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Working capital management: a review of performance measurement and its drivers

  • Chapter
Optimizing Firm Performance

Part of the book series: Schriften zum europäischen Management ((SEM))

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Abstract

Researchers in the field of corporate finance have traditionally focused on long-term financial decisions. Pioneering and widely accepted research has been conducted in areas such as investment decisions, firms' capital structure and business valuations. At the same time, however, academic literature has neglected the management of current assets and liabilities, a concept subsumed under the term working capital management (WCM). There are various reasons why WCM attracts only peripheral interest.

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Notes

  1. 1.

    Trossmann/Werkmeister (2001), p. 1-235.

  2. 2.

    Nazir/Afza (2009), p. 19.

  3. 3.

    Hill/Sartoris (1988), p. 9.

  4. 4.

    Gentry/Mehta/Bhattacharyya/Cobbaut/Scaringella (1979), p. 28, Richards/Laughlin (1980), p. 32.

  5. 5.

    Fess (1966), p. 266.

  6. 6.

    Schonberger (1990), p. 296.

  7. 7.

    Malik/Sullivan (1995), p. 171.

  8. 8.

    Jüttner (2005), p. 123.

  9. 9.

    Scherr (1989), p. 3.

  10. 10.

    Fess (1966), p. 266.

  11. 11.

    Hill/Sartoris (1988), p. 7.

  12. 12.

    Scherr (1989), p. 2-3.

  13. 13.

    Emery (1984), p. 25.

  14. 14.

    Gentry/Mehta/Bhattacharyya/Cobbaut/Scaringella (1979), p. 29.

  15. 15.

    Scherr (1989), p. 4 f.; Hachmeister (1997b), p. 826-827.

  16. 16.

    cit. op. Appuhami (2008), p. 10.

  17. 17.

    Ball/Brown (1969), p. 300.

  18. 18.

    Smith (1973), p. 50-55.

  19. 19.

    Sarantis (1980), p. 393.

  20. 20.

    Modigliani/Miller (1958), p. 261-297; Myers (1984). p. 575.

  21. 21.

    Sarantis (1980), p. 393.

  22. 22.

    Borch (1969), p. 1.

  23. 23.

    Trossmann (1990), p. 27-36.

  24. 24.

    Eppen/Fama (1968), p. 94; Eppen/Fama (1969), p. 119.

  25. 25.

    Kallberg/White/Ziemba (1982), p. 670-682; Kim/Mauer/Sherman (1998), p. 335.

  26. 26.

    Emery/Cogger (1982), p. 290-303.

  27. 27.

    Borch (1969), p. 1-13.

  28. 28.

    Bierman/Chopra/Thomas (1975), p. 199-200.

  29. 29.

    Knight (1972), p. 33.

  30. 30.

    Horrigan (1965), p. 564-565.

  31. 31.

    Kamath (1989), p. 27; Soenen (1993), p. 55-57; Jose/Lancaster/Stevens (1996), p. 33; Shin/Soenen (1998), p. 39-43; Wang (2002), p. 168; Deloof (2003), p. 585; Eljelly (2004), p. 59; Lazaridis/Tryfonidis (2006), p. 34.

  32. 32.

    Horrigan (1965), p. 558.

  33. 33.

    Horrigan (1965), p. 558.

  34. 34.

    Bernstein (1993), p. 491.

  35. 35.

    Emery (1984), p. 26.

  36. 36.

    Kamath (1989), p. 28.

  37. 37.

    Sagan (1955), p. 121.

  38. 38.

    Hawawini/Viallet/Vora (1986), p. 15.

  39. 39.

    Emery (1984), p. 26.

  40. 40.

    Kaiser/Young (2009), p. 70.

  41. 41.

    Shulman/Cox (1985), p. 64.

  42. 42.

    Richards/Laughlin (1980), p. 33.

  43. 43.

    Shulman/Cox (1985), p. 64.

  44. 44.

    Hawawini/Viallet/Vora (1986), p. 15.

  45. 45.

    Shulman/Cox (1985), p. 65.

  46. 46.

