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Changes of working capital management and firm value in Thailand and Singapore

Author

Listed:
  • Mohd Ashhari Zariyawati
  • Hossain Mohammad Reyad

Abstract

Efficient working capital management ensures a firm can run the day-to-day operation smoothly to sustain in a longer period. Hence, the firm should be more careful on changes of working capital management. The study explores the impact of changes of working capital management on firm value using 200 listed non-financial firms from Thailand and Singapore from 2009 to 2018. By employing static panel data regressions, the study demonstrates that shareholders in Thailand perceive an extra working capital investment is significantly less worth than an extra Thai baht of cash investment. Conversely, shareholders in Singapore perceive that extra Singapore dollar of cash investment and extra working capital investment reduces firm value. These different results from both countries are expected due to the different levels of market development.

Suggested Citation

  • Mohd Ashhari Zariyawati & Hossain Mohammad Reyad, 2022. "Changes of working capital management and firm value in Thailand and Singapore," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 27(2), pages 149-166.
    • Handle: RePEc:ids:gbusec:v:27:y:2022:i:2:p:149-166
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