Akcije

Strategic Management
kako citirati ovaj članak
podeli ovaj članak

Metrika

  • citati u SCIndeksu: 0
  • citati u CrossRef-u:0
  • citati u Google Scholaru:[]
  • posete u poslednjih 30 dana:102
  • preuzimanja u poslednjih 30 dana:57

Sadržaj

članak: 2 od 14  
Back povratak na rezultate
2020, vol. 25, br. 2, str. 27-39
The development of working capital management and its impact on profitability and shareholder value: Evidence from Germany
(naslov ne postoji na srpskom)
aNova School of Business and Economics, Lisbon, Portugal
bESB Business School, Reutlingen University, Reutlingen, Germany
cSaint-Petersburg State University of Economics, St. Petersburg, Russia

e-adresakost_kos@mail.ru
Sažetak
(ne postoji na srpskom)
This study investigates empirically the development of working capital management and its impact on profitability and shareholder value in Germany. We analyse panel data of 115 firms listed on the German Prime Standard, covering the period from 2011 to 2017. The results provide evidence that efficient working capital management, indicated by a shorter cash conversion cycle, deteriorated over time, but that a shorter cash conversion has a positive impact on profitability and shareholder value. The findings highlight the need that managers should give greater priority to working capital optimization, even in a low-interest environment. The paper contributes to the literature by advancing this research area in Germany, and it is the first study investigating shareholder relationship with working capital management and all its determinants.
Reference
Börse, D.A.G. (2017) Leitfaden zu den Aktienindizes der Deutsche Börse AG (Guide to the stock indices of the German Stock Exchange). http://www.deutsche-boerse-cash-market.com/blob/2940666/e0425be189d5f2952d874bd9cdb8b775/data/Leitfaden-zu-den-Aktieninidzes.pdf
Bratianu, C. (2018) Intellectual capital research and practice: 7 myths and one golden rule. Management & Marketing -Challenges for the Knowledge Society, 13: 859-879
Brotherson, W.T., Eades, K.M., Harris, R.S., Higgins, R.C. (2014) Company Valuation in Mergers and Acquisitions: How is discounted Cash flow Applied by Leading Practitioners?. Journal of Applied Finance, 2: 43-51
Charifzadeh, M., Taschner, A. (2017) Management accounting and control: Tools and concepts in a European context. Wiley-Vch
Deloitte (2017) Working Capital: Flüssige Mittel und gebundenes Kapital (Working Capital: Cash and tied-up capital). https://www2.deloitte.com/de/de/pages/finance/articles/working-capital.html
Deloof, M. (2003) Does Working Capital Management Affect Profitability of Belgian Firms?. Journal of Business Finance Accounting, 30(3-4): 573-588
Eljelly, A.M. (2004) Liquidity: Profitability tradeoff: An empirical investigation in an emerging market. International Journal of Commerce and Management, 14(2): 48-61
Enqvist, J., Graham, M., Nikkinen, J. (2014) The impact of working capital management on firm profitability in different business cycles: Evidence from Finland. Research in International Business and Finance, 32: 36-49
Faulkender, M., Wang, R. (2006) Corporate Financial Policy and the Value of Cash. Journal of Finance, 61(4): 1957-1990
Gitman, L.J., Zutter, C.J. (2015) Principles of Managerial Finance. Boston: Pearson
Gleich, R., Horváth, P., Michel, U., ed. (2011) FinanzControlling: Strategische und operative Steuerung der Liquidität (Financial Controlling: Strategic and operational management of liquidity). München: HaufeLexware GmbH & Co. KG
Greene, W.H. (2003) Econometric analysis. Upper Saddle River, NJ: Prentice-Hall, 5th edn
Hausman, J.A. (1978) Specification Tests in Econometrics. Econometrica, 46(6): 1251-1272
Hoke, M. (2002) Unternehmensbewertung auf Basis EVA: Erfahrungen bei der Implementierung eines EVAbasierten Bewertungsmodells (Company evaluation based on EVA: experience in implementing an EVAbased valuation model). Der Schweizer Treuhänder, 76(9): 765-770, http://www.bwl-online.ch/500KapitelOrdner/510KapitelOrdner/515KapitelOrdner/Unternehmensbewertung%20auf%20Basis%20EVA.pdf
