The effectiveness of working capital management strategies in manufacturing enterprises

The paper presents the results of a study aimed at identifying and assessing the efficiency of working capital management strategies in enterprises. The analysis focuses on the volumes of net working capital and its cycle (dependent variable), as well as the conversion cycles of its main components (independent variables). The study comprises the entire population of manufacturing enterprises in Poland covered by public statistics (nearly 14 thousand entities), divided into size categories (small, medium and large). The long-term analysis covers the period of 2007-2018. The study makes use of the measures that characterise working capital management strategies and their effects including net working capital volumes and working capital cycles. The study also employs measures related to correlations, similarity, density, positioning and classifying, as well as descriptive statistics. The effect of the study is the verification of three research hypotheses related to the characteristics, correlations, profile similarities and identification of working capital strategies in manufacturing enterprises.