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.

This thesis examines the relationship between working capital efficiency and firm profitability, and how this relationship is affected by economic fluctuations. In the existing literature, the relationship between working capital efficiency and firm profitability has been extensively researched. However, the impact of economic fluctuations on the relationship between working capital efficiency and firm profitability is sparsely researched. To the best of our knowledge, only Enqvist, Graham and Nikkinen (2014) have addressed the impact ofeconomic fluctuations on the relationship between working capital efficiency and firm profitability. This thesis is a replication of their study in another geographical setting, another time period and studying different types of firms. Using a sample of 2,589 firm-year observations of listed Swedish firms for the years 2000-2015, this thesis conducts multiple regression analysis to examine the relationship between working capital efficiency and firm profitability. The findings of this thesis propose that firms can enhance profitability by improving their working capital efficiency. However, the relationship between working capital efficiency and firm profitability does not appear to be significantly affected by economic fluctuations. This thesis contributes to the existing literature by further strengthening the understanding of the relationship between working capital efficiency and firm profitability. In addition, it also adds to the existing literature on the relationship between working capital efficiency and firm profitability in a Swedish context.

Bakgrund och problem: Det är viktigt att företag tillämpar korrekt intäktsredovisning genom efterföljande avgrundläggande regler och principer enligtgod redovisningssed. Vårdsektorn är utpekad gällande indikationer på bristfällig intäktsredovisning och beskattning där bland annat Skatteverket har granskat företag inom vårdbranschen. Syfte: Studiens syfte är att undersöka om det finns indikationer på felaktig intäktsredovisning inom vårdsektorn. Avgränsningar: Studien avgränsas till att studera samtliga 42 börsbolag inom vårdsektorn på Nasdaq OMX STO, även kallad Stockholmsbörsen, under åren 2008 till 2015. Teori och tidigare forskning: Denna studie har utgångspunkt i Bengtssons forskning. Vidare behandlas intäktsredovisningsom kopplas till periodiserad redovisning. Därefter beaktas forskning och utveckling samt dess utgifter. Ytterligare teorier som behandlas är kassaflödesanalys som kopplas till kassagenerering. Avsnittet beaktar även vinstmanipulering med fokus på Big Bath. Metod: Studien är kvantitativ där beräkningar genomförs utifrån ett flertal årsredovisningar under en åttaårsperiod, longitudinell design. Utformningen i studien är deduktiv där utgångspunkten ärteorier och tidigare forskning. Studiens bortfall innefattar elva företag. Empiri och analys: Empiripresenteras gemensamt med analys där det även ges kort presentation av studiens respektive företag. Analysensfrämsta fokus är på 2015 års kvot. Slutsats: Av studiens 31 undersökta företag inom vårdsektorn på Stockholmsbörsen uppfyller 18 företag Bengtssons teori gällande att kvoten bör förbättras och närma sig kvotvärdet 1 under en längre tidsperiod.De resterande 13 företagen uppfyller däremot inte Bengtssons teori, vilket indikerar på felaktig och subjektiv intäktsredovisning och därmed är fortsatt granskningaktuellav dessa företag. Förslag till vidare forskning: Förslag till vidare forskning är att studera företag under dess hela livstid för att undersöka hur kvoten förhåller sig till 1 samt bakomliggande orsaker, alternativt studera en annan sektor där det finns indikationer på felaktig intäktsredovisning. / Background and problems: It is important that companies apply correct revenue recognition by following the basic rules and principles by Generally Accepted Accounting Principles. The healthcare sector is alleged by regarding indications of inadequate revenue recognition and taxationamong which the Swedish Tax Agency has examined companies in the healthcare industry. Purpose: The purpose of the study is to investigate whether there are indications of incorrect revenue recognition in the healthcare sector. Demarcation: The study is limited to studying all 42 listed companies in the healthcare sector of Nasdaq OMX STO between 2008 and 2015. Theory and previous research: This study is based on Bengtsson's research. Furthermore, revenue recognition is associated with accrued accounting. Subsequentlyresearch and development are taken into consideration as well as their expenses. Further theories that is treated are cash flow analysis that is linked to cash generation. This section also considering earnings management focusing on Big Bath. Method: It is aquantitativestudyand calculations are carried out on the basis of several annual reports for an eight-year period, longitudinal design. The study is designed in a deductive way where the outset is theories and previous research. The disappearance of the study includes eleven companies. Empirical and analysis: Empirical is presented in common with analysis, where there also is a short presentation of each company. The analysis main focus is on the 2015 yearsquota. Conclusion: Of the study's 31 surveyed companies in the healthcare sector on the Stockholm Stock Exchange, 18 companies follows Bengtsson's theory that the quota should be improved and approachthe quota value1 over a longer period. The remaining13 companies does not follow Bengtsson's theory, which indicatesincorrect and subjective revenue recognition and accordingly needs a further inspection. Proposals for further research: Proposals for further research are to study companies throughout their lifetime to investigate how the quota relates to 1 as well as underlying causes, alternatively study another sector where there are indications of incorrect revenue recognition.

