Determinants of working capital management

  1. Baños-Caballero, Sonia
  2. García Teruel, Pedro Juan
  3. Martínez Solano, Pedro
Llibre:
Administrando en entornos inciertos = managing in uncertain environment
  1. Cossío Silva, F. J. (coord.)

Editorial: Escuela Superior de Gestión Comercial y Marketing, ESIC

ISBN: 978-84-7356-609-4

Any de publicació: 2009

Congrés: Asociación Europea de Dirección y Economía de Empresa. Congreso Nacional (23. 2009. Sevilla)

Tipus: Aportació congrés

DIALNET GOOGLE SCHOLAR lock_openIdus editor

Resum

This paper analyzes the determinants of working capital management (WCM) for a sample of Spanish firms during the period 1997-2004. We find that firms have a target investment in working capital and that they take decisions in order to achieve this. The results appear to support the hypothesis that the working capital competes with investment in fixed assets for the funds of the firms when they have financial constraints. Finally, we also find that WCM depends on bargaining power and other financial factors such as the availability of internal finance, cost of financing and financial constraints.

Fuente de los datos: Dialnet