Вы находитесь на странице: 1из 25

Factors Affecting Green Purchase

Behavior

By,

Student name

A thesis
Submitted in partial fulfillment of the requirements
For the degree of Master of Business Administration
To Research Facilitation Unit (RFU)
At Iqra University
Main campus, Karachi
Acknowledgement
Abstract

The purpose of this research is to study the effect of Corporate Diversification which

has moderator effect between Cash Conversion Cycle (CCC) and Firms Profitability. CCC is

been divided into Inventory Turnover Days (ITO), Account Receivable Turnover Days

(ART), and Accounts Payable Turnover Days (APT). Firm’s profitability is divided into its

sub-dimensions Return on Assets and Return on Equity. Corporate Diversification is a

growth strategy and is measured by Focus firms and Diversified Firms. This research is

Explanatory research and study is based on secondary data which is published in the

company's annual report. This research is based on the Panel Data and data of 10 years will

be extracted from 30 companies listed on the website of PSX. After descriptive statistics,

Fixed and Random Effects Regression Model, and Hierarchical Moderated Regression

Analysis are used for Inferential Statistics analysis. The findings support the study which

describes that ART has a significant effect on ROA and ROE whereas result explains that

ITO does not have any relation with ROA and ROE. The APT also had a negative relation

with ROA and ROE. The moderation finding states that the interaction between the ITO with

the Corporate Diversification is significant with ROA and ROE both. APT after interacting

with moderation have a significant effect on ROA as well as on ROE. ART, when interacted

with Moderation, is not effecting ROA and ROE as the finding explains.
Key words: Cash conversion cycle, Firm profitability and Moderation analysis
Table of Contents

Acknowledgement................................................................................................................................2
Abstract................................................................................................................................................3
Table of Contents.................................................................................................................................4
Chapter 1: Introduction......................................................................................................................4
1.1 Background of The Study:...........................................................................................................5
1.2 Problem Statement.......................................................................................................................5
1.3 Purpose of Study..........................................................................................................................6
1.4 Significance of the Study.............................................................................................................6
1.5 Outline of the Study.....................................................................................................................7
1.6 Definition of Terms.....................................................................................................................7
Chapter 2: Literature Review.............................................................................................................8
2.1 Underpinning and Supporting Theories / Models........................................................................8
2.2 Empirical Reviews:....................................................................................................................12
2.3 Research Framework.................................................................................................................13
2.4 Hypothesis:................................................................................................................................14
Chapter 3: Research Methodology...................................................................................................15
3.1 Research Approach....................................................................................................................15
3.2 Research Design........................................................................................................................15
3.3 Sampling Design:......................................................................................................................15
3.4 Procedure of Data Collection:....................................................................................................16
3.5 Statistical Technique:.................................................................................................................17
Chapter 4: Findings and Results......................................................................................................19
4.1 Findings and interpretation of results:........................................................................................19
4.2 Hypothesis Assessment:............................................................................................................23
Chapter 5: Discussions & Conclusion..............................................................................................28
5.1 Conclusion:................................................................................................................................28
5.2 Discussion:................................................................................................................................28
5.3 Limitations:...............................................................................................................................28
5.4 Policy Implementation:..............................................................................................................29
5.5 Future Research:........................................................................................................................29
References:.........................................................................................................................................30
Chapter 1: Introduction