The aim of this thesis is to analyze the management of working capital in Krnovske opravny a strojirny s.r.o. and to find possible ways to improve and streamline its management. Through the analysis of individual component of working capital, evaluation of processes affecting the cash conversion cycle, analysis of working capital as a whole and via comparison with its five biggest competitors, it was suggested to take appropriate measures and that would enable the company to manage working capital more effectively going forward, realize savings and subsequently increase its value.

The thesis deals with the management of the solvency in the company MFC-MORFICO s. r. o. are Found through the analysis of individual components of working capital weak spots to improve and streamline its management, attention is paid to the evaluation of the processes intervening in obratového cycle of money, analysis of working capital as a whole and compared with the two largest competitors of the company in the field was designed, appropriate measures and recommendations which should in the future bring higher efficiency in working capital management, the subsequent savings and increase the value of the company.

Abstract in Xhosa and English / This study aimed to examine the relationship between working capital management and the financial performance of listed food and beverage companies in South Africa. Despite the existing literature on this relationship, no notable studies have investigated it in this particular industrial sector. Various data from a sample of 12 food and beverage companies listed on the JSE during the period 2007 to 2016 were collected from iress McGregor databases. Econometric regression analysis was then conducted on the data to determine the magnitude of relationships between working capital components and the financial performance of these companies. The researcher found that adopting an aggressive working capital management strategy assists in creating shareholder wealth through improved financial performance of the firm. To sum up, the shorter the cash conversion cycle, the more profitable the firm will be. / Injongo yesi sifundo kukuphonononga unxulumano phakathi kolawulo lwemali etyalelwa ukusebenza (inkunzi) nentsebenzo yemali (inzala) eyenziwa ziinkampani ezibhalisiweyo zokutya neziselo eMzantsi Afrika. Nangona kukhona okubhaliweyo malunga nolu nxulumano, akukho sifundo sigqamileyo ngeli candelo lorhwebo. Kukho iinkcukacha ezaqokelelwa kwiinkampani ezikhethiweyo ezili-12 nezibhaliswe kwiJSE. Ezi nkcukacha zazikwingqokelela egciniweyo eyaziwa ngokuba yi ‘iress McGregor databases’. Kuye kwenziwa uhlalutyo ngokuthelekisa inzala eqhele ukwenziwa naleyo kuqikelelwa ukuba iza kwenziwa kwezi nkcukacha zikaMcGregor. Oku bekusenzelwa ukubona ubungakanani bonxulumano phakathi kwenkunzi nenzala eyenziwa zezi nkampani. Umphandi ufumanise ukuba ukwakha icebo lolawulo olungqongqo lwenkunzi kuyanceda ekudaleni ubutyebi babanini zabelo ngokuphucula inzala eyenziwa liqumrhu lorhwebo. Elokuqukumbela lithi, ngokufutshanisa ivili lokuguqula imali, iya kuba ngaphezulu inzala yequmrhu lorhwebo. / Business Management / M. Com. (Business Management)

