) desempenha quando as firmas internacionais gerenciam seu Capital de Giro (WC) de uma subunidade em um mercado estrangeiro, a com base em seis estudos de caso qualitativos de três competidores internacionais e três pares locais; a segunda proposição é a se as empresas superam o LOF ao longo do tempo, com base nos mesmos pares internacionais em estudos de caso qualitativos para observar como eles, no novo mercado estrangeito em relação ao aprimoramento de seus WC; a terceira proposição é se as firmas internacionais podem trazer uma vantagem ao estabelecer uma subunidade em um novo mercado estrangeiro, considerando novamente as mesmos três firmas internacionais em estudos de casos qualitativos Limitações de pesquisa: Pesquisas adicionais são necessárias em diferentes mercados, exceto no Brasil e / ou em diferentes indústrias, além do varejo de vestuário / moda. Um levantamento mais amplo, com testes estatísticos, pode validar as proposições apresentadas. Implicações Práticas: As proposições poderiam servir como uma ferramenta gerencial para identificar o WCLOF, assim também para ajudar a superá-lo. Originalidade / valor: dada o ineditismo em avaliar essas duas teorias existentes justapostas na literatura acadêmica, foram requeridas pesquisas indutivas para auxiliar a novidade das descobertas.
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Gomes, Diogo Filipe Nascimento. "How does working capital management affect firms´ profitability? : evidence from Portugal." Master's thesis, Instituto Superior de Economia e Gestão, 2013. http://hdl.handle.net/10400.5/6306.
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Mestrado em FinançasThe purpose of this study is to analyze the relationship between working capital management (WCM) and firm’s profitability for Portugal. We use a database, combining firm-level financial data with a matched employer-employee data, for the period from 2004 to 2009, obtaining a sample of 106,961 observations corresponding to 41,536 firms. Like previous studies, we examine the existence of a non-linear relationship between WCM and firm’s profitability. Unlike them, we evaluate how the non-linear relationship is affected by CEO’s demographic and educational characteristics and firm’s characteristics such as age, size, industry sector and location. The relationship between WCM and profitability is analyzed using panel data methodology, applying Fixed Effects model with robust standard errors. Our results show that there is a concave relationship between WCM and profitability, indicating that firms have an optimal working capital level where firms should stand to maximize profitability. For CEO’s characteristics these are positively related with profitability, showing that male, Portuguese, older and with higher educational level CEOs have more profitable firms. The age, size, industry and location of firms affect the optimal WCM level that maximizes profitability. For firms, with the WCM level below the optimal point, in order to increase profitability, should increase the investment in WCM, once there is a positive relation between the two variables for low levels of working capital.
Este estudo examina a relação entre working capital management (WCM) e a rentabilidade das empresas em Portugal. Recorremos a uma base de dados, que combina informação financeira das empresas com dados do empregado-empregador, para o período de 2004 a 2009, obtendo uma amostra de 106,961 observações num total de 41,536 empresas. Tal como em outros estudos, examinamos a existência de uma relação não-linear entre WCM e a rentabilidade, mas também como a relação não-linear é afectada pelas características demográficas e educacionais do CEO e da empresa, de acordo com a idade, a dimensão, o sector industrial e a localização. A relação entre o WCM e a rentabilidade é testada através da metodologia panel data, aplicando modelo Efeitos Fixos com resíduos padronizados robustos. Os resultados demonstram a existência de uma relação côncava entre WCM e a rentabilidade, indicando a existência de um nível óptimo de investimento em working capital que permite maximizar a rentabilidade. As características demográficas e educacionais do CEO estão positivamente relacionadas com a rentabilidade das empresas, onde CEOs masculinos, Portugueses, de maior idade e com maior nível educacional apresentam empresas mais lucrativas. A idade, dimensão, industria e localização influencia o nível óptimo de WCM que maximiza a rentabilidade. Assim, para empresas com um nível de WCM inferior ao óptimo, por forma a aumentar a rentabilidade devem aumentar o investimento em WCM dado a existência de uma relação positiva entre as variáveis para baixos níveis de working capital.
