Cykl kapitału obrotowego netto a rentowność przedsiębiorstw przemysłowych
Working capital cycle and profi tability of industrial companies
Zeszyty Naukowe SGGW - Ekonomika i Organizacja Gospodarki Żywnościowej, 2011, vol., nr 91, s. 71-84
In this paper I investigate the relationship between working capital cycle and profi tability of industrial companies. I used sample of 43 companies listed in the Warsaw Stock Exchange for the period of 2004–2008. The empirical fi ndings show both positive (in the companies of metal industry) and negative (in the companies of automotive industry, building materials industry, light industry and pharmaceutical industry) relationships between cash conversion cycle and its components and companies’ profi tability. The relationships are result of working capital management strategies.