Ausgehend vom Bedarf an unternehmensinternen, relativ marktunabhängigen Maßnahmen zur Stärkung der Innenfinanzierungskraft von Unternehmen, kann die angestrebte Liquiditätssicherung und Ertragsstabilisierung aus einer effizienten Steuerung der Working-Capital-beeinflussenden Prozesse hervorgehen. Der vorliegende Beitrag fokussiert dabei die definitorische Abgrenzung des Working Capital und des Working Capital Management. Außerdem werden die finanziellen Wirkungen des WCM aufgezeigt. Eine detaillierte Betrachtung der das Working-Capital-beeinflussenden Prozesse verdeutlicht die Komplexität des Prozessgefüges und die Notwendigkeit eines ganzheitlichen Ansatzes zur Working-Capital-Steuerung.

This thesis studies the relationship between efficient working capital management and firm profitability, and if the global financial crisis has affected the relationship. Previous literature has presented inconsistent results regarding the impact of working capital management on firm profitability, finding both negative and positive effects. It has also been argued that the global financial crisis has increased the attention of and possibly changed the attitude towards working capital management as a strategy in order to increase firm profitability. In the study, the cash conversion cycle is used as a measure for working capital management, and return on assets as a measure for firm profitability. The sample in this thesis consists of 1170 observations from 78 Swedish listed companies over the time-period 2003–2017. Both multiple regression analysis and an independent-sample t-test were conducted in order to examine the given relationship. The findings of this thesis indicate that firms can increase their profitability by implementing efficient working capital management. However, the global financial crisis has not brought a change in companies' working capital management.

A shift in focus from growing revenues towards managing working capital could be observed in many companies in the recession that followed the financial crisis of 2008. This thesis therefore investigates the relation between working capital management (WCM) and revenue growth by examining 36 Swedish companies within the IT & Telecom, Wholesale, and Manufacturing industries. The results show that there currently is a general gap between the perceived and actual performance regarding WCM and the effects on revenue growth. The studied companies report a belief that no trade-off between WCM and revenue growth exists. However, the actual performance in the studied industries indicates that increases in revenues often are not justifiable in proportion to the increases in net working capital (NWC). The study also shows that responsibility for WCM and implementation of WCM decisions are to a high extent assigned to a centralized organizational level. Recommendations derived from this study are that while companies need a centralized responsibility for WCM decisions, the responsibility also needs to be decentralized for successful implementation. Furthermore, the NWC development in relation to revenue growth needs to be continually monitored.