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Smith, Gregory. "Strategic Working Capital Sourcing Strategies for the Survival of Small Businesses." ScholarWorks, 2018. https://scholarworks.waldenu.edu/dissertations/5529.
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Fifty percent of small businesses fail before attaining their 5-year anniversary. The lack of sufficient working capital is one of the major reasons for small business failure. Pecking order theory was employed as the conceptual framework for this multiple case study to explore the working capital sourcing strategies of 6 purposely selected successful small business owners in the Southeast region of the United States used to sustain their businesses beyond 5 years. Data sources included semistructured interviews and company documents. Data analysis included thematic coding of the material using statistical software. The modified Van Kaam method was used to analyze the interview data. Secondary company documents such as financial reports were analyzed to triangulate findings from the interviews. Based on composite analysis, 6 themes emerged: (a) each of the participating small business owners encountered barriers in sourcing working capital for their businesses, (b) small business leaders used their personal internal sources of funds to start and initially operate their businesses, (c) customers provided a revenue stream to support the working capital needs of small businesses, (d) small business leaders used various bootstrapping measures to support their working capital needs, (e) using strategic and operational planning aids such as completing a business plan assisted business leaders in their working capital sourcing decision-making, and (f) personal credit provided a foundation for obtaining external business credit. The implications for social change include the sustainability of small businesses beyond 5 years, which could lead to the maintaining jobs and assisting small businesses to succeed in stabilizing and potentially increasing incomes for benefiting families and communities.
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Grylin, Marlene, and Anette Gustafsson. "Working Capital Management i svenska tillverkande företag : Hur effekter av WCM påverkas av beslut och samverkan." Thesis, Karlstads universitet, Handelshögskolan, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-32700.
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Sammanfattning Inom de flesta företag finns möjligheter att påverka rörelsekapitalet genom Working Capital Management. Detta kan även förkortas WCM, vilket enligt Deloof (2003) kan definieras som arbetet med att styra företagets rörelsekapital. De flesta företag har dessutom avsevärda summor uppbundna i rörelsekapitalet, vilket medför att WCM har en betydande roll på företagets lönsamhet. I strävan efter att nå ett optimalt rörelsekapital finns det dock risk att företagen drabbas av negativa effekter. Syfte: Denna studie syftar till att undersöka effekterna av WCM och hur dessa effekter påverkas utifrån hanteringen av WCM. Metod: Studien består av en kvantitativ enkätundersökning riktad till svenska tillverkande företag. Analys: Att frigöra kapital beskrivs som det främsta motivet för att genomföra WCM. Det framgår också att initiativ till beslut om en minskning av rörelsekapitalet är centraliserade och det är sällsynt att initiativ startar i den operativa verksamheten. Det sker däremot en nära samverkan i processen av en minskning av rörelsekapitalet mellan de som initierar WCM och den operativa verksamheten. Studien visar att de flesta företag inte upplever några negativa effekter av WCM. De negativa effekter som uppmärksammas inträffar främst i produktionen och gentemot kunder. Slutsats: Svenska tillverkande företag anser att WCM är en högt prioriterad fråga. De beslut som fattas inom WCM medför att ju längre bort från verksamheten besluten tas desto fler negativa effekter medför detta. I arbetet med WCM förekommer en hög grad av samverkan. Det har även framkommit att ökad samverkan mellan ledning och den operativa verksamheten minskar negativa effekter i samband med WCM. Nyckelord: WCM, Working Capital Management, rörelsekapital, rörelsekapitalbindning, samverkan, beslut, negativa effekterAbstract Most companies are able to influence the working capital through use of Working Capital Management (WCM). According to Deloof (2003), WCM can be defined as the process of controlling a company’s working capital. Since many companies have substantial sums tied up in the working capital, WCM can have a significant role in the company’s profitability. In the pursuit of finding an optimal working capital, there is a risk that companies will experience negative effects. Purpose: The purpose of this study is to investigate the effects of WCM and how these effects are influenced by how the WCM is managed within the company. Methodology: The study consists of a quantitative survey directed to Swedish manufacturing companies. Analysis: Releasing capital is put forward as the main motive for WCM. It also appears that the initiative for decisions regarding reduction of working capital tend to be centralized, since these initiatives rarely start in the business operations. There is however a close interaction in the process of a reduction in working capital between those who initiate WCM and the operations. The majority of companies within this study do not experience any negative effects of WCM, but when it occurs it is mainly within the production processes or in customer relations. Conclusion: Swedish manufacturing companies believe that WCM is of high priority. This study indicates that negative effects will occur increasingly if decision-making is centralized. Working with WCM requires a high degree of collaboration as the results of this study also points out that through increased interaction between management and operations, negative effects associated with WCM can be reduced. Keywords: WCM, Working Capital Management, working capital, collaboration, decisions and negative effects
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Чуйко, І. П. "Управління оборотним капіталом підприємства." Master's thesis, Українська академія банківської справи Національного банку України, 2009. http://essuir.sumdu.edu.ua/handle/123456789/49706.
