The impact of working capital on profitability in the European tourism

Detalhes bibliográficos
Autor(a) principal: Campina, Marisa Tomás
Data de Publicação: 2018
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10071/18581
Resumo: Working Capital Management represents an important issue to take into consideration since it relates to corporate financial strategy and influences liquidity and profitability of companies. It is expected that an efficient working capital management to affect positively firms’ profitability and to contribute for value creation for shareholders. Analysing a sample of 59,131 European Touristic firms, the present research investigates the relation between working capital management and profitability for the period 2009-2016. Cash Conversion Cycle (CCC) is used as a working capital measure and ROA as a profitability measure. The results obtained suggest that companies are able to achieve higher profitability levels by decreasing the number of days in accounts receivable, inventories and payables. In conformity to previous studies, a negative relationship is found between CCC and profitability.
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spelling The impact of working capital on profitability in the European tourismWorking CapitalLiquidityProfitabilityTourismEuropeEstratégias financeirasLiquidezRentabilidadeTurismoEuropaWorking Capital Management represents an important issue to take into consideration since it relates to corporate financial strategy and influences liquidity and profitability of companies. It is expected that an efficient working capital management to affect positively firms’ profitability and to contribute for value creation for shareholders. Analysing a sample of 59,131 European Touristic firms, the present research investigates the relation between working capital management and profitability for the period 2009-2016. Cash Conversion Cycle (CCC) is used as a working capital measure and ROA as a profitability measure. The results obtained suggest that companies are able to achieve higher profitability levels by decreasing the number of days in accounts receivable, inventories and payables. In conformity to previous studies, a negative relationship is found between CCC and profitability.O Working Capital (WC) desempenha um papel fundamental no que respeita à definição da estratégia financeira das empresas uma vez que influencia a liquidez e a rendibilidade destas. É expectável que um WC eficiente afete positivamente a rendibilidade e que contribua para a criação de valor para os shareholders. Analisando uma amostra de 59,131 empresas europeias a operar no sector do turismo, o presente estudo investiga a relação entre o WC e a rendibilidade para o período 2009-2016. O Cash Conversion Cycle (CCC) é usado como medida de WC enquanto a rendibilidade dos ativos é mensurada através do return on assets (ROA). Os resultados obtidos demonstram que as empresas conseguem atingir níveis mais altos de rendibilidade quando reduzem o número de dias associados aos recebimentos de clientes, aos inventários e ao pagamento aos fornecedores. Estando em conformidade com estudos anteriores, foi encontrada uma relação negativa entre o CCC e a rendibilidade.2019-08-21T13:17:18Z2018-11-22T00:00:00Z2018-11-222018-09info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfapplication/octet-streamhttp://hdl.handle.net/10071/18581TID:202053466engCampina, Marisa Tomásinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-11-09T17:57:35Zoai:repositorio.iscte-iul.pt:10071/18581Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T22:29:44.484800Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv The impact of working capital on profitability in the European tourism
title The impact of working capital on profitability in the European tourism
spellingShingle The impact of working capital on profitability in the European tourism
Campina, Marisa Tomás
Working Capital
Liquidity
Profitability
Tourism
Europe
Estratégias financeiras
Liquidez
Rentabilidade
Turismo
Europa
title_short The impact of working capital on profitability in the European tourism
title_full The impact of working capital on profitability in the European tourism
title_fullStr The impact of working capital on profitability in the European tourism
title_full_unstemmed The impact of working capital on profitability in the European tourism
title_sort The impact of working capital on profitability in the European tourism
author Campina, Marisa Tomás
author_facet Campina, Marisa Tomás
author_role author
dc.contributor.author.fl_str_mv Campina, Marisa Tomás
dc.subject.por.fl_str_mv Working Capital
Liquidity
Profitability
Tourism
Europe
Estratégias financeiras
Liquidez
Rentabilidade
Turismo
Europa
topic Working Capital
Liquidity
Profitability
Tourism
Europe
Estratégias financeiras
Liquidez
Rentabilidade
Turismo
Europa
description Working Capital Management represents an important issue to take into consideration since it relates to corporate financial strategy and influences liquidity and profitability of companies. It is expected that an efficient working capital management to affect positively firms’ profitability and to contribute for value creation for shareholders. Analysing a sample of 59,131 European Touristic firms, the present research investigates the relation between working capital management and profitability for the period 2009-2016. Cash Conversion Cycle (CCC) is used as a working capital measure and ROA as a profitability measure. The results obtained suggest that companies are able to achieve higher profitability levels by decreasing the number of days in accounts receivable, inventories and payables. In conformity to previous studies, a negative relationship is found between CCC and profitability.
publishDate 2018
dc.date.none.fl_str_mv 2018-11-22T00:00:00Z
2018-11-22
2018-09
2019-08-21T13:17:18Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10071/18581
TID:202053466
url http://hdl.handle.net/10071/18581
identifier_str_mv TID:202053466
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
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application/octet-stream
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instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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