Ferreira, LeonorMartins, Madline Teixeira2025-01-232025-01-232024-06-212024-05-17http://hdl.handle.net/10362/177829This 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.engWorking capital managementCash conversion cycleFinancial performanceSustainability performanceEnvironmentalSocial and governance (Esg) scoreEuropemaster thesis203724275