Working Capital Management und dessen Rolle als Instrument zur Rentabilitäts- und Unternehmenswertsteuerung: Eine empirische Untersuchung über deutsche Blue Chips

Abstract

Despite the phase of low interest rates, working capital management remains a key value driver in companies and an important management tool. Our results for 115 companies listed on the most important German stock indexes for the years 2011 to 2017 show that effective working capital management can have a positive impact on profitability and enterprise value. At the same time, our results also show that less attention has recently been paid to working capital management and that digital innovations are probably not yet being used to the extent that seems possible to increase efficiency. Even against the background of continuously low capital market interest rates, this must be viewed critically.