Aktas, Nihat; Croci, Ettore; Petmezas, Dimitris - In: Journal of Corporate Finance 30 (2015) C, pp. 98-113
We examine the value effect of working capital management (WCM) for a large sample of US firms between 1982–2011. Our results indicate (i) the existence of an optimal level of working capital policy; and (ii) firms that converge to that optimal level (either by increasing or decreasing their...