The impact of corporate governance on working capital management efficiency of American manufacturing firms

  • De Almeida J
  • Eid W
  • Ukaegbu B
 et al. 
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Abstract

Purpose - The purpose of this study is to investigate the impact of corporate governance on working capital management efficiency. This study also seeks to extend the findings of Gill and Shah. Design/methodology/approach - This study applied a co-relational research design. A sample was selected of 180 American manufacturing firms listed on the New York Stock Exchange (NYSE) for a period of 3 years (from 2009-2011). Findings - The findings of this study indicate that corporate governance plays some role in improving the efficiency of working capital management. Research limitations/implications - This is a co-relational study that investigated the association between corporate governance and working capital management efficiency. There is not necessarily a causal relationship between the two, although the paper provides some conjectures to the findings. The findings of this study may only be generalized to firms similar to those that were included in this research. Originality/value - This study contributes to the literature on the factors that improve the efficiency of working capital management, and in particular on the association between several features of corporate governance and the efficiency of working capital management. The findings may be useful for financial managers, investors, financial management consultants, and other stakeholders.

Author-supplied keywords

  • 3100:Capital & debt management
  • 49 261 6509 224
  • 5130:Maintenance management
  • 8390:Retailing industry
  • 8600:Manufacturing industries not elsewhere classi
  • 9130:Experiment/theoretical treatment
  • 9130:Experimental/theoretical
  • 9179:Asia & the Pacific
  • 9190:United States
  • Accounts payable
  • Accounts receivable
  • African developing economies
  • Agency costs
  • Automotive industry
  • Business And Economics--Management
  • Business cycles
  • Capital structure
  • Cash flow
  • Cash holdings
  • China
  • Contract negotiations
  • Corporate governance
  • Corporate performance
  • Costs
  • Current liabilities
  • Cycle times
  • Debt leverage
  • Diversification strategy
  • Dividend smoothing
  • Efficiency
  • Engineering
  • Executive compensation
  • Financial constraints
  • Financial management
  • Financial statements
  • Financing constraints
  • Firm performance
  • Fixed assets
  • Free cash flow
  • G31
  • G34
  • Globalization
  • India
  • Inflation
  • Interface operations and finance
  • Inventory
  • Investment
  • Management accounting
  • Manufacturers
  • Manufacturing
  • Multinomial logistic regression
  • Operating cycle
  • Operations management
  • Opportunity costs
  • Panel analysis
  • Panel data
  • Partial equilibrium model
  • Payout policy
  • Permissible delay in payment
  • Profitability
  • Repair & maintenance services
  • Research
  • Research & development--R&D
  • Retailing industry
  • Service industries
  • Signaling theory
  • Small firms
  • Stock options
  • Studies
  • Supply chain management
  • Tenure
  • Tobin's q
  • Trade credit
  • United States--US
  • Valuation
  • Value chain
  • Working capital
  • Working capital management
  • ac
  • aktas
  • average inventory conversion period
  • awareness
  • beta
  • capital
  • capital intensity
  • capital investment
  • cash flow
  • cash management
  • constraints
  • correlation
  • corresponding author
  • croci
  • cycle á gross
  • d
  • determinants
  • e
  • e-mail addresses
  • edu
  • efficiency index of working
  • ettore
  • excess returns
  • fertiliser industry
  • financial crisis
  • firm
  • g39
  • gross margin
  • intellectual capital
  • inventory
  • inventory management
  • investment
  • it
  • jel classification
  • knowledge management
  • m4
  • malaysia
  • management
  • multicriteria
  • n
  • nigeria
  • nihat
  • owner-managers
  • panel
  • paper type research paper
  • payables
  • payment
  • performance
  • performance index of working
  • petmezas
  • practices
  • profit
  • profitability
  • profitability á cash conversion
  • qualitative research
  • qualitative research in accounting
  • receivables
  • relative importance
  • research
  • risk
  • s size
  • small and medium enterprises
  • small businesses
  • small to medium-sized enterprises
  • stock exchanges
  • supply chain management
  • surrey
  • tel
  • textile and clothing sector
  • turnover ratio
  • uk
  • unicatt
  • utilization index of working
  • whu
  • working capital
  • working capital management
  • working capital management á

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Authors

  • Juliano Ribeiro De Almeida

  • William Eid

  • Ben Ukaegbu

  • Sung Gyun Mun

  • SooCheong (Shawn) Jang

  • Sai Ding

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