Does the Efficiency of a Firm's Intellectual Capital and Working Capital Management Affect Its Performance?
Open accessAbstract
This study explores the efficiency of intellectual capital (ICE) and working capital management (WCME) in the GCC industrial sector and its potential impact on firm performance. The data were gathered from Standard & Poor’s database from 2015 to 2019. This study uses data envelopment analysis (DEA), regression analysis, and robustness tests to accomplish its aims. The results indicate that most firms do not employ their intellectual and working capital investments well and need improvement actions to achieve the best practices. The regression model results reveal that ICE and WCME significantly and positively influence firms’ performance. The results of this study support the resource-based, trade-off, and pecking order theories. The study findings have important implications for many stakeholders; for example, they would be helpful for firm decision-makers in managing their investments in intellectual and working capital to achieve the best practices and improve a firm's performance. In addition, the findings would be helpful for financiers, because high-performance firms are likely to have more reasonable valuations that facilitate debt financing. Moreover, the findings have noteworthy implications for trading procedures as investors aspire to attractive economic returns for their investments in corporations that pasture ICE and WCME issues. Additionally, these findings have important implications for employee job satisfaction and retention by improving IC management.
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Claims the paper makes
6 of 40 cited sources checked · 1 supported · 0 flagged · accuracy not yet measured
- Premisereasoning
The DEA methodology is flexible and accurate in analyzing the relationship between multiple outputs and inputs.
“This study uses the DEA methodology for efficiency analysis because of its flexibility and accuracy in analyzing the relationship between multiple outputs and inputs”
Quote in the paperSubstantial claim1 of 3 sources checked- cites Avkiran, 2011 source
- cites Desta, 2016 source
- cites Habib & Mourad, 2022 source
The Introduction and Data and Methodology sections describe DEA as versatile and able to capture relationships between multiple inputs and outputs, supporting the flexibility portion. They call it a powerful benchmarking technique, but do not establish its accuracy in analyzing those relationships; the model-validation discussion does not make that broader claim. Page numbers are unavailable in our copy. (LLM, conf=0.84)
Experimental — accuracy not yet measured
- Interpretationcitation
The study's results are consistent with prior research showing that improvements in ICE and WCME lead DMUs to achieve better performance.
“These results are consistent with prior research showing that improvements in ICE and WCME lead DMUs' to achieve better performance (Hamdan, 2018;Isola et al., 2020;Kabuye et al., 2019;Louw et al., 2022;Nadeem et al., 2017Nadeem et al., , 2018;;Seth, Chadha, Ruparel, et al., 2020;Seth et al., 2021a, b).”
Quote in the paperNot a substantial claim2 of 3 sources checked- cites Hamdan, 2018 source
- cites Isola et al., 2020 source
Section 4.2 reports positive, significant relationships between human capital efficiency, capital employed efficiency and firm performance in the Nigerian banks studied. It finds no significant relationship for structural capital efficiency, and the paper does not examine WCME or DMUs. Its reported relationships also do not establish that improvements cause better performance. (LLM, conf=0.88)
Experimental — accuracy not yet measured - cites Kabuye et al., 2019 source
Section 4.3 reports positive correlations between both internal controls and working capital management and supermarkets’ financial performance. But the Introduction states that only working capital management was a significant predictor in the regression model. The study surveyed supermarkets, so it does not establish that improving both efficiencies causes better performance across DMUs generally. (LLM, conf=0.86)
Experimental — accuracy not yet measured
- Findingown data
WCME significantly and positively influences firms' performance.
“The regression model results reveal that ICE and WCME significantly and positively influence firms' performance.”
Quote in the paperSubstantial claim- Rests on an assumption: The 40 sampled industrial firms are representative of the GCC industrial sector.
- Findingown data
Most firms in the GCC industrial sector do not employ their intellectual and working capital investments efficiently.
