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Determinants of working capital management


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Author: Baños-Caballero, Sonia
García Teruel, Pedro J.
Martínez Solano, Pedro
Coordinator/Director: Cossío Silva, Francisco José
Date: 2009
Published in: Administrando en entornos inciertos. XXIII Congreso Anual AEDEM (2009), p 1-15
ISBN/ISSN: 9788473566094
Document type: Presentation
Abstract: 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.
Cite: Baños-Caballero, S., García Teruel, P.J. y Martínez Solano, P. (2009). Determinants of working capital management. En Administrando en entornos inciertos. XXIII Congreso Anual AEDEM (1-15), Sevilla: ESIC.
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