CICLO DE CONVERSIÓN DE EFECTIVO EN LAS GRANDES EMPRESAS DE COMERCIO AL DETAL EN COLOMBIA (1998-2002) (Article published in Spanish)

Authors

  • Néstor Moreno Meza Economista de la UGC; Especialista en Administración de Empresas y MPA de la Université Catholique de Louvain (Bélgica); Máster en Gestión Financiera de la Université d´Anvers (Bélgica); Profesor Asociado de la Universidad del Valle, Cali (Colombia). Director de la línea de Investigación en Diagnóstico y Decisiones Financieras de la Empresa Colombiana.

Keywords:

Financial management, Cash conversión cycle, Working capital management, Retailing

Abstract

This paper discusses the size and financial effects of the cash conversion cycle (CCC) for a sample of five general retailers operating in the Colombian market during the period 1998- 2002. The concept of cash conversion cycle was proposed by Richards and Laughlin (1980) in order to improve the analytical treatment of liquidity in business; the cycle is calculated by combining three accrual-based turnover ratios : days sales outstanding, days inventory, and days payable. Data from the financial statements of the sample of such retailers (Almacenes Exito-Cadenalco, Carulla-Vivero, Supertiendas y Droguerías Olímpica, La 14 y Carrefour) show a significant effect of days payable (or trade credit) on financial leverage, liquidity and short-term cash requirements.

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Published

2004-09-30

Issue

No. 92 Jul-Sep 2004

Section

Research articles

License

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How to Cite

CICLO DE CONVERSIÓN DE EFECTIVO EN LAS GRANDES EMPRESAS DE COMERCIO AL DETAL EN COLOMBIA (1998-2002) (Article published in Spanish). (2004). Estudios Gerenciales, (92), 129-140. https://www2.icesi.edu.co/revistas/index.php/estudios_gerenciales/article/view/141