Paper Information

Journal:   JOURNAL OF ASSET MANAGEMENT AND FINANCING   SUMMER 2015 , Volume 3 , Number 2 (9) #B0064; Page(s) 97 To 114.
 
Paper: 

THE RELATIONSHIP BETWEEN WORKING CAPITAL MANAGEMENT AND CRITERIONS FOR VALUE-BASED PERFORMANCE OF THE COMPANIES LISTED IN TEHRAN STOCK EXCHANGE

 
 
Author(s):  MORADI M.A., NAJJAR M., EZADPOUR M.
 
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Abstract: 

This study aims at exploring relationship between Working Capital Management with criterions for value-based performance. Therefore, the information of 107 companies listed in Tehran Stock Exchange between 2007-2011 (1386-1390) was studied and the effect of various variables for Working Capital Management (including Days Sales Outstanding, Days Sales of Inventory, Days Payable Outstanding, and Cash Conversion Cycle) on criterions for value-based performance (including Economic Value-Added (EVA), Market Value-Added (MVA), and Q Tobin index) was tested through employing 3 hypotheses and 9 subhypotheses all along with the main research question. Test of hypothesis was carried out by multiple regression analysis by Estimated generalized least square (EGLS). Findings of the study show that the increase of Days Sales Outstanding results in the increase of both Economic Value-Added (EVA) and Market Value-Added (MVA), and the increase of Days Sales of Inventory also results in the decrease of criterion for value-based performance of both Economic Value-Added (EVA) and Market Value-Added (MVA).

 
Keyword(s): WORKING CAPITAL MANAGEMENT, CASH CONVERSION CYCLE, ECONOMIC VALUE-ADDED (EVA), MARKET VALUE-ADDED (MVA), Q TOBIN INDEX
 
References: 
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