LA SOUS-VALORISATION DES ACTIFS A COURT TERME

Eric Molay ()
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Eric Molay: GRM - Groupe de Recherche en Management - EA 4711 - UNS - Université Nice Sophia Antipolis (1965 - 2019) - IAE Toulon - Institut d'Administration des Entreprises (IAE) - Toulon - UTLN - Université de Toulon

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Abstract: The importance of short-term financial decisions to company's value is considered by testing the following hypotheses: an extra euro invested in cash or in net working capital is valued less than one euro. Running panel data regressions, evidences prove that shareholders undervalue cash holdings and net working capital. The results of this paper alert management not to underestimate importance of cash holdings and working capital management; moreover, the results encourage investors to follow company's actions in this area to maximize their return on investment.

Keywords: cash holdings; share value; working capital.; besoin en fonds de roulement; trésorerie; valeur. (search for similar items in EconPapers)
Date: 2013-05-31
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00853449
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Published in 34ème Congrès de l'Association Francophone de Comptabilité, Montréal, mai 2013, May 2013, Montréal, Canada

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