SHAREHOLDER VALUE CREATION WITHIN THE SUPPLY CHAIN - WORKING CAPITAL PERSPECTIVE

This paper deals with the generation of shareholder value in the financial supply chain from the perspective of working capital management and examines whether this value remains stable at the aggregate level of the national economy and whether there is an even distribution of shareholder value across sectors of the national economy. Final balanced dataset contains of 2.393 Czech firms with complete annual financial figures for period from 2011 to 2019 (21.538 firm-year observations). Significant evidence confirming increasing value of aggregated cash conversion cycle caused by volatile development of all working capital components over the time were found. Major shareholder value driver is changing constantly over the respective period of time, therefore also assumption about equal distribution of shareholder value among sectors has to be rejected.