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Affect of Working Capital Management on Firms Profitability in Sugar Industry of Pakistan

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  • Malik, Zafar Ullah
  • Iqbal, Athar
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    Abstract

    Management of working capital performs a very vital part in the performance of firms in sugar industry. This thesis tests the impact of working capital management on firm’s profitability in sugar industry of Pakistan for years 1999 to 2009. To analyze this, data of 19 sugar mills which are listed at Karachi Stock Exchange is used. The result shows that the Sales Growth, Current Ratio, No of Days Inventory and No of Days Accounts Payables are significantly affecting the profitability of the firms while Sales, Gearing Ratio and No of Days Account Receivables are insignificant in the research. Pearson Correlation and Multiple Linear Regression are used in this research to study the relationship between variables.

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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 41436.

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    Date of creation: 01 May 2012
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    Handle: RePEc:pra:mprapa:41436

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    Keywords: WCM; Working Capital Management; Sugar; Payable cycle; Receivable Cycle;

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    1. Mitchell A. Petersen & Raghuram G. Rajan, 1996. "Trade Credit: Theories and Evidence," NBER Working Papers 5602, National Bureau of Economic Research, Inc.
    2. Sai Ding & Alessandra Guariglia & John Knight, . "Investment and financing constraints in China: does working capital management make a difference?," Discussion Papers 11/06, University of Nottingham, GEP.
    3. Alan S. Blinder & Louis J. Maccini, 1991. "Taking Stock: A Critical Assessment of Recent Research on Inventories," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 5(1), pages 73-96, Winter.
    4. Ding, Sai & Guariglia, Alessandra & Knight, John, 2010. "Investment and financing constraints in China: does working capital management make a difference?," SIRE Discussion Papers, Scottish Institute for Research in Economics (SIRE) 2010-112, Scottish Institute for Research in Economics (SIRE).
    5. Wang, Yung-Jang, 2002. "Liquidity management, operating performance, and corporate value: evidence from Japan and Taiwan," Journal of Multinational Financial Management, Elsevier, Elsevier, vol. 12(2), pages 159-169, April.
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