Does the efficiency of working capital management and environmental, social, and governance performance affect a firm’s value? Evidence from the United States

1. Abdi, Y., Li, X., & Càmara-Turull, X. (2021). Exploring the impact of sustainability (ESG) disclosure on firm value and financial performance (FP) in airline industry: the moderating role of size and age. Environment, Development and Sustainability, 24, 5052–5079. [https://link.springer.com/10.1007/s10668-021-01649-w] Search in Google Scholar

2. Akinlo, O. O. (2012). Effect of Working Capital on Profitability of Selected Quoted Firms in Nigeria. Global Business Review, 13(3), 367-381. [https://doi.org/10.1177/097215091201300301] Search in Google Scholar

3. Aldubhani, M. A. Q., Wang, J., Gong, T., & Maudhah, R. A. (2022). Impact of working capital management on profitability: evidence from listed companies in Qatar. Journal of Money and Business, ahead-of-print(ahead-of-print). [https://www.emerald.com/insight/content/doi/10.1108/JMB-08-2021-0032/full/html]10.1108/JMB-08-2021-0032 Search in Google Scholar

4. Alshubiri, F. (2011). The Effect of Working Capital Practices on Risk Management: Evidence from Jordan. Global Journal of Business Research, 5(1), 39-54. [https://ssrn.com/abstract=1873494] Search in Google Scholar

5. Altaf, N. (2020). Working Capital Financing, Firm Performance and Financial Flexibility: Evidence from Indian Hospitality Firms. Global Business Review, 1-12. [https://doi.org/10.1177/0972150920961371] Search in Google Scholar

6. Aouadi, A., & Marsat, S. (2018). Do ESG Controversies Matter for Firm Value? Evidence from International Data. Journal of Business Ethics, 151(4), 1027-1047. [https://doi.org/10.1007/s10551-016-3213-8] Search in Google Scholar

7. Boisjoly, R. P., Conine, T. E., & McDonald, M. B. (2020). Working capital management: Financial and valuation impacts. Journal of Business Research, 108, 1-8. [ https://doi.org/https:/doi.org/10.1016/j.jbusres.2019.09.025]10.1016/j.jbusres.2019.09.025 Search in Google Scholar

8. Chamberlain, T. W., & Aucouturier, J. (2021). Working Capital Management and Firm Performance: Some Evidence from Europe. International Advances in Economic Research, 27(4), 321-323. [https://doi.org/10.1007/s11294-022-09839-6] Search in Google Scholar

9. Chouaibi, Y., & Zouari, G. (2022). The effect of corporate social responsibility practices on real earnings management: evidence from a European ESG data. International Journal of Disclosure and Governance, 19(1), 11-30. [https://doi.org/10.1057/s41310-021-00125-1] Search in Google Scholar

10. Cooper, W. W., Seiford, L. M., & Tone, K. (2007). Data Envelopment Analysis (2 ed.). Springer US. [https://doi.org/10.1007/978-0-387-45283-8] Search in Google Scholar

11. Dalci, I., & Ozyapici, H. (2018). Working capital management policy in health care: The effect of leverage. Health Policy, 122(11), 1266-1272. [https://doi.org/10.1016/j.healthpol.2018.09.012] Search in Google Scholar

12. Deloof, M. (2003). Does Working Capital Management Affect Profitability of Belgian Firms? Journal of Business Finance Accounting, 30(3-4), 573-588. [https://doi.org/10.1111/1468-5957.00008] Search in Google Scholar

13. Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The Impact of Corporate Sustainability on Organizational Processes and Performance. Management Science, 60(11), 2835-2857. [https://doi.org/10.1287/mnsc.2014.1984] Search in Google Scholar

14. Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45-64. [ https://doi.org/https:/doi.org/10.1016/j.gfj.2017.03.001]10.1016/j.gfj.2017.03.001 Search in Google Scholar

15. Fuente, G. d. l., Ortiz, M., & Velasco, P. (2021). The value of a firm’s engagement in ESG practices: Are we looking at the right side? Long Range Planning, 102143. [ https://doi.org/https://doi.org/10.1016/j.gfj.2017.03.001]10.1016/j.gfj.2017.03.001 Search in Google Scholar

