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The relationship between cash conversion cycle and profitability in Italian companies. A comparison between family and non-family businesses
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Resumo(s)
Academic research agrees on the outperforming profitability and the closer relationship with
suppliers and customers, attributable to Family Business (FBs) compared to Non-FBs. This
Work Project is aimed at understanding whether these characteristics still exist in Italian listed
manufacturing FBs. Furthermore, this paper investigates how the differences in Cash
Conversion Cycle components between FBs and Non-FBs impact profitability. Our findings
suggest that FBs generate a higher Gross Sales Margin than Non-FBs by taking advantage of
their relationship with suppliers. Specifically, FBs obtain lower input prices and longer
payables periods than Non-FBs, while reducing variable costs through a longer inventory
turnover.
Descrição
Palavras-chave
Family business Cash conversion cycle Financial statement analysis Profitability Days inventory outstanding Days sales outstanding Liquidity Workin capital Gross sales margin Days payables outstanding Debt-to-equity Ftse Italia star Stewardship