Submitted by Gustavo Alexandre Gomes Bernardes (gustavoagbernardes@gmail.com) on 2018-09-04T03:36:37Z No. of bitstreams: 1 Gustavo Bernardes - v6.pdf: 1006151 bytes, checksum: d6813b870325b41f7e39b7ffffa4aa3e (MD5) / Rejected by Joana Martorini (joana.martorini@fgv.br), reason: Seu trabalho necessita de ajustes. por gentileza entrar em contato 3799-7892 Joana on 2018-09-04T15:01:40Z (GMT) / Submitted by Gustavo Alexandre Gomes Bernardes (gustavoagbernardes@gmail.com) on 2018-09-05T03:19:02Z No. of bitstreams: 1 Gustavo Bernardes - v6.1.pdf: 1027352 bytes, checksum: 36911eefcc4525b7f4834b58c82f7a61 (MD5) / Rejected by Joana Martorini (joana.martorini@fgv.br), reason: Prezado Gustavo, bom dia. Para aprovação de seu trabalho postado, deverá ajustar os seguinte: O nome da escola deverá estar em português " ESCOLA DE ECONOMIA DE SÃO PAULO" (capa, segunda pagina e folha de assinaturas) Falta o resumo em português antes do ABSTRAT. após a realização dos ajustes deverá postar novamente. Att, Joana Alves on 2018-09-05T14:12:26Z (GMT) / Submitted by Gustavo Alexandre Gomes Bernardes (gustavoagbernardes@gmail.com) on 2018-09-06T03:18:49Z No. of bitstreams: 1 Gustavo Bernardes - v6.2 06 09 18.pdf: 1031299 bytes, checksum: 86ddb9003b1b1b681ce2ba83ea0b82c4 (MD5) / Approved for entry into archive by Joana Martorini (joana.martorini@fgv.br) on 2018-09-06T14:12:34Z (GMT) No. of bitstreams: 1 Gustavo Bernardes - v6.2 06 09 18.pdf: 1031299 bytes, checksum: 86ddb9003b1b1b681ce2ba83ea0b82c4 (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-09-06T14:40:45Z (GMT) No. of bitstreams: 1 Gustavo Bernardes - v6.2 06 09 18.pdf: 1031299 bytes, checksum: 86ddb9003b1b1b681ce2ba83ea0b82c4 (MD5) / Made available in DSpace on 2018-09-06T14:40:45Z (GMT). No. of bitstreams: 1 Gustavo Bernardes - v6.2 06 09 18.pdf: 1031299 bytes, checksum: 86ddb9003b1b1b681ce2ba83ea0b82c4 (MD5) Previous issue date: 2018-07-10 / The main goal of this study was to evaluate to what extent working capital management - mesasured through the Cash Conversion Cycle - is related to a higher profitability and to a higher creation of value for the shareholders - measured through the Tobin’s Q. The central hypoteshis are that (1) firms' with lower Cash Conversion Cycle present higher profitability and (2) companies with lower Cash Conversion Cycle show higher value generation for shareholders. This study used a database extracted from Economática, with financial details from 46 different companies listed within the INDX (BM&FBOVESPA Industrials Index as of April 18th 2018), which represents the most representative traded stocks among industrial companies in Brazil. The regressions shown herein were built using the Panel Dataset Methodology, estimated on a quarterly basis from the period between 1986 to 2017, totaling 31 years. Regression analysis were made in order to assess the relation between variables, using both Multiple OLS (Ordinary Least Square) and Fixed Effects models. The results show strong evidences that industrial companies in Brazil that have a lower cash conversion cycle also present (1) higher profitability and (2) higher creation of value for its shareholders. Breaking down the Cash Conversion Cycle into its components (Days Sales Outstanding, Days Payables Outstanding, Days Inventory Outstanding), the study found negative and significant relation between profitability and generation of value with the Days Inventory Outstanding, suggesting that companies with lower average inventory days presents higher profitability and generates more value to shareholders. The results showed a positive and significant relation between the Days Payables Outstanding with both the Gross Operating Profit and Tobin’s Q, indicating