EFFECT OF WORKING CAPITAL MANAGEMENT ON FIRM PERFORMANCE THE ROLE OF OWNERSHIP STRUCTURE

http://dx.doi.org/10.31703/gssr.2019(IV-I).10      10.31703/gssr.2019(IV-I).10      Published : Mar 1
Authored by : Shamsur Rahman , KhurshedIqbal , AamirNadeem

10 Pages : 75-83

References

  • Abuzayed, B. (2012). Working capital management and firms' performance in emerging markets: the case of Jordan. International Journal of Managerial Finance, 8(2), 155-179.
  • Afza, T., & Nazir, M. S. (2007). Is it better to be aggressive or conservative in managing working capital. Journal of quality and technology management, 3(2), 11-21.
  • Ararat, M., Black, B. S., & Yurtoglu, B. B. (2017). The effect of corporate governance on firm value and profitability: Time-series evidence from Turkey. Emerging Markets Review, 30, 113-132.
  • Azam, M., & Haider, S. I. (2011). Impact of working capital management on firms' performance: evidence from non-financial institutions of KSE-30 index. Interdisciplinary journal of contemporary research in business, 3(5), 481-492.
  • Bagh, T., Nazir, M. I., Khan, M. A., Khan, M. A., & Razzaq, S. (2016). The impact of working capital management on Firms Financial Performance: Evidence from Pakistan. International Journal of Economics and Financial Issues, 6(3), 1097-1105.
  • Baños-Caballero, S., García-Teruel, P. J., & Martínez-Solano, P. (2012). How does working capital management affect the profitability of Spanish SMEs? Small Business Economics, 39(2), 517-529.
  • Deloof, M. (2003). Does working capital management affect profitability of Belgian firms? Journal of business finance & Accounting, 30(3-4), 573-588.
  • Fazzari, S. M., & Petersen, B. C. (1993). Working capital and fixed investment: new evidence on financing constraints. The RAND Journal of Economics, 328-342.
  • Filbeck, G., & Krueger, T. M. (2005). An analysis of working capital management results across industries. American Journal of Business, 20(2), 11-20.
  • Gill, A., Biger, N., & Mathur, N. (2010). The relationship between working capital management and profitability: Evidence from the United States. Business and economics journal, 10(1), 1-9.
  • Gill, A. S., & Biger, N. (2013). The impact of corporate governance on working capital management efficiency of American manufacturing firms. Managerial Finance, 39(2), 116-132.
  • Hill, M. D., Kelly, G. W., & Highfield, M. J. (2010). Net operating working capital behavior: a first look. Financial management, 39(2), 783-805.
  • Howorth, C., & Westhead, P. (2003). The focus of working capital management in UK small firms. Management Accounting Research, 14(2), 94-111.
  • James, H. S. (1999). Owner as manager, extended horizons and the family firm. International journal of the economics of business, 6(1), 41-55.
  • Juan García-Teruel, P., & Martinez-Solano, P. (2007). Effects of working capital management on SME profitability. International Journal of Managerial Finance, 3(2), 164-177.
  • Karim, R., Al-Mamun, M. A., & Miah, M. T. (2017). Relationship Between Working Capital Management Efficiency and Profitability: A Comparative Study on Square Pharmaceuticals Limited and Beximco Pharmaceuticals Limited, in Bangladesh. International Journal of Economics, Finance and Management Sciences, 5(2), 121-128.
  • Kaur, H. V., & Singh, S. (2013). Managing efficiency and profitability through working capital: An empirical analysis of BSE 200 companies. Asian Journal of Business Management, 5(2), 197-207.
  • Khalid, R., Saif, T., Gondal, A. R., & Sarfraz, H. Working Capital Management and Profitability.
  • Khan, A. (2014). How does stock prices respond to various macroeconomic factors? A case study of Pakistan. Journal of Management Info, 4(1), 75-95.
  • Kieschnick, R., Laplante, M., & Moussawi, R. (2006). Corporate working capital management: determinants and consequences. International Journal of Managerial Finance, 3(2), 164-177.
