Existe relación entre el ciclo del capital de trabajo y la rentabilidad de empresas en Colombia?

Abstract

This study investigates whether there is a statistically significant relationship between net working capital (and its components), and profitability of the company, for a sample of Colombian companies, classified by sector, during the years 2005 to 2009, whose financial statements were published in Superintendencia de Sociedades. By regression testing statistical significance was found between the net working capital and its components and both operational and net profitability of the companies included in the study, however, when the total number of businesses was analyzing with working capital cycle is not as strong, the evidence is stronger when analyzed separately the components of working capital, crossed with the breakdown of the sectors. In general, days of accounts payable have the greatest negative impact on profitability. Sectors with stronger relationship are trade, manufacturing and construction. It is shown, being consistent with studies in other economies, that companies can improve its profitability by reducing the days of working capital.