IDEAS home Printed from https://ideas.repec.org/a/prg/jnloce/v18y2025i2id302p23-42.html

Working capital as a generator of corporate value - relationship to marketability and size of a firm
[Pracovní kapitál jako generátor hodnoty podniku - vztah k obchodovatelnosti a velikosti firmy]

Author

Listed:
  • David Halfar
  • Miloš Mařík
  • Pavla Maříková

Abstract

As part of the business valuation, the valuer should, among other things, analyze and forecast working capital and its components. For these purposes, it is advisable, namely for the market valuation, to take into account the values achieved by companies from the same industry. The aim of the article is to find out whether the amount of this value generator differs not only by industry, but also by marketability and size of enterprises. Within two countries and three sectors, the turnover times of inventories, receivables and payables and the working capital intensity of sales were examined. The main finding of the analysis is the fact that tradability does not have a systematic effect on working capital, while the size of the company has a significant influence. According to the prevailing relationship, small and medium-sized enterprises have longer turnaround times of inventories, receivables and payables and higher sales intensity for working capital than large enterprises.

Suggested Citation

  • David Halfar & Miloš Mařík & Pavla Maříková, 2025. "Working capital as a generator of corporate value - relationship to marketability and size of a firm [Pracovní kapitál jako generátor hodnoty podniku - vztah k obchodovatelnosti a velikosti firmy]," Oceňování, Prague University of Economics and Business, vol. 18(2), pages 23-42.
    • Handle: RePEc:prg:jnloce:v:18:y:2025:i:2:id:302:p:23-42
    DOI: 10.18267/j.ocenovani.302
    as

    Download full text from publisher

    File URL: http://ocenovani.vse.cz/doi/10.18267/j.ocenovani.302.html
    Download Restriction: free of charge
    File URL: http://ocenovani.vse.cz/doi/10.18267/j.ocenovani.302.pdf
    Download Restriction: free of charge
    File URL: https://libkey.io/10.18267/j.ocenovani.302?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prg:jnloce:v:18:y:2025:i:2:id:302:p:23-42. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Stanislav Vojir (email available below). General contact details of provider: https://edirc.repec.org/data/uevsecz.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.