Wpływ strategii zarządzania kapitałem obrotowym na rentowność i ryzyko firmy: na przykładzie publicznych spółek sektora budownictwa w Polsce

Miłosz Michałowski

doi:10.18778/2082-4440.47.02

Authors

Miłosz Michałowski Uniwersytet Łódzki, Wydział Zarządzania, Rachunkowość i zarządzanie finansami https://orcid.org/0009-0009-3581-733X

DOI:

https://doi.org/10.18778/2082-4440.47.02

Keywords:

working capital management, profitability, construction sector, risk

Abstract

The article presents an analysis of working capital management strategies in the construction sector in Poland. The main objective of the study is to examine the impact of working capital management on the profitability and risk of firms operating in this sector. The study covered a group of public companies from 2019 to 2023. A synthetic indicator was developed to provide a comprehensive assessment of working capital management strategies, taking into account both financing and investment aspects. Based on the research, four basic working capital management strategies were identified and characterized, analyzing their impact on companies’ profitability and risk. Contrary to prevailing finance theory, the results indicate that in the construction sector, aggressive working capital management strategies negatively affect profitability while increasing operational risk. The study showed that the peculiarities of the construction sector, characterized by long project delivery cycles and significant capital intensity, require a more conservative approach to working capital management. The proposed methodology for evaluating working capital management strategies provides a useful tool to support decision-making in companies operating under increased market uncertainty.

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