Exploring predictors of working capital management efficiency and their influence on firm performance: an integrated DEA-SEM approach

数据包络分析 生产力 杠杆(统计) 资产(计算机安全) 计量经济学 独创性 结构方程建模 效率 营运资金 业务 产业组织 人力资本 经济 财务 计算机科学 统计 数学 宏观经济学 经济增长 政治学 计算机安全 创造力 估计员 法学
作者
Himanshu Seth,Saurabh Chadha,Satyendra Kumar Sharma,Namita Ruparel
出处
期刊:Benchmarking: An International Journal [Emerald (MCB UP)]
卷期号:28 (4): 1120-1145 被引量:42
标识
DOI:10.1108/bij-05-2020-0251
摘要

Purpose This study develops an integrated approach combining data envelopment analysis (DEA) and structural equation modeling (SEM) for estimating the working capital management (WCM) efficiency and evaluating the effects of diverse exogenous variables on the WCM efficiency and firms' performance. Design/methodology/approach DEA is applied for deriving WCM efficiency for 212 Indian manufacturing firms over a period from 2008 to 2019. Also, the effect of human capital (HC), structural capital (SC), cost of external financing (CEF), interest coverage (IC), leverage (LEV), net fixed asset ratio (NFA), asset turnover ratio (ATR) and productivity (PRD) on the WCM efficiency and firms' performance is examined using SEM. Findings The average mean efficiency scores ranging from 0.623 to 0.654 highlight the firms operating at around 60% of WCM efficiency only, which is a major concern for Indian manufacturing firms. Further, IC, LEV, NFA, ATR revealed direct effect on the WCM efficiency as well as indirect effect on firms' performance, whereas CEF had only a direct effect on WCM efficiency. HC, SC and PRD had no effects on WCM efficiency and firms' performance. Practical implications The findings offer vital insights in guiding policy decisions for Indian manufacturing firms. Originality/value This study is the first to identify the endogenous nature of the relationship of HC, SC, CEF, IC altogether with firms' performance, compounded by the WCM efficiency, by applying a comprehensive methodology of DEA and SEM and provides an efficiency performance model for better decision-making.
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