    Hill/Kelly/Highfield (2010), p. 784; Appuhami (2008), p. 8; Chiou/Cheng/Wu (2006), p. 149.

  47. 47.

    Jose/Lancaster/Stevens (1996), p. 34; Bernstein (1993), p. 492.

  48. 48.

    Hager (1976), p. 20-21.

  49. 49.

    Emery (1984), p. 27.

  50. 50.

    Richards/Laughlin (1980), p. 36.

  51. 51.

    Gitman (1974), p. 82.

  52. 52.

    Jose/Lancaster/Stevens (1996), p. 34.

  53. 53.

    Bernstein (1993), p. 493.

  54. 54.

    Bernstein (1993), p. 493.

  55. 55.

    Other authors used the term “cash-to-cash”, “C2C”, “cash gap” or “operating cash cycle” as synonyms. Please see Farris II/Hutchison (2002), Farris II/Hutchison (2003), Farris II/Hutchinson/Hasty (2005), Boer (1999), Churchill/Mullins (2001). For a detailed list of commonly used terms, see Uyar (2009), p. 187.

  56. 56.

    Richards/Laughlin (1980), p. 34.

  57. 57.

    Farris II/Hutchison (2002), p. 289.

  58. 58.

    Keown/Martin/Petty (2011), p. 418.

  59. 59.

    Wang (2002), p. 160.

  60. 60.

    Richards/Laughlin (1980), p. 35.

  61. 61.

    Moss/Stine (1993), p. 25; Churchill/Mullins (2001), p. 137.

  62. 62.

    Hutchison/Farris II/Fleischman (2009), p. 43.

  63. 63.

    Farris II/Hutchison (2003), p. 83.

  64. 64.

    Hutchison/Farris II/Anders (2007), p. 42.

  65. 65.

    Soenen (1993), p. 54.

  66. 66.

    Hager (1976), p. 19.

  67. 67.

    Hutchison/Farris II/Fleischman (2009), p. 42.

  68. 68.

    Farris II/Hutchison (2002), p. 297.

  69. 69.

    Farris II/Hutchinson/Hasty (2005), p. 114.

  70. 70.

    Richards/Laughlin (1980), p. 34.

  71. 71.

    Hill/Sartoris (1988), p. 1.

  72. 72.

    Gentry/Vaidyanathan/Lee Hei Wai (1990), p. 90-99.

  73. 73.

    Shin/Soenen (1998), p. 38.

  74. 74.

    Bernstein (1993), p. 510.

  75. 75.

    Shin/Soenen (1998), p. 38.

  76. 76.

    Kamath (1989), p. 26.

  77. 77.

    Kamath (1989), p. 28; Eljelly (2004), p. 50; Hutchison/Farris II/Anders (2007), p. 42.

  78. 78.

    Smith/Shortell/Saxberg (1979), p. 669.

  79. 79.

    Venkatraman/Camillus (1984), p. 513.

  80. 80.

    Shortell (1977), p. 275.

  81. 81.

    Venkatraman/Camillus (1984), p. 516.

  82. 82.

    Vorhies/Morgan (2003), p. 111; Drazin/van de Ven (1985), p. 521.

  83. 83.

    Meyer/Tsui/Hinings (1993), p. 1177.

  84. 84.

    Donaldson (1982), p. 67.

  85. 85.

    Hofer (1975), p. 798.

  86. 86.

    Drazin/van de Ven (1985), p. 524-525.

  87. 87.

    Schoonhoven (1981), p. 370.

  88. 88.

    Donaldson (1987), p. 22.

  89. 89.

    Meyer/Tsui/Hinings (1993), p. 1177.

  90. 90.

    Meyer/Tsui/Hinings (1993), p. 1178.

  91. 91.

    Doty/Glick/Huber (1993), p. 1196.

  92. 92.

    Shortell (1977), p. 288.

  93. 93.

    Ketchen Jr./Combs/Russell/Shook/Dean/Runge/Lohrke/Naumann/Haptonstahl/Baker/ Beckstein/Handler/Honig/Lamoureux (1997), p. 225; Smith/Shortell/Saxberg (1979), p. 682; Doty/Glick/Huber (1993), p. 1196.

