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.
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