“The results indicate that most firms do not employ their intellectual and working capital investments well and need improvement actions to achieve the best practices.”
Quote in the paperSubstantial claim- Rests on an assumption: The 40 sampled industrial firms are representative of the GCC industrial sector.
- Findingown data
ICE significantly and positively influences firms' performance.
“The regression model results reveal that ICE and WCME significantly and positively influence firms' performance.”
Quote in the paperSubstantial claim- Rests on an assumption: The 40 sampled industrial firms are representative of the GCC industrial sector.
- Findingown data
23, 25, 24, 27, and 26 firms over the study period from 2015 to 2019 appear inefficient and require corrective action to reach the frontier curve and achieve the best practices.
“The results indicate that 23, 25, 24, 27, and 26 firms over the study period from 2015 to 2019 appear inefficient and require corrective action to reach the frontier curve and achieve the best practices.”
Quote in the paperNot a substantial claim - Findingown data
The percentage of efficient DMUs concerning WCME is approximately 37.5%.
“the percentages of efficient DMUs concerning ICE and WCME are only approximately 20% and 37.5%, respectively.”
Quote in the paperNot a substantial claim - Findingown data
There is no statistical difference in the DEA-WCME scores over the study period at a significance level of 0.05.
“Panel B indicated no statistical difference in the DEA-WCME scores over the study period at a significance level of 0.05.”
Quote in the paperSubstantial claim - Findingown data
ICE has a significant and positive influence on Tobin's Q at the 0.01 significance level.
“the results reveal a significant and positive influence of ICE on Tobin's Q at the 0.01 significance level”
Quote in the paperSubstantial claim - Findingown data
The difference in DEA-ICE scores between 2018 and 2019 was insignificant.
“and was insignificant between 2018 and 2019.”
Quote in the paperSubstantial claim - Findingown data
The difference in DEA-ICE scores between 2017 and 2018 was significant at a 0.1 significance level.
“the results showed that the difference was significant between 2017 and 2018 at a 0.1 significance level”
Quote in the paperSubstantial claim - Findingown data
In the GCC industrial sector, the average ICE is 0.62 with a standard deviation of 0.28.
“In GCC industrial sector, the average of ICE and WCME are 0.62 and 0.82, with a standard deviation of 0.28 and 0.19, respectively.”
Quote in the paperNot a substantial claim - Findingown data
WCME is significantly and positively correlated with ICE.
“WCME is significantly and positively correlated with ICE.”
Quote in the paperNot a substantial claim - Findingown data
The percentage of efficient DMUs concerning ICE is approximately 20%.
“the percentages of efficient DMUs concerning ICE and WCME are only approximately 20% and 37.5%, respectively.”
Quote in the paperNot a substantial claim - Findingown data
H2 is not supported.
“Accordingly, H2 is not supported.”
Quote in the paperSubstantial claim - Findingown data
There is a statistically significant difference in the DEA-ICE scores between 2015-2016 and 2016-2017 at a significance level of 0.01.
“Table 7, Panel A, indicates a statistically influential difference in the DEA-ICE scores between 2015-2016 and 2016-2017 at a significance level of 0.01.”
Quote in the paperSubstantial claim - Findingown data
Hypothesis H3b is supported.
“Therefore, the H3b hypothesis is supported.”
Quote in the paperSubstantial claim - Findingown data
H1 is partially supported.
“Accordingly, H1 is partially supported.”
Quote in the paperSubstantial claim - Findingown data
ICE and WCME have a significant and positive influence on ROE and ROA at the 0.01 significance level.
“The results reveal a significant and positive influence of ICE and WCME on ROE and ROA at the 0.01 significance level”
Quote in the paperSubstantial claim - Findingown data
34, 32, 34, 29, and 32 firms over the study period from 2015 to 2019 appear inefficient and require corrective action to reach the frontier curve and achieve the best practices.