  94. 94.

    Vorhies/Morgan (2003), p. 111.

  95. 95.

    Ennen/Richter (2010), p. 211-212; Meyer/Dalal/Hermida (2010), p. 131-132;Randolph (2009), p. 4; Newbert (2007), p. 124-126.

  96. 96.

    Ennen/Richter (2010), p. 211.

  97. 97.

    Kamath (1989), p. 24-28.

  98. 98.

    Kamath (1989), p. 24-28.

  99. 99.

    Soenen (1993), p. 53-58.

  100. 100.

    Shin/Soenen (1998), p. 37-45.

  101. 101.

    Jose/Lancaster/Stevens (1996), p. 33-46.

  102. 102.

    Wang (2002), p.159-169.

  103. 103.

    Deloof (2003), p. 573-587.

  104. 104.

    Lazaridis/Tryfonidis (2006), p. 26-35.

  105. 105.

    Padachi (2006), p. 45-58.

  106. 106.

    Raheman/Nasr (2007), p. 279-300; Uyar (2009), p. 186-193.

  107. 107.

    Eljelly (2004), p. 48-61.

  108. 108.

    Filbeck/Krueger/Preece (2007), p. 18.

  109. 109.

    Nazir/Afza (2009), p. 19-30.

  110. 110.

    Nunn (1981), p. 207-219.

  111. 111.

    Kim/Mauer/Sherman (1998), p. 354.

  112. 112.

    Chiou/Cheng/Wu (2006), p. 154.

  113. 113.

    Lancaster/Stevens/Jennings (1998), p. 37-46.

  114. 114.

    Fazzari/Petersen (1993), p. 335; Moss/Stine (1993), p. 27; Kim/Mauer/Sherman (1998), p. 354; Opler/Pinkowitz/Stulz/Williamson (1999), p. 19; Chiou/Cheng/Wu (2006), p. 151; Appuhami (2008), p. 13; Garci’a-Teruel/Martmez-Solano (2008); p. 132; Hill/Kelly/Highfield (2010), p. 786; Banos-Caballero/Garcia-Teruel/Martmez Solano (2010), p. 514.

  115. 115.

    Chiou/Cheng/Wu (2006), p. 154, Appuhami (2008), p. 16.

  116. 116.

    Appuhami (2008), p. 150.

  117. 117.

    Moss/Stine (1993), p. 33; Banos-Caballero/Garci’a-Teruel/Martmez Solano (2010), p. 523.

  118. 118.

    Hill/Kelly/Highfield (2010), p. 786; Fazzari/Petersen (1993), p. 336.

  119. 119.

    Moss/Stine (1993), p. 29; Kim/Mauer/Sherman (1998), p. 354; Opler/Pinkowitz/Stulz/Williamson (1999), p. 25; Chiou/Cheng/Wu (2006), p. 154; García-Teruel/Martínez-Solano (2008), p. 134; Hill/Kelly/Highfield (2010), p. 795.

  120. 120.

    Hill/Kelly/Highfield (2010), p. 795, Chiou/Cheng/Wu (2006), p. 154.

  121. 121.

    Opler/Pinkowitz/Stulz/Williamson (1999), p. 25; García-Teruel/ Martínez-Solano (2008), p. 134.

  122. 122.

    Moss/Stine (1993), p. 30.

  123. 123.

    Opler/Pinkowitz/Stulz/Williamson (1999), p. 25.

  124. 124.

    García-Teruel/Martmez-Solano (2007), p. 592.

  125. 125.

    Baños-Caballero/García-Teruel/Martínez Solano (2010), p. 524.

  126. 126.

    García-Teruel/Martínez-Solano (2007), p. 592.

  127. 127.

    Kim/Mauer/Sherman (1998), p. 354; Opler/Pinkowitz/Stulz/Williamson (1999), p. 25; Chiou/Cheng/Wu (2006), p. 154; García-Teruel/Martínez-Solano (2007), p. 591; Appuhami (2008), p. 16; Hill/Kelly/Highfield (2010), p. 795; Baños-Caballero/García-Teruel/Martínez Solano (2010), p. 523.

