Semantic Scholar Open Access 2015 472 sitasi

Is working capital management value-enhancing? Evidence from firm performance and investments

Nihat Aktas E. Croci D. Petmezas

Lihat Sumber DOI

Abstrak

We examine the value effect of working capital management (WCM) for a large sample of US firms between 1982–2011. Our results indicate (i) the existence of an optimal level of working capital policy; and (ii) firms that converge to that optimal level (either by increasing or decreasing their investment in working capital) improve their stock and operating performance. We also document that corporate investment is the channel through which efficient WCM translates into superior firm performance. In particular, efficient WCM allows firms to redeploy underutilized corporate resources to higher-valued use, such as the funding of cash acquisitions.

Topik & Kata Kunci

Economics Business

Penulis (3)

Nihat Aktas

E. Croci

D. Petmezas

Format Sitasi

APA MLA BibTeX

Aktas, N., Croci, E., Petmezas, D. (2015). Is working capital management value-enhancing? Evidence from firm performance and investments. https://doi.org/10.1016/j.jcorpfin.2014.12.008

Akses Cepat

Lihat di Sumber doi.org/10.1016/j.jcorpfin.2014.12.008

Informasi Jurnal

Tahun Terbit: 2015
Bahasa: en
Total Sitasi: 472×
Sumber Database: Semantic Scholar
DOI: 10.1016/j.jcorpfin.2014.12.008
Akses: Open Access ✓