Cash Management Routines : Evidence from Spain

The purpose of this article is to provide an overview of corporate treasury management, understood as the application of cash management. The decision-making actions of treasury department heads are analysed and have been confirmed by empirical evidence. This article seeks to contribute to the ongoing debate in financial literature by analysing the extent to which the size of companies, the sectors in which they operate and the training of financial decision-makers influence treasury management. In this way, companies seek maximise results obtained by the treasury department and, therefore, maximise the value of the firm. The results confirm the idea that there is a culture of cash management and that whether or not new treasury management techniques are used depends more on the initiative of the treasury manager than on the size of the corporation, the sector to which it belongs or the training of the decision-maker