16. Grimaldi, F., Caragnano, A., Zito, M., & Mariani, M. (2020). Sustainability Engagement and Earnings Management: The Italian Context. Sustainability, 12(12), 4881. [https://doi.org/10.3390/su12124881] Search in Google Scholar

17. Habib, A. M., & Kayani, U. N. (2022). Does the efficiency of working capital management affect a firm’s financial distress? Evidence from UAE. Corporate Governance: The international journal of business in society, ahead-of-print(ahead-of-print). [https://doi.org/10.1108/cg-12-2021-0440] Search in Google Scholar

18. Habib, A. M., & Mourad, N. (2022). Analyzing the Efficiency of Working Capital Management: a New Approach Based on DEA-Malmquist Technology. Operations Research Forum, 3(3), 20. [https://doi.org/10.1007/s43069-022-00155-7] Search in Google Scholar

19. Habib, A. M., & Shahwan, T. M. (2020). Measuring the operational and financial efficiency using a Malmquist data envelopment analysis: a case of Egyptian hospitals. Benchmarking: An International Journal, 27(9), 2521-2536. [https://doi.org/10.1108/bij-01-2020-0041] Search in Google Scholar

20. Jaworski, J., & Czerwonka, L. (2022). Profitability and Working Capital Management: Evidence From The Warsaw Stock Exchange. Journal of Business Economics and Management, 23(1), 180-198. [https://doi.org/10.3846/jbem.2022.15087] Search in Google Scholar

21. Lu, X., & White, H. (2014). Robustness checks and robustness tests in applied economics. Journal of Econometrics, 178, 194-206. [ https://doi.org/https://doi.org/10.1016/j.jeconom.2013.08.016]10.1016/j.jeconom.2013.08.016 Search in Google Scholar

22. Malik, M. (2015). Value-Enhancing Capabilities of CSR: A Brief Review of Contemporary Literature. Journal of Business Ethics, 127(2), 419-438. [https://link.springer.com/article/10.1007/s10551-014-2051-9]10.1007/s10551-014-2051-9 Search in Google Scholar

23. Mansournia, M. A., Nazemipour, M., Naimi, A. I., Collins, G. S., & Campbell, M. J. (2020). Reflection on modern methods: demystifying robust standard errors for epidemiologists. International Journal of Epidemiology, 50(1), 346-351. [https://academic.oup.com/ije/article/50/1/346/6044447] Search in Google Scholar

24. McAlister, L., Srinivasan, R., Jindal, N., & Cannella, A. A. (2016). Advertising Effectiveness: The Moderating Effect of Firm Strategy. Journal of Marketing Research, 53(2), 207-224. [https://journals.sagepub.com/doi/10.1509/jmr.13.0285]10.1509/jmr.13.0285 Search in Google Scholar

25. Mourad, N., Habib, A. M., & Tharwat, A. (2021). Appraising healthcare systems’ efficiency in facing COVID-19 through data envelopment analysis. Decision Science Letters, 10(3), 301-310. [https://journals.sagepub.com/doi/10.1509/jmr.13.0285]10.5267/j.dsl.2021.2.007 Search in Google Scholar

26. Mourad, N., Tharwat, A., Habib, A. M., Wafik, D., & Hamed, M. A. (2022). Appraising the economic efficiency of European football teams: Evidence from covid-19 crisis using data envelop analysis. Journal of Positive School Psychology, 6(8). [https://journalppw.com/index.php/jpsp/article/view/10611] Search in Google Scholar

27. Palomino-Tamayo, W., Timana, J., & Cerviño, J. (2020). The Firm Value and Marketing Intensity Decision in Conditions of Financial Constraint: A Comparative Study of the United States and Latin America. Journal of International Marketing, 28(3), 21-39. [https://journals.sagepub.com/doi/10.1177/1069031X20943533]10.1177/1069031X20943533 Search in Google Scholar

28. Portela, M. C. A. S., Thanassoulis, E., & Simpson, G. (2004). Negative data in DEA: a directional distance approach applied to bank branches. Journal of the Operational Research Society, 55(10), 1111-1121. [https://www.tandfonline.com/doi/full/10.1057/palgrave.jors.2601768]10.1057/palgrave.jors.2601768 Search in Google Scholar