1.1 Background of The Study:

Over the years, environmental problems have been a significant discussion for people in
general, companies and governments. The reason for it to be considered a major issue
stems from the rise in environmental deterioration, for example; climate change, global
warming pollution of air and water. Business procedures such likes logistics, marketing and
making contribute towards pollution and plays a part in the degradation of the
environment. (Eltayeb, Zailani & Jayaraman, K, 2010). Environmental issues have
contributed towards an increase in health problems for people and societies. (Khwaja,
2008). Consumers are now more aware than ever before about how their choice of a
product can have a bad effect on the environment and therefore have become more careful
of their choices and attitude towards the products they purchase. (Sarigöllü, E., 2009).
Environmental issues are being accounted for and talked about more than ever before.
People from every part of the world are taking environmental issues in consideration and
declaring it a problem. (Diekmann & Franzen, 1999; Dunlap & Mertig, 1995). Chan and Lam
(2002) have stated that the worry about the bad state of the environment has risen up
exponentially through the last 10 years. Due to the knowledge consumers have about the
bad condition of the environment. (Kalafatis et al., 1999). Now the consumers have become
knowledgeable of the gravity of the situation and now prefer eco-friendly products and
show support to the business carrying the mantle of producing green products. (Kalafatis et
al., 1999; Larocheetal.,2001;Roberts,1996).

1.2 Problem Statement

It has been observed from the article (Kaushik & Chauhan, 2019) that the firms which

focus on diversification strategy for growth will require a different amount of cash which is
affecting the performance of the firms as compared with the firm which uses focus strategy

for growth. (For example, Newly entrepreneurs which have started their new business their

cash requirement and growth strategy will be different as compared to the businesses which

are existing and have captured the market from long ago).

Research Question:

Q1: What is the moderating effect of Corporate Diversification that is impacting ITO, ART

and APT on ROA?

Q2: What is the moderating effect of Corporate Diversification that is impacting ITO, ART

and APT on ROE?

Q3: What is the relationship of ITO, ART and APT on ROA of the Pakistani public listed

firms?

Q4: What is the relationship of ITO, ART and APT on ROE of the Pakistani public listed

firms?

1.3 Purpose of the Study

In the study of (Igwenagu, 2016) he has mentioned that the purpose of study includes

one of the two things whether a theory is being generated or testing and it is mentioned in the

research to creates the interest of the reader. This study purpose is to test the effect of the

CCC and its component on a firm's profitability which is impacting by the moderating effect

of Corporate Diversification and to identify which growth strategy is favourable.


1.4 Significance of the Study

This research will help long term investors to identify that in which type of firm they

can invest and maximize their investment value as firms which focus on diversification also

have more risk. This research can also help the suppliers to identify that from where they

have low default risk and in the last, this research can also help the financial institutions such

as banks to identify the type of firms which have high liquidity and which firms have low

liquidity.

1.5 Outline of the Study

This report has five sections. The first section describes the introduction of the study

which states that what previous authors have considered regarding this topic, the gap

identification in the existing literature, the purpose of the study, and to whom it will be

benefited. The second section identifies the existing literature, the testing hypothesis of this

study and the different types of models relevant to this study. The third section defines the

methodology of research, samples and the measurement of those variables. The fourth section

defines the descriptive and inferential statistics and its interpretation. The fifth section

describes the end conclusion, limitations and assumptions of this study.

1.6 Definition of Terms

Cash Conversion Cycle:

It tells how quickly your investment in inventory, account receivable is converted

into cash flow.

Profitability:
It defines the company’s performance and ability of a company to generate revenue.

Corporate Diversification:

The growth strategy that the company used for expansion in their business usually is

known as horizontal diversification.


Chapter 2: Literature Review

2.1 Underpinning and Supporting Theories / Models

The low availability of liquidity is one of the major issues of corporations now a day's

which the company take care of (Prasad, Sivasankaran, & Shukla, 2019). Companies to grow

to take care of the investment opportunity that arises which requires the availability of

working capital (Gama & Pais, 2015). Their decision making involves financing those funds

which require the optimal decision making of the sources of generating the capital, allocation

of your funds in investing different types of assets, efficiently managing the assets to generate

revenues which are the source of generating the profitability of a company and in the last the

amount to pay as a dividend to shareholders and amount retained for the future growth of a

company (Tripathi & Ahamed, 2016).

