Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/261883 
Year of Publication: 
2020
Citation: 
[Journal:] BRQ Business Research Quarterly [ISSN:] 2340-9436 [Volume:] 23 [Issue:] 3 [Publisher:] Sage Publishing [Place:] London [Year:] 2020 [Pages:] 234-251
Publisher: 
Sage Publishing, London
Abstract: 
Here, we use a sample of firms from 30 countries during the period 1995-2013 to examine the relationship between net operating working capital (NWC) and firm value. Specifically, we show that the value of NWC varies across countries and that it depends on both investor protection and a country's financial and economic development. Our findings imply that shareholders value NWC more in countries with strong enforcement of investor rights, and greater financial and economic development.
Subjects: 
Net operating
working capital
market value
investor protection
financial development
economic development
JEL: 
G15
G18
G31
G32
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc Logo
Document Type: 
Article

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