29. Rezaee, Z. (2016). Business sustainability research: A theoretical and integrated perspective. Journal of Accounting Literature, 36, 48-64. [ https://doi.org/https://doi.org/10.1016/j.acclit.2016.05.003]10.1016/j.acclit.2016.05.003 Search in Google Scholar

30. Shahwan, T. M., & Habib, A. M. (2020). Does the efficiency of corporate governance and intellectual capital affect a firm’s financial distress? Evidence from Egypt. Journal of Intellectual Capital, 21(3), 403-430. [https://www.emerald.com/insight/content/doi/10.1108/JIC-06-2019-0143/full/html]10.1108/JIC-06-2019-0143 Search in Google Scholar

31. Shahwan, T. M., & Habib, A. M. (2021). Do corporate social responsibility practices affect the relative efficiency of Egyptian conventional and Islamic banks? International Journal of Emerging Markets, ahead-of-print(ahead-of-print). [https://www.emerald.com/insight/content/doi/10.1108/JIC-06-2019-0143/full/html] Search in Google Scholar

32. Soukhakian, I., & Khodakarami, M. (2019). Working capital management, firm performance and macroeconomic factors: Evidence from Iran. Cogent Business & Management, 6(1), 1-24. [https://www.tandfonline.com/doi/full/10.1080/23311975.2019.1684227]10.1080/23311975.2019.1684227 Search in Google Scholar

33. Tewolde, S. (2002). Working capital management: the case of government-owned, transitional, and privatised manufacturing firms in Eritrea. [https://www.scipress.com/BMSA.16.49] Search in Google Scholar

34. Tone, K. (2016). Data Envelopment Analysis as a Kaizen Tool: SBM Variations Revisited. Bulletin of Mathematical Sciences and Applications, 16, 49-61. [https://www.scipress.com/BMSA.16.49]10.18052/www.scipress.com/BMSA.16.49 Search in Google Scholar

35. Tran, H., Abbott, M., & Jin Yap, C. (2017). How does working capital management affect the profitability of Vietnamese small- and medium-sized enterprises? Journal of Small Business and Enterprise Development, 24(1), 2-11. [https://www.emerald.com/insight/content/doi/10.1108/JSBED-05-2016-0070/full/html] Search in Google Scholar

36. Wang, Z., Akbar, M., & Akbar, A. (2020). The Interplay between Working Capital Management and a Firm’s Financial Performance across the Corporate Life Cycle. Sustainability, 12(4), 1661. [https://www.mdpi.com/2071-1050/12/4/1661]10.3390/su12041661 Search in Google Scholar

37. Wasiuzzaman, S. (2015). Working Capital and Profitability in Manufacturing Firms in Malaysia: An Empirical Study. Global Business Review, 16(4), 545-556. [https://journals.sagepub.com/doi/10.1177/0972150915581098]10.1177/0972150915581098 Search in Google Scholar

38. Wong, W. C., Batten, J. A., Ahmad, A. H., Mohamed-Arshad, S. B., Nordin, S., & Adzis, A. A. (2021). Does ESG certification add firm value? Finance Research Letters, 39, 101593. [ https://doi.org/https:/doi.org/10.1016/j.frl.2020.101593] Search in Google Scholar

39. Wooldridge, J. M. (2012). Introductory Econometrics A Modern Approach (5th Edition ed.). Cengage Learning. [https://ebin.pub/introductory-econometrics-a-modern-approach-5th-ed.html] Search in Google Scholar

40. Zimon, G. (2021). Working Capital. Encyclopedia, 1(3), 764-772. [https://www.mdpi.com/2673-8392/1/3/58]10.3390/encyclopedia1030058 Search in Google Scholar

41. Zimon, G., & Tarighi, H. (2021). Effects of the COVID-19 Global Crisis on the Working Capital Management Policy: Evidence from Poland. Journal of Risk and Financial Management, 14(4). [https://www.mdpi.com/1911-8074/14/4/169]10.3390/jrfm14040169 Search in Google Scholar