Author (s)

Andre Guimaraes, Valcemiro Nossa

T. Chandrabai, Dr. K. Venkata Janardhan Rao

Rimsha Khalid, Tehreen Saif, Abdul Rehman Gondal, Hamza Sarfaraz

Abdullahi Hassan Gorondutse, Ahmed Abubakar

Asif Iqbal

Nufazil Altaf, Farooq Ahmad Shah

Gbalam Eze

Nasser Alsulayhim
Bojana Vuković1, Dejan Jakšić

Amr Ahmed Moussa

Ha Thi Thuy Van; Dang; Ngoc Hung; Vu Thi Thuy Van; Ngo Thanh Xuan
 Need

To find relation between different capital structure under

Fleuriet model and profitability, solvency and liquidity of
health insurance companies.

To study and evaluate the WCM in ACC Limited and also

to find relationship between WCM and Profitability.

To examine whether efficient WCM can impact

profitability of firms of electrical and machinery
equipment sector of Pakistan.

To study the impact of WCM on Malaysian SME's

Profitability within the sight of control factors measured
by the size of the firm, leverage and sales growth.

To analyze the effect of working capital

management on profitability, in detail, in the
manufacturing firms of Pakistan listed on Karachi Stock
Exchange.

To examine the relationship between WCM and firm

profitability.

To examines the relationship between working capital

management and firm performance in
Nigeria.

To investigate relationship between WCM and Profitability

of non-financial firms listed in Saudi Stock Exchange.
To examine the effect of WCM on company’s profitability
in the food industry in Southeast Europe using
components of WC.

To study was to explore the impact of working capital

management (WCM) on firms’ performance and value for
a sample of Egyptian firms.

To examine the impact of WCM on corporate

performance (CP) in Vietnam.
 Importance

It helps to compare different types and sub-types of

capital structure in details comensurating with its
efficiency in terms of profitability and refine and develop a
insolvency prediction model.

Analyzes various aspect of Working Capital to optimize

Firm's Investment.

There is no research work to study the relation between

WCM and Profitability in Electricals and Equipment sector
of KSE, despite WCM being emperically important factor
of Firm's Profitability. This study fills the gap of existing
literature.

This research work uses ROA, NOP and ROE as dependent

variable; and Inventory Turnover in Days(ITID), Days
Accounts Payables(DAP) and Cash Conversion Cycle (CCC)
as independent variable.

Existing literature cannot solve the the conflict as to the

relation between WCM and Profitability factors is positive
or negative. This study solves the conflict by conducting
the research on individual WCM components and
Profitability variables.

Studies the relation of WCM and profitability based on

firm's investment strategy in WC.

This study has revealed the effect of management of each

of the components of working capital in some selected
industrial firms in Nigeria.

Unlike previous literatures this study finds that relation

between WCM and Profitability is independent of
Country's Economy.
The food industy in Southeast Europe is characterized by
high rate of indebtedness and loans with extremely high-
interest rates and other unfavorable conditions. This study
is one of its kind in this sector.

This research studies the relation of CCC and ROA

employing a set of control variables to control for
differences in firm characteristics, industry type, and
economic conditions.

This study fully and comprehensively examines the impact

of working capital management through CCC and NTC on
corporate performance. This study was carried out by
collecting data from listed companies on Vietnam's stock
market, which is an emerging economy that can
demonstrate the optimal threshold of both CCC and NTC’s
impact on CP.
 Contribution Industry

certain structure – where financial current assets Healthcare Insurance

exceed onerous current liabilities, and cyclical current
assets exceed cyclical current liabilities – is associated
with higher levels of profitability, liquidity and solvency.
ACP is negatively correlated with all the profitability
ratios except with ITR. ITR is positively correlated with Cement Industry
ROE.

There is a statistically significant positive relation

among WC (ITR, CR, D/E ratio, OCF/Debt ratio) and Electrical Equipment
ROA.

There is lack or limited access of funds in SMEs sector,

this research via establishing relationship between
components of WC and Profitability iin detail facilitates SMEs
better management of WCM and lowers the need of
fund.

Through Correlation Analysis it was found that CR, QR

and NOP are positively correlated while CCC and NOP
are negatively correlated. Regression Analysis Manufacturing Industry
establishes a negative relation between CCC & NOP and
APP & NOP.

Non-financial Companies from 11 Industries

Unlike prior studies that found a linear relationship (Chemical and Chemical products, Consumer
between WCM and firm
Goods, Construction and real estate,
profitability. This study provides newer evidence for an
inverted U-shaped relation between investment in WC Communication services, Food and Dairy
products, Information technology, Machinery,
and firm profitability in India. In addition, this study
Metal and Metal products, Transport
uses GMM to control the potential problems of
equipment, Textile and Wholesale and retail
endogeneity.
trading).

The output of the study is contribution to literature as

well as reveals that free cash flow should be gainfully Insurance
invested to avoid operational deficiencies.

The result shows statistically significant relation

between WCM and Profitability whereas it indicates Set of Non-Financial companies listed in Saudi
that there is no single practice or WCM strategy that Arabia Stock Exchange
suits every company.
Current liquidity and Current liability to total asset ratio
has statistically significant negative relation with ROA.
This finding will help managers to maintain optimal
level of WC and to use profitable investments, Food Industry
promptly and appropriately react to market
fluctuations and gain competitive advantages for the
companies in the food industry.

The study finds a positive relation between CCC nad

68 Industrial firms listed on the EGX 100 index,
firm's performance & firm's value. A new insight
which represents the 100 most actively traded
contends that stock markets in less developed
firms on the Egyptian Stock Exchange. All
economies such as Egypt fail to penalize managers for
financial and service institutions were
inefficient WCM. Therefore, policy-makers in Egypt
excluded from the sample because of the
need to improve the awareness of managers and
unique nature of the WCM.
shareholders regarding the usefulness of WCM.

The study finds a inverted U-shaped relation between

Non-Financial Companies( RE and
WCM and company's performance. The result is useful
Constructions; Technology; Industrial;
in maintaining optimal level of WC and to utilize
Services; Consumer Goods; Energy;
investment opportunities in order to maximize firm's
Agriculture; Raw Materials; Health)
profit and shareholder's value.