that companies that have more extended payment terms present higher profitability and higher generation of value for the shareholders. The research also found a statistically significant negative relationship between the Days Sales Outstanding and the and the Tobin’s Q, suggesting that firms with lower average collection period shows higher creation of value. The study did not find a statistically significant relation between the DSO and the GPO.According to the research, from the three components of the cash conversion cycle, the Days Payables Oustanding was the one with the higher relation with both profitability and creation of value, followed by the Days Inventory Outstanding and Days Sales Outstanding. / O principal objetivo deste estudo foi avaliar em que medida a gestão do capital de giro - representada pelo índice Ciclo de Conversão de Caixa - está relacionada a uma maior lucratividade e uma melhor percepção de valor pelos acionistas e pelo mercado - medido pelo Q de Tobin. As hipóteses centrais são: (1) as empresas com menor Ciclo de Conversão de Caixa apresentam maior lucratividade e (2) as empresas com menor Ciclo de Conversão de Caixa apresentam maior geração e percepção de valor para os acionistas. Este estudo utilizou um banco de dados extraído do sistema Economática, com dados financeiros de 46 empresas listadas no Índice INDX (Índice do Setor Industrial da BM&FBOVESPA com data base de 18 de abril de 2018), que representam as ações mais representativas entre as empresas industriais no Brasil. As regressões aqui apresentadas foram construídas utilizando o método de dados em painel, cujos dados foram extraídos em uma base entre o período de 1986 a 2017, totalizando 31 anos. Análises de regressão foram feitas para estimar a relação entre as variáveis, usando os modelos de Mínimos Quadrados Ordinários (MQO) e Efeitos Fixos. Os resultados mostram fortes evidências de que as empresas industriais no Brasil que possuem um ciclo de conversão de caixa mais curto também apresentam (1) maior lucratividade e (2) maior criação e percepção de valor para seus acionistas. Através da quebra do Ciclo de Conversão de Caixa em seus componentes (Prazo Médio de Estocagem, Prazo Médio de Pagamento e Prazo Médio de Recebimento), o estudo encontrou relação negativa e significante entre lucratividade e geração de valor com o Prazo Médio de Estocagem, sugerindo que empresas com menor média de dias de estoque apresentam maior rentabilidade e geram maior percepção de valor para os acionistas. Os resultados também mostram uma relação positiva e significante entre o Prazo Médio de Pagamento tanto com o Lucro Operacional Bruto quanto com o Q de Tobin, indicando que as empresas que possuem prazos de pagamento mais alongados apresentam maior rentabilidade e maior geração e percepção de valor para os acionistas. A pesquisa também encontrou uma relação negativa estatisticamente significante entre o Prazo Médio de Recebimento e o Q de Tobin, sugerindo que as empresas com menor período médio de recebimento apresentam maior percepção de valor. O estudo não encontrou uma relação estatisticamente significante entre o Prazo Médio de Recebimento e o Lucro Bruto Operacional. De acordo com a pesquisa, dos três componentes do ciclo de conversão de caixa, o Prazo Médio de Pagamento apresentou a maior relação com rentabilidade e com a percepção e criação de valor, seguido pelo Prazo Médio de Estocagem e Prazo Médio de Recebimento.