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На сучасному етапі економічного розвитку, в умовах ринкових
відносин в Україні необхідно приділяти увагу організації управління
оборотним капіталом підприємства. Фінансова діяльність підприємства тісно
пов’язана з формуванням і використанням оборотного капіталу. Йому
належить особливе місце у структурі капіталу підприємства і від якості
управління ним залежить безперервність процесу виробництва та реалізації
продукції, ліквідність підприємства, його платоспроможність і
рентабельність.
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Bozzeda, Riccardo. "The influence of working capital on corporate performance: evidence from Latin America." reponame:Repositório Institucional do FGV, 2017. http://hdl.handle.net/10438/18919.
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Submitted by Riccardo Bozzeda (rbozzeda1@gmail.com) on 2017-10-05T12:41:04Z
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This paper provides evidence of the effect of Working Capital Management (WCM) on the performance of Latin America companies. The study also investigates whether the effect of WCM on performance differs between ‘small’ and ‘big’ firms. The paper employs Panel data regression analysis on a sample of 117 non-financial firms over an eleven-year period (2005- 2015). The results show that WCM has a convex relationship with performance. However, the results suggest that WCM is relatively more important for the performance of ‘big’ companies than ‘small’ companies. Overall, the study proves that WCM components do affect the performance of Latin America firms.
Este documento fornece evidências do efeito da Gestão de Capital de Trabalho (WCM) sobre o desempenho das empresas da América Latina. O estudo também investiga se o efeito da WCM no desempenho difere entre empresas ‘pequenas’ e ‘grandes’. O artigo emprega análise de regressão de dados do painel em uma amostra de 117 empresas não financeiras ao longo de um período de onze anos (2005-2015). Os resultados mostram que a WCM tem uma relação convexa com o desempenho. No entanto, os resultados sugerem que o WCM é relativamente mais importante para o desempenho de empresas ‘grandes’ do que empresas ‘pequenas’. Em geral, o estudo comprova que os componentes da WCM afetam o desempenho das empresas da América Latina.
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McCullough, Aaron Wayne. "Consuming Sympathies: Working-Class Cultural Capital in Several Nineteenth-Century English Texts." Connect to this document online, 2005. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=miami1134142393.
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Thesis (M.A.)--Miami University, Dept. of English, 2005.Title from first page of PDF document. Document formatted into pages; contains [1], ii, 79 p. Includes bibliographical references (p. 78-79).
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Bestercy, Robert J. "Evaluating forecasting methods for cash management in the Navy Working Capital Fund." Thesis, Monterey, Calif. : Springfield, Va. : Naval Postgraduate School ; Available from National Technical Information Service, 1998. http://handle.dtic.mil/100.2/ADA356629.
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Thesis (M.S. in Management) Naval Postgraduate School, December 1998."December 1998." Thesis advisor(s): Shu S. Liao, John E. Mutty. Includes bibliographical references (p. 149-151). Also available online.
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Tingbani, Ishmael. "Working capital management and profitability of UK firms : a contingency theory approach." Thesis, Bournemouth University, 2015. http://eprints.bournemouth.ac.uk/21785/.
