Net operating working capital and firm value: A cross-country analysis

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

43 citations0/0 files storedBRQ Business Research Quarterly

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Working Capital and Financial Performance Corporate Finance and Governance Financial Analysis and Corporate Governance

Abstract

Here we use a sample of firms from 30 countries during the period 1995–2013 to examine the relationship between net operating working capital (NWC) and firm value. Specifically, we show that the value of NWC varies across countries and that it depends on both investor protection and a country's financial and economic development. Our findings imply that shareholders value NWC more in countries with strong enforcement of investor rights, and greater financial and economic development.

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1998Law and Finance 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1973Risk, Return, and Equilibrium: Empirical Tests 2008Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches 1997Legal Determinants of External Finance 2000Investor protection and corporate governance 2002Investor Protection and Corporate Valuation 1999The determinants and implications of corporate cash holdings

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