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Working capital management and profitability of wine firms in France: an empirical analysis
Abstract
We estimated the impact of cash conversion cycle (CCC) on the return on assets of wine firms in France over the 2003-2014 period. After controlling for factors such as size, growth, tangibility and leverage, we found that CCC had a negative impact on the profitability of French wine firms, suggesting an aggressive working capital management strategy. However, there was no optimal level of CCC allowing firms to maximise their profitability. On the other hand, French wine firms should grant a payment delay to their customers while reducing the delay to sell stocked wines. They should also lengthen the payment delay to their suppliers while considering potential borrowing cost and potential discounts for early payments. A robustness check on two different sub-periods shows that the recent global financial crisis had a significant impact on the relationship between working capital management and the profitability of wine firms in France.
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Impact of working capital management on profitability: evidence from listed companies in Qatar
Aldubhani, M. A. Q., Wang, J., Gong, T., & Maudhah, R. A. (2022) · Journal of Money and Business · doi:10.1108/jmb-08-2021-0032 · Cited by 119
Metadata
- Authors
- Aytac, B., Hoang, T. H. V., Lahiani, A., & Michel, L.
- Affiliations
- Université d'Orléans (FR)
- ORCID
- Lahiani, Amine
- Venue
- International Journal of Entrepreneurship and Small Business
- Publisher
- Inderscience Publishers
- Published
- 2020
- Volume
- 41
- Issue
- 3
- Pages
- 368
- ISSN
- 1476-1297 (ISSN-L)
- 1741-8054
- OpenAlex
- W4236980346
- Cited by
- 24
- References
- 0
- Citations by year
- 2026: 1 · 2025: 2 · 2024: 5 · 2023: 7 · 2022: 4 · 2021: 1 · 2020: 4
- FWCI
- 7.44
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- International Journal of Entrepreneurship and Small Business (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- 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 › Economics, Econometrics and Finance › Finance › Corporate Finance and Governance
- Keywords
- working capital management, cash conversion cycle, profitability, return on assets, payment terms, 2008 financial crisis, French wine industry
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