THE RELATIONSHIP BETWEEN WORKING CAPITAL MANAGEMENT AND PROFITABILITY OF LISTED COMPANIES IN THE TEHRAN’S STOCK EXCHANGE

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YAGHOOBNEJAD A.; VAKILIFARD H.; BABAEE REZA

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Paper Information

Journal: FINANCIAL ENGINEERING AND SECURITIES MANAGEMENT (PORTFOLIO MANAGEMENT) Year:2010 | Volume:1 | Issue:2 Page(s): 117-138

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Title

THE RELATIONSHIP BETWEEN WORKING CAPITAL MANAGEMENT AND PROFITABILITY OF LISTED COMPANIES IN THE TEHRAN’S STOCK EXCHANGE

Author(s)

YAGHOOBNEJAD A. | VAKILIFARD H. | BABAEE REZA | Issue Writer Certificate

Keywords

WORKING CAPITALQ2

WORKING CAPITAL MANAGEMENTQ2

PROFITABILITYQ2

AVERAGE COLLECTION PERIODQ3

INVENTORY TURNOVER IN DAYSQ3

AVERAGE PAYMENT PERIODQ3

CASH CONVERSION CYCLEQ2

Abstract

This research investigated the relationship between WORKING CAPITAL management and PROFITABILITY of listed companies in the Tehran’s stock Exchange. Hence the number 86 in the 1381-1386 period studied were selected. In this research have studied the effect of different variables of WORKING CAPITAL management including the AVERAGE COLLECTION PERIOD, INVENTORY TURNOVER IN DAYS, AVERAGE PAYMENT PERIOD, CASH CONVERSION CYCLE on the Net operating PROFITABILITY of Pakistani firms and Current ratio, Debt ratio and size of the firm (measured in terms of natural logarithm of sales) have been used as control variables. Pearson’s Correlation and regression analysis are used for analysis.The results show that there is a negative relationship between variables of the WORKING CAPITAL management and PROFITABILITY of the firm. It means that as the CASH CONVERSION CYCLE, AVERAGE COLLECTION PERIOD, INVENTORY TURNOVER IN DAYS and AVERAGE PAYMENT PERIOD increases it will lead to decreasing PROFITABILITY of the firm, and managers can create a positive value for the shareholders by reducing the CASH CONVERSION CYCLE, AVERAGE COLLECTION PERIOD, INVENTORY TURNOVER IN DAYS and AVERAGE PAYMENT PERIOD to a possible minimum level.

Cites

THE EFFECT OF WORKING CAPITAL CHANGES ON THE FIRMS'S INVESTMENT OPPORTUNITIES (EMPIRICAL EVIDENCES FROM TEHRAN STOCK EXCHANGE)

References

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APA: Copy

YAGHOOBNEJAD, A., VAKILIFARD, H., & BABAEE, REZA. (2010). THE RELATIONSHIP BETWEEN WORKING CAPITAL MANAGEMENT AND PROFITABILITY OF LISTED COMPANIES IN THE TEHRAN’S STOCK EXCHANGE. FINANCIAL ENGINEERING AND SECURITIES MANAGEMENT (PORTFOLIO MANAGEMENT), 1(2), 117-138. SID. https://sid.ir/paper/197812/en

Vancouver: Copy

YAGHOOBNEJAD A., VAKILIFARD H., BABAEE REZA. THE RELATIONSHIP BETWEEN WORKING CAPITAL MANAGEMENT AND PROFITABILITY OF LISTED COMPANIES IN THE TEHRAN’S STOCK EXCHANGE. FINANCIAL ENGINEERING AND SECURITIES MANAGEMENT (PORTFOLIO MANAGEMENT)[Internet]. 2010;1(2):117-138. Available from: https://sid.ir/paper/197812/en

IEEE: Copy

A. YAGHOOBNEJAD, H. VAKILIFARD, and REZA BABAEE, “THE RELATIONSHIP BETWEEN WORKING CAPITAL MANAGEMENT AND PROFITABILITY OF LISTED COMPANIES IN THE TEHRAN’S STOCK EXCHANGE,” FINANCIAL ENGINEERING AND SECURITIES MANAGEMENT (PORTFOLIO MANAGEMENT), vol. 1, no. 2, pp. 117–138, 2010, [Online]. Available: https://sid.ir/paper/197812/en

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