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VGU RESEARCH REPOSITORY


Please use this identifier to cite or link to this item: https://epub.vgu.edu.vn/handle/dlibvgu/832
Title: The impact of working capital management on profitability of non-financial firms listed on VN100 HCMC stock exchange
Authors: Doan Le Minh Thao 
Keywords: Working capital management;Non-financial firms;Stock market
Issue Date: 2017
Publisher: Vietnamese-German University
Abstract: 
Working capital management have a significant role for the firms’ success or failure because it effects not only on liquidity of firms but also the profitability. The optimal level of working capital could be achieved by the trade-off between profitability and liquidity. This study investigate the influences of working capital management on corporate profitability for the non-financial firms listed in VN100 of Vietnamese Stock Market for the period 2010 to 2014. We attempt to examine the relationship existing between profitability measured by return on assets and not only cash conversion cycle but also its components including receivable collection period, inventories conversion period and payables deferral period. The data was obtained by using audited financial statements which is widely announced by State Securities Commission of Vietnam and input and processed by STATA, a
statistical analysis tool. Spearman rank’s correlation and fix-effect regression models were used to analyze and establish the relationship between working capital management components and firms’ profitability. The study finds negative relationships between profitability and cash conversion cycle, receivables collection period, inventories conversion period and payables deferral period. Moreover, the sales growth, financial leverage and firms’ size also have significant impact on corporate profitability. Based on findings of this study, it is concluded that manager can create value for shareholders by controlling the adequate cash conversion cycle and keeping each of working capital component at suitable levels.
URI(1): http://epub.vgu.edu.vn/handle/dlibvgu/832
Rights: Attribution-NonCommercial 4.0 International
Appears in Collections:MBA

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