Article2012

Effect of Working Capital on Profitability of Selected Quoted Firms in Nigeria

43 citations0/0 files storedGlobal Business Review

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Working Capital and Financial Performance Financial Analysis and Corporate Governance Supply Chain and Inventory Management

Abstract

The article examines the relation between working capital management and profitability for a sample of 66 Nigerian non-financial firms for the period 1997–2007. Trade credit policy and inventory policy are measured by number of days accounts receivable, accounts payable and inventories; and the cash conversion cycle (CCC) is used as a comprehensive measure of working capital management. The results suggest that firm’s profitability is reduced by lengthening the number of days accounts receivable, number of days of inventory and number of days accounts payable. The result shows that shortening the CCC improves the profitability of the firms.

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References

1984Corporate financing and investment decisions when firms have information that investors do not have 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1995What Do We Know about Capital Structure? Some Evidence from International Data 2001The curse of natural resources 1982Booming Sector and De-Industrialisation in a Small Open Economy 1934The Economics of Imperfect Competition.2003Does Working Capital Management Affect Profitability of Belgian Firms?1994Financial Distress and Corporate Performance

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2015Working Capital and Profitability in Manufacturing Firms in Malaysia: An Empirical Study 2019The Relationship Between Working Capital Management and Profitability: Evidence from South African Retail and Construction Firms 2019Measuring impact of working capital efficiency on financial performance of a firm 2020Determinants of behaviour of working capital requirements of BSE listed companies: An empirical study using co-integration techniques and generalised method of moments 2020External Shocks, Institutional Quality, and Macroeconomic Performance in Nigeria

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