Submitted by Francisco Soares Bianchi (francisco.bianchi@gmail.com) on 2018-10-31T14:47:03Z No. of bitstreams: 1 WCLOF_ TA_MPGC_Francisco Soares Bianchi_20181025_com_ficha_catalografica.pdf: 1012788 bytes, checksum: c60e0c9c6bf13a1fb94f02363d455009 (MD5) / Rejected by Simone de Andrade Lopes Pires (simone.lopes@fgv.br), reason: Prezado Francisco, Recebemos seu trabalho na biblioteca digital, mas será necessário efetuar alguns ajustes que encaminharei por e-mail. Por favor, faça as alterações e submeta novamente o trabalho na biblioteca digital. Atenciosamente Simone on 2018-10-31T20:39:06Z (GMT) / Submitted by Francisco Soares Bianchi (francisco.bianchi@gmail.com) on 2018-11-02T18:41:33Z No. of bitstreams: 1 WCLOF_ TA_MPGC_Francisco Soares Bianchi_20181025_com_ficha_catalografica.pdf: 1018750 bytes, checksum: ad80fbb76fea674ff9d1f1a5132bbe5d (MD5) / Rejected by Simone de Andrade Lopes Pires (simone.lopes@fgv.br), reason: Boa Tarde Francisco, Ainda há duas alterações necessárias: 1º Traduzir a palavra Data da aprovação. 2º Resumo precisa estar em folha separada. Por favor, faça as alterações e submeta o trabalho novamente na biblioteca digital. Atenciosamente, Simone on 2018-11-05T16:26:13Z (GMT) / Submitted by Francisco Soares Bianchi (francisco.bianchi@gmail.com) on 2018-11-05T20:09:39Z No. of bitstreams: 1 WCLOF_ TA_MPGC_Francisco Soares Bianchi_20181025_com_ficha_catalografica.pdf: 1017500 bytes, checksum: 3467f9f9a3cf66b21bc9868994b203d3 (MD5) / Approved for entry into archive by Simone de Andrade Lopes Pires (simone.lopes@fgv.br) on 2018-11-06T16:29:45Z (GMT) No. of bitstreams: 1 WCLOF_ TA_MPGC_Francisco Soares Bianchi_20181025_com_ficha_catalografica.pdf: 1017500 bytes, checksum: 3467f9f9a3cf66b21bc9868994b203d3 (MD5) / Approved for entry into archive by Isabele Garcia (isabele.garcia@fgv.br) on 2018-11-07T12:09:18Z (GMT) No. of bitstreams: 1 WCLOF_ TA_MPGC_Francisco Soares Bianchi_20181025_com_ficha_catalografica.pdf: 1017500 bytes, checksum: 3467f9f9a3cf66b21bc9868994b203d3 (MD5) / Made available in DSpace on 2018-11-07T12:09:18Z (GMT). No. of bitstreams: 1 WCLOF_ TA_MPGC_Francisco Soares Bianchi_20181025_com_ficha_catalografica.pdf: 1017500 bytes, checksum: 3467f9f9a3cf66b21bc9868994b203d3 (MD5) Previous issue date: 2018-09-25 / Purpose: To provide propositions regarding how juxtaposing two well-known and established theories might impact the way firms venture when entering into new international markets. Design/Methodology/Approach: Building on exploratory and inductive research and on multiple cases and on work in related disciplines and on 18 field interviews with managers and C-level executives in diverse functions and organizations. Findings: Provide empirical support from interviews on the case studies to corroborate with the three propositions and compare amongst the observed practices what could be done differently to mitigate WCLOF (Working Capital Liability of Foreignness). The first proposition is presented regarding how the Liability of Foreignness (LOF) plays a role when international firms are managing their Working Capital (WC) of a subunit in a host market, using six qualitative case studies from three international players and three local competitors; the second proposition is related to if firms overcome LOF over time when, using the same three international players in qualitative case studies to observe how they have been evolving is the new host market regarding their WC improvement and; the third proposition is whether the international players might carry an advantage when establishing a subunit in a new host market, considering again the same three international players in qualitative case studies. Research Limitations: Further research is necessary into different markets other than Brazil and / or different industries other than the apparel / fashion retailing. Broader survey, with statistical generalization, might validate the propositions presented. Practical Implications: The propositions could serve as a managerial tool for identifying WCLOF, thus also for assisting to overcome it. Originality/value: given the novelty in bringing these two existing theories juxtaposed in academic literature, it demanded inductive research to assist uniqueness findings. / Propósito: Prover proposições a respeito de como duas conhecidas and estabelecidas teorias justapostas poodem impactar as firmas ao entrar em novos mercados internacionais. Design / Metodologia / Abordagem: a partir de pesquisa exploratória e indutiva e em casos múltiplos, em temas relacionados e em 18 entrevistas de campo com gestores e executivos em diversas funções e organizações. Resultados: prover base empírica a partir de entrevistas sobre os estudos de caso para corroborar com as três proposições e comparar, entre as práticas observadas, o que poderia ser feito de forma diferente para mitigar o WCLOF (Working Capital Liability of Foreignness). A primeira proposição é sobre o papel que Liability of Foreignness (LOF) desempenha quando as firmas internacionais gerenciam seu Capital de Giro (WC) de uma subunidade em um mercado estrangeiro, a com base em seis estudos de caso qualitativos de três competidores internacionais e três pares locais; a segunda proposição é a se as empresas superam o LOF ao longo do tempo, com base nos mesmos pares internacionais em estudos de caso qualitativos para observar como eles, no novo mercado estrangeito em relação ao aprimoramento de seus WC; a terceira proposição é se as firmas internacionais podem trazer uma vantagem ao estabelecer uma subunidade em um novo mercado estrangeiro, considerando novamente as mesmos três firmas internacionais em estudos de casos qualitativos Limitações de pesquisa: Pesquisas adicionais são necessárias em diferentes mercados, exceto no Brasil e / ou em diferentes indústrias, além do varejo de vestuário / moda. Um levantamento mais amplo, com testes estatísticos, pode validar as proposições apresentadas. Implicações Práticas: As proposições poderiam servir como uma ferramenta gerencial para identificar o WCLOF, assim também para ajudar a superá-lo. Originalidade / valor: dada o ineditismo em avaliar essas duas teorias existentes justapostas na literatura acadêmica, foram requeridas pesquisas indutivas para auxiliar a novidade das descobertas.

The theoretical and practical importance of working capital management (Sharma & Kumar, 2011) and its strong link with the firm’s financial stability (Wang et al., 2020, p. 2; Kamel 2015, p. 35) make it one of the most important functional areas of corporate finance. Although literature and the corporate world recognize corporate sustainability mainly through corporate social responsibility (CSR), ESG emerged in the recent past and quickly made its strong footfall as an indicator of corporate sustainability. Literature is evident that studies have mainly focused on studying both working capital management (WCM) and corporate sustainability in relation to firm financial performance (FFP), while scant research has assessed the relationship between WCM and corporate sustainability (Barros et al., 2022, p. 1). The primary purpose of this study is to examine the relationship between corporate sustainability and WCM in the Swedish market to fill this gap in the literature and contribute to the existing body of knowledge on the subject matter through its findings, especially with reference to the use of ESG rating scores.  The relationship was examined through the quantitative approach. Sample data was comprised of 418 firm-year observations retrieved from Refinitiv Eikon on 38 firms listed on Nasdaq Stockholm between 2010-2020. ESG rating scores were used to measure corporate sustainability, while two proxy measures; cash conversion cycle (CCC) and working capital requirements (WCR) were for WCM. Stata software was used to find the results of the study by running the pertinent regression models using robust standard errors. Various statistical tests were performed to satisfy all the OLS classical assumptions. The empirical results of our study revealed mixed findings. The findings connected to CCC indicated no statistically significant relationship between ESG scores and CCC which allowed us to conclude that sustainable firms in Sweden do not operate with a shorter CCC (or cash cycle). The findings connected to WCR indicated a significant negative relationship of WCR with the environmental and social score, however no relationship with ESG and governance scores. These results allowed us to conclude that sustainable firms in Sweden are able to operate with WCR (or cash requirements), however, these effects entirely come from the environmental and social pillars, which indirectly implies more sustainable firms can operate with lower levels of debt than their counterparts. Since we found no significant effect from the ESG scores for both CCC and WCR, our findings were partially in line with the shareholder theory, the stakeholders’ theory, and the legitimacy theory we used as theoretical references in our study. The overall findings of our study allow us to suggest sustainable firms in Sweden reconsider their working capital policy decisions to achieve working capital efficiency (a shorter cash cycle) while staying aligned with their sustainability goals.

