We examine the relationship between the use of value-based key performance indicators in a firm’s management control system and the dynamics of working capital (WC). We hypothesize that firms with value-based management control systems (VBMCS) manage WC more cautiously, in particular regarding excessive WC. Theoretically, we link this to the argument that value-based performance measures explicitly account for the economic costs of WC by considering the opportunity cost of capital. We empirically confirm our hypothesis by analyzing an extensive hand-collected data set of listed non-financial German firms between 2002 and 2014. We document that firms with VBMCS operate at lower levels of WC and, while seemingly less willing to settle deficient WC, reduce excessive WC more quickly. The latter does not seem to produce overinvestment activities, suggesting that VBMCS are particularly valuable in firms operating in high WC environments. Consistent with this notion, we find that firms operating in high-WC industries benefit more from the adoption of a VBMCS when we examine the link between firm value and the adoption of a VBMCS. Our study adds to the understanding of the influence of performance measurement within a firm’s management control system on firm behavior.

我们研究了在公司管理控制系统中使用基于价值的关键绩效指标与营运资金 (WC) 动态之间的关系。我们假设拥有基于价值的管理控制系统 (VBMCS) 的公司更谨慎地管理 WC，尤其是在过多的 WC 方面。从理论上讲，我们将此与基于价值的绩效衡量指标通过考虑资本的机会成本明确说明 WC 的经济成本的论点联系起来。我们通过分析 2002 年至 2014 年间德国非金融上市公司的大量手工收集数据集，凭经验证实了我们的假设。过量 WC 更快。后者似乎不会产生过度投资活动，表明 VBMCS 在高 WC 环境中运营的公司中特别有价值。与这一概念一致，当我们检查公司价值与采用 VBMCS 之间的联系时，我们发现在高 WC 行业运营的公司从采用 VBMCS 中获益更多。我们的研究增加了对公司管理控制系统中绩效衡量对公司行为影响的理解。