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While the direct impact of working capital management (WCM) and its components (accounts receivable in days (AR), accounts payable in days (AP) and inventory holding period (INV)) on firms’ profitability has been examined in the previous literature, the underlying channels of influence have remained largely unexplored. This study adopts a contingency theory approach to investigate the relationship between WCM and profitability controlling for selected corporate governance and company characteristics. The study has three main objectives. The first objective is to determine the relationship between working capital management and its components (AR, AP and INV) and profitability as per extant research. The second objective of the research is to determine whether the effect of working capital management on profitability of UK firms is contingent on the interaction of environmental (E), resource (R) and management (M) variables. The final objective is to determine whether the effect of the components of working capital management (AR, AP and INV) on profitability of UK firms is contingent on the interaction of ERM variables. These three objectives were met by the use of a panel data methodology on a series of interactive models. The data for the study is based on the annual financial reports of 225 London Stock Exchange listed firms for the period 2001-2011. In terms of the first objective, the study found a significant relationship between WCM and two of its components (AR and AP) and profitability. However, no relationship was found between WCM component (INV) and profitability. In terms of the second objective, the results indicate that the effect of WCM on profitability is significantly moderated by the interaction with ERM variables of the firm. Finally, the results of the third objective indicate that the effect of WCM components (AR, AP and INV) on profitability is significantly moderated by the interaction with ERM of the firm. In terms of the control variables, the study found a statistically significant relationship between the corporate governance factors (Chief Executive Officer (CEO) tenure and board size) and profitability. On the other hand, company specific characteristics variables (company size, financial leverage, assets tangibility liquidity ratio, cash flow and sales growth) were also found to have statistically significant effect on the profitability of firms. On the basis of this, the study concludes that firms can maximise the benefits and minimise the cost of investment in working capital by aligning their working capital management policies with their environment and also arrange their resources internally to support such alignment as postulated in the contingency framework as any misalignment could significantly affect the firms’ performance. As a result, the study suggests the need for policy makers to match organisational resources with opportunities and threats in the general business environment in order to improve their financial performance.
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Silva, Vitor Hugo Crespo da. "Working capital management and financial constraints in Europe within different economic cycles." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/16654.
Full textAbstract:
Mestrado em Contabilidade, Fiscalidade e Finanças EmpresariaisO Fundo de Maneio Necessário (WCM) tem vindo a ganhar uma crescente importância ao longo dos anos, nos pontos de foco das estratégias das empresas. Especialmente, quando se considera a mais recente crise financeira e a sua principal consequência, a redução de liquidez providenciada pelas fontes de financiamento. Neste sentido, procuramos entender a relação entre o WCM e a performance das empresas não cotadas, medido através da Rendibilidade dos Capitais Próprios, considerando também a presença de constrangimentos de financiamento e a canalização de investimento entre activos alternativos. Usando uma amostra de 135.005 observações empresa-ano, aproximadamente 19.814 empresas de 25 países da União Europeia cobrindo o período de 2008-2017. Os nossos resultados mostram que empresas com maiores montantes de financiamento dedicados a Working Capital (WC) afectam negativamente a sua performance. De salientar que, as empresas que sintam maior pressão em obter liquidez internamente sofrem mais com pequenas alterações no investimento de WC. Concluímos também que, em períodos de crise, empresas com menores recursos que sejam possíveis ser usados como colateral apresentam maior risco de prejudicar a sua rendibilidade ao aumentarem os montantes dedicados a WC. Finalmente, em períodos de crise, o efeito negativo na performance proveniente de investir em WC, enquanto financiam também outros activos, é atenuado devido à diminuição de oportunidades de investimento nestes últimos.
