| Title |
Business-Cycle-Sensitive working capital management in the u.s. retail sector |
| Translation of Title |
Verslo ciklo jautrus apyvartinio kapitalo valdymas JAV mažmeninės prekybos sektoriuje. |
| Authors |
Elkashif, Moustafa Khaled Moustafa |
| Full Text |
|
| Pages |
60 |
| Keywords [eng] |
Business Cycle • Economic Cycles • Working Capital Management (WCM) • Cash Conversion Cycle (CCC) • Inventory Management • Accounts Receivable • Accounts Payable • Liquidity Management • Firm Performance • Profitability • Financial Efficiency • Retail Sector • U.S. Retail Industry • Macroeconomic Conditions • Economic Expansion • Economic Recession • Financial Constraints • Leverage • Cash Holdings • Panel Data Analysis • Moderation Effect • Mediation Effect • Corporate Finance • Short-Term Financial Management • Operational Efficiency |
| Abstract [eng] |
Within the retail sector in the United States, WCM (working capital management) has a dynamic relationship with firm performance and the business cycle. A major limitation of the literature is that most discussions of WCM do not consider the macroeconomic context of the data. This study fills that gap by using panel data from 49 U.S. retail firms from 2011 to 2022 to draw these conclusions. An empirical analysis finds that although the majority of WCM metrics were stable, leverage was significantly greater during recessions. Additionally, there was no evidence of mediation from WCM; that is, WCM does not mediate the relationship between business cycle conditions and firm performance. Moreover, firm size moderates the relationship between WCM and firm performance. Specifically, the relationship between high leverage and profitability for small firms was positive, whereas this relationship was negative for large firms. |
| Dissertation Institution |
Vilniaus universitetas. |
| Type |
Master thesis |
| Language |
English |
| Publication date |
2026 |
