Articlebronze2011

The Impact of Working Capital Management on Profitability: The Case of Small and Medium-Sized Export Companies in Tunisia

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

Abstract

Working capital is an important component in the financial decision of the company. An optimal working capital management is reached through a trade off between profitability and liquidity. This study aims to provide empirical evidence about the effects of working capital management on the profitability of 386 Tunisian export SMEs observed from 2001 to 2008. The results of fixed and random effects models show a negative relationship between corporate profitability and the different working capital components. This reveals that Tunisian export SMEs should shorten their cash conversion cycle by reducing the number of days of accounts receivable and inventories to increase their profitability.

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References

1978Specification Tests in Econometrics 2003Analysis of Panel Data 1994The Benefits of Lending Relationships: Evidence from Small Business Data 1966Financial Ratios As Predictors of Failure 1997Trade Credit: Theories and Evidence 2008Estimating Trade Flows: Trading Partners and Trading Volumes *2006Corporate governance and the value of cash holdings 2003Does Working Capital Management Affect Profitability of Belgian Firms?

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2018Knowledge configurations of small and medium-sized knowledge-intensive firms in a developing economy: A knowledge-based view of business-to-business internationalization 2020Benchmarking the efficiency model for working capital management: data envelopment analysis approach 2020The Impact of Working Capital Management on Profitability: Evidence from Selected Small Businesses in Nigeria 2021Working capital management and business performance: evidence from Latin American companies

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