INFLUENCE OF WORKING CAPITAL MANAGEMENT ON PERFORMANCE OF RUSSIAN WHOLESALE BUSINESSESстатья

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[1] Макарова С. Г., Ермакова Е. В. Influence of working capital management on performance of russian wholesale businesses // Russian Review. Русское Обозрение. — 2016. — no. VOL. 1(4). — P. 24–36. The present study analyses the influence of cash conversion cycle and its components on the profitability of Russian wholesale businesses. Conventional theory implies that a shorter cash conversion cycle benefits the business, a claim supported by numerous empirical studies, with some research, however, suggesting otherwise. The present paper uses regression analysis of panel data including 1 323 observations of 189 Russian wholesale businesses for the period of 7 years from 2009 to 2015. Linear econometric model results confirm that cash conversion cycle length is inversely related to profitability. Moreover, the paper makes an empirically based argument for managing each component of the cycle and demonstrates a negative influence of high levels of financial constraint and working capital ratio on profitability and a positive influence of company size, revenue and GDP growth rates.

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