Holler, A. (2009) New Metrics for Value-Based Management: Enhancement of Performance Measurement and Empirical Evidence on Value-Relevance. Wiesbaden: Gabler
Isaic, R., Smirna, T., Paun, C. (2019) A critical view on the mainstream theory of economic cycles. Management & Marketing -Challenges for the Knowledge Society, 14(1), 48-58
Jose, M.L., Lancaster, C., Stevens, J.L. (1996) Corporate returns and cash conversion cycles. Journal of Economics and Finance, 20(1): 33-46
Juan, G.P., Martinez-Solano, P. (2007) Effects of working capital management on SME profitability. International Journal of managerial finance, 3(2): 164-177
Kieschnick, R., Laplante, M., Moussawi, R. (2013) Working Capital Management and Shareholders' Wealth. Review of Finance, 17(5): 1827-1852
Knauer, T., Wöhrmann, A. (2013) Working capital management and firm profitability. Journal of Management Control, 24(1): 77-87
Koller, T., Goedhart, M., Wessels, D. (2015) Valuation: Measuring and Managing the Value of Companies. New York, NY: John Wiley & Sons, University Edition, 6th edn, http://elibrary.bsu.az/books_200/N_1.pdf
Lazaridis, I., Tryfonidis, D. (2006) The relationship between Working Capital Management and Profitability of Listed Companies in the Athens Stock Exchange. Journal of Financial Management and Analysis, 19 (1), 26-35, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=9 31591
Lind, L., Pirttilä, M., Viskari, S., Schupp, F., Kärri, T. (2012) Working capital management in the automotive industry: Financial value chain analysis. Journal of Purchasing and Supply Management, 18(2): 92-100
Lyngstadaas, H., Berg, T. (2016) Working capital management: Evidence from Norway. International Journal of Managerial Finance, 12(3): 295-313
Meyer, S., Lüdtke, J. (2006) Der Einfluss von Working Capital auf die Profitabilität und Kreditwürdigkeit von Unternehmen (The impact of working capital on the profitability and creditworthiness of companies). Finanz-Betrieb, 10: 609-614, https://www.econbiz.de/Record/der-einfluss-von-working-capital-auf-die-profitabilit%C3%A4t-und-kreditw%C3%BCrdigkeit-von-unternehmen-meyer-steffen/10003375399
Moodley, T., Ward, M., Muller, C. (2017) The relationship between the management of payables and the return to investors. South African Journal of Accounting Research, 31(1): 35-43
Mooi, E., Sarstedt, M. (2011) A Concise Guide to Market Research. Berlin Heidelberg: Springer
Newey, W.K., West, K.D. (1987) A Simple, Positive Semi-Definite, Heteroskedasticity and Autocorrelation Consistent Covariance Matrix. Econometrica, 55(3): 703-703
Padachi, K. (2006) Trends in Working Capital Management and its Impact on Firm's Performance: An Analysis of Mauritian Small Manufacturing Firms. 2 (2), 45-58, http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1. 1.475.2653&rep=rep1&type=pdf
Pais, M.A., Gama, P.M. (2015) Working capital management and SMEs profitability: Portuguese evidence. International Journal of Managerial Finance, 11(3): 341-358
Pauna, C. (2019) Low risk trading algorithm based on the price cyclicality function for capital markets. Management & Marketing -Challenges for the Knowledge Society, 14(1), 80-89
Popescu, G.H. (2018) Participation in the sharing economy: Labor, exchange, and consumption: An empirical analysis. Journal of Self-Governance and Management Economics, 6(1): 122-122
PricewaterhouseCoopers (2018) Working Capital Report 2018/19: Navigating uncertainty: PwC's annual global Working Capital Study. https://www.pwc.com/gx/en/working-capitalmanagement-services/assets/working-capitalopportunity-2017-2018.pdf
PricewaterhouseCoopers (2017) Working-Capital Management: Und wie steht es um Ihre Liquidität? (Working Capital Management: And what about your liquidity?). https://www.pwc.de/de/deals/working-capitalmanagement-studie-2017.pdf
