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Effects of working capital management on firm performance: Evidence from the EFQM certified firms

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  • Muhammad Yousaf
  • Petr Bris
  • David McMillan

Abstract

The main aim of the current study is to explore the relationship between working capital (WC) and firm performance. We chose a sample of 326 Czech firms, including 20 certified firms from the EFQM (European Foundation for Quality Management) Excellence Model from the Albertina database. The sample of the Czech firms was taken from three sectors: manufacturing, automobile, and construction. We employed a two-step system generalized method of moment (GMM) technique to determine the results. The study results revealed a negative impact of WC on firm performance; moreover, the firms having a quality certificate from the EFQM Excellence Model perform better. The findings of previous research, which were held globally, and the current study results will encourage the directors, managers, and leaders of the Czech firms to participate in the quality award.

Suggested Citation

  • Muhammad Yousaf & Petr Bris & David McMillan, 2021. "Effects of working capital management on firm performance: Evidence from the EFQM certified firms," Cogent Economics & Finance, Taylor & Francis Journals, vol. 9(1), pages 1958504-195, January.
    • Handle: RePEc:taf:oaefxx:v:9:y:2021:i:1:p:1958504
    DOI: 10.1080/23322039.2021.1958504
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    Cited by:

    1. Swastika GAYEN & Jaybhushan MAHALLE & Vishwajit HARISH & Taniya MALIK, 2023. "Beyond the Balance Sheet: Dissecting the Impact of WCM on Profitability in India’s Business Arena," CECCAR Business Review, Body of Expert and Licensed Accountants of Romania (CECCAR), vol. 4(11), pages 66-76, November.

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