“The results indicate that 34,32,34,29, and 32 firms over the study period from 2015 to 2019 appear inefficient and require corrective action to reach the frontier curve and achieve the best practices.”
Quote in the paperNot a substantial claim - Findingown data
In the GCC industrial sector, the average WCME is 0.82 with a standard deviation of 0.19.
“In GCC industrial sector, the average of ICE and WCME are 0.62 and 0.82, with a standard deviation of 0.28 and 0.19, respectively.”
Quote in the paperNot a substantial claim - Findingown data
The effect of LEV was only positively significant for ROE and Tobin's Q at a 0.01 significance level.
“Additionally, the effect of LEV was only positively significant for ROE and Tobin's Q at a 0.01 significance level.”
Quote in the paperSubstantial claim - Findingown data
H4b was not supported at a significance level of 0.05.
“Therefore, H4b was not supported at a significance level of 0.05.”
Quote in the paperSubstantial claim - Findingown data
The effects of SIZE and AGE were negatively significant with performance measures at a significance level of 0.05.
“Simultaneously, the effects of SIZE and AGE were negatively significant with performance measures at a significance level of 0.05.”
Quote in the paperSubstantial claim - Study design and conductcitation
The current DMUs size in this study is suitable for implementing DEA methodology.
“Notably, the current DMUs size in this study is suitable for implementing DEA methodology.”
Quote in the paperSubstantial claim0 of 2 sources checked - Interpretationown data
The study's results support the resource-based, trade-off, and pecking order theories.
“The results of this study support the resource-based, trade-off, and pecking order theories.”
Quote in the paperSubstantial claim - Interpretationown data
The finding that ICE and WCME positively influence ROE and ROA supports the conservative WCI policy that advocates a higher firm performance with more investment in current assets.
“and also supports the conservative WCI policy that advocates a higher firm performance with more investment in current assets.”
Quote in the paperSubstantial claim - Study design and conductown data
Multicollinearity did not emerge between the explanatory variables, as the highest VIF value is 1.68 with a tolerance value of 0.59.
“Panel B confirms that multicollinearity did not emerge between the explanatory variables, as the highest variance inflation factor (VIF) value is 1.68 with a tolerance value of 0.59.”
Quote in the paperSubstantial claim - Interpretationown data
The finding that ICE positively influences Tobin's Q lends support to the resources-based theory.
“which lends support to the resources-based theory that suggests improvement in firm performance due to the efficient use of its resources.”
Quote in the paperSubstantial claim - Premisecitation
DMUs that care about the efficiencies of employed capital, human capital, and structural capital can be regarded as more efficient.
“DMUs that care about the efficiencies of employed capital, human capital, and structural capital can be regarded as more efficient”
Quote in the paperNot a substantial claim0 of 3 sources checked- cites Appuhami & Bhuyan, 2015 source
- cites Chatterjee et al., 2022 source
- cites Dalwai & Mohammadi, 2020 source
- Rests on an assumption: Each DMU invests in IC to preserve consistency and improve efficiency.
- Interpretationown data
The finding that ICE and WCME positively influence ROE and ROA lends support to the resources-based theory.
“which lends support to the resources-based theory that suggests improvement in firm performance due to the efficient use of its resources”
Quote in the paperSubstantial claim - Interpretationreasoning
High-performance firms are likely to have more reasonable valuations to facilitate debt financing.
“Therefore, high-performance firms are likely to have more reasonable valuations to facilitate debt financing.”
Quote in the paperSubstantial claim - Study design and conductown data
The Mann-Whitney U test results confirmed that excluding CEE, SCE, and HCE from the DEA-ICE model had no significant influence on coherence at a significance level of 0.05.
“the Mann-Whitney U test results confirmed that excluding CEE, SCE, and HCE from the DEA-ICE model had no significant influence on coherence at a significance level of 0.05.”