The working capital of a company indicates the net current assets worth of an

organization which is used as an important tool for any investor when valuing a company

(Gama & Pais, 2015). When the working capital is converted into day's conversion it is

known as the Cash Conversion Cycle. CCC includes day's conversion of three components:

inventory turnover days which mean that in how many day’s inventories in selling from

shelves, collection form customers in day’s and last the payable turnover in day’s which

means days in which payment is made to the supplier. Lesser the day's conversion of

inventory turnover and receivable turnover it is a benefit for a company and more the payable

turnover it is a benefit for a company because it seems that company investment is converting

into cash quickly and can avail the investment opportunity that arises (Singhania & Mehta,

2017). Management of Working capital is quite critical because not more working capital is

good nor less working capital it means that if you are having less working capital it states that

you don’t have much credit to pay to your suppliers and can face liquidity problem and if you
are having excess working capital it means that much cash is been held not reinvested which

can be a problem for the future growth of a company and can be a negative signal to an

investor which can also decrease firms value. (Kaushik & Chauhan, 2019)

The core objective of the diversified firms is sustainable growth (long term growth) in

future. Some diversified firms believe that they can grow by expanding their business into

multiple markets by the same product line, some believe that expanding their product line

into the similar market, and some believe that expanding geographically will help their

business to grow. All of these strategies are used by diversified firms while some are focus

oriented firms (Bhatia & Thakur, 2018). According to the (Bhatia & Thakur, 2018), the

relationship between Corporate diversification and Firms performance doesn't show any clear

picture yet means whether positive value or negative value for a firm. The firms which are

focus oriented have a high value compare to the firms which are more diversified (Chang &

Lee, 2016). The firms which focus on diversification have high sales as high market segment

is captured by them (Lien & Li, 2013).

With respect to the (Zhang, 2018) firms which are more diversified they don't keep

more cash with them they invest in their business their purpose of doing that is that more

investment will make them more grow.

According to the (Jouida, 2018) when companies reach a limit where they can see that

they are not growing they focus on growth strategy. Some firms apply focus strategies which

means that they are willing to grow either with similar products or with new products but in

the existing markets. Some firms focus on diversification strategy which includes adding in

new markets or expanding geographically. (Ramaswamy, Purkayastha, & Petitt, 2017) states

that when firms expand in their product line it is called related diversification and when firms

expand with some new or different products that are known as unrelated diversification. In

the study (Filatotchev, Su, & Bruton, 2017) it is mentioned that firms which properly utilize
its internal resources efficiently and effectively have a full chance of growth and can create

its value only by managing the resources properly. The study published by (Doruk & Ergün,

2019) which states that instability in the economy is also effecting CCC of the firm such as if

the inflation rises consumer prefer more saving then spending which means the demand of

the goods are becoming less which can cause sales to drop and affect firm's inventory

turnover. Secondly, if the GDP of an economy increases it seems that manufacturing sector in

an economy is increasing. The unemployment rate in an economy is decreasing people are

earning more and have increased their spending due to which demand for the goods increases

and turnover of inventory also increases.

The performance of an organization can be valued in three different ways according

to the finance theories:

Capital Budgeting Theory:

The concept of “Capital Budgeting” that greater the cash collection quicker the

investment is recovered which shows lower Payback period or Discounted Payback Period

and the positive sign to the investors that cash is not stuck in rolling, investment for future

growth won’t need external financing (Kaushik & Chauhan, 2019).

Corporate Valuation Theory:

The concept of “Corporate valuation” that greater the cash flows of an organization

more the value of a firm when discounted to an appropriate Weighted Average Cost of

Capital (Bhatia & Thakur, 2018). The "Indirect Relationship Between the Interest Expense

and Net Profit" which means that the company which is facing an issue of low liquidity will

be focusing on external financing which requires debt and when company debt increases,

interest expense also rises which decrease the profitability of a company. When profitability
decreases, EPS also decreases which decreases the market price of the share and the value of

a company. (Singhania & Mehta, 2017).

