The impact of corporate governance and firm maturity on working capital management efficiency: Evidence from listed European firms

الموضوعات

اقتصاد

الملخص

The importance of studying working capital management efficiency (WCME) springs from its effect on a firm’s profitability, value, and solvency. The board of directors together with the Chief Executive Officer formulate corporate policies including those concerning working capital levels, yet it is management’s role to continuously monitor the various working capital components to strike an optimal balance amongst them. Accordingly, this study analyses the effect of corporate governance in overseeing management handling working capital levels. In addition, this paper studies the role of firm maturity as a determinant factor of WCME. For this purpose, the paper at hand uses 583 listed European firms from 2002 till 2013. And, it employs cross section random effect panel regression models, where various working capital characteristics are used as dependent variables. And, along with the explanatory firm maturity proxy and the corporate governance variables, we control for the effect of country and multiple firm-specific characteristics. Finally, this study suggests that both corporate governance (except for ownership concentration proxy) and firm maturity are significant factors of WCME. Yet, for some of the proxies used, we did not reach conclusive results regarding the direction of impact on working capital investment.

روابط وملفات

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التعريف والنوع

رقم الوثيقة: 0e122832-e782-4547-beb7-a049d994e090
رقم العقد: 0
نوع الوسائط: Crawler
نوع المحتوى: الرسائل العلمية
صيغة المصدر: رسائل ماجيستير
نوع الملف: pdf image
أسماء الملفات: 0e122832-e782-4547-beb7-a049d994e090_1.pdf

بيانات النشر

ألقاب المؤلفين: [{"name_ar":"Islam Azzam","title_ar":"اشراف","title_en":"Supervision"},{"name_ar":"Sarah Reda Kamel","title_ar":"اعداد","title_en":"Preparation"}]
اللغة: English

المصدر والدورية

اسم المصدر: The impact of corporate governance and firm maturity on working capital management efficiency: Evidence from listed European firms

المحتوى والصفحات

عدد الصفحات: 0

إشراف وإعداد

الإشراف: Islam Azzam
الإعداد: Sarah Reda Kamel

الاقتباسات الببليوغرافية

APA

Islam Azzam و Sarah Reda Kamel. (2016). The impact of corporate governance and firm maturity on working capital management efficiency: Evidence from listed European firms. أطروحة(رسائل ماجيستير). كلية ادارة الاعمال-الجامعة الأمريكية بالقاهرة. مصر.

MLA

Islam Azzam و Sarah Reda Kamel. The impact of corporate governance and firm maturity on working capital management efficiency: Evidence from listed European firms. 2016. كلية ادارة الاعمال-الجامعة الأمريكية بالقاهرة، رسائل ماجيستير.