Quote in the paperSubstantial claim - Study design and conductown data
The Mann-Whitney U results confirmed that excluding INV, ACR, ACP, and COGS sequentially from the DEA-WCME model had no significant influence on coherence at a significance level of 0.05.
“the Mann-Whitney U results confirmed that excluding INV, ACR, ACP, and COGS sequentially from the DEA-WCME model had no significant influence on coherence at a significance level of 0.05.”
Quote in the paperNot a substantial claim - Premisecitation
IC positively affects job attitudes related to job satisfaction and retention.
“Longo and Mura (2011) and Torre et al. (2021) show that IC positively affects job attitudes related to job satisfaction and retention.”
Quote in the paperNot a substantial claim0 of 2 sources checked - Study design and conductown data
The Spearman correlation results indicated that scores were not significantly altered at a 0.01 significance level of 2015-2019.
“the Spearman correlation results indicated that scores were not significantly altered at a 0.01 significance level of 2015-2019.”
Quote in the paperSubstantial claim - Premisecitation
Any increase above the optimal level of cash leads to financial issues.
“Firms should operate efficiently, whereby any increase above this level leads to financial issues (Bahreini & Adaoglu, 2018;Ghazouani, 2013;Jahanzeb et al., 2013).”
Quote in the paperSubstantial claim0 of 3 sources checked- cites Bahreini & Adaoglu, 2018 source
- cites Ghazouani, 2013
- cites Jahanzeb et al., 2013
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
- Study design and conductown data
The AR(1) results demonstrate that the coefficients of all the study variables are in the same direction and significance as those of the basic analysis.
“Table 13 demonstrates that the coefficients of all the study variables are in the same direction and significance as those of the basic analysis.”
Quote in the paperNot a substantial claim - Interpretationown data
The distribution of DEA efficiency models does not seem to differ significantly across time.
“Hence, the distribution of DEA efficiency models does not seem to differ significantly across time.”
Quote in the paperNot a substantial claim - Interpretationreasoning
The results of this study support theoretical assumptions that are widely popular in finance, such as resource-based, trade-off, and pecking order theories.
“The results of this study support theoretical assumptions that are widely popular in finance, such as resource-based, trade-off, and pecking order theories.”
Quote in the paperNot a substantial claim - Study design and conductown data
The external validity test was executed to confirm the solidity of the results across time.
“The external validity test was executed to confirm the solidity of the results across time, as demonstrated in Table 11.”
Quote in the paperNot a substantial claim - Study design and conductown data
The DEA-ICE and DEA-WCME distributions have the same shape over time.
“Panels A and B show the results, indicating that the DEA-ICE and DEA-WCME distributions have the same shape over time.”
Quote in the paperNot a substantial claim - Study design and conductown data
Using Spearman's correlation, the efficiency ranks are not significantly altered at a significance level of 0.01 (DEA-WCME).
“Using Spearman's correlation, the results show that the efficiency ranks are not significantly altered at a significance level of 0.01.”
Quote in the paperSubstantial claim - Study design and conductown data
The Mann-Whitney U test showed that distributions for both models have a similar pattern.
“the Mann-Whitney U test showed that distributions for both models have a similar pattern.”
Quote in the paperSubstantial claim - Study design and conductown data
Panel D shows that the efficiency ranks are not significantly altered at a 0.01 significance level between the inherent model via output orientation and the adjusted model results via input orientation.
“Panel D shows that the efficiency ranks are not significantly altered at a 0.01 significance level between the inherent model via output orientation and the adjusted model results via input orientation.”
Quote in the paperSubstantial claim - Study design and conductown data
The Spearman correlation results indicate that the efficiency ranks are not significantly altered at a significance level of 0.01 (Panel B).
“According to Panel B, the Spearman correlation results indicate that the efficiency ranks are not significantly altered at a significance level of 0.01.”
Quote in the paperSubstantial claim - Study design and conductown data
Using Spearman's correlation, the efficiency ranks are not significantly altered at a significance level of 0.01.