Submitted by Thiago Ferreira de Sousa (thgo_fr@hotmail.com) on 2016-12-30T09:51:45Z No. of bitstreams: 1 Dissertacao_Thiago_Sousa_Versao_Final.pdf: 765680 bytes, checksum: 79858e895c1593333e22344d410f1453 (MD5) / Rejected by Renata de Souza Nascimento (renata.souza@fgv.br), reason: Thiago, boa tarde Para que possamos aceitar seu trabalho, realizar os ajustes abaixo de acordo com as normas da ABNT: - A Ficha Catalográfica está incompleta, pois falta o código (CDU) que é encaminhado pela biblioteca através da realização do passo 1. - Retirar a acentuação do nome Getúlio. - Retirar as páginas em branco que constam até o início da Introdução. - Centralizar o título Resumo. - Alterar a numeração das páginas. Por exemplo, se a Introdução foi a página 17, incluir o número 17 e seguir até o final. Após alterações e inclusão correta da Ficha Catalográfica, submeter o arquivo novamente. Att on 2016-12-30T14:03:45Z (GMT) / Submitted by Thiago Ferreira de Sousa (thgo_fr@hotmail.com) on 2017-01-03T01:12:27Z No. of bitstreams: 1 Dissertacao_Thiago_Sousa_Versao_Final.pdf: 762317 bytes, checksum: b5fb19f1c41c3b7f36016eb81def3c3c (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2017-01-03T14:54:03Z (GMT) No. of bitstreams: 1 Dissertacao_Thiago_Sousa_Versao_Final.pdf: 762317 bytes, checksum: b5fb19f1c41c3b7f36016eb81def3c3c (MD5) / Made available in DSpace on 2017-01-03T15:01:05Z (GMT). No. of bitstreams: 1 Dissertacao_Thiago_Sousa_Versao_Final.pdf: 762317 bytes, checksum: b5fb19f1c41c3b7f36016eb81def3c3c (MD5) Previous issue date: 2016-12-08 / Literature devoted to study the working capital and profitability relation points out that the cash conversion cycle and its components are linked to companies’ results. This empirical dissertation aims to estimate this relation for Brazil, using a self-constructed database, composed mostly by closely held and privately owned companies. Following Lazaridis and Tryfonidis (2006) and Gill, Biger and Mathur (2010), and applying a fixed effect methodology, the results confirm the well documented inverse relation between operating profit rate and cash conversion cycle present in the literature. A sectoral analysis is conducted and indicates that industry, commerce and services confirm these patterns. Agriculture and energy, however, do not present significant results, which, by its turn, indicates that profitability in these sectors has a different approach when compared to the others. Futures researches should focus on understanding these differences. / A literatura que estuda a relação entre capital de giro e lucratividade aponta que o ciclo de conversão de caixa de uma companhia, bem como seus componentes, pode influenciar o resultado da empresa. Esta dissertação é um trabalho empírico que tem por propósito, contribuir para com o tema estimando a relação entre capital de giro e resultado operacional, utilizando uma base de dados para o Brasil, composta majoritariamente por empresas de capital fechado. Seguindo o modelo proposto por Lazaridis e Tryfonidis (2006), posteriormente replicado por Gill, Biger e Mathur (2010), e aplicando uma metodologia de efeitos fixos, encontram-se evidências de relações inversamente proporcionais entre a lucratividade, medida pela taxa de lucro operacional, o ciclo de conversão de caixa, dias de pagamento, recebimento e estoques. Esses resultados estão em linha com diversos trabalhos sobre o tema. A seguir, a relação de interesse é analisada para cinco setores da economia. Indústria, comércio e serviços apresentam os sinais esperados, mas agropecuária e energia não apresentam relação significativa, sugerindo que a lucratividade nesses setores possui determinação distinta dos demais. Futuras pesquisas devem tentar entender essas diferenças.

Made available in DSpace on 2016-03-15T19:26:50Z (GMT). No. of bitstreams: 1 Nathalie Vicente Nakamura Palombini.pdf: 1328550 bytes, checksum: a85053b6ec3e243462820ad8c4e3fc59 (MD5) Previous issue date: 2010-02-10 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / Working capital management is a relevant subject for financial managers who invest a significant amount of time and effort seeking an ideal balance level of its components, in order to create value for the company (Lamberson, 1995; Appuhami, 2008; Martin e Morgan in Kim e Srinivasan, 1991). Companies are able to reduce financing costs and/or increase the available funds for investments by optimizing current assets and liabilities. To reach the optimum level decision, there are a number of complex tradeoffs that have to be considered, such as risk and return, liquidity and profitability, turning daily business questions into challenging decisions for firm s managers. Inadequate decisions over working capital components may lead to insolvency; while overinvestment decisions implies in zero or negative net present value. Although is crucial for the financial strategy of the organization, working capital management is a subject under explored by the academic literature. Current research results did not converge to a common sense about the influence of working capital management efficiency over the profitability. In the same way, there are few available studies about the determinants of working capital management. The proposal of this present study is to explore management working capital regarding two approaches: its impact on firm s profitability and its determinants. The results of the first research problem showed that the working capital management, measured by cash conversion cycle, affects negatively the gross and operational profitability, suggesting that companies can increase profitability by reducing the level of working capital. The analysis of the second research problem results showed the debt level, size and growth rate as determinants of working capital management. The negative relation with debt level is consistent with the Pecking Order Theory, suggesting that leveraged companies aim to work with low level of current assets, to avoid issuing new debt securities and equity securities. The variable free cash flow also showed a negative and significant relation with working capital management, indicating that companies with higher profitability before depreciation and after taxes, interests and dividends present lower volume of working capital. / A gestão do capital de giro é um assunto de grande relevância para os gestores financeiros que devotam grande parte de seu tempo e esforço para buscar um nível ótimo entre seus componentes, de modo a contribuir para a maximização do valor da empresa (Lamberson, 1995; Appuhami, 2008; Martin e Morgan in Kim e Srinivasan, 1991). As empresas são capazes de reduzir seus custos financeiros e/ou aumentar seus fundos disponíveis para investimentos por meio da otimização de seus ativos e passivos circulantes. A decisão do nível ótimo de capital de giro envolve um equilíbrio complexo entre risco e retorno, entre liquidez e rentabilidade, constituindo um desafio diário para os gestores das empresas. Decisões inadequadas de capital de giro podem levar a empresa à insolvência, enquanto que um investimento excessivo nos ativos circulantes implica em fundos que não geram valor ao acionista. Apesar disso, o tema ainda é pouco explorado pela literatura acadêmica. Os resultados dos estudos existentes não convergem em um consenso sobre a influência da eficiência da gestão do capital de giro na melhoria da lucratividade. Da mesma forma, pouco se sabe sobre os fatores que influenciam a gestão corporativa do capital de giro. O presente estudo busca explorar a gestão do capital de giro sob duas abordagens: seu impacto sobre a rentabilidade da empresas e seus determinantes. Os resultados do primeiro problema de pesquisa indicaram que a gestão do capital de giro, medida pelo ciclo de conversão de caixa, afeta a rentabilidade bruta e operacional da empresa de forma negativa, sugerindo que as empresas podem aumentar sua rentabilidade, trabalhando com níveis mais reduzidos de capital de giro. A análise dos resultados do segundo problema de pesquisa indicou o nível de endividamento, o tamanho e o crescimento da empresa como fatores determinantes na gestão do capital de giro. A relação negativa com endividamento corrobora com a Pecking Order Theory, que defende que empresas endividadas buscam trabalhar com níveis reduzidos de ativos circulantes para evitar novas emissões de títulos de dívidas e ações. A variável fluxo de caixa livre também apresentou relação negativa e significante com a gestão de capital de giro, sugerindo que empresas que apresentam maior rentabilidade antes da depreciação e após pagamento de impostos, juros e dividendos apresentam níveis menores de capital de giro.

