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Abstract The working capital management is of great importance for the survival and profitability of the companies. Decisions of operational order can have both short-term and long-term consequences, affecting the operational performance of companies. Thus, the efficient management of working capital and the knowledge of his determinants factors has relevance for business managers since it can impact the liquidity and profitability of companies. The aim of this study was to identify and analyze the determinants of working capital requirement (WCR) and net operating cycle (CF) requirements of Brazilian publicly held non-financial corporations, covering the period from March 2010 to December 2016 (28 quarters). Methodologically, we used regression analysis with panel data and the feasible generalized least squares model that is robust to heteroscedasticity problems. The results showed that the operating cash flow has a negative relation with the net operating cycle, while the asset return and the sales growth have a positive relation. In addition, the current liquidity, the size of the company and the leverage were significant and negatively related to the companies' need for working capital. Author Biographies Sabrina Espinele da Silva, Universidade Federal de Minas Gerais Universidade Federal de Minas Gerais. Address: Av. Pres. Antônio Carlos, 6627, Prédio FACE | Pampulha | 31270-901 | Belo Horizonte/MG | Brazil. Marcos Antônio de Camargos, Universidade Federal de Minas Gerais e Faculdade Ibmec de Minas Gerais Universidade Federal de Minas Gerais e Faculdade Ibmec de Minas Gerais. Address: Av. Pres. Antônio Carlos, 6627, Prédio FACE | Pampulha | 31270-901 | Belo Horizonte/MG | Brazil. Simone Evangelista Fonseca, Universidade Federal de Minas Gerais Universidade Federal de Minas Gerais. Address: Av. Pres. Antônio Carlos, 6627, Prédio FACE | Pampulha | 31270-901 | Belo Horizonte/MG | Brazil. Robert Aldo Iquiapaza, Universidade Federal de Minas Gerais Universidade Federal de Minas Gerais. Address: Av. Pres. Antônio Carlos, 6627, Prédio FACE | Pampulha | 31270-901 | Belo Horizonte/MG | Brazil. References Afza T., Nazir, M. S. (2007). Is it better to be aggressive or conservative in managing working capital? Economic Review Conference (SERC), Singapore.

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