Cited by 469Working Capital and Financial PerformanceSupply Chain and Inventory ManagementFinancial Analysis and Corporate Governance

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An Econometric Analysis of Inventory Turnover Performance in Retail Services

Gaur, Vishal, Fisher, Marshall L., Raman, Ananth·2005·Management Science

DOI 10.1287/mnsc.1040.0298

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Abstract

Inventory turnover varies widely across retailers and over time. This variation undermines the usefulness of inventory turnover in performance analysis, benchmarking, and working capital management. We develop an empirical model using financial data for 311 publicly listed retail firms for the years 1987–2000 to investigate the correlation of inventory turnover with gross margin, capital intensity, and sales surprise (the ratio of actual sales to expected sales for the year). The model explains 66.7% of the within-firm variation and 97.2% of the total variation (across and within firms) in inventory turnover. It yields an alternative metric of inventory productivity, adjusted inventory turnover, which empirically adjusts inventory turnover for changes in gross margin, capital intensity, and sales surprise, and can be applied in performance analysis and managerial decision making. We also compute time trends in inventory turnover and adjusted inventory turnover, and find that both have declined in retailing during the 1987–2000 period.

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Chen, K., Su, H., Linderman, K., & Li, W. (2020) · Social Science Research Network · doi:10.2139/ssrn.3720873
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“It is highly correlated with product prices and variety levels [47], which both affect information needs.”
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Fundamental Factors Affecting Financial Performance of Cooperative
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“The models are in logmultiplicative form, as in comparable operations management research (Gaur et al. 2005; Roumiantsev and Netessine 2007).”
BackgroundMethodResultInfluential
The impact of financial constraints on inventory investment: Empirical evidence from Jordan
Gharaibeh, M., Zurigat, Z., & Ananbeh, R. (2016) · doi:10.22495/rgcv6i4siart7
Overview of Chapters
Agrawal, N., & Smith, S. A. (2008) · doi:10.1007/978-0-387-78902-6_1
Antecedents to RFID Adoption: Perspectives of Retail Supply Chain Stakeholders
Waters, S., & Rahman, S. (2007) · International Workshop on RFID Technology · doi:10.5220/0002434700350049
“Retailers have recognised that improvements throughout the supply chain will impact positively on their own performance [52, 53].”
Background

Authors: Gaur, V., Fisher, M. L., & Raman, A.
Affiliations: New York University (US)
University of Pennsylvania (US)
Harvard University (US)
ORCID: Gaur, Vishal
Fisher, Marshall L.
Venue: Management Science
Publisher: Institute for Operations Research and the Management Sciences (INFORMS)
Published: 2005-02
Volume: 51
Issue: 2
Pages: 181-194
ISSN: 0025-1909 (ISSN-L)
1526-5501
DOI: 10.1287/mnsc.1040.0298
OpenAlex: W2130158558
Cited by: 469
References: 0
Citations by year: 2026: 33 · 2025: 39 · 2024: 32 · 2023: 35 · 2022: 19 · 2021: 19 · 2020: 28 · 2019: 24 · 2018: 15 · 2017: 17 · 2016: 24 · 2015: 28 · 2014: 22 · 2013: 31 · 2012: 25
FWCI: 48.66
Type: journal article
Language: en
Open access: closed
Locations: Management Science (publishedVersion)
Topics: Social Sciences › Business, Management and Accounting › Accounting › Working Capital and Financial Performance
Social Sciences › Decision Sciences › Management Science and Operations Research › Supply Chain and Inventory Management
Social Sciences › Business, Management and Accounting › Accounting › Financial Analysis and Corporate Governance
Keywords: inventory turnover, retail trade, gross margin, capital intensity, working capital management, performance benchmarking

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An Econometric Analysis of Inventory Turnover Performance in Retail Services

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