Resource-Based Theory:

Cash is one of the major resources that a company take cares of. Proper management

of cash is essential for any corporation. If the company fails in managing the cash effectively

and effectively it can face many issues (Aminu & Zainudin, 2015). One of the major issues is

of liquidity risk which states that a firm is short of funds to pay its suppliers (Gill,

Amiraslany, Obradovich, & Mathur, 2019). Secondly, lack of working capital which states

that the company won't have enough cash to meet its operating requirements such as

operating expenses (Konak & Güner, 2016). Thirdly, the requirement for external financing

which states that some value of the firm will be given out in interest payment (Nylund, 2019;

Park, 2019). Proper follow up of receivables from customers is necessary for a firm and this

is because some customers reinvest the cash into their business for growth. By following up

the inventory you get to know how quickly your product is being sold out from the shelves

which tell demand and customer preferences of your product (Hofmann & Kotzab, 2010). It

is only benefitted for a firm if payment to suppliers is lately then collection from customers

because it means that your cash is not involved in rolling instead some portion of recovery is

paid to the supplier.

Agency Theory:

As discussed by (Kabuye, Kato, Akugizibwe, & Bugambiro, 2019) this theory states

that company management is only an agent which means that they are managing the finance

of other people which are known as principles or shareholders of the company. This theory

also explains that there is a huge difference between personal interest and company interest.
Management must make decisions that are benefited for shareholders as the core purpose is to

maximize the shareholder's wealth not to maximize their wealth. This theory is linked with

CCC in such a way that collection from customers, payment to suppliers, credit policy and

follow up from customers is done by the management (agents) of the company and the issue

or conflict may arise that it might be possible due to the personal interest or link with the

suppliers of the procurement manager decision of credit giving can be beyond the corporate

ethics and some additional facility is been given to that individual supplier just because he

has some relation with the procurement manager or the customer collection follow up is not

according to the process just because to maintain the relationship with the customer and these

all problems can create insolvency for the company.

2.2 Empirical Reviews:

In the study of (Prasad, Sivasankaran, & Shukla, 2019) he concluded from the

observations that the firms must focus on their targeted working capital to maximize their

profitability hence if they over or undervalued their working capital requirement firms

profitability might be affected. He has used the fixed-effect regression analysis to test his

variables. According to (Gama & Pais, 2015) he studies the causal effect and concluded that

after controlling the firm size and firm debt WCM have a negative correlation with the

profitability of a firm. His result is based on above 6000 observations of small to medium

companies covering 2000 till 2009. The study of (Padachi, 2014) is conducted from fifty-

eight manufacturing firms in Mauritius and have used correlation matrix to gets a conclusion

that huge investment in inventory and receivables can delay your profitability and his result

interpreted that ROA has a positive correlation with capital turnover whereas have negative

correlation with WCM.


2.3 Research Framework

Corporate Diversification

Cash Conversion Cycle Firms Profitability


(CCC)

Inv Turnover
ROA
A/R Turnover

A/P Turnover ROE

This framework is being developed by integrating multiple finance theories from

multiples researches. (Tripathi & Ahamed, 2016) in his study explained by connecting

collection from customers, inventory turnover and payment to suppliers, in short, the whole

operating cycle form ROA. In the study (Akoto, 2013) he was interested to see the operating

cycle impact on ROE. According to the study of (Zhang, 2018), it seems that the operating

cycle is also impacting the Corporate diversification. (Bhatia & Thakur, 2018) in his study

identifies that Corporate diversification is also impacting the performance or profitability of a

firm.
By going through all the literature in the existing theories, this study is constructed to

see the corporate diversification moderating effect on the impact of CCC on ROE and ROA.

2.4 Hypothesis:

H1: The association between ITO and ROA is significant.

H2: The association between ART and ROA is significant.

H3: The association between APT and ROA is significant.

H4: Corporate Diversification has a moderating effect between ITO and ROA

H5: Corporate Diversification has a moderating effect between ART and ROA

H6: Corporate Diversification has a moderating effect between APT and ROA

H7: The association between ITO and ROE is significant.

