期刊名称：Revista de Educação e Pesquisa em Contabilidade
电子版ISSN：1981-8610
出版年度：2020
卷号：14
期号：1
页码：118-133
DOI：10.17524/repec.v14i1.2041
出版社：Conselho Federal de Contabilidade (CFC)
摘要：Objective: The inventory management faces a trade-off which affects firms in the relationship between whether maintaining high inventories and decreasing the probability of stock-outs or keeping inventory levels lower and applying the excess cash to other investments. Thus, this paper investigates the relationship between inventory management and performance. Method: The sample is comprised of non-financial Brazilian firms listed in the BM&FBovespa from 2010 to 2016, and due to inventory is not to be a relevant factor in the revenues of all the firms of the initial sample, it was applied a procedure to refine the sample through a simple linear regression to only comprise firms with a significant relationship between inventory and sales. To test the assumptions declared by the study, we used a quantitative approach based in a regression analysis. Results: The results indicate that the model which considers value added measurement of performance shows that there is no relationship between inventory and performance. However, a robustness check was done using the ROA to measure the performance and, in this scenario, there was a statistically inverted U-shaped relation between the profitability, the net trade cycle and its square. This means that a non-linear relationship between the variables were found, which follows the idea of an optimal level of inventory and performance. Contributions: To the best of the author’s knowledge, this is the first study that investigates an inflection point between inventory management and performance in Brazilian firms. The findings have relevant practical guidelines to the Brazilian firms and researchers in the analysis of the performance related to the net trade cycle, which it can be suggested that the Brazilian shareholders are not concerned about internal factors, as the inventory management, but if the firm is being managed profitable.
