Influence of the cash conversion cycle on firm's financial performance: Evidence from publicly traded firms in the Latin American context

被引：1

作者：

Figlioli, Bruno ^{[1
]}

Antonio, Rafael Moreira ^{[2
]}

Gatsios, Rafael Confetti ^{[3
]}

Lima, Fabiano Guasti ^{[3
]}

机构：

[1] Univ Fed Uberlandia, Fac Ciencias Contabeis, Ave Joao Naves de Avila 2121,Bloco 1F Santa Monica, Uberlandia, MG, Brazil

[2] Fundacao Getulio Vargas FGV EAESP, Accounting Finance & Control Dept CFC, Sao Paulo, Brazil

[3] Univ Sao Paulo, Fac Econ Adm & Contabilidade Ribeirao Preto, Dept Contabilidade, Ribeirao Preto, Brazil

来源：

ACCOUNTING AND FINANCE | 2024年 / 64卷 / 03期

关键词：

cash conversion cycle; financial risk; Latin America; operating cash flows; working capital; WORKING CAPITAL MANAGEMENT; CORPORATE GOVERNANCE; PANEL-DATA; FLOW SENSITIVITY; VALUE RELEVANCE; CREDIT; INVESTMENT; DETERMINANTS; DISTRESS; CRISIS;

D O I：

10.1111/acfi.13220

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study investigates the relationship between the cash conversion cycle (CCC) and the financial and market performances of publicly traded" firms in six Latin American (LatAm) countries: Argentina, Brazil, Chile, Colombia, Mexico, and Peru. The analysis covers the period from 2000 to 2018. The results indicate that increases in CCC negatively impact the generation of operating cash flows and long-term investments, and increase financial risk. Other findings suggest that the mechanisms through which CCC affects a firm's financial performance can provide a satisfactory explanation of its market performance. The evidence is consistent with the hypothesis that CCC is a relevant driver of value in working capital management in undeveloped or emerging economies.

引用

页码：2375 / 2401

页数：27

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