  • Lamberson, M. (1995). Changes in working capital of small firms in relation to changes in economic activity. American Journal of Business, 10(2), 45-50
  • Lazaridis, I., & Tryfonidis, D. (2006). Relationship between working capital management and profitability of listed companies in the Athens stock exchange.
  • Mandal, N., & Goswami, S. Impact of Working Capital Management on Liquidity, Profitability and Non Insurable Risk and Uncertainty Bearing: A Case Study of Oil and Natural Gas Commission (ONGC).
  • Mazlan, A. R., & Leng, C. Y. (2018). The Moderating Effect of Working Capital Management on the Relationship between Working Capital Determinants and Firm Performance. Indian-Pacific Journal of Accounting and Finance, 2(1), 38-48.
  • Noreen, U., Khan, S. K., & Abbas, Q. (2009). International working capital practices in Pakistan. International Research Journal of Finance and Economics, 32(32), 160-170.
  • Padachi, K. (2006). Trends in working capital management and its impact on firms' performance: an analysis of Mauritian small manufacturing firms. International review of business research papers, 2(2), 45-58.
  • Paul, S. Y., Devi, S. S., & Teh, C. G. (2012). Impact of late payment on Firms' profitability: Empirical evidence from Malaysia. Pacific-Basin Finance Journal, 20(5), 777-792.
  • Raheman, A., & Nasr, M. (2007). Working capital management and profitability-case of Pakistani firms. International review of business research papers, 3(1), 279-300.
  • Åžen, M., Köksal, C. D., & Oruç, E. (2009). Relationship between the efficiency of working capital management and company size. Paper presented at the 12Th International Conference On Finance & Banking: Structural & Regional Impacts Of Financial Crises.
  • Shah, B., Gujar, M. A., & Sohu, N. U. (2018). The Impact Of Working Capital Management On Profitability: Case Study Of Pharmaceutical And Chemical Firms Listed On Karachi Stock Exchange. International Journal of Economics, Commerce and Management, 200-220.
  • Sharif, M. A., & Islam, M. R. (2018). Working Capital Management a Measurement Tool for Profitability: A Study on Pharmaceutical Industry in Bangladesh. Journal of Finance and Accounting, 6(1), 1.
  • Shezad, A., Jan, F. A., Gulzar, S., & Ansari, M. A. (2014). A study on co-integration of Pakistani stock market with selected Asian stock markets. Journal of Management Info, 4(1), 52-74.
  • Tran, H., Abbott, M., & Jin Yap, C. (2017). How does working capital management affect the profitability of Vietnamese small-and medium-sized enterprises? Journal of Small Business and Enterprise Development, 24(1), 2-11.
  • Tsagem, M. M., Aripin, N., & Ishak, R. (2014). Impact of working capital management and corporate governance on the profitability of small and medium-sized entities in Nigeria: A proposed model. International Journal of Science Commerce and Humanities, 2(5), 53-65.
  • Van James, C. H. (2004). Financial management and policy: Prentice-Hall of India.
  • Walker, D. A. (1989). Financing the small firm. Small Business Economics, 1(4), 285-296.
  • Wasiuzzaman, S., & Arumugam, V. C. (2013). Determinants of Working Capital Investment: A Study of Malaysian PublicListed Firms. Australasian Accounting, Business and Finance Journal, 7(2), 63-83.
  • Whited, T. M. (1992). Debt, liquidity constraints, and corporate investment: Evidence from panel data. The Journal of Finance, 47(4), 1425-1460.
  • Wilson, R., Plumley, D., & Ramchandani, G. (2013). The relationship between ownership structure and club performance in the English Premier League. Sport, Business and Management: An International Journal, 3(1), 19-36.
  • Yusoff, R. M., Khan, F., Mubeen, A., & Azam, K. (2013). A study about factors influencing the university performance. Sains Humanika, 64(2).
  • Yusuf, B. R., & Idowu, K. A. (2012). An investigation of the effect of aggressive working capital technique on the performance of manufacturing firms in Nigeria. International Research Journal of Finance and Economics, 96, 90-100.

