Working capital management in SMEs

Sonia Baños‐Caballero · Pedro J. García‐Teruel · Pedro Martínez Solano

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Working Capital and Financial Performance Corporate Finance and Governance Supply Chain and Inventory Management

Abstract

Abstract This paper analyses the determinants of Cash Conversion Cycle (CCC) for small‐ and medium‐sized firms. It has been found that these firms have a target CCC length to which they attempt to converge, and that they try to adjust to their target quickly. The results also show that it is longer for older firms and companies with greater cash flows. In contrast, firms with more growth opportunities, and firms with higher leverage, investment in fixed assets and return on assets have a more aggressive working capital policy.

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References

1998Initial conditions and moment restrictions in dynamic panel data models 1995Initial conditions and moment restrictions in dynamic panel data models 1958The Cost of Capital, Corporation Finance and the Theory of Investment 1977Determinants of corporate borrowing 2008The cost of capital, corporation finance and the theory of investment 1984The Capital Structure Puzzle 1998The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle 1995The Effect of Credit Market Competition on Lending Relationships

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2013The relative importance of working capital management and its components to SMEs' profitability 2014The impact of cash conversion cycle on firm profitability 2016Working capital level influence on SME profitability 2011Trade credit and company performance during the 2008 financial crisis 2016Working capital management: evidence from Norway 2017

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