Afrifa, Godfred; Tingbani, Ishmael; Adesina, Oluseyi - 2022
This paper adopts the stochastic frontier analysis (SFA) to model working capital efficiency (WCE) on a sample of 6,170 European firms from 2009 to 2018. We find: (i) larger firms are more efficient with their working capital management (WCM) than smaller firms, (ii) higher cash holding...