H8: The association between ART and ROE is significant.

H9: The association between APT and ROE is significant.

H10: Corporate Diversification has a moderating effect between ITO and ROE

H11: Corporate Diversification has a moderating effect between ART and ROE

H12: Corporate Diversification has a moderating effect between APT and ROE
Chapter 3: Research Methodology

3.1 Research Approach

According to (Sukamolson, 2007) approaches are of two types: Inductive and

Deductive. This research focuses on “Deductive Approach” which clarify that the data is

been tested by the theory. The theory is been tested in this study so the objective of the

research is "Explanatory”.

3.2 Research Design

This study is based on the Longitudinal time horizon and in this time horizon, the type

of data is Panel Data. There are four quantitative research designs: experimental, quasi-

experimental, co relational and descriptive (Sukamolson, 2007). There is no intervention of a

researcher, no causal effect and none of the variables are controlled by the researcher in this

study which states that the design of the research is "Correlational".

3.3 Sampling Design:

In the book (Lohr, 2010) it defines that sampling design is the methodology that how

samples will be collected by applying the different methods of sampling.

3.3.1 Target Population:

According to the (Acharya, Prakash, Saxena, & Nigam, 2013) all the individual in the

research after identifying all the characteristics (For example this study characteristics are the

companies listed in PSX) are known as a target population.


3.3.2 Sample Size:

This research is based on the panel data and data of 10 years will be extracted from 30

companies which will be based on focused firms and diversified firms listed on the website of

PSX.

3.3.3 Sampling Technique:


In this study, random data of focused firms and diversified firms of thirty (30)

companies from the PSX will be selected to collect the data.

3.4 Procedure of Data Collection:

The method used in the research in “Secondary” because all the data is available in

company's annual report and data will be collected of the items or elements of all the

unobserved variables that are discussed in the measurement of variables below:

3.4.1 Measurement of Variables:

Independent Variables Measurement of Variables


Inventory Turnover (Average Inventory / COGS ) * 365
Account Receivable Turnover (ART) (Average Receivables / Net Sales) * 365
Account Payable Turnover (APT) (Average Payables / Net Purchases) * 365

Dependent Variables Measurement of Variables


Return on Assets ( Earning After Tax / Average Total Assets)
Return on Equity ( Earning After Tax / Average Total Equity)

Moderating Variable Measurement of Variables


Corporate Diversification The moderator variable is a dummy variable

which is dichotomous which means that it

has only two groups (Focused Firms and

Diversified Firms). Each group have a

different effect on the impact of CCC and

Firms Profitability. This dummy variable is

Qualitative so it is converted into SPSS by

(0, 1) for the result.

3.5 Statistical Technique:

There are two techniques which are proposed for this study data analysis according to

the (Namazi & Namazi, 2016). The proposed technique for this study is “Fixed and Random

Effects Regression Model” to know the relationship of independent variables on dependent

variables and “Hierarchical Moderated Regression Analysis” is proposed for the moderating

effect of Corporate Diversification.

Statistical Equation:

ROA = α + β1 INVTURN + β2 ACCRECTURN + β3 ACCPAYTURN + β4 CORPDIV + β5

(INVTURN * CORPDIV) + β6 (ACCRECTURN * CORPDIV) + β7 (ACCPAYTURN *

CORPDIV) + e

ROE = α + β1 INVTURN + β2 ACCRECTURN + β3 ACCPAYTURN + β4 CORPDIV + β5

(INVTURN * CORPDIV) + β6 (ACCRECTURN * CORPDIV) + β7 (ACCPAYTURN *

CORPDIV) + e
Ethical Considerations:
It states that none of the work is been done by unfair means and proper and valuable

credit is been given to those who had published the literature (Akaranga & Makau, 2016).

When collecting the data also no material is extracted by unfair means and none of the

confidentiality of an organization is been disclosed for conducting this research.


References:

Acharya, A. S., Prakash, A., Saxena, P., & Nigam, A. (2013). Sampling: why and how of it?

