The Influence of Working Capital Components on the Operating Cash Flow of Companies Listed on B3
DOI:
https://doi.org/10.5380/rcc.17.93521Keywords:
Capital de Giro, Fluxo de Caixa Operacional, Ciclo de Conversão de CaixaAbstract
Working capital management plays a vital role in ensuring the continuity of business activities and thus is, therefore, an important topic in management accounting and financial administration. In this sense, this research sought to verify the influence of working capital management, expressed by the cash conversion cycle (CCC) and its components (PMRV, PMRE and PMPC), on operational cash flow, in the period from 2010 to 2021, of companies listed on B3. For this, the information necessary for the study was collected on the Refinitiv® database. Econometric models estimated with panel data using Feasible Generalized Least Squares (FGLS) were used, robust to heteroscedasticity. The results showed that the more companies grant deadlines to their customers (PMRV) and the longer it takes to sell stocks (PMRE), the lower their operating cash flows will be. Furthermore, the more inventories available to companies, the more cash will be spent to purchase and maintain them, reducing operating cash flow. Furthermore, as expected, there was a positive influence between PMPC and operating cash flow. These results contribute to managers by pointing out that the management of PMRV, PMRE and PMPC are relevant for the generation of companies' cash flows. Despite this, it is important to highlight that the management of PMRV and PMRE depends almost exclusively on the actions of managers, while the management of PMPC depends on negotiation with suppliers, which can make it difficult to obtain a favorable operational cash flow.
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