IMPACT OF WORKING CAPITAL MANAGEMENT ON FIRM PROFITABILITY IN BUSINESS CYCLES

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YOUSEFZADEH NASRIN; AAZAMI ZEINAB

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Journal: JOURNAL OF ACCOUNTING KNOWLEDGE Year:2016 | Volume:6 | Issue:23 Page(s): 147-171

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Title

IMPACT OF WORKING CAPITAL MANAGEMENT ON FIRM PROFITABILITY IN BUSINESS CYCLES

Author(s)

YOUSEFZADEH NASRIN | AAZAMI ZEINAB | Issue Writer Certificate

Keywords

WORKING CAPITALQ2

PROFITABILITYQ2

BUSINESS CYCLESQ2

Abstract

The recent economic recession has led to re-focusing on WORKING CAPITAL management policies in firms. This paper examines the importance of BUSINESS CYCLES on the relationship between WORKING CAPITAL and PROFITABILITY of firms. To proceed, we tested the hypotheses in a sample of 120 firms listed in the Tehran Stock Exchange in the period 1999-2012, using multivariate regression model. The results showed that there is negative relationship between cash conversion cycle and PROFITABILITY of the firms. Also, it was found that the impact of BUSINESS CYCLES on the relationship between WORKING CAPITAL and PROFITABILITY during recession periods is relatively higher, compared with boom periods. Additionally, the results indicated that the impacts of inventory management, and receivables conversion period as well as debt paying period (as the three components of cash conversion cycle) on PROFITABILITY increase in recession period.

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APA: Copy

YOUSEFZADEH, NASRIN, & AAZAMI, ZEINAB. (2016). IMPACT OF WORKING CAPITAL MANAGEMENT ON FIRM PROFITABILITY IN BUSINESS CYCLES. JOURNAL OF ACCOUNTING KNOWLEDGE, 6(23), 147-171. SID. https://sid.ir/paper/163499/en

Vancouver: Copy

YOUSEFZADEH NASRIN, AAZAMI ZEINAB. IMPACT OF WORKING CAPITAL MANAGEMENT ON FIRM PROFITABILITY IN BUSINESS CYCLES. JOURNAL OF ACCOUNTING KNOWLEDGE[Internet]. 2016;6(23):147-171. Available from: https://sid.ir/paper/163499/en

IEEE: Copy

NASRIN YOUSEFZADEH, and ZEINAB AAZAMI, “IMPACT OF WORKING CAPITAL MANAGEMENT ON FIRM PROFITABILITY IN BUSINESS CYCLES,” JOURNAL OF ACCOUNTING KNOWLEDGE, vol. 6, no. 23, pp. 147–171, 2016, [Online]. Available: https://sid.ir/paper/163499/en

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