Working capital management, financial performance and growth of firms: empirical evidence from India

应收账款 营运资金 应付账款 盈利能力指数 现金转换周期 估价(财务) 业务 经验证据 货币经济学 经济 现金流 财务 经营现金流 付款 哲学 认识论
作者
Kumar Sanjay Sawarni,Sivasankaran Narayanasamy,Subir Chattopadhyay,Prasenjit Chakrabarti
出处
期刊:Journal of Indian Business Research [Emerald Publishing Limited]
卷期号:14 (4): 361-381 被引量:13
标识
DOI:10.1108/jibr-12-2020-0382
摘要

Purpose This paper aims to investigate how firms growing at a high average rate over a period differ in their working capital management (WCM) efficiency from those growing at a low rate during the same period. It also examines how WCM efficiency impacts firms’ financial performance and how firms’ growth influences this relationship. Design/methodology/approach The authors have analyzed the difference in WCM efficiency of a sample of 431 nonfinancial firms during 2012 to 2019 by segregating them into above median growth (AMG) and below median growth (BMG) firms. The authors have used fixed effect regression to investigate the impact of cash conversion cycle, inventory days, accounts receivable days and accounts payable days on the financial performance and the effect of growth on this relationship. Findings This study finds that AMG firms manage their working capital significantly more efficiently than BMG firms. It also reports that the WCM efficiency impacts the profitability and valuation of firms positively; however, this relationship is more intense for firms growing at a high rate than for those growing at a low rate. Originality/value This research should contribute to the less researched area of WCM by finding the effect of growth on the relationship between WCM efficiency and performance. The evidence found in this study may be of interest for industry practitioners and managers in identifying WCM efficiency as an important driver for the financial performance of their firms.
最长约 10秒,即可获得该文献文件

科研通智能强力驱动
Strongly Powered by AbleSci AI
更新
PDF的下载单位、IP信息已删除 (2025-6-4)

科研通是完全免费的文献互助平台,具备全网最快的应助速度,最高的求助完成率。 对每一个文献求助,科研通都将尽心尽力,给求助人一个满意的交代。
实时播报
1秒前
豆芽发布了新的文献求助10
1秒前
oky发布了新的文献求助10
1秒前
wdy111应助迷路硬币采纳,获得20
3秒前
3秒前
4秒前
艺高人胆大鸡腿完成签到 ,获得积分10
7秒前
乐乐应助焦糖采纳,获得10
7秒前
科研通AI2S应助nalan采纳,获得10
8秒前
静_完成签到 ,获得积分10
8秒前
8秒前
雪白元蝶发布了新的文献求助10
9秒前
9秒前
9秒前
留白完成签到 ,获得积分10
10秒前
共享精神应助小圆采纳,获得10
10秒前
10秒前
慕青应助梵高的向日葵采纳,获得10
10秒前
SYLH应助科研通管家采纳,获得20
10秒前
czh应助科研通管家采纳,获得10
10秒前
10秒前
ding应助科研通管家采纳,获得10
10秒前
搜集达人应助科研通管家采纳,获得10
11秒前
打打应助科研通管家采纳,获得10
11秒前
11秒前
彭于彦祖应助科研通管家采纳,获得10
11秒前
彭于彦祖应助科研通管家采纳,获得30
11秒前
雯雯完成签到,获得积分10
11秒前
11秒前
11秒前
研友_VZG7GZ应助科研通管家采纳,获得10
11秒前
ED应助科研通管家采纳,获得10
11秒前
共享精神应助科研通管家采纳,获得10
11秒前
JamesPei应助科研通管家采纳,获得10
12秒前
小蘑菇应助科研通管家采纳,获得10
12秒前
今后应助科研通管家采纳,获得10
12秒前
CAOHOU应助科研通管家采纳,获得10
12秒前
quhayley应助科研通管家采纳,获得10
12秒前
CipherSage应助科研通管家采纳,获得10
12秒前
12秒前
高分求助中
A new approach to the extrapolation of accelerated life test data 1000
Economic Geography and Public Policy 900
ACSM’s Guidelines for Exercise Testing and Prescription, 12th edition 500
‘Unruly’ Children: Historical Fieldnotes and Learning Morality in a Taiwan Village (New Departures in Anthropology) 400
Indomethacinのヒトにおける経皮吸収 400
Phylogenetic study of the order Polydesmida (Myriapoda: Diplopoda) 370
基于可调谐半导体激光吸收光谱技术泄漏气体检测系统的研究 350
热门求助领域 (近24小时)
化学 材料科学 医学 生物 工程类 有机化学 生物化学 物理 内科学 纳米技术 计算机科学 化学工程 复合材料 遗传学 基因 物理化学 催化作用 冶金 细胞生物学 免疫学
热门帖子
关注 科研通微信公众号,转发送积分 3988786
求助须知:如何正确求助?哪些是违规求助? 3531116
关于积分的说明 11252493
捐赠科研通 3269766
什么是DOI,文献DOI怎么找? 1804771
邀请新用户注册赠送积分活动 881870
科研通“疑难数据库(出版商)”最低求助积分说明 809021