[PDF] Top 20 The working capital management: the determinants and the effect on profitability: evidence from portuguese smes

... In the research, the variable ROA has a positive sign in its relation with CCC, for the two methodology ...for the IV methodology the result appear as not statistically significant for ... See full document

... Micro and small firms face greater restrictions in obtaining external finance, namely a greater rejection rate of bank loans, and higher interest rates in comparison to larger firms (Doove, Gibcus, Kwaak, ... See full document

... understand the relation between working capital and type of business, we should think about two different business sectors –industry and ...cycles and invests more cash in its ... See full document

... Regarding the impact of size on performance, the literature points to the fact that size can be a source of competitive advantage because larger firms have at their disposal greater technical ... See full document

... infer from Table 4, 5 and 6 that the expected relation is not verified in Portugal or in Spain in some of the ...for the overall period, contrary to what was expected, NTDS is ... See full document

... discuss the estimation of Equation (1) using the full sample of firm- years ...presents the results using as profitability measure the Return on ...omit from the ... See full document

... regression) and risk, all our hypotheses are ...to-book, profitability and non-debt tax shield have a negative relationship with leverage, as predicted by market timing, pecking order and ... See full document

... guarantee the correct relation between the explanatory variables and the dependent variable it is necessary to carry out robustness ...in the final conclusions. In fact, when I am ... See full document

... to the Trade-off theory, access to finance would be more limited for these firms, with a negative relationship between growth and indebtedness ( Jensen, 1986; Titman & Wessels, 1988 ...contrast, ... See full document

... influence on business performance. Riahi-Belkaoui (2003) investigated the relationship between IC components and the performance of selected multi-national firms in ...USA. The result ... See full document

... with the empirical evidence of previous studies, we expect a decrease on the leverage of Portuguese construction firms, due to the shortage on credit supply, caused by ... See full document

... downturns and for small ...investment and that this negative effect is significantly stronger for firms with low growth opportunities than for those with high growth ...In the same line, ... See full document

... Working Capital is a very common concept in corporate financial theory, and it is mentioned in the book of Wealth of Nations by Smith (1776) as an important element of a ...firm. The ... See full document

... financial management involves the management of current assets and liabilities, which directly affect an organisation’s liquidity and ...examine the relationship between ... See full document

... Knowledge and innovation, as a result of R&D activities, should have an impact on firm ...Departing from a knowledge-based view of the firm, Vithessonthi & Racela (2016) find that ... See full document

... 24 The authors hypothesize that when companies have funds available (even if for this they need to resort to debt), they can pay for their purchases immediately and obtain better ...explain the ... See full document

... conducted on this area but there have been no consensus as to whether or not working capital management effect organizational profitability negatively or ...instance, the ... See full document

... data from a sample of firms listed on the Stock Exchange of Thailand, during the 2007- 2009 ...period. The aim of this research was to study the effects of working ... See full document

... of the studies in corporate finance have focused on long-term financial ...namely, working capital management (WCM) decisions (how much to invest in inventories and how much ... See full document

... analyses the influence of a number of firm characteristic determinants on SMEs capital structure ...exporter SMEs in Portugal, covering a period from 2008 until 2014, ... See full document