International Research Journal of Commerce , Arts and Science

 ( Online- ISSN 2319 - 9202 )     New DOI : 10.32804/CASIRJ

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IMPACT OF WORKING CAPITAL MANAGEMENT POLICIES ON PROFITABILITY AND VALUE OF ORGANIZATIONS: A REVIEW OF LITERATURE

    1 Author(s):  NILESH NEELMANI

Vol -  7, Issue- 2 ,         Page(s) : 6 - 14  (2016 ) DOI : https://doi.org/10.32804/CASIRJ

Abstract

The topic of impact of working capital management policies on the performance of organizations has been attempted by many researchers across the world from time to time. Most of the research work has been done in the direction of finding association of working capital management policies with firm profitability or firm value or both. In the endeavour to explore the state of affairs of the research work done so far published researched articles have been considered. The articles thus collected have been furcated on the basis of the context being International or Indian.

1. Shin, H. H., and Soenen L.1998. Efficiency of working capital and corporate
profitability. Financial Practice and Education, 8(2):37-45.
2. Soenen, Luc A. 1993. Cash conversion cycle and corporate profitability. Journal    
     of Cash Management, 13(4): 53-58

3. Jose, M. L., Lancaster C., and Stevens J. L. 1996. Corporate returns and cash  
      conversion cycle. Journal of Economics and Finance, 20(1): 33-46.

4. Weinraub, H. J., and Visscher S. 1998. Industry practice relating to aggressive 
    conservative working capital policies. Journal of Financial and Strategic 
    Decision,11(2):11-18.

5. Howorth, C., and Westhead P. 2003. The focus of working capital management 
     in UK small firms. Management Accounting Research, 14(2): 94-111.

6. Deloof, M. 2003. Does working capital management affect profitability of       
     Belgian firms? Journal of Business, Finance and Accounting, 30(3-4):573-587.

7. Eljelly, A. M. A. 2004. Liquidity-Profitability tradeoff: an empirical       
      investigation in an emerging market.  International Journal of Commerce and 
     Management, 14(2): 48-61.
                                                                                                                                            
8. Filbeck, G., and Krueger T. 2005. Industry related differences in working capital
management. Mid-American Journal of Business, 20(2):11-18.
9. Garcia, Teruel, Pedro Juan, Solano, and Pedro Martinez.2007. Effects of 
     working capital management on SME profitability. International Journal of 
     Managerial Finance, 3(2):164 - 177. 

10. Nazir, M. S., Afza, T. 2009. Impact of aggressive working capital management 
  policy on firms' profitability. The IUP Journal of Applied Finance, 15(8), 19 – 30. 

11. Vural, Gamze, Ahmet Gokhan Sokmen and Emin Huseyin Cetenak. 2012. Affects of working capital management on firm’s performance: evidence from turkey. International Journal of Economics and Financial Issuses, 2(4): 488-495.
12.Charitou, Melita, Petros Lois and Halim Budi Santoso. 2012. The relationship between working capital management and firm’s profitability: an empirical investigation for an emerging asian country. International Business & Economics Research Journal, 11(8): 839-844.
13. Chakraborty, S.K. Use of operating cycle concept for better management of working capital. The Economic and Political Weekly, August, 1973: 69-M76.
14. Kakani, Ram Kumar, Biswatosh Saha, and Reddy, V.N. 2003. Determinants of financial performance of Indian corporate sector in the post-liberalization era; an exploratory study. NSE Research Initiative, Paper No: 5, National Stock Exchange of India Limited, pp. 1-38.

15.  Anand, Manoj, and Keshav Malhotra. 2007. Working capital performance of corporate India : an empirical study. ICFAI Journal of Applied Finance, 13(1): 46-81.

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