  128. 128.

    Chiou/Cheng/Wu (2006), p. 150.

  129. 129.

    García-Teruel/Martínez-Solano (2007), p. 593.

  130. 130.

    Nunn (1981), p. 211.

  131. 131.

    Opler/Pinkowitz/Stulz/Williamson (1999), p. 11.

  132. 132.

    Filbeck/Krueger (2005), p. 13

  133. 133.

    Chiou/Cheng/Wu (2006), p. 154; Baños-Caballero/García-Teruel/Martínez Solano (2010), p. 522

  134. 134.

    Appuhami (2008), p. 13

  135. 135.

    Moss/Stine (1993), p. 33

  136. 136.

    E.g. Chiou/Cheng/Wu (2006), p. 154; Appuhami (2008), p. 16-18; Baños-Caballero/García-Teruel/Martínez Solano (2010), p. 523.

  137. 137.

    García-Teruel/Martínez-Solano (2008), p. 141.

  138. 138.

    Hill/Kelly/Highfield (2010), p. 794-796.

  139. 139.

    Chiou/Cheng/Wu (2006), p. 152f.

  140. 140.

    Nunn (1981), p. 212.

  141. 141.

    Hill/Kelly/Highfield (2010), p. 797.

  142. 142.

    Nunn (1981), p. 212f.

  143. 143.

    Kim/Mauer/Sherman (1998), p. 352-355.

  144. 144.

    Opler/Pinkowitz/Stulz/Williamson (1999), p. 25.

  145. 145.

    Appuhami (2008), p. 16.

  146. 146.

    Hill/Kelly/Highfield (2010), p. 797.

  147. 147.

    Kim/Mauer/Sherman (1998), p. 352-355.

  148. 148.

    García-Teruel/Martínez-Solano (2008), p. 145-146.

  149. 149.

    Nunn (1981), p. 212-213.

  150. 150.

    Nunn (1981), p. 213.

  151. 151.

    Hawawini/Viallet/Vora (1986), p. 18-23.

  152. 152.

    Filbeck/Krueger (2005), p. 14.

  153. 153.

    Spekman/Davis (2004), p. 416; Ball/Brown (1969), p. 301.

  154. 154.

    Zsidisin/Ragatz/Melnyk (2005), p. 48.

  155. 155.

    E.g. March/Zur Shapira (1987), p. 1404-1418; Lhabitant/Tinguely (2001), p. 343-363.

  156. 156.

    Jüttner/Peck/Christopher (2003), p. 200.

  157. 157.

    Lavastre/Gunasekaran/Spalanzani (2011), p. 829.

  158. 158.

    March/Zur Shapira (1987), p. 1407.

  159. 159.

    Wagner/Bode (2006), p. 303.

  160. 160.

    Svensson (2002), p. 112.

  161. 161.

    Jüttner/Peck/Christopher (2003), p. 200-201.

  162. 162.

    Svensson (2004), p. 469.

  163. 163.

    Chopra/Sodhi (2004), p. 54.

  164. 164.

    Jüttner (2005), p. 122.

  165. 165.

    Jüttner/Peck/Christopher (2003), p. 200.

  166. 166.

    Norrman/Jansson (2004), p. 435.

  167. 167.

    Jüttner/Peck/Christopher (2003), p. 201; Norrman/Jansson (2004), p. 435; Wagner/Bode (2006), p. 304-305.

  168. 168.

    E.g. Jüttner/Peck/Christopher (2003), p. 201; Wagner/Bode (2006), p. 304-305; Chopra/Sodhi (2004), p. 54.

  169. 169.

    Miller (1992), p. 18.

  170. 170.

    Jüttner/Peck/Christopher (2003), p. 201-202.

  171. 171.

    Wagner/Bode (2006), p. 304-305; Manuj/Mentzer (2008), p. 201; Svensson (2000), p. 739.

  172. 172.

    Spekman/Davis (2004), p. 419-420.

  173. 173.

    Zsidisin/Panelli/Upton (2000), p. 187-197.

  174. 174.

    Zsidisin/Panelli/Upton (2000), p. 187.

