scholarly journals The Effect of Working Capital Management on the Export Performance of Small and Medium Export Enterprises: Evidence from Export Manufacturing Sector in Sri Lanka

2019 ◽  
Vol 2 (3) ◽  
Author(s):  
D. T. K. Bernard ◽  
◽  
A. Almeida ◽  
S. Perera ◽  
H. Jayarathna ◽  
...  
Keyword(s):  
Sri Lanka ◽  
Manufacturing Sector ◽  
Export Performance ◽  
Capital Management ◽  
Working Capital ◽  
Working Capital Management ◽  
Export Manufacturing

scholarly journals Working Capital Management Antecedants Impact on Firm Specific Factors: A Ten Year Review of Karachi Stock Exchange

2015 ◽  
Vol 53 ◽  
pp. 107-111
Author(s):  
Sajid Iqbal
Keyword(s):  
Stock Exchange ◽  
Manufacturing Sector ◽  
Sample Period ◽  
Regression Analyses ◽  
Capital Management ◽  
Working Capital ◽  
Working Capital Management ◽  
Proxy Variable ◽  
Specific Factors ◽  
Relationship Of

The study aims of investigate relationship of working capital antecedents and profitability of the company. Seven variables are taken as proxy variable to measure working capital and its management. Population of the study is based on Karachi stock exchange listed companies. The sample of study is manufacturing sector of Pakistan. Thus, sample period contains on the ten years from (2005-2014). All variables have sound reliability and data is normally distributed. Therefore, correlation and regression analyses are applied. Hence, study revealed significant relationship of working capital management and profitability.

Benchmarking the efficiency model for working capital management: data envelopment analysis approach

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Himanshu Seth ◽  
Saurabh Chadha ◽  
Satyendra Sharma
Keyword(s):  
Data Envelopment Analysis ◽  
Manufacturing Sector ◽  
Fixed Effect Model ◽  
Manufacturing Industries ◽  
Data Envelopment ◽  
Capital Management ◽  
Working Capital ◽  
Firm Level ◽  
Working Capital Management ◽  
Content Type

PurposeThis paper evaluates the working capital management (WCM) efficiency of the Indian manufacturing industries through data envelopment analysis (DEA) and empirically investigates the influence of several exogenous variables on the WCM efficiency.Design/methodology/approachWCM efficiency was calculated using BCC input-oriented DEA model. Further, the panel data fixed effect model was used on a sample of 1391 Indian manufacturing firms spread across nine industries, covering the period from 2008 to 2019.FindingsFirstly, the WCM efficiency of Indian manufacturing industries has been stable over the analysis period. Secondly, the capacity to generate internal resources, size, age, productivity, gross domestic product and interest rate significantly influence WCM efficiency.Research limitations/implicationsFirst, the selected study period has observed various economic uncertainties including demonetization and recession, so the scenario might differ in normal conditions or country-wise. Second, the findings might not be generalizable to the developed economies, since the current study sample belongs to a developing economy, which further provides scope for comparative study.Practical implicationsAn efficient model for managing the working capital comprising most vital determinants could enhance the firms' valuation and goodwill. Also, this study would be helpful for financial executives, manufacturers, policymakers, investors, researchers and other stakeholders.Originality/valueThis study estimates the industry-wise WCM efficiency of the Indian manufacturing sector and suggests measures to the concerned parties on areas to focus on and provide evidence on the estimated relationships of firm-level and macroeconomic determinants with WCM efficiency.

scholarly journals Impact of Working Capital Management on Firm’s Profitability: A Study on Listed Companies in Sri Lanka

2020 ◽  
pp. 42-58
Author(s):  
Vianny Jeniston Delima
Keyword(s):  
Regression Analysis ◽  
Sri Lanka ◽  
Correlation Analysis ◽  
Listed Companies ◽  
Descriptive Statistics ◽  
Capital Management ◽  
Working Capital ◽  
Working Capital Management ◽  
Cash Conversion Cycle ◽  
Capital Financing

Aims: The main aim of the study is to identify whether working capital management has an impact on firm’s profitability of listed companies in Sri Lanka. Place and Duration of Study: Pooled panel data of 95 listed companies from 18 sectors are listed on the Colombo Stock Exchange (CSE) which comprised of 475 observations is used during the period of 2012/2013 to 2016/2017. Methodology: Descriptive statistics, Pearson’s Correlation analysis, ANOVA, and Pooled Regression analysis were employed as measures of analysis. Working capital management components and working capital policies are used as independent variables which comprised of number of days of account receivable (DAR), number of days of inventories (DI), number of days of account payables (DAP), cash conversion cycle (CCC), working capital investment policies (WCIP), and working capital financing policies (WCFP). Current ratio (CR), firm size (SIZE), sales growth (GROWTH), and Debt ratio (DR) were employed as controlled variables. Gross operating profit (GOP) and Return on assets (ROA) were used as dependent variable. Results: In the descriptive statistics, average of DAR, DI, DAP, and CCC are 64, 63, 97, and 29 days respectively. The average WCIP and WCFP are indicated as 40% and 27% of total assets. For control variables, the average CR, SIZE, GROWTH, and DR are indicated as 2.27, 14.50, 33% and 40%. In the Pearson correlation analysis, CCC has negative relationship with GOP and ROA. With regard to WCIP and WCFP, there are negative significant relationships with GOP and ROA. Regression analysis states that working capital management significantly impacts on firm’s profitability of listed companies in Sri Lanka. Conclusion: These findings would be useful to consider on maintaining optimal working capital management components and policies to avoid corporate collapse and to maximize firm’s profitability.

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