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The objective of this paper was to verify the impact of working capital management on the profitability of companies in the civil construction sector from 2007 to 2016. Therefore, some indicators of the companies of the sector were observed during the period. An econometric model was estimated from panel data analysis. As determinants of the return on invested capital (ROI), the dependent variable in this study, were defined the average maturity indicators: average term of receipt of sales (PMR), average term of inventory renewal (PME), average term of payment to supplier (PMP). Estimating the regression with the random effects model, it was found that the explanatory variables present an inverse relation with the profitability of these companies at a level of 1% of significance, with the exception of the PMP. This implies that a shorter term for inventory and sales provides greater profitability for companies of the civil construction sector. It is also evidenced that the management of the company’s working capital impacts on profitability of companies in the civil construction sector.

Impacto da Gestão do Capital de Giro na Rentabilidade das Empresas do Setor de Construção Civil