References

  • Abuzayed, B. (2012). Working capital management and firms' performance in emerging markets: the case of Jordan. International Journal of Managerial Finance, 8(2), 155-179.
  • Afza, T., & Nazir, M. S. (2007). Is it better to be aggressive or conservative in managing working capital. Journal of quality and technology management, 3(2), 11-21.
  • Ararat, M., Black, B. S., & Yurtoglu, B. B. (2017). The effect of corporate governance on firm value and profitability: Time-series evidence from Turkey. Emerging Markets Review, 30, 113-132.
  • Azam, M., & Haider, S. I. (2011). Impact of working capital management on firms' performance: evidence from non-financial institutions of KSE-30 index. Interdisciplinary journal of contemporary research in business, 3(5), 481-492.
  • Bagh, T., Nazir, M. I., Khan, M. A., Khan, M. A., & Razzaq, S. (2016). The impact of working capital management on Firms Financial Performance: Evidence from Pakistan. International Journal of Economics and Financial Issues, 6(3), 1097-1105.
  • Baños-Caballero, S., García-Teruel, P. J., & Martínez-Solano, P. (2012). How does working capital management affect the profitability of Spanish SMEs? Small Business Economics, 39(2), 517-529.
  • Deloof, M. (2003). Does working capital management affect profitability of Belgian firms? Journal of business finance & Accounting, 30(3-4), 573-588.
  • Fazzari, S. M., & Petersen, B. C. (1993). Working capital and fixed investment: new evidence on financing constraints. The RAND Journal of Economics, 328-342.
  • Filbeck, G., & Krueger, T. M. (2005). An analysis of working capital management results across industries. American Journal of Business, 20(2), 11-20.
  • Gill, A., Biger, N., & Mathur, N. (2010). The relationship between working capital management and profitability: Evidence from the United States. Business and economics journal, 10(1), 1-9.
  • Gill, A. S., & Biger, N. (2013). The impact of corporate governance on working capital management efficiency of American manufacturing firms. Managerial Finance, 39(2), 116-132.
  • Hill, M. D., Kelly, G. W., & Highfield, M. J. (2010). Net operating working capital behavior: a first look. Financial management, 39(2), 783-805.
  • Howorth, C., & Westhead, P. (2003). The focus of working capital management in UK small firms. Management Accounting Research, 14(2), 94-111.
  • James, H. S. (1999). Owner as manager, extended horizons and the family firm. International journal of the economics of business, 6(1), 41-55.
  • Juan García-Teruel, P., & Martinez-Solano, P. (2007). Effects of working capital management on SME profitability. International Journal of Managerial Finance, 3(2), 164-177.
  • Karim, R., Al-Mamun, M. A., & Miah, M. T. (2017). Relationship Between Working Capital Management Efficiency and Profitability: A Comparative Study on Square Pharmaceuticals Limited and Beximco Pharmaceuticals Limited, in Bangladesh. International Journal of Economics, Finance and Management Sciences, 5(2), 121-128.
  • Kaur, H. V., & Singh, S. (2013). Managing efficiency and profitability through working capital: An empirical analysis of BSE 200 companies. Asian Journal of Business Management, 5(2), 197-207.
  • Khalid, R., Saif, T., Gondal, A. R., & Sarfraz, H. Working Capital Management and Profitability.
  • Khan, A. (2014). How does stock prices respond to various macroeconomic factors? A case study of Pakistan. Journal of Management Info, 4(1), 75-95.
  • Kieschnick, R., Laplante, M., & Moussawi, R. (2006). Corporate working capital management: determinants and consequences. International Journal of Managerial Finance, 3(2), 164-177.
  • Lamberson, M. (1995). Changes in working capital of small firms in relation to changes in economic activity. American Journal of Business, 10(2), 45-50
  • Lazaridis, I., & Tryfonidis, D. (2006). Relationship between working capital management and profitability of listed companies in the Athens stock exchange.
  • Mandal, N., & Goswami, S. Impact of Working Capital Management on Liquidity, Profitability and Non Insurable Risk and Uncertainty Bearing: A Case Study of Oil and Natural Gas Commission (ONGC).
  • Mazlan, A. R., & Leng, C. Y. (2018). The Moderating Effect of Working Capital Management on the Relationship between Working Capital Determinants and Firm Performance. Indian-Pacific Journal of Accounting and Finance, 2(1), 38-48.
  • Noreen, U., Khan, S. K., & Abbas, Q. (2009). International working capital practices in Pakistan. International Research Journal of Finance and Economics, 32(32), 160-170.
  • Padachi, K. (2006). Trends in working capital management and its impact on firms' performance: an analysis of Mauritian small manufacturing firms. International review of business research papers, 2(2), 45-58.
  • Paul, S. Y., Devi, S. S., & Teh, C. G. (2012). Impact of late payment on Firms' profitability: Empirical evidence from Malaysia. Pacific-Basin Finance Journal, 20(5), 777-792.
  • Raheman, A., & Nasr, M. (2007). Working capital management and profitability-case of Pakistani firms. International review of business research papers, 3(1), 279-300.
  • Åžen, M., Köksal, C. D., & Oruç, E. (2009). Relationship between the efficiency of working capital management and company size. Paper presented at the 12Th International Conference On Finance & Banking: Structural & Regional Impacts Of Financial Crises.
  • Shah, B., Gujar, M. A., & Sohu, N. U. (2018). The Impact Of Working Capital Management On Profitability: Case Study Of Pharmaceutical And Chemical Firms Listed On Karachi Stock Exchange. International Journal of Economics, Commerce and Management, 200-220.
  • Sharif, M. A., & Islam, M. R. (2018). Working Capital Management a Measurement Tool for Profitability: A Study on Pharmaceutical Industry in Bangladesh. Journal of Finance and Accounting, 6(1), 1.
  • Shezad, A., Jan, F. A., Gulzar, S., & Ansari, M. A. (2014). A study on co-integration of Pakistani stock market with selected Asian stock markets. Journal of Management Info, 4(1), 52-74.
  • Tran, H., Abbott, M., & Jin Yap, C. (2017). How does working capital management affect the profitability of Vietnamese small-and medium-sized enterprises? Journal of Small Business and Enterprise Development, 24(1), 2-11.
  • Tsagem, M. M., Aripin, N., & Ishak, R. (2014). Impact of working capital management and corporate governance on the profitability of small and medium-sized entities in Nigeria: A proposed model. International Journal of Science Commerce and Humanities, 2(5), 53-65.
  • Van James, C. H. (2004). Financial management and policy: Prentice-Hall of India.
  • Walker, D. A. (1989). Financing the small firm. Small Business Economics, 1(4), 285-296.
  • Wasiuzzaman, S., & Arumugam, V. C. (2013). Determinants of Working Capital Investment: A Study of Malaysian PublicListed Firms. Australasian Accounting, Business and Finance Journal, 7(2), 63-83.
  • Whited, T. M. (1992). Debt, liquidity constraints, and corporate investment: Evidence from panel data. The Journal of Finance, 47(4), 1425-1460.
  • Wilson, R., Plumley, D., & Ramchandani, G. (2013). The relationship between ownership structure and club performance in the English Premier League. Sport, Business and Management: An International Journal, 3(1), 19-36.
  • Yusoff, R. M., Khan, F., Mubeen, A., & Azam, K. (2013). A study about factors influencing the university performance. Sains Humanika, 64(2).
  • Yusuf, B. R., & Idowu, K. A. (2012). An investigation of the effect of aggressive working capital technique on the performance of manufacturing firms in Nigeria. International Research Journal of Finance and Economics, 96, 90-100.