“Using Spearman's correlation, the results show that efficiency ranks are not significantly altered at a significance level of 0.01.”
Quote in the paperSubstantial claim - Study design and conductown data
The Mann-Whitney U test showed that the distributions for both models had similar patterns.
“the Mann-Whitney U test showed that the distributions for both models had similar patterns.”
Quote in the paperSubstantial claim - Study design and conductown data
The GLS estimator results demonstrate that the coefficients of all the study variables are in the same direction and significance as those of the basic analysis.
“The results demonstrate that the coefficients of all the study variables are in the same direction and significance as those of the basic analysis.”
Quote in the paperNot a substantial claim
- May combine two claims. 17
- Classified as probably not a substantial claim. 33
May combine two claims.
PremisecitationNegative data values and lack of data restrict the DEA model's ability to conduct the analyses.
“Following Habib (2022); Habib and Kayani (2022); Habib and Mourad (2022); Pastor and Ruiz (2007); and Portela et al. (2004), negative data values and lack of data restrict the DEA model's ability to conduct the analyses.”
Quote in the paperSubstantial claim1 of 3 sources checked- cites Habib (2022)
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
- cites Pastor and Ruiz (2007) source
- cites Portela et al. (2004) source
The Abstract and Introduction say that traditional DEA models generally require non-negative data, supporting the claim about negative values. The Input and output data section says quantity data were unavailable and the authors used value data instead; it does not say that a lack of data prevented DEA analysis. No page numbers are provided in our copy. (LLM, conf=0.86)
Experimental — accuracy not yet measured
Probably not a substantial claim: may not pass S2 (checkable).
PremisecitationFirms should first operate efficiently to achieve the optimal level of liquidity through WCM.
“therefore, firms should first operate efficiently to achieve the optimal level of liquidity through WCM (Jahanzeb et al., 2013;Serrasqueiro & Caetano, 2015).”
Quote in the paperNot a substantial claim1 of 2 sources checked- cites Jahanzeb et al., 2013
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
- cites Serrasqueiro & Caetano, 2015 source
The Introduction and section 3.2 discuss capital structure and SMEs’ adjustment toward an optimal debt ratio, not an optimal level of liquidity. Searches for working capital management, liquidity, and operating efficiency found no passage in our copy supporting the attributed recommendation. (LLM, conf=0.78)
Experimental — accuracy not yet measured
Classified as probably not a substantial claim.
Study design and conductcitationThe interior-validity test was executed to validate study results.
“the interior-validity test has been executed to validate study results.”
Quote in the paperSubstantial claim1 of 3 sources checkedProbably not a substantial claim: may not pass S3 (load-bearing). May combine two claims.
Findingown dataThe average ROA is 0.07 with a standard deviation of 0.06.
“the average ROA, ROE, Tobin's Q are 0.07, 0.13, and 2.13, with a standard deviation of 0.06, 0.12, and 3.99, respectively.”
Quote in the paperNot a substantial claimProbably not a substantial claim: may not pass S3 (load-bearing). May combine two claims.
Findingown dataThe average LEV is 0.95 with a standard deviation of 1.05.
“the average SIZE, LEV, and AGE are 5.74, 0.95, and 3.27, with a standard deviation of 1.49, 1.05, and 0.56, respectively.”
Quote in the paperNot a substantial claimProbably not a substantial claim: may not pass S3 (load-bearing). May combine two claims.
Findingown dataThe average AGE is 3.27 with a standard deviation of 0.56.
“the average SIZE, LEV, and AGE are 5.74, 0.95, and 3.27, with a standard deviation of 1.49, 1.05, and 0.56, respectively.”
Quote in the paperNot a substantial claimProbably not a substantial claim: may not pass S3 (load-bearing).
Findingown dataNo explanatory variables have coefficients greater than 0.8.
“The results show no explanatory variables with coefficients greater than 0.8.”
