Shareholder value creation within the supply chain - working capital perspective

• Autorzy: Toušek Zdeněk , Hinke Jana , Gregor Barbora , Prokop Martin , Streimikiene Dalia

Identyfikatory

DOI

10.17512/pjms.2022.26.1.19

Warianty tytułu

PL

Tworzenie wartości dla akcjonariuszy w ramach łańcuchadostaw - perspektywa kapitału obrotowego

• Języki publikacji: EN

Abstrakty

EN

This paper deals with the generation of shareholder value in the financial supply chain from the perspective of working capital management and examines whether this value remains stable at the aggregate level of the national economy and whether there is an even distribution of shareholder value across sectors of the national economy. Final balanced dataset contains of 2.393 Czech firms with complete annual financial figures for period from 2011 to 2019 (21.538 firm-year observations). Significant evidence confirming increasing value of aggregated cash conversion cycle caused by volatile development of all working capital components over the time were found. Major shareholder value driver is changing constantly over the respective period of time, therefore also assumption about equal distribution of shareholder value among sectors has to be rejected.

PL

Artykuł dotyczy generowania wartości dla akcjonariuszy w finansowym łańcuchu dostaw z perspektywy zarządzania kapitałem obrotowym i bada, czy wartość ta pozostaje stabilna na poziomie zagregowanym gospodarki narodowej oraz czy istnieje równomierny rozkład wartości dla akcjonariuszy w poszczególnych sektorach gospodarki narodowej. Ostateczny zrównoważony zbiór danych zawiera 2.393 czeskich firm z kompletnymi rocznymi danymi finansowymi za okres od 2011 do 2019 (21.538 obserwacji). Znaleziono istotne dowody potwierdzające rosnącą wartość zagregowanego cyklu konwersji gotówki spowodowaną zmiennym kształtowaniem się wszystkich składników kapitału obrotowego w czasie. Główny czynnik generujący wartość dla akcjonariuszy zmienia się w sposób ciągły w danym okresie, dlatego też należy odrzucić założenie o równym rozkładzie wartości dla akcjonariuszy pomiędzy sektorami.

Słowa kluczowe

EN

cash conversion cycle; sectors of national economy; payables; rofitability; receivables

PL

cykl konwersji gotówki; sektory gospodarki narodowej; zobowiązania; rentowność; należności

• Wydawca: Czestochowa University of Technology
• Czasopismo: Polish Journal of Management Studies
• Rocznik: 2022
• Tom: Vol. 26, No. 1
• Strony: 310--324
• Opis fizyczny: Bibliogr. 43 poz., rys., tab.

Twórcy

autor

Toušek Zdeněk

• Czech University of Life Sciences, Faculty of Economics and Management, Department of Trade and Finance, Kamýcká 129, 165 00, Prague, Czech Republic

• https://orcid.org/0000-0003-3855-8811

autor

Hinke Jana

• Czech University of Life Sciences, Faculty of Economics and Management, Department of Trade and Finance, Kamýcká 129, 165 00, Prague, Czech Republic

• https://orcid.org/0000-0001-6767-1253

autor

Gregor Barbora

• Charles University in Prague, Faculty of Social Sciences, Institut of Economic Studies, Opletalova 38, 110 00, Staré město, Prague, Czech Republic

• https://orcid.org/0000-0003-1556-3124

autor

Prokop Martin

• Czech University of Life Sciences, Faculty of Economics and Management, Department of Trade and Finance, Kamýcká 129, 165 00, Prague, Czech Republic

• https://orcid.org/0000-0001-5252-8729

autor

Streimikiene Dalia

• Lithuanian Sports University, Sports and Innovation Institute, Sporto g. 6, 44221 Kaunas, Lithuania

• https://orcid.org/0000-0002-3247-9912

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Uwagi

Opracowanie rekordu ze środków MEiN, umowa nr SONP/SP/546092/2022 w ramach programu "Społeczna odpowiedzialność nauki" - moduł: Popularyzacja nauki i promocja sportu (2022-2023).