Working capital reduction is not exactly the new kid in town: Business press articles have heralded its benefits for nearly two decades; scientific journals have studied its details for about a century; and numerous conferences unite practitioners to discuss best practices every year. But, for some companies, the topic has recently moved to the top of the agenda: Banks are less willing to hand out loans, thus restricting their room to maneuver.

Ralf Seifer and Daniel Seifert








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