This study focuses on the behavior of working capital managers when they take decisions concerning the different components of working capital during the global financial crisis. To find out which behavioral biases influence the decision of working capital managers when they decide about cash, inventory, receivables and payables, we based our investigation on questionnaire. More precisely, we aim to find out if working capital managers are likely to have influence of heuristic-driven biases, like high confidence level, loss aversion, self-serving biases and anchoring. Our results show that working capital managers are prone to behavioral biases when they take their decisions.

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