Rentowność przedsiębiorstw przemysłowych w zależności od strategii zarządzania kapitałem obrotowym netto
Industrial companies` profi tability depending on strategies of working capital management
Zeszyty Naukowe SGGW - Ekonomika i Organizacja Gospodarki Żywnościowej, 2010, vol., nr 81, s. 215-230
In this paper I investigate the relationship between working capital management strategies, and industrial companies` profitability. Among the branches under consideration are food, metal and machine-engineering. I used sample of 36 companies listed in the Polish Stock Exchange for the period of 2004–2008. The empirical findings show a relationship between working capital management strategies, and companies` profitability. A conservative and moderate conservative strategies in the scope usually allowed to gain the highest level of effectiveness. A aggressive strategy usually allowed to gain the least level of effectiveness. Metal branch was characterized by the highest profitability.