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Cash conversion cycle and corporate performance: Global evidence

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  • Chang, Chong-Chuo

Abstract

Previous studies have seldom explored issues regarding liquidity management; hence, we conduct a global empirical analysis of the relationship between the cash conversion cycle (CCC) and corporate performance by adopting enterprises from different countries as samples. We observe a negative relationship between the CCC and firm's profitability and value, supporting that an aggressive working capital policy can enhance corporate performance; however, this effect reduces or reverses when firms exist at the lower CCC level. Results remain identical after considering endogenous problems, changes in macroeconomic environments, economic development status, financial crises, corporate governance, and financial constraints.

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  • Chang, Chong-Chuo, 2018. "Cash conversion cycle and corporate performance: Global evidence," International Review of Economics & Finance, Elsevier, vol. 56(C), pages 568-581.
    • Handle: RePEc:eee:reveco:v:56:y:2018:i:c:p:568-581
    DOI: 10.1016/j.iref.2017.12.014
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    More about this item

    Keywords

    Global market; Cash conversion cycle; Liquidity management; Corporate performance;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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