Working Capital Management (WCM) elevated its importance throughout the years in the companies strategies focus. Specially, when considering the recent financial crisis and its main consequence: the reduction of liquidity provided by financing sources. In this sense, this paper examines the relation between WCM and unlisted firms corporate performance, measured by Return on Equity, while considering the presence of financial constraints and the channeling of investment between alternative assets. Using a sample of 135.005 unlisted firm-year observations, approximately 19.814 firms from 25 countries of the European Union over the period of 2008-2017. We show that firms with greater amounts of financing reserved to Working Capital (WC) affect negatively their performance. Importantly, when considering firms which are more distressed in the availability of internal finance, will suffer more the impact on their profitability derived by smaller changes in the investment in WC. We also exhibit that, in periods of crisis, firms with lower resources to use as collateral have more risk of harming their performance by increasing the amount of financing dedicated to WC. Finally, in periods of crisis, the negative effect on performance of investing in WC while having cash tied in other assets is diminished due to the tightening of investment opportunities in the latter assets.
info:eu-repo/semantics/publishedVersion
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Bozzeda, Riccardo. "The influence of working capital on corporate performance: evidence from Latin America." Master's thesis, reponame:Repositório Institucional do FGV, 2017. http://hdl.handle.net/10362/26980.
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This paper provides evidence of the effect of Working Capital Management (WCM) on the performance of Latin America companies. The study also investigates whether the effect of WCM on performance differs between ‘small’ and ‘big’ firms. The paper employs Panel data regression analysis on a sample of 117 non-financial firms over an eleven-year period (2005- 2015). The results show that WCM has a convex relationship with performance. However, the results suggest that WCM is relatively more important for the performance of ‘big’ companies than ‘small’ companies. Overall, the study proves that WCM components do affect the performance of Latin America firms.
Este documento fornece evidências do efeito da Gestão de Capital de Trabalho (WCM) sobre o desempenho das empresas da América Latina. O estudo também investiga se o efeito da WCM no desempenho difere entre empresas ‘pequenas’ e ‘grandes’. O artigo emprega análise de regressão de dados do painel em uma amostra de 117 empresas não financeiras ao longo de um período de onze anos (2005-2015). Os resultados mostram que a WCM tem uma relação convexa com o desempenho. No entanto, os resultados sugerem que o WCM é relativamente mais importante para o desempenho de empresas ‘grandes’ do que empresas ‘pequenas’. Em geral, o estudo comprova que os componentes da WCM afetam o desempenho das empresas da América Latina.
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Njoku, George Chibuzo. "The Impact of Corporate Governance on Working Capital Management in Nigerian Organizations." ScholarWorks, 2017. https://scholarworks.waldenu.edu/dissertations/4395.
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Many Nigerian firms have faced working capital management (WCM) inconsistencies, which have remained a source of tremendous concern in the face of high competition. In this study, the research problem explored was how inefficient working capital policies are still negatively affecting shareholders' wealth several years after the economic crisis, constraining sustainable development. The purpose of this quantitative research study was to examine how corporate governance has affected WCM within Nigerian organizations. The research question was about how corporate governance practices expand WCM efficiency. A random sample of 89 Nigerian organizations was used, and publicly available ethical ratings and financial information data on the companies involved were obtained. This quantitative study utilized a multiple regression methodology to determine the extent to which CEO duality, CEO tenure, board size (BS), and an audit committee (AC) can predict WCM performance. The findings specifically determined that board size and audit committee size were significantly related to WCM, while CEO tenure and CEO duality were not related to WCM. The results were consistent with previous studies suggesting that the impact of corporate governance in Nigerian organizations relates to WCM. The results of this study may help Nigerian organizations adopt and operate an appropriate corporate governance structure that will enhance their organizational effectiveness, aid business managers in allocating resources, and allow them to continue their corporate social responsibility missions of providing services to their communities and transforming society.
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Temtime, Zelealem Tadesse. "Relationship between Working Capital Management, Policies, and Profitability of Small Manufacturing Firms." ScholarWorks, 2016. https://scholarworks.waldenu.edu/dissertations/2105.
