ABSTRACT

We examine the impact of managing working capital on financial performance in New Zealand over the period of 2005 to 2017. Our empirical analysis provides evidence of a nonlinear relationship between working-capital management and financial performance. In addition, our finding seems to suggest that a cost leadership strategy firm is more efficient at managing working capital than a differentiation strategy firm. Specifically, our findings imply that managers of the firms with a cost-leadership strategy created more value by reducing net-trade cycle by 40 days. Our research has implications for managing trade receivables and inventories given their importance for firms’ survival.

摘要

我们研究了2005年至2017年期间营运资金管理对新西兰财务绩效的影响。我们的经验分析提供了营运资金管理与财务绩效之间非线性关系的证据。此外，我们的发现似乎表明，成本领先战略公司比差异化战略公司在管理营运资金方面更有效率。具体而言，我们的研究结果表明，采用成本－领导策略的公司经理可以通过将净交易周期减少40天来创造更多的价值。考虑到贸易应收款和存货对企业生存的重要性，我们的研究对管理贸易应收款和存货具有重要意义。