Indian Journal of Medical Specialities, 4(2), 3–7.

https://doi.org/10.7713/ijms.2013.0032

Agbo, E. I., & Nwankwo, S. N. (2018). Impact of Average Payments Period on the Return on

Assets of Quoted Insurance Companies in Nigeria. European Journal of Business and

Management, 10(28), 25–34.

Akaranga, S. I., & Makau, B. K. (2016). Ethical Considerations and their Applications to

Research : a Case of the University of Nairobi. Journal of Educational Policy and

Entrepreneurial Research, 3(12), 1–9.

Akoto, K. (2013). Working capital management and profitability: Evidence from Ghanaian

listed manufacturing firms. Journal of Economics and International Finance, 5(9), 373–

379. https://doi.org/10.5897/jeif2013.0539

Aminu, Y., & Zainudin, N. (2015). A Review of Anatomy of Working Capital Management

Theories and the Relevant Linkages to Working Capital Components: A Theoretical

Building Approach. European Journal of Business and ManagementOnline), 7(2),

2222–2839.

Bhatia, A., & Thakur, A. (2018). Corporate diversification and firm performance: an

empirical investigation of causality. International Journal of Organizational Analysis,

26(2), 202–225. https://doi.org/10.1108/IJOA-04-2017-1149

Bhutto, S., Rajper, Z. A., & Ghumro, I. A. (2019). Impact of Working Capital Management
on Financial Performance of Firms : Evidence from Pakistani Firms Impact of Working

Capital Management on Financial Performance of Firms : Evidence from Pakistani

Firms, 12(April), 84–94. https://doi.org/10.30537/sijmb.v5i2.346

Chang, H., & Lee, A. Y. (2016). Technology Analysis & Strategic Management The

relationship between business diversification and productivity : considering the impact

of process innovation at different corporate life cycles. 7325(March).

https://doi.org/10.1080/09537325.2016.1158405

Doruk, Ö. T., & Ergün, B. (2019). The role of macroeconomic constraints on cash conversion

cycle : evidence from the Turkish manufacturing sector. Asia-Pacific Journal of

Accounting & Economics, 00(00), 1–12.

https://doi.org/10.1080/16081625.2019.1636665

D, S. M. P., & Ike, U. J. (2016). THE EFFECT OF ACCOUNTS RECEIVABLE ON

RETURN ON ASSETS OF THE EFFECT OF ACCOUNTS RECEIVABLE ON

RETURN ON ASSETS OF SELECTED, (December 2013).

Farooq, U. (2019). IMPACT OF INVENTORY TURNOVER ON PROFITABILITY OF

NON-FINANCIAL, (February). https://doi.org/10.32350/JFAR.0101.03

Filatotchev, I., Su, Z., & Bruton, G. D. (2017). Market Orientation, Growth Strategy, and

Firm Performance: The Moderating Effects of External Connections. Management and

Organization Review, 13(3), 575–601. https://doi.org/10.1017/mor.2016.31

Gama, P., & Pais, M. A. (2015). Working capital management and SMEs profitability:

Portuguese evidence. International Journal of Managerial Finance, 11(3), pp.341-358.

Gill, A., Amiraslany, A., Obradovich, J., & Mathur, N. (2019). Efficient working capital

management, bond quality rating, and debt refinancing risk. Managerial Finance, 45(7),
869–885. https://doi.org/10.1108/MF-06-2018-0269

Hofmann, E., & Kotzab, H. (2010). a Supply Chain-Oriented Approach of Working Capital

Management. Journal of Business Logistics, 31(2), 305–330.

https://doi.org/10.1002/j.2158-1592.2010.tb00154.x

Igwenagu, C. (2016). Fundamentals of Research Methodology and Data Collection. LAP

Lambert Academic Publishing, (June), 4. Retrieved from

https://www.researchgate.net/publication/303381524_Fundamentals_of_research_metho

dology_and_data_collection

Jouida, S. (2018). Diversification, capital structure and profitability: A panel VAR approach.

