Working capital management in SMEs
Sonia Baños‐CaballeroDepartment of Management and Finance, Faculty of Economics and Business, University of Murcia, Murcia, SpainPedro J. García‐TeruelDepartment of Management and Finance, Faculty of Economics and Business, University of Murcia, Murcia, SpainPedro Martínez SolanoDepartment of Management and Finance, Faculty of Economics and Business, University of Murcia, Murcia, Spain
2009en
ABI
Annotatsiya
Abstract This paper analyses the determinants of Cash Conversion Cycle (CCC) for small‐ and medium‐sized firms. It has been found that these firms have a target CCC length to which they attempt to converge, and that they try to adjust to their target quickly. The results also show that it is longer for older firms and companies with greater cash flows. In contrast, firms with more growth opportunities, and firms with higher leverage, investment in fixed assets and return on assets have a more aggressive working capital policy.
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