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Does sustainability performance influence working capital management? Evidence from European companies across industries
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| 1.97 MB | Adobe PDF |
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Resumo(s)
This Work Project examines whether there is a significant relationship between sustainability
performance, proxied by Environmental, Social, and Governance (ESG) scores and working capital
management, proxied by the cash conversion cycle (CCC). Based on a sample of 382
company-year observations from Euro Stoxx 50 companies for the period 2010-2022, the findings
reveal a significant relationship between ESG scores and CCC. However, if an increase in ESG
score leads to an increase or decrease in CCC, and which ESG component influences this effect,
appears to vary across industries. Managers could therefore follow industry-specific ESG strategies
to improve their working capital management.
Descrição
Palavras-chave
Working capital management Cash conversion cycle Financial performance Sustainability performance Environmental Social and governance (Esg) score Europe