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2010
- ISSN: 2010-023X (Print)
- Abbreviated Title: Int. J. Trade, Economics and Financ.
- Frequency: Quaterly
- DOI: 10.18178/IJTEF
- Editor-in-Chief: Prof.Tung-Zong (Donald) Chang
- Managing Editor: Ms. Inez. Chan
Article Processing Charge (APC): 500 USD
E-mail: ijtef.editorial.office@gmail.com
IJTEF 2012 Vol.3(3): 227-232 ISSN: 2010-023X
DOI: 10.7763/IJTEF.2012.V3.205
DOI: 10.7763/IJTEF.2012.V3.205
Effects of Working Capital Management on the Profitability of Thai Listed Firms
Kulkanya Napompech
Abstract—Working capital is needed for day-to-day
operations of a firm. The primary purpose of this research was
to examine the effects of working capital management on
profitability. The regression analysis was based on a panel
sample of 255 companies listed on the Stock Exchange of
Thailand from 2007 through 2009. The results revealed a
negative relationship between the gross operating profits and
inventory conversion period and the receivables collection
period. Therefore, managers can increase the profitability of
their firms by shortening the cash conversion cycle, inventory
conversion period, and receivables collection period. However,
they cannot increase profitability by lengthening the payables
deferral period. The findings also demonstrated that industry
characteristics have an impact on gross operating profits.
Index Terms—Cash conversion cycle, thailand, working capital.
K. Napompech is with the Administration and Management College, King Mongkut’s Institute of Technology, Ladkrabang, Bangkok 10520 Thailand (e-mail: knkulkan@kmitl.ac.th, kul1998@yahoo.com).
Index Terms—Cash conversion cycle, thailand, working capital.
K. Napompech is with the Administration and Management College, King Mongkut’s Institute of Technology, Ladkrabang, Bangkok 10520 Thailand (e-mail: knkulkan@kmitl.ac.th, kul1998@yahoo.com).
Cite:Kulkanya Napompech, "Effects of Working Capital Management on the Profitability of Thai Listed Firms," International Journal of Trade, Economics and Finance vol.3, no.3, pp. 227-232, 2012.
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