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Working capital optimization, as an act of balancing liquidity and profitability, presents significant challenges when small businesses lack managerial expertise and access to affordable capital and credit facilities. To remain successful through efficient utilization of working capital, small business leaders need to understand the association between working capital management (WCM), working capital policy (WCP), and business profitability (PFT). Anchored in the cash conversion cycle theory, the purpose of this correlational study was to examine the relationship between WCM, WCP, and PFT. The study employed a retrospective secondary analysis of financial data from 2004 to 2013 from a random sample of 176 publicly traded small U.S. manufacturing companies. The regression results incorporating 3 models were significant in predicting profitability in terms of gross operating profit (GOP), return on asset (ROA), and Tobin's q (TBQ). The regression results showed that WCM and WCP were significant predictors of GOP, F (5, 170) = 8.580, p < .000, R2 = .201; ROA, F (5, 170) = 4.079, p < .002, R2 = .107; and TBQ, F (5, 170) = 6.231, p < .000, R2 = .155. The overall result confirmed that WCM and WCP predicted PFT significantly (p < .05). Small business leaders may incorporate working capital optimization practices into overall corporate strategy, thereby aligning working capital needs with the changing business requirements. The implications for positive social change included the potential to provide small business leaders with knowledge of WCM and WCP as drivers of PFT. Profitable businesses may provide employees and communities with better jobs; stock ownership; and development infrastructures such as road, healthcare, and educational facilities.
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Rogova, Tatjana. "UAB “Roda" apyvartinio kapitalo efektyvumo didinimo galimybės." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2005. http://vddb.library.lt/obj/LT-eLABa-0001:E.02~2005~D_20050606_083338-79089.
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This master’s paper researches a problem of an effective usage of the working capital because this issue is relevant to the various Lithuanian companies. It also surveys various Lithuanian and foreign authors’ estimation indicators of the working capital and theoretical aspects of the analysis. The analysis of the dynamics, structure and the turnover of the company’s working capital has been accomplished in this paper. The estimation indicators of the working capital efficiency have been analysed; and with the help of the relevant indicators analysis the tie-up and reasons between them have been established, which, in fact, determined the alterations of these indicators. The prognostication of the ambit of the company’s working capital has been established by the means of the linear trend function and exploitation of dynamics series; and the determination with the Baumol model of the optimum demand for the finance has been estimated. The author’s formulated hypothesis of the research work has been confirmed, that the estimation indicators of the company’s working capital reveal the financial state of the company and makes a possibility to decide about the effectiveness of company’s work.
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Fairhurst, Douglas J. "Financial Flexibility and Short-Term Financing Needs: Evidence from Seasonal Firms." Diss., The University of Arizona, 2014. http://hdl.handle.net/10150/316777.
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Firms that face seasonal demand account for an important fraction of the U.S. economy. However, there is surprisingly little evidence on these firms' financing decisions. Yet, studying these decisions provides a natural setting to shed light on the types of capital (i.e. cash or debt) that firms use to manage short-term financing needs. Using seasonal firms as a setting to examine this issue, I show that seasonal financing needs are met with debt with low exposure to information asymmetry, such as short-term debt and trade credit. I further show that cash reserves, which have high carrying costs and can at time lead to agency problems, are not used for seasonal financing needs. Further, as financial flexibility theory would predict, I document that seasonal firms maintain more conservative financial policies to increase the ability to use debt for short-term financing needs. Specifically, seasonal firms are less levered and have long-term debt with a longer average maturity. Further, seasonal firms adjust toward leverage targets slower during fiscal quarters when debt is used for short-term financing. Overall, my findings indicate that firms minimize costs associated with short-term financing needs by using debt with low issuance costs and the use of this debt impacts the overall capital structure of the firm.
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Кучкова, А. О. "Управління оборотним капіталом підприємства." Master's thesis, Сумський державний університет, 2018. http://essuir.sumdu.edu.ua/handle/123456789/71593.
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У роботі розкрито теоретичні та практичні основи управління оборотним капіталом підприємства, та шляхи його покращення.В работе раскрыты теоретические и практические аспекты управления оборотным капиталом предприятия и предложены пути его совершенствования.
In this work the theoretical and practical bases of management of working capital of the enterprise, and ways of its improvement are revealed.
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Hively, Angela H. "Sealift transportation in a working capital fund environment : rate stability when workload declines." Thesis, Monterey, Calif. : Springfield, Va. : Naval Postgraduate School ; Available from National Technical Information Service, 1999. http://handle.dtic.mil/100.2/ADA362719.
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Thesis (M.S. in Management) Naval Postgraduate School, March 1999.Thesis advisor(s): Ira A. Lewis, Theodore A. Hleba. "March 1999". Includes bibliographical references (p. 49-50). Also available online.