  175. 175.

    Christopher/Mena/Khan/Yurt (2011), p. 67.

  176. 176.

    Kraljic (1983), p. 109-117.

  177. 177.

    Giunipero/Eltantawy (2004), p. 698-713; Zsidisin/Ellram (2003), p. 15-27.

  178. 178.

    Jüttner/Peck/Christopher (2003), p. 200.

  179. 179.

    Bogataj/Bogataj (2007), p. 291.

  180. 180.

    Christopher/Lee (2004), p. 388.

  181. 181.

    Miller (1992), p. 322.

  182. 182.

    Chopra/Sodhi (2004), p. 55; Christopher/Lee (2004), p. 10; Jüttner/Peck/ Christopher (2003), p. 19.

  183. 183.

    Berg/Knudsen/Norrman (2008), p. 288-310, Ritchie/Brindley (2007), p.1398-1410.

  184. 184.

    Jüttner/Peck/Christopher (2003), p. 201.

  185. 185.

    Christopher/Lee (2004), p. 388.

  186. 186.

    Svensson (2001); p. 208; Lee (2004), p. 102; Lee (2010), p.64.

  187. 187.

    Kleindorfer/Saad (2005), p. 53.

  188. 188.

    Stecke/Kumar (2009), p. 1.

  189. 189.

    Handelsblatt, 15th December 2011.

  190. 190.

    Martha/Subbakrishna (2002), p. 19.

  191. 191.

    Hendricks/Singhal (2005), p. 35.

  192. 192.

    Thun/Hoenig (2011), p. 247.

  193. 193.

    Martha/Subbakrishna (2002), p. 19.

  194. 194.

    Zsidisin/Panelli/Upton (2000), p. 187; Jüttner/Peck/Christopher (2003), p. 197; Chopra/Sodhi (2004), p. 53.

  195. 195.

    Thun/Hoenig (2011), p. 243.

  196. 196.

    Tang/Nurmaya Musa (2011), p. 25.

  197. 197.

    Norrman/Jansson (2004), p. 440; Peck (2005), p. 211.

  198. 198.

    Zsidisin/Ellram (2003), p. 20.

  199. 199.

    Jüttner (2005), p. 124.

  200. 200.

    Wagner/Bode (2006), p. 306.

  201. 201.

    Jüttner (2005), p. 139; Tang/Nurmaya Musa (2011), p. 31-33.

  202. 202.

    Jüttner/Peck/Christopher (2003), p. 205.

  203. 203.

    Norrman/Jansson (2004), p. 434; Jüttner (2005), p. 134; Peck (2005), p. 214-216; Wagner/Bode (2006), p. 305-306.

  204. 204.

    Norrman/Jansson (2004), p. 434.

  205. 205.

    Norrman/Jansson (2004), p. 434; Jüttner (2005), p. 134.

  206. 206.

    Peck (2005), p. 215; Chopra/Sodhi (2004), p. 54.

  207. 207.

    Jüttner (2005), p. 134; Peck (2005), p. 215; Wagner/Bode (2006), p. 305; Chopra/ Sodhi (2004), p. 54

  208. 208.

    Norrman/Jansson (2004), p. 434.

  209. 209.

    E.g. Peck (2005), 215.

  210. 210.

    Peck (2005), p. 214; Wagner/Bode (2006), p. 305; Chopra/Sodhi (2004), p. 54.

  211. 211.

    Wagner/Bode (2008), p. 323.

  212. 212.

    Jüttner (2005), p. 122-123.

  213. 213.

    Lee/Padmanabhan/Whang (1997), p. 1875.

  214. 214.

    Wagner/Bode (2008), p. 310.

  215. 215.

    Jüttner (2005), p. 122.

  216. 216.

    Zsidisin (2003), p. 222.

  217. 217.

    Wagner/Bode (2008), p. 310.

  218. 218.

    Spekman/Davis (2004), p. 419.

  219. 219.

    Miller (1992), p. 319; Wagner/Bode (2006); p. 304-305.

  220. 220.

    Wagner/Bode (2008), p. 311.

  221. 221.

    Kraljic (1983), p. 111.

