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

Abhijit Mitra

Andras Farkas

Somaya Jalal Al-Herwi

Vikas Shrotriya

Dr.P.Chellasamy1, Ligy V.K.

Pinku Paul, Paroma mitra

Paresh shah

Nadeem Iqbal, Naveed Ahmad

M. Eswarareddy

Mr. Shivakumar 1, Dr. N Babitha Thimmaiah

Mr.V.VENKATACHALAM

Richard Kofi Akoto1, Dadson Awunyo-Vitor2* and Peter Lawer Angmor3

Dr. Yellaswamy Ambati

Jyoti Mahato1 and Uday Kumar Jagannathan2

Shailendra Saxena

Poonam Rani, Dr. Pradeep Kumar Aggarwal

Year Dependent variable

2010 Profitability (Operating Profit Margin); Liquidity; Solvency

2020 WC (CR, QR) and Profitability(ROTA, GPM, NOPM, ROE)

2018 Profitability (ROA)

2018 Profitability (ROA, ROE, NOP)

2018 Profitability (NOP)

2018 Profitability (ROA,GOP)

2020 Profitability (ROA)

2019 Profitability (ROA, ROE, ROCE, GOP and NOP)

2018 Profitability (ROA)

2018 Profitability (ROA)

2019 Profitability (ROA)

2019 Liquidity

2014 Days working capital

2019 Gross operating profit

2019 Profitability

2019 Profitability and liquidity

2018 Return on assets

2012 current ratio

2014 Gross operating profit

2017 Accounts receivables, accounts payable and inventories

2016 Return on Capital Employed Ratio and Current Ratio

2016 financial statement(working capital)

2013 Sales,cash flow, Profitability

2013 Liquidity(shareholderrs wealth)

2016 Liquidity, production and sales

2013 sales and cash collection

sales and current ratio

 Independent variable

WC (6 Fleuriet WC model)

QR) and Profitability(ROTA, GPM, NOPM, ROE)

WC (ITR, CR, D/E ratio, OCF/Debt ratio)

WC (DAP, DAR, ITID, CCC)

CCC, ITID, CR, QR, APP, ACP, WCTR

WC (ARP, ICP, APP i.e. components of CCC)

WC (Debtor to CA ratio; Inventory to CA ratio; Cash to CA ratio and CR)

WC (APP, RCP, INP and CR)

WC (current liquidity, current

to total assets, the ratio of current liabilities
to total assets, financial leverage and size)

WC ( Components of CCC i.e. ARP, IP, APP and WCR)

WC (CCC, NTC)

working capital ratios

operating profit/ net sales

working capital

working capital

working capital

Quick ratio and current ratio

Gross operating cycle period and quick ratio

working capital management

Bills Receivables, Bills Payables, Size of the Firm, Return on Assets, Leverage

Debtors and working capital turnover, liquid ratios, quick ratio and return ratios
Sundry debtors,Cash & Bank,Loans & Advances,current asset, Current liabilities

average return on equity,Account receivable days, current ratio,

Current Ratio,Quick Ratio,Debtors Turnover Ratio,Cash turnover Ratio,Total Net Assets,Cash turnover Ratio, Inventory Turnov

ACP, ICP, CCC,ACP, APP

Inventory turnover ratio, debtors turnover ratio, creditor turnover ratio

working capital turnover ratio,inventory management,Cash Turnover Ratio,averag

 Methods/techniques used

One way ANOVA

Correlation Analysis

Regression Analysis

Regression Analysis

Regression and Correlation Analysis

Regression Analysis

Regression Analysis

Regression Analysis

Regression Analysis

Regeression Analysis

Regression Analysis

Accounting technique -Ratio Analysis; Statsitical technique- ANOVA, mean, standard deviation

Benchmarking-working capital scorecard-C2C, P2P, F2F; simple linear regression model, Time series model

working capital operating cycle

Percantage of sales method, Regression equation method, operating cycle method, Individual component approach

Performance index, utilization index, overall efficiency index

Empirical model: Panel data Regression analysis, test of multi-collinearity, unit root by levin-lin-chiu test

Linear regression model

Regression analysis, correlation matrix

correlation and regression analysis(current ratio and cash gap (cash conversion cycle) )

spearman’s rank correlation, correlation matrix,MOTAALS Comprehensive Tes.

 Using balance sheet and Annual report(current liability,working capital, working capital)

Regression, Description statistics

tio,Total Net Assets,Cash turnover Ratio, Inventory Turnover Ratio.

Descriptive Analysis,correlation analysis, regression analysis, ANOVA.

Data of INVENTORY TURNOVER RATIO,LIQUID RATIO,CURRENT RATIO of two years(2006-07 & 2010-2011)

Descriptive statistics , multiple regression, ANOVA

 Major findings
Test results indicated that distributions of variables differ significantly across the six types of working capital financing structu
capital structure presents better profitability, liquidity and solvency.

There is no statistically significant relation between Efficiency of Working Capital and Profitability (Industry specifi

There is a significant positive impact of WC on ROA.