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Le, Roux Marthinus Theunis Steyn. "Company value : working capital and the cash conversion cycle investigated / M.T.S. le Roux." Thesis, North-West University, 2008. http://hdl.handle.net/10394/4026.
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The primary objective of any corporation should be shareholder wealth
maximisation. A firm's working capital policies have an effect on the firm's
expected future returns and the risk associated with the returns, which ultimately
have an impact on shareholder wealth. Efficient working capital management is
a fundamental portion of the overall corporate strategy to create shareholder
value.
In this study the relationship of corporate profitability and working capital
management was investigated. This relationship is examined using regression
analysis. A sample of 118 firms listed on the Johannesburg Securities Exchange
(JSE) for the period 2003 to 2007 was used. The purpose of this study is to
establish whether a relationship exists between working capital management
efficiency and profitability, considering the cash conversion cycle and operating
profitability of the firm.
The results of the regression analysis indicated that a statistical significance
exists for three of the five years (2003 - 2005) analysed between profitability,
measured with the gross operating profit, and the cash conversion cycle. It is
observed (2003-2005 regression results) that a lower gross operating profit is
associated with an increase in number of days accounts payable. The negative
relationship between accounts receivable and firms' profitability (for 2003-2005)
suggests that less profitable firms will pursue a decrease of accounts receivables
in the attempt to reduce cash gap in the respective cash conversion cycles. The
negative relationship between the number of days inventory and corporate
profitability (for 2003-2005) suggests that a sudden decrease in sales
accompanied by mismanagement of inventory, will lead to tying up excess capital
at the expense of profitable operations. Managers or owners of firms can improve profits for firms by handling correctly
the cash conversion cycle and keeping each individual component (accounts
receivable, accounts payable and inventory) to an optimum level. These results
(for 2003-2005) suggest that managers can create value for shareholders by
reducing the cash conversion cycle and its individual components.Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2009.
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Kamareddine, Karim, and Yihong Yao. "Analyzing tradeoffs between working capital and production capacity for multi-stage manufacturing processes." Thesis, Massachusetts Institute of Technology, 2016. http://hdl.handle.net/1721.1/107517.
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Thesis: M. Eng. in Logistics, Massachusetts Institute of Technology, Supply Chain Management Program, 2016.Cataloged from PDF version of thesis.
Includes bibliographical references (pages 46-47).
Large pharmaceutical companies struggle to find innovative ways to reduce work-in-process inventory in their production facilities. In our research, we focus on the tradeoff between inventory and production capacity through investing in new facilities and equipment. This tradeoff will depend on the company's objectives and what it is willing to give up in return for reducing inventory. We found that increasing capacity to reduce work-in-process inventory by investing in new facilities is not always the most favorable approach in terms of net present value. However, for flexibility or lead-time improvements, it may make sense to proceed with the investment. We developed multiple scenarios considering the company's future plans to reduce inventory or grow. These scenarios provide insights into the factors that improve the attractiveness of the investments and those that do not. Our financial analysis along with the guidelines and procedures that we have developed help the sponsor company most effectively reach its goal to reduce its work in process inventory.
by Karim Kamareddine and Yihong Yao.
M. Eng. in Logistics
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Mensah, Stephen Owusu. "Working capital management and organizational performance." Master's thesis, 2018. http://www.nusl.cz/ntk/nusl-429560.
