Uneingeschränkter Zugang

Does the Cash Conversion Cycle Affect Firm Profitability? Some Empirical Evidence from Listed Firms in North Macedonia


Zitieren

Afrifa, G. A., Padachi, K. (2016). Working capital level influence on SME profitability, Journal of Small Business and Enterprise Development, 23(1), 44-63. https://doi.org/10.1108/JSBED-01-2014-0014. Search in Google Scholar

Altaf, N., Shah, F.A. (2018). How does working capital management affect the profitability of Indian companies?, Journal of Advances in Management Research, 15(3), 347-366, https://doi.org/10.1108/JAMR-06-2017-0076. Search in Google Scholar

Baños-Caballero, S., Garcı´a-Teruel, P. J., Martı´nez-Solano, P. (2012). How does working capital management affect the profitability of Spanish SMEs?, Small Bus Econ, 39, 517–529. DOI 10.1007/s11187-011-9317-8. Search in Google Scholar

Bernstein, L. A., Wild, J. J. (1998). Financial Statements Analysis: Theory, Application, and Interpretation. Boston: Irwin/McGraw-Hill. Search in Google Scholar

Bieniasz, A., Gołaś, Z. (2011). The influence of working capital management on the food industry enterprises profitability, Contemporary Economics, 5(4), 68-81, https://doi.org/10.5709/ce.1897-9254.29. Search in Google Scholar

Chakraborty, S. K. (1973). Use of Operating Cycle Concept for Better Management of Working Capital, Economic and Political Weekly, 8(34), M69-M76. Search in Google Scholar

Chang, Ch. (2018). Cash conversion cycle and corporate performance: Global evidence, International Review of Economics & Finance, 56, 568-581, https://doi.org/10.1016/j.iref.2017.12.014. Search in Google Scholar

Chauhan, G. S. (2019). Are working capital decisions truly short-term in nature?, Journal of Business Research, 99,238-253, https://doi.org/10.1016/j.jbusres.2019.02.032. Search in Google Scholar

Dash, S. R., Sethi, M., Swain, R. K. (2023). Financial condition, working capital policy and profitability: evidence from Indian companies, Journal of Indian Business Research, 15(3), 318-355. https://doi.org/10.1108/JIBR-12-2020-0378. Search in Google Scholar

Deari F., Lakshina, V. V. (2019). Factors determining trade credit dynamics: Panel data analysis for Macedonian firms, Finance: Theory and Practice, 23(2), 17-30. Search in Google Scholar

Deari, F. (2015). What Determines the Firm’s Net Trade Credit? Evidence from Macedonian Listed Firms, Journal of Economic and Social Studies, 5(2), 5-20. Search in Google Scholar

Deari, F., Kukeli, A., Barbuta-Misu, N., Virlanuta, F. O. (2022). Does working capital management affect firm profitability? Evidence from European Union countries, Journal of Economic and Administrative Sciences, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JEAS-11-2021-0222. Search in Google Scholar

Deloof, M. (2003). Does Working Capital Management Affect Profitability of Belgian Firms?, Journal of Business Finance & Accounting, 30(3-4), 573−588. Search in Google Scholar

Erem Ceylan, I. (2021). Does Cash Conversion Cycle Affect Firm Profitability? Evidence from the Listed Small and Medium-Sized Enterprises. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 16(1), 110-123. DOI: 10.17153/oguiibf.853862. Search in Google Scholar

Fama, E. F., French, K. R. (1992). The Cross-Section of Expected Stock Returns. Journal of Finance, 47, 427-465. https://doi.org/10.1111/j.1540-6261.1992.tb04398.x. Search in Google Scholar

Fernandes, G., Mendes, L., Leite, R. (2021). Cash holdings and profitability of banks in developed and emerging markets, International Review of Economics & Finance, 71, 880-895. https://doi.org/10.1016/j.iref.2020.10.018. Search in Google Scholar

Foerster, S. R., Sapp, S. G. (2005). Valuation of financial versus non-financial firms: a global perspective, Journal of International Financial Markets, Institutions and Money, 15(1), 1-20. https://doi.org/10.1016/j.intfin.2004.01.003. Search in Google Scholar

García-Teruel, P. J., Martínez-Solano, P. (2007). Effects of working capital management on SME profitability, International Journal of Managerial Finance, 3(2), 164-177, 10.1108/17439130710738718. Search in Google Scholar