DAR, DAP and ITID negatively impact NOP while CCC has positive impact on NOP. DAR and CCC has negative relation with RO
positive relation with ROA. Only DAP has positive significant relation with ROE. ROE is relatively not a good measure of Profit
direct impact on company's operational activities.
Through Correlation Analysis it was found that CR, QR and NOP are positively correlated while CCC and NOP are negatively cor
Analysis establishes a negative relation between CCC & NOP and APP & NOP.
There is an inverted U-shaped relation between components of CCC and Profitability.At lower level of CCC firm's profitabilit
higher level it decreases.

Only Current Ratio has statistically significant impact on profitibility of the firm; CR is positively related to RO

There is a negative relation between RCP & profitability and APP & profitability. Whereas there is a positive relation between
and profitability. CR is the most significant variable that predicts profitability.

Current liquidity and Current liability to total asset ratio has statistically significant negative relation with RO

CCC exhibits a highly significant positive association with ROA.

Components of WC has nonlinear inverted U-shaped relation with corporate performance represented by RO

Because of highly aggressive debt policy the firm was suffering from a reduction in net cash and thereby affecteing the workin
There is a very slight decrease in the DWC if the rate of profit is increasing ; The regression function is not at all helpful in pred
values of the DWC; The time series model depicted that the process was not stationary,had a definite tendency exhibiting a sli
form
Most of a linear
popular trend, is
method had a seasonaltovariation.
percentage The predicted
sales method, it is easy values of DWC and
to understand should betoadjusted
easy to the
calculate.It targeted
gives gradual chan
an approximate val
financing strategy was opted.
capital as levels of sales vary with production.regression analysis is considered as more
accurate as it is based on past data of the organization. Operating cycle method utilizes the length of the cycle.In Individual co
the amountliquidity
Operating involved in different
is crucial components
because it effects of
cash flow.Negative cash flow would spook the investors and result in undervalu
current assets and current liabilities are worked out and then all amounts of current assets are summed up and current liabiliti
from the total of
The existence of acurrent
very high assets to figure
degree of net working
of inconsistency pointscapital.For
out the perfect
need foruse of working
adopting sound capital,
workingthere should
capital be synchroniza
management of t
production
firms.Automobileand sales activities.
QR and the have
companies DTR have positive
to improve effect
their and are statistically
management in currentsignificant to theliabilities,
assets, current ROA. The sales and capital in
firms
A can
negative invest more
relationship in the
betweenproductive
net purpose
operating and focus
profitability
order to attain
Operating
on the creditcycle the satisfactory
period
sales should
of capital
the company
level
be of
given
which
liquidity
importanceand than
in turn increases theand
profitability the
andaverage
current also
ratioto collection
achieve
and quick theperiod,
target
ratio,as inventory
level of and
a measure turnover in days,
its impact aver
on profi
period and
efficiency
important incash conversion
working
factoroftothe cycle were
management found.The
be company. The investment in the results of regression indicate that the coefficient of account receivable is ne
the profitability
increase or decrease in average collection period will significantly affect the profitability of the firm. According to inter-item co
considered
liquid assetsisofthetheloan
firmpayable
also hascapacity
a positiveof the firm.onThe
impact thesize
the relationship
variable has of of account
significant effect on the profitability of
profitability
receivables, the firm.
account payables and inventory
the firm.It indicates the probability associatedwith withprofit
F, i.e.,shows positive relationship but cash conversion cycle, financial debt a
significance
shows negative relationship with profitability. In
of liquidity line. The liquidity line indicates the relationship oraddition negative relationship between account receivables and the firm’s pr
that
impact on liquidity of the firm by independent variables like GOC and QR. in an attempt to reduce their cash gap in the cash
less profitable firms will pursue a decrease of their account receivables
Inventory
shows the positive relationship with dependent variable. That proves that working capital
management has a positive effect on firm’s probability.

By reducing the number of days for accounts receivables it create value for their shareholders.

Turnover ratio and collection period have shown negative trend, liquidity ratios like current ratio and liquid ratios, negative re
In order to face the severe competition and to increase profit,it is also essential to buy more shares, facing moderate profit o

listed manufacturing firms in Ghana should reduce their average collection period, cash conversion cycle (CCC) positively affec

company follow aggressive working capital financing policy( shows greater negative impact on liquidity pattern of the compan

The result shows that ROA has positive relationship between ACP, APP, CCC and Debt ratio and negative relationship between
ICP.

low inventory ratio reflect that the company are not able to manage their inventory and Average low debtors turnover ratio

High current ratio indicates idleness of the funds which reduce the profitability of the company, standard of 1:1 quick ratio sh
the company.

ip between current ratio and net profit ratio, less significant positive relation between quick ratio and return ratios.
ability of listed manufacturing firms in Ghana, focus on WCM than payable days,

horter timing between sales and cash collection, a Average low ratio shows that debts are not collected rapidly and needs to improve.

t the company has a good liquid position,company can get long term funds from financial institution very easily if Current liabilities to net
idly and needs to improve.

sily if Current liabilities to net worth ratio of the company is low, Inventory turnover ratio indicates very high ratio in all the years it indicat
h ratio in all the years it indicates overtrading,