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Working capital has been touted as the lifeblood of every firm as it strongly facilitates the daily transactional activities of the firm and extensively, determined further capital investments and firm valuation. However, it is known to be an important cog in the wheel of a company.The aim of the thesis is, therefore, to examine the relationship and the impact of working capital management and organizational performance of 26 nonfinancial firms listed in the Ghana Stock Exchange in the period 2014 and 2015. The independent variables were the working capital variables which include Average collection period, Average payment period, Cash Conversion Cycle, Inventory turnover in days and control variables such as financial leverage, size of the firm and economic growth. Net operating profit was used as the dependent variable in the model. The descriptive analysis, Pearson correlation, and multiple regression models were applied to interpret the results of data. Results of correlation analysis show that Average collection period, size,inventory turnover in days, Cash conversion cycle and financial leverage showed a positive relationship on Net operating profit for 2015 apart from average payment and GDP growth which were negative in the same year. However, inventory turnover in days, average payment period and average collection period were the only variables with the negative relationship on the performance proxy in 2014. Results of regression analysis further revealed that the independent variables might significantly explain the variations in the dependent variable at 1% level of significance with variables like size, average payment period, financial leverage and GDP all showing a significant impact on the dependent variable, since the study revealed that working capital management could either have a negative or positive relationship with firm’s performance. Thus, it is suggested that managers can create value for their investor by slashing the number of days of average collection period and inventories to a reasonable minimum and also firms should conduct a thorough evaluation of their trends of performances by employing different components of working capital variables in the analysis.More organizations and years should be considered to analyze the general overview of the effects of working capital on profitability
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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.
Full textAbstract:
碩士淡江大學
會計學系碩士在職專班
101
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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Chen, Wei-Ming, and 陳緯銘. "Working Capital Management of Five ASEAN Countries." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/34005439369090524719.
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碩士逢甲大學
國際貿易學系
102
Working capital management plays an important role in financial management. The literature of modern financial management has always focused on the study of long-term financial decisions, such as capital structure, capital budgeting, and dividend policy. Most studies have focused on developed countries optimal working capital management, and less developed countries to explore. In recent years, the economics of five ASEAN countries develop rapidly and the economic growth in Asia towards the core of the trend is increasingly obvious. In this study we use five ASEAN countries, including Indonesia, Thailand, Philippines, Malaysia, Vietnam, in 2000-2012 to examine the cash conversion cycle. In this study, we use the least squares method and GMM to detect whether the company has the optimal working capital in five ASEAN countries. Empirical results show that the firms of Thailand, Indonesia and Malaysia have the optimal cash conversion cycles while Vietnam and Philippines do not. In addition, the results from GMM show that the adjustment speeds are slow when their cash conversion cycles deviate the optimal ones. Keywords: Working Capital Management, five ASEAN countries
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Prasad, Bindu V. "Working capital management of sugar mills in Karnataka." Thesis, 1991. http://hdl.handle.net/2009/1907.
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Thula, Ntombizodwa Alida. "Management of working capital in public health care." Thesis, 2003. http://hdl.handle.net/10413/4031.
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Two cases from public health care levels were compared on practises used to manage working capital with two cases from the same levels of health care in private health sector. The objective was to establish whether the practises in public health sector comply with the efficient management of working capital principles and whether it was practically feasible to apply the methods in health care provision. Primary and secondary data was collected. Staffs at an operational and administrative level were interviewed at both the primary and the Secondary health care. It was found that principles of working capital practiced in private sector are mostly consistent with working capital theories and could actually be implemented effectively in public health sector without risking patient health. Inefficiencies were identified in the public sector at both an operational and administrative level especially at a secondary health care level. Finally the study makes recommendations on how to address such inefficiencies.Thesis(MBA)-University of Natal, Durban, 2003.
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YANG, HSIAO-WEI, and 楊小薇. "THE OPTIMAL PROCUREMENT POLICY UNDER INTEGRATING WORKING CAPITAL." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/07715199219448839461.
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碩士國立台北師範學院
數理教育研究所
92
In 1993, Arcelus and Srinivasan [1] considered a comprehensive model integrating the main components of working capital decisions within a discounted cash flow framework. They presented three approximations to the optimal procurement policy . Sometimes, however, these approximations may yield significant cost penalties. Recently, K.J. Chung and S.D. Lin [4] show that the objective functions of discounted infinite horizon present value are concave. Furthermore, they also derive the bounds for the optimal procurement policy. In this article, we attempt to establish a generalized form about the above-mentioned topics and apply our results to deduce the corresponding conclusions which appear in [1-7].
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LU, YU-WEN, and 呂豫文. "he empirical study on working capital financing policy." Thesis, 1992. http://ndltd.ncl.edu.tw/handle/80017277081298224421.
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