Mindre företag är nödvändiga för ett land, och att förstå varför och hur de växer, samt hur de kan skapa ekonomiskt värde, är därför av stor vikt. Vi syftar till att kunna bidra med insikter inom två ämnen, tillväxt samt värdeskapande, genom att studera några av de snabbast växande bolagen i Sverige. Tillväxt mäts som omsättningstillväxt, och värdeskapande mäts enligt Economic Value Added (EVA), i studien. Genom att genomföra både multivariat samt bivariat regressionsanalys undersöker vi både relationen mellan hög tillväxt och värdeskapande, samt relationen mellan olika finansiella faktorer - hantering av rörelsekapital, lönsamhet, kapitalstruktur - och EVA. Analysen visar att hög tillväxt i sig inte kommer att skapa ekonomiskt värde, och drar slutsatsen att vägen till värdeskapande snarare är genom en välbalanserad strategi mellan tillväxt och finansiell stabilitet. Vi presenterar praktiska implikationer för företagsledare, investerare, samt statliga tillsynsmyndigheter kring ett ämne som historiskt sett har mottagit begränsad uppmärksamhet. / Small businesses are vital for a country, and understanding why and how they grow, as well as what creates economic value in this sector of the economy, is therefore important. We set out to provide insights into the two subjects, growth and value creation, by looking at some of the fastest-growing companies in Sweden. Growth, in this study, is measured as sales growth, and value creation is measured as Economic Value Added. Using multivariate and bivariate regression models we examine both the relationship between high growth and value creation, and the relationship between different financial variables - such as working capital management, profitability, and capital structure - and EVA. Our analysis shows that high growth in and of itself will not create economic value, and conclude that the road to value creation is rather through a well-balanced approach between growth and financial stability. We present practical implications for business leaders, investors, and state regulators alike on a topic that has received little or no attention before.

Ausgehend vom Bedarf an unternehmensinternen, relativ marktunabhängigen Maßnahmen zur Stärkung der Innenfinanzierungskraft von Unternehmen, kann die angestrebte Liquiditätssicherung und Ertragsstabilisierung aus einer effizienten Steuerung der Working-Capital-beeinflussenden Prozesse hervorgehen. Der vorliegende Beitrag fokussiert dabei die definitorische Abgrenzung des Working Capital und des Working Capital Management. Außerdem werden die finanziellen Wirkungen des WCM aufgezeigt. Eine detaillierte Betrachtung der das Working-Capital-beeinflussenden Prozesse verdeutlicht die Komplexität des Prozessgefüges und die Notwendigkeit eines ganzheitlichen Ansatzes zur Working-Capital-Steuerung.