Gentry, J., Vaidyanathan, R., Lee, H. (1990). A Weighted Cash Conversion Cycle. Financial Management, 19(1), 90-99. doi:10.2307/3666040. Search in Google Scholar

Hatane, S. E., Winoto, J., Tarigan, J., Jie, F. (2023). Working capital management and board diversity towards firm performances in Indonesia’s LQ45, Journal of Accounting in Emerging Economies, 13(2), 276-299. https://doi.org/10.1108/JAEE-11-2018-0130. Search in Google Scholar

Karim, R., Mamun, M. A. A., Kamruzzaman, A. S. M. (2023). Cash conversion cycle and financial performance: evidence from manufacturing firms of Bangladesh, Asian Journal of Economics and Banking, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/AJEB-03-2022-0033. Search in Google Scholar

Kayani, U. N., Gan, C., Choudhury, T., Arslan, A. (2023). Working capital management and firm performance: evidence from emerging African markets, International Journal of Emerging Markets, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/IJOEM-03-2022-0490. Search in Google Scholar

Kayani, U. N., Gan, C., Rabbani, M. R., Trichilli, Y. (2023). Is short-term firm performance an indicator of a sustainable financial performance? Empirical evidence, Studies in Economics and Finance, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/SEF-03-2023-0136. Search in Google Scholar

Korent, D., Orsag, S. (2018). The Impact of Working Capital Management on Profitability of Croatian Software Companies, Zagreb International Review of Economics and Business, 21(1), 47-66. https://doi.org/10.2478/zireb-2018-0007. Search in Google Scholar

Le, H.-L., Vu, K.-T., Le, T.-B.-N., Du, N.-K., Tran, M. D. (2018). Impact of Working Capital Management on Financial Performance: The case of Vietnam. International Journal of Applied Economics, Finance and Accounting, 3(1), 15–20. https://doi.org/10.33094/8.2017.2018.31.15.20. Search in Google Scholar

Madaleno, M., Barbuta-Misu, B. N., Deari, F. (2019). Determinants of Net Trade Credit: A Panel VAR Approach Based on Industry, Prague Economic Papers, 28(3), 330-347. Search in Google Scholar

Naumoski, A. (2019). The Impact of Working Capital Management on Profitability of the Listed Companies in Emerging European Countries. 13th RSEP International Conference on Business, Economics & Finance, 11-13 June 2019, Kadir Has University, Istanbul, Turkey, Book of Full Papers, 22-32, https://rsepconferences.com/wp-content/uploads/2019/06/Istanbul-Book-of-Full-Papers-Completed-2.pdf. Search in Google Scholar

Ng, S. H., Ye, Ch., Ong, T. S., Teh, B. H. (2017). The Impact of Working Capital Management on Firm’s Profitability: Evidence from Malaysian Listed Manufacturing Firms, International Journal of Economics and Financial Issues, 7(3), 662-670. Search in Google Scholar

Nobanee, H., Abdullatif, M., AlHajjar, M. (2011). Cash Conversion Cycle and Firm’s Performance of Japanese Firms, Asian Review of Accounting, 19(2), 147-156. Search in Google Scholar

Prempeh, K. B., Peprah-Amankona, G. (2020). Does Working Capital Management Affect Profitability of Ghanaian Manufacturing Firms? Zagreb International Review of Economics and Business, 23(1), 1-18. https://doi.org/10.2478/zireb-2020-0001. Search in Google Scholar

Umar, U. H., Al-Faryan, M. A. S. (2023). The impact of working capital management on the profitability of listed halal food and beverage companies, Managerial Finance, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/MF-12-2022-0606. Search in Google Scholar

Vlismas, O. (2023). The moderating effects of strategy on the relation of working capital management with profitability, Journal of Accounting & Organizational Change, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JAOC-01-2023-0005. Search in Google Scholar

Wang, B. (2019). The cash conversion cycle spread, Journal of Financial Economics, 133(2), 472-497. https://doi.org/10.1016/j.jfineco.2019.02.008. Search in Google Scholar

Wooldridge, J.M. (2010). Econometric Analysis of Cross Section and Panel Data, The MIT Press, Cambridge. Search in Google Scholar

Zeidan, R., Shapir, O. M. (2017). Cash conversion cycle and value-enhancing operations: Theory and evidence for a free lunch, Journal of Corporate Finance, 45, 203-219. https://doi.org/10.1016/j.jcorpfin.2017.04.014. Search in Google Scholar