versão impressa ISSN 0123-5923
MORENO MEZA, NÉSTOR. CICLO DE CONVERSIÓN DE EFECTIVO EN LAS GRANDES EMPRESAS DE COMERCIO AL DETAL EN COLOMBIA (1998-2002). estud.gerenc. [online]. 2004, vol.20, n.92, pp. 129-138. ISSN 0123-5923.
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.
Palavras-chave : Financial management; Cash conversión cycle; Working capital management; Retailing.