Cite this article

APA

    APA : Rahman, S. u., Iqbal, K., & Nadeem, A. (2019). Effect of Working Capital Management on Firm Performance: The Role of Ownership Structure. Global Social Sciences Review, IV(I), 75-83. https://doi.org/10.31703/gssr.2019(IV-I).10

CHICAGO

    CHICAGO : Rahman, Shams ur, Khurshed Iqbal, and Aamir Nadeem. 2019. "Effect of Working Capital Management on Firm Performance: The Role of Ownership Structure." Global Social Sciences Review, IV (I): 75-83 doi: 10.31703/gssr.2019(IV-I).10

HARVARD

    HARVARD : RAHMAN, S. U., IQBAL, K. & NADEEM, A. 2019. Effect of Working Capital Management on Firm Performance: The Role of Ownership Structure. Global Social Sciences Review, IV, 75-83.

MHRA

    MHRA : Rahman, Shams ur, Khurshed Iqbal, and Aamir Nadeem. 2019. "Effect of Working Capital Management on Firm Performance: The Role of Ownership Structure." Global Social Sciences Review, IV: 75-83

MLA

    MLA : Rahman, Shams ur, Khurshed Iqbal, and Aamir Nadeem. "Effect of Working Capital Management on Firm Performance: The Role of Ownership Structure." Global Social Sciences Review, IV.I (2019): 75-83 Print.

OXFORD

    OXFORD : Rahman, Shams ur, Iqbal, Khurshed, and Nadeem, Aamir (2019), "Effect of Working Capital Management on Firm Performance: The Role of Ownership Structure", Global Social Sciences Review, IV (I), 75-83

TURABIAN

    TURABIAN : Rahman, Shams ur, Khurshed Iqbal, and Aamir Nadeem. "Effect of Working Capital Management on Firm Performance: The Role of Ownership Structure." Global Social Sciences Review IV, no. I (2019): 75-83. https://doi.org/10.31703/gssr.2019(IV-I).10