Working capital management of Dutch private firms

This thesis investigates the determinants of working capital management (measured by the cash conversion cycle) of Dutch private firms for a period of 2008-2017. Using multiple regression methods and controlling for specific factors, the results show that Dutch private firms pursue a target level of the CCC. In contrast to previous studies in the determinants of working capital management, Dutch private firms try to adjust their CCC to their target level less quickly. It is found that larger firms maintain a longer CCC, whereas firms with a higher leverage, maturity and investment in fixed assets maintain a shorter CCC.