Research in International Business and Finance, 45, 243–256.

https://doi.org/10.1016/j.ribaf.2017.07.155

Kabuye, F., Kato, J., Akugizibwe, I., & Bugambiro, N. (2019). Internal control systems,

working capital management and financial performance of supermarkets. Cogent

Business and Management, 6(1), 1–18. https://doi.org/10.1080/23311975.2019.1573524

Kaushik, N., & Chauhan, S. (2019). The Role of Financial Constraints in the Relationship

Between Working Capital Management and Firm Performance. 25(1).

Konak, F., & Güner, E. N. (2016). The Impact of Working Capital Management on Firm

Performance: An Empirical Evidence from the BIST SME Industrial Index.

International Journal of Trade, Economics and Finance, 7(2), 38–43.

https://doi.org/10.18178/ijtef.2016.7.2.496

Lien, Y., & Li, S. (2013). Does diversity fi cation add firm value in emerging economies ?

Effect of corporate governance ☆. (1), 1–6.

https://doi.org/10.1016/j.jbusres.2013.05.030
Lohr, S. L. (2010). Sampling: Design and Analysis: Design And Analysis. Retrieved from

http://books.google.com/books?hl=en&lr=&id=aSXKXbyNlMQC&pgis=1

Namazi, M., & Namazi, N.-R. (2016). Conceptual Analysis of Moderator and Mediator

Variables in Business Research. Procedia Economics and Finance, 36(16), 540–554.

https://doi.org/10.1016/s2212-5671(16)30064-8

Nylund, P. A., Arimany-Serrat, N., Ferras-Hernandez, X., Viardot, E., Boateng, H., & Brem,

A. (2019). Internal and external financing of innovation: Sectoral differences in a

longitudinal study of European firms. European Journal of Innovation Management.

https://doi.org/10.1108/EJIM-09-2018-0207

Padachi, K. (2014). Trends in Working Capital Management and its Impact on Firms ’

Performance : An Analysis of Mauritian Small Manufacturing Firms Trends in Working

Capital Management and its Impact on Firms ’ Performance : An Analysis of Mauritian

Small Manufacturing Firms. (June).

Park, J. (2019). Financial constraints and the cash flow sensitivities of external financing:

Evidence from Korea. Research in International Business and Finance, 49(March),

241–250. https://doi.org/10.1016/j.ribaf.2019.03.007

Prasad, P., Sivasankaran, N., & Shukla, A. (2019). Impact of deviation from target working

capital on firm profitability: evidence from India. International Journal of Productivity

and Performance Management, 68(8), 1510–1527. https://doi.org/10.1108/IJPPM-11-

2018-0407

Ramaswamy, K., Purkayastha, S., & Petitt, B. S. (2017). How do institutional transitions

impact the efficacy of related and unrelated diversification strategies used by business

groups? Journal of Business Research, 72, 1–13.

https://doi.org/10.1016/j.jbusres.2016.11.005
Singhania, M., & Mehta, P. (2017). Working capital management and firms’ profitability:

evidence from emerging Asian countries. South Asian Journal of Business Studies, 6(1),

80–97. https://doi.org/10.1108/SAJBS-09-2015-0060

Sukamolson, S. (2007). Fundamentals of quantitative research Suphat Sukamolson, PhD

Language Institute Chulalongkorn University. Language Institute, 20.

https://doi.org/9781848608641

Tripathi, N., & Ahamed, N. (2016). Does optimizing the cash conversion cycle ameliorate the

firm's performance? Unravelling the relationship in the Indian corporate landscape.

Research in Finance, 32, 243–255. https://doi.org/10.1108/S0196-

382120160000032010

Zhang, Y. (2018). Cash conversion cycle and corporate diversification. Journal of Finance

and Marketing, 02(01). https://doi.org/10.35841/finance-marketing.2.1.11-16

Оценить