Raheman, A., Nasr, M. (2007) Working capital management and profitability: Case of Pakistani firms. International Review of Business Research Papers, 3 (1), 278-300, http://www.bizresearchpapers.com/Paper%2019.pdf
Rappaport, A. (1999) Shareholder value: Ein Handbuch für Manager und Investoren (Shareholder value: A guide for managers and investors). Stuttgart: Schäffer-Poeschel Verlag
Rappaport, A. (1986) Creating Shareholder Value: The New Standard for Business Performance. New York: Free Press
Rappaport, A. (1998) Creating shareholder value: A guide for managers and investors. New York: Free Press
Rel, C. (2017) Europe Working Capital Survey. http://www.relconsultancy.com/research/2017/eu-working-capital-survey-1708
Schall, L.D., Haley, C.W. (1986) Introduction to Financial Management. New York: McGraw-Hill, 4th edn
Sharma, A.K., Kumar, S. (2011) Effect of Working Capital Management on Firm Profitability. Global Business Review, 12(1): 159-173
Shin, H., Soenen, L. (1998) Efficiency of Working Capital Management and Corporate Profitability. Financial Practice & Education, 8: 37-45, http://www.redi-bw.de/db/ebsco.php/search.ebscohost.com/login.aspx%3fdirect%3dtrue%26db%3dbth%26AN%3d1712459%26site%3dehost-live
Simons, R. (2000) Performance measurement & control systems for implementing strategy: Text & cases. Upper Saddle River, N.J: Prentice-Hall
Singh, H.P., Kumar, S. (2014) Working capital management: A literature review and research agenda. 6: 173-197, https://econpapers.repec.org/article/emeqrfmpp/v_3a6_3ay_3a2014_3ai_3a2_3ap_3a173-197.htm
Singh, H.P., Kumar, S., Colombage, S. (2017) Working capital management and firm profitability: A meta-analysis. Qualitative Research in Financial Markets, 9(1): 34-47
Singhania, M., Mehta, P. (2017) Working capital management and firms' profitability: Evidence from emerging Asian countries. South Asian Journal of Business Studies, 6(1): 80-97
Stern, J.M., Shiely, J.S. (2001) The EVA challenge: Implementing value-added change in an organization. New York: John Wiley & Sons
Subic, J., Vasiljevic, Z., Andrei, J. (2010) The impact of FDI on the European economic development in the context of diversification of capital flows. u: International Business Information Management Association, Business Transformation through Innovation and Knowledge Management: An Academic Perspective (14), Istanbul, Turkey, Proceedings, 23-24
Taghizadeh, K.V., Ghanavati, E., Akbari, K.M., Ebrati, M. (2012) Working capital management and corporate performance: Evidence from Iranian companies. Procedia -Social and Behavioral Sciences, 62: 1313-1318
Valaskova, K., Kliestik, T., Kovacova, M. (2018) Management of financial risks in Slovak enterprises using regression analysis. Oeconomia Copernicana, 9(1): 105-121
Van, der W.L., Van, A.W., Bergen, J., Lindow, P. (2006) International Cash Management: A Practical Guide to Managing Cash Flows, Liquidity, Working Capital and Short-term Financial Risks. Driebergen: Riskmatrix
Wang, Y. (2002) Liquidity management, operating performance, and corporate value: Evidence from Japan and Taiwan. Journal of Multinational Financial Management, 12(2): 159-169
Westbrook, L., Pera, A., Neguri, ă O., Grecu, I., Grecu, G. (2019) Real-Time Data-driven Technologies: Transparency and Fairness of Automated Decision-Making Processes Governed by Intricate Algorithms. Contemporary Readings in Law and Social Justice, 11(1), 45-50
Whiting, E. (1986) A Guide to Business Performance Measurements. UK: Palgrave Macmillan
Wöhrmann, A., Knauer, T., Gefken, J. (2012) Kostenmanagement in Krisenzeiten: Rentabilitätssteigerung durch Working Capital Management? (Cost management in times of crisis: Profitability increase through Working Capital Management?). Controlling & Management Review, 3: 83-88
Wooldridge, J.M. (2016) Introductory econometrics: A modern approach. Boston, MA: Cengage Learning
Young, S.D., O'Byrne, S.F. (2001) EVA® and valuebased management: A practical guide to implementation. New York NY: McGraw-Hill