Working capital management (WCM) is a key question for firms' profitability, especially for small and medium enterprises faced with severe financial restrictions and whose current assets account for a significant part of their investments. These features describe most firms in the livestock industry. However, studies on WCM related to these firms are scarce. Using a sample of 444 Spanish cheese‐manufacturing companies during the period 2010–2016 and applying a dynamic panel data methodology, this paper analyzes the extent to which the main components defining the WCM policies—days sales outstanding, days inventory outstanding (DIO), days payable outstanding (DPO), and cash conversion cycle (CCC)—affect firms' profitability. Empirical evidence reveals a negative effect of DIO and the CCC on firms' profitability, suggesting the need to reduce the level of inventory of cheese‐manufacturing companies. Similarly, the empirical evidence confirms a negative relationship between DPO and firms' profitability. [EconLit Citations: C23, G31, L25, L79, Q12].

中文翻译：

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营运资金管理对企业盈利能力的影响：奶酪生产企业的证据

营运资金管理（WCM）是企业获利能力的关键问题，特别是对于面临严格财务限制且其流动资产占其投资很大一部分的中小型企业。这些特征描述了畜牧业中的大多数公司。但是，与这些公司有关的WCM研究很少。本文使用2010-2016年间444家西班牙奶酪制造公司的样本，并采用动态面板数据方法，分析了定义WCM政策的主要组成部分的程度-未偿销售天数，未偿库存天数（DIO），未付天数（DPO）和现金转换周期（CCC）–影响企业的盈利能力。经验证据表明，DIO和CCC对企业的盈利能力有负面影响，建议减少奶酪制造公司的库存水平。同样，经验证据证实DPO与企业盈利能力之间存在负相关关系。[EconLit引文：C23，G31，L25，L79，Q12]。