Cash conversion cycle and corporate performance: Global evidence

被引：57

作者：

Chang, Chong-Chuo ^{[1
]}

机构：

[1] Natl Chi Nan Univ, Dept Banking & Finance, 1 Univ Rd, Puli Township 545, Nantou County, Taiwan

来源：

INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2018年 / 56卷

关键词：

Global market; Cash conversion cycle; Liquidity management; Corporate performance; WORKING CAPITAL MANAGEMENT; FIRM PERFORMANCE; TRADE CREDIT; PANEL-DATA; FINANCIAL CONSTRAINTS; OPERATING PERFORMANCE; EMPIRICAL-ANALYSIS; STOCK RETURNS; INVESTMENT; DEBT;

D O I：

10.1016/j.iref.2017.12.014

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Previous studies have seldom explored issues regarding liquidity management; hence, we conduct a global empirical analysis of the relationship between the cash conversion cycle (CCC) and corporate performance by adopting enterprises from different countries as samples. We observe a negative relationship between the CCC and firm's profitability and value, supporting that an aggressive working capital policy can enhance corporate performance; however, this effect re duces or reverses when firms exist at the lower CCC level. Results remain identical after considering endogenous problems, changes in macroeconomic environments, economic development status, financial crises, corporate governance, and financial constraints.

引用

页码：568 / 581

页数：14

共 74 条

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