Abstract Master Thesis in Business Finance, School of Economics, Linnaeus University Authors: Adis Cikotic and Eric Hörnell Supervisor: Magnus Willesson Examiner: Andreas Jansson   Title: "Liquidity is not a matter of life and death, it is more important than that"   Background: One of the biggest concerns for Swedish small and medium businesses is their lack of capital, which might lead to lower profitability. A significant reason behind this is said to be the buyer's long payment terms contrary to the supplier's payment terms for their own expenses, which increases the risk of an imbalance between the inflows and outflows of money. This situation occurs due to, for example, power relations and institutional factors, which might affect a firm's Cash Conversion Cycle and furthermore the firm's profitability.    Purpose: The primary purpose of the thesis is to examine whether the length of a firm's Cash Conversion Cycle has an impact on the profitability of Swedish SMEs. Moreover, the purpose is to determine if the presence of Buyers Power affects a firm's profitability.    Method: The thesis has a deductive research approach where the theories applied, Cash Conversion Cycle and Buyers Power, lead to the formulated hypotheses. The quantitative research methodology is based on a data set of approximately 38 000 Swedish SME's between the years 2015-2018.    Conclusions: It could be seen that there is a concave relationship between firm's Cash Conversion Cycle and a firm's profitability for Swedish SMEs. The interpretation is therefore that both too short and too long Cash Conversion Cycle is not optimal, and the optimal length of the Cash Conversion Cycle is 36 days for Swedish SMEs. Moreover, the result showed that a presence of Buyers Power has a positive relationship with profitability, meaning that a larger ratio between a firm's accounts receivables and accounts payables increases the firm's profitability.

The relevance of the research topic is that the main task of any enterprise is to make a profit, which is why the financiers and the management of the organization sooner or later face the question of maintaining the company's working capital at a balanced level. The purpose of this work is to study the theoretical aspects of working capital management, analysis of the structure of working capital of the company UralTeploEnergoMontazh, identifying problems and developing measures to maintain the optimal amount of working capital in the organization. This paper explores the nature, structure and methods of working capital management., Analyzes the working capital management policy at the company UralTeploEnergoMontazh, identifies problems of working capital management in order to strengthen the financial position of the company UralTeploEnergoMontazh. / Актуальность темы исследования заключается в том, что основная задача любого предприятия это получение прибыли, именно поэтому перед финансистами и руководством организации рано или поздно встает вопрос о поддержании оборотного капитала компании на сбалансированном уровне. Целью данной работы является исследование теоретических аспектов управления оборотным капиталом, анализ структуры оборотного капитала предприятия ООО «УралТеплоЭнергоМонтаж», выявление проблем и разработка мероприятий по поддержанию оптимального размера оборотного капитала в организации. В данной работе исследованы сущность, структуру и методы управления оборотным капиталом., проанализирована политика управления оборотным капиталом на предприятии ООО «УралТеплоЭнергоМонтаж», выявлены проблемы управления оборотным капиталом с целью укрепления финансового положения предпринятия ООО «УралТеплоЭнергоМонтаж».

Выпускная квалификационная работа (магистерская диссертация) посвящена исследованию политики управления оборотным капиталом на предприятии в целях укрепления его финансового положения. Предметом исследования выступают экономические отношения, складывающиеся на предприятии в процессе управления оборотным капиталом. Основной целью магистерской диссертации является исследование теоретических аспектов управления оборотным капиталом, анализ структуры оборотного капитала предприятия ООО «Концепт45» и на этой основе выявление проблем и разработка мероприятий, направленных непосредственно на их решение. В заключении обозначены рекомендации по совершенствованию политики управления оборотным капиталом для объекта исследования. / The final qualifying work (master's thesis) is devoted to the study of the working capital management policy at the enterprise in order to strengthen its financial position. The subject of the research is the economic relations that develop at the enterprise in the process of working capital management. The main goal of the master's thesis is to study the theoretical aspects of working capital management, analyze the structure of the working capital of the company "Concept45" and, on this basis, identify problems and develop measures aimed directly at solving them. In the conclusion, recommendations are outlined for improving the working capital management policy for the research object.