  222. 222.

    Wagner/Bode (2008), p. 311.

  223. 223.

    Jüttner/Peck/Christopher (2003), p. 201-202.

  224. 224.

    Wagner/Bode (2008), p. 311.

  225. 225.

    Jüttner (2005), p. 122.

  226. 226.

    Stecke/Kumar (2009), p. 1.

  227. 227.

    Tang (2006), p. 33.

  228. 228.

    Norrman/Jansson (2004), p. 120; Stecke/Kumar (2009), p. 2.

  229. 229.

    Stecke/Kumar (2009), p. 1-2.

  230. 230.

    Tang (2006), p. 36.

  231. 231.

    Taleb (2010), p. 1-480.

  232. 232.

    Dean Jr./Snell (1996), p. 476;ChaUis/Samson/Lawson (2005), p. 103; D’Souza (2006), p. 750; Sakakibara/Flynn/Schroeder/Morris (1997), p. 1256; de Cerio (2003), p. 2781.

  233. 233.

    Challis/Samson/Lawson (2002), p. 1960.

  234. 234.

    Sakakibara/Flynn/Schroeder/Morris (1997), p. 1256; de Cerio (2003), p. 2781.

  235. 235.

    Lowe/Delbridge/Oliver (1997), p. 795.

  236. 236.

    Liao/Tu (2007), p. 48.

  237. 237.

    D’Souza (2006), p. 509.

  238. 238.

    McKone/Schroeder/Cua (2001), p. 52; Das/Narasimhan (2001), p. 539.

  239. 239.

    Ettlie (1998), p. 8-10; Ittner/Lanen/Larcker (2002), p. 724-725; Narasimhan/Das (2001), p. 607; Fynes/Voss/de Burca (2005), p. 14-15; Cordero/Walsh/Kirchhoff (2005), p. 96-97; Qi/Sum/Zhao (2009), p. 657-658.

  240. 240.

    Ettlie (1998), p. 8.

  241. 241.

    Narasimhan/Das (2001), p. 606.

  242. 242.

    Qi/Sum/Zhao (2009), p. 657.

  243. 243.

    Corbett/Harrison (1992), p. 27-31; Appleyard/Brown (2001), p. 463-465.

  244. 244.

    Naor/Goldstein/Linderman/Schroeder (2008), p. 693-694; Naor/Linderman/ Schroeder (2010), p. 194.

  245. 245.

    Corbett/Harrison (1992), p. 27-31.

  246. 246.

    Appleyard/Brown (2001), p. 463.

  247. 247.

    Naor/Goldstein/Linderman/Schroeder (2008), p. 693.

  248. 248.

    Naor/Linderman/Schroeder (2010), p. 194.

  249. 249.

    Skinner (1966), p. 139-146.

  250. 250.

    Ferdows/de Meyer (1990), p. 169.

  251. 251.

    Schonberger (1986), p. 1-252.

  252. 252.

    Ferdows/de Meyer (1990), p. 181; Mapes/New/Szwejczewski (1997), p. 1031; Filippini/Forza/Vinelli (1998), p. 3399.

  253. 253.

    Boyer/Lewis (2002), p. 18.

  254. 254.

    Henderson/Swamidass/Byrd (2004), p. 1947.

  255. 255.

    Fullerton/Wempe (2009), p. 228.

  256. 256.

    Qi/Sum/Zhao (2009), p. 657.

  257. 257.

    E.g. Naor/Linderman/Schroeder (2010), p. 204; Boyer/Lewis (2002), p. 19.

  258. 258.

    Ferdows/de Meyer (1990), p. 172; Dean Jr./Snell (1996), p. 480; Boyer/Lewis (2002), p. 19; Naor/Linderman/Schroeder (2010), p. 204.

  259. 259.

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  1. Universität Hohenheim, Stuttgart, Germany

    Christian Faden

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Faden, C. (2014). Working capital management: a review of performance measurement and its drivers. In: Optimizing Firm Performance. Schriften zum europäischen Management. Springer Gabler, Wiesbaden. https://doi.org/10.1007/978-3-658-02746-9_2

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