[pt] A crise financeira de 2008 estimulou com que as empresas compradoras e fornecedoras, assim como os bancos, buscassem novas alternativas de financiamento para aumentar a transparência das operações, reduzindo os riscos e o custo do crédito. O foco então passou a ser a gestão integrada da cadeia de suprimentos a partir dos seus fluxos físicos, de informação e financeiros, criando uma relação de ganha-ganha para todos os elos envolvidos na cadeia. O Financiamento da Cadeia de Suprimentos (FCS) é um meio de realizar esta integração dos fluxos, gerar economias e potencializar os ganhos financeiros utilizando a própria cadeia de suprimentos como fonte de recursos. Desta forma, este trabalho foi iniciado a partir da revisão da literatura acerca do FCS, destacando a sua evolução, principais conceitos e soluções de financiamento. Em seguida foi realizado um estudo de caso com o objetivo de compreender e descrever o funcionamento e principais características do programa de FCS de uma empresa de petróleo. A partir da comparação do Ciclo de Conversão de Caixa (CCC) com outras empresas e índices referentes ao setor de petróleo, mostrou-se que o CCC da empresa estudada, em geral, situa-se acima dos demais, sendo o principal fator para este resultado o seu elevado Prazo Médio de Estocagem (PME). Pela análise de indicadores de desempenho financeiro e econômico não é possível concluir objetivamente que o programa de FCS desde a sua implementação, em 2011, até 2019 tenha contribuído para a liquidez e rentabilidade da empresa. É preciso levar em conta questões adicionais como preço do petróleo e defasagem dos preços domésticos em relação aos preços internacionais nas importações de derivados, sendo fatores que tiveram forte impacto sobre o desempenho da empresa no período. Como forma de contribuição adicional para a Gestão da Cadeia de Suprimentos (GCS), a partir da análise DuPont sobre o Retorno Sobre os Ativos Líquidos (RONA) de 2019, foi realizada análise de sensibilidade para avaliar a relação dos componentes do CCC sobre esse indicador. Este trabalho foi realizado sob a perspectiva da empresa de petróleo que é a compradora dentro do programa FCS. Portanto, a principal recomendação para trabalhos futuros é a realização de pesquisas que avaliem o impacto do programa de FCS sobre os fornecedores. / [en] The 2008 financial crisis stimulated buyers and suppliers, as well as banks, to seek new financing alternatives to increase the transparency of operations, decrease risks and the cost of credit. The integrated Supply Chain Management (SCM) based on its physical, information and financial flows became the focus, creating a win-win relationship for all links in the chain. Supply Chain Finance (SCF) is a way of integrating flows, generating savings, and enhancing financial gains using the supply chain as a source of funds. Thus, this work begins with a literature review of the SCF, highlighting its evolution, main concepts and financing solutions. Then, a case study was carried out in order to understand and define the functioning and the main characteristics of an oil company s SCF program. From the comparison of the Cash Conversion Cycle (CCC) with other companies and indexes referring to the oil sector, it was demonstrated that the CCC of the studied company is in general situation above the others, being the high Days Inventory Outstanding (DIO) the main reason for this result. By analyzing financial and economic performance indicators, it is not possible to objectively realize that the SCF program since its implementation in 2011 and until 2019 has contributed to the company s liquidity and profitability, there are issues such as oil prices and the gap between domestic and international prices on imports of oil products had a strong impact on the company s performance in the period. As a form of additional contribution to SCM, from the DuPont analysis on the Return on Net Assets (RONA) of 2019, a sensitivity analysis was carried out to analyze the relationship of CCC components on the indicator. This work was carried out from the perspective of the oil company that is the purchasing company within the FCS program, therefore, the main recommendation for future work is to conduct research that evaluates the impact of the FCS program on suppliers.