Quote in the paperNot a substantial claimMay combine two claims.
Findingown dataThe average ICE was approximately 59.2% in 2015, 62.9% in 2016, 56.2% in 2017, 62.7% in 2018, and 64.8% in 2019.
“The results indicated that the ICE was approximately 59.2%, 62.9%, 56.2%, 62.7%, and 64.8% (on average) for the study years from 2015 to 2019, respectively.”
Quote in the paperNot a substantial claimMay combine two claims.
Findingown dataHypotheses H3a and H4a are supported.
“Therefore, hypotheses H3a and H4a are supported.”
Quote in the paperSubstantial claimProbably not a substantial claim: may not pass S3 (load-bearing).
Findingown dataThe average SIZE is 5.74 with a standard deviation of 1.49.
“the average SIZE, LEV, and AGE are 5.74, 0.95, and 3.27, with a standard deviation of 1.49, 1.05, and 0.56, respectively.”
Quote in the paperNot a substantial claimMay combine two claims.
Findingown dataSIZE is negatively correlated with ICE and positively correlated with WCME.
“SIZE negatively correlated with ICE and positively correlated with WCME.”
Quote in the paperNot a substantial claimProbably not a substantial claim: may not pass S3 (load-bearing). May combine two claims.
Findingown dataAGE is negatively correlated with ICE, but insignificantly correlated with WCME.
“AGE is negatively correlated with ICE, but insignificantly correlated with WCME.”
Quote in the paperNot a substantial claimMay combine two claims.
Findingown dataLEV is negatively correlated with ICE and WCME.
“LEV is negatively correlated with ICE and WCME.”
Quote in the paperNot a substantial claimProbably not a substantial claim: may not pass S3 (load-bearing). May combine two claims.
Findingown dataThe average ROE is 0.13 with a standard deviation of 0.12.
“the average ROA, ROE, Tobin's Q are 0.07, 0.13, and 2.13, with a standard deviation of 0.06, 0.12, and 3.99, respectively.”
Quote in the paperNot a substantial claimMay combine two claims.
Findingown dataThe average WCME was approximately 85.8% in 2015, 83.6% in 2016, 82.4% in 2017, 78.5% in 2018, and 78% in 2019.
“The results indicated that the WCME was approximately 85.8%, 83.6%, 82.4%, 78.5%, and 78% (on average) for the study years from 2015 to 2019, respectively.”
Quote in the paperNot a substantial claimProbably not a substantial claim: may not pass S3 (load-bearing).
Findingown dataThe average Tobin's Q is 2.13 with a standard deviation of 3.99.
“the average ROA, ROE, Tobin's Q are 0.07, 0.13, and 2.13, with a standard deviation of 0.06, 0.12, and 3.99, respectively.”
Quote in the paperNot a substantial claimProbably not a substantial claim: may not pass S1 (asserted), S3 (load-bearing).
PremisecitationTrade-off theory suggests that an optimal level of cash is achieved with the balance of its associated costs and benefits.
“Trade-off theory suggests that an optimal level of cash is achieved with the balance of its associated costs and benefits (Miller & Orr, 1966).”
Quote in the paperNot a substantial claim0 of 1 sources checked- cites Miller & Orr, 1966 source
Classified as probably not a substantial claim.
InterpretationreasoningThe needed improvement actions are related to fundamental improvements in CEE, HCE, SCE, sales, and working capital.
“According to the study results, these actions are related to fundamental improvements in CEE, HCE, SCE, sales, and working capital.”
Quote in the paperSubstantial claim- Rests on an assumption: Improving efficiency is essential for firms to achieve their goals.
Classified as probably not a substantial claim.
Study design and conductcitationThe study controlled for firm size (SIZE), financial leverage (LEV), and firm age (AGE).
“we controlled for three variables: firm size (SIZE), which was measured by the natural logarithm of total assets; financial leverage (LEV), which was measured by dividing the DMU's total liabilities by its shareholders' equity; and firm age (AGE) as a proxy for learning, which was measured by the natural logarithm of the DMU's age since inception.”
Quote in the paperSubstantial claim0 of 3 sources checkedProbably not a substantial claim: may not pass S2 (checkable).
PremisecitationThe DEA methodology can provide essential information for DMUs for continuous improvement that may support inefficient units to reach the best practices.
“it can provide essential information for DMUs for continuous improvement that may support inefficient units to reach the best practices”
Quote in the paperNot a substantial claim0 of 3 sources checkedMay combine two claims.
Interpretationown dataMost DMUs in the GCC industrial sector do not employ their intellectual and working capital investments well and need improvement actions to achieve the best practices.
“This indicates that most DMUs in the GCC industrial sector do not employ their intellectual and working capital investments well, and need improvement actions to achieve the best practices.”
Quote in the paperSubstantial claim- Rests on an assumption: Improving efficiency is essential for firms to achieve their goals.
Classified as probably not a substantial claim.
PremisecitationThe DMUs size must be more than three times that of the model variables.
“According to Cooper et al. (2007) and Sarkis (2007), the DMUs size must be more than three times that of the model variables.”
Quote in the paperSubstantial claim0 of 2 sources checkedProbably not a substantial claim: may not pass S3 (load-bearing). May combine two claims.
PremisecitationAccording to resource-based theory, IC is a strategic resource that occupies two-thirds of a company's assets and, when managed well, results in value generation.
“According to resource-based theory, IC is a strategic resource that occupies two-thirds of a company's assets and, when managed well, results in value generation (Grant, 1991).”
Quote in the paperNot a substantial claim0 of 1 sources checked- cites Grant, 1991 source
Probably not a substantial claim: may not pass S3 (load-bearing).
PremisecitationResource-based theory suggests that IC is one of the most critical intangible resources.
“Resource-based theory suggests that IC is one of the most critical intangible resources (Wright et al., 1994).”
Quote in the paperNot a substantial claim0 of 1 sources checked- cites Wright et al., 1994 source
Classified as probably not a substantial claim.
PremisecitationWCM is one of the main keys to a firm's success.
“As confirmed in the literature, WCM is one of the main keys to a firm's success.”
Quote in the paperSubstantial claim0 of 2 sources checkedProbably not a substantial claim: may not pass S3 (load-bearing).
PremisecitationPecking order theory propagates no optimal level of cash holdings.
“pecking order theory alternatively propagates no optimal level of cash holdings (Myers & Majluf, 1984).”
Quote in the paperNot a substantial claim0 of 1 sources checked- cites Myers & Majluf, 1984 source
Classified as probably not a substantial claim.
Study design and conductown dataRobustness tests were performed to compare the basic model results with those obtained from additional techniques and models.
“Robustness tests were performed to compare the basic model results with those obtained from additional techniques and models.”
Quote in the paperSubstantial claimProbably not a substantial claim: may not pass S3 (load-bearing). May combine two claims.
Interpretationown dataThe results demonstrate greater confidence and robustness.
“Accordingly, the results demonstrate greater confidence and robustness.”
Quote in the paperNot a substantial claimProbably not a substantial claim: may not pass S3 (load-bearing).
PremisecitationThe pecking order theory suggests that firms would first depend on internal sources of funds for their investments to improve performance.
“the pecking order theory suggests that firms would first depend on internal sources of funds for their investments to improve performance”
Quote in the paperNot a substantial claimProbably not a substantial claim: may not pass S3 (load-bearing).
InterpretationreasoningThe adopted DEA-ICE model refers to the internal validity of the model.
“Based on the preceding section, the adopted DEA-ICE model refers to the internal validity of the model.”
Quote in the paperNot a substantial claimMay combine two claims.
Interpretationown dataThe current results support resource-based theory, showing that ICE and WCME lead firms