Sprawność zarządzania kapitałem obrotowym i jej wpływ na rentowność małych, średnich i dużych przedsiębiorstw przemysłu spożywczego w Polsce
THE EFFICIENCY OF WORKING CAPITAL MANAGEMENT AND ITS IMPACT ON THE PROFITABILITY OF SMALL, MEDIUM AND LARGE ENTERPRISES OF THE FOOD INDUSTRY IN POLAND
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The article presents the results of the efficiency of working capital management in small, medium and large enterprises of the food industry in Poland years in 2005- -2009. The efficiency of working capital management has been evaluated by using the in-ventory cycle, receivables, liabilities and cash conversion cycle and by its relation to rate of return on non-financial assets. Studies have shown that the effectiveness of working capital was differentiated by size of enterprises and in industries where working capital cycles are the shortest, a relatively higher rate of return on assets was achieved. In the national food industry the highest efficiency, measured by cash conversion cycle and assets profitability, was characteristic for large companies. The beneficial effect of shortening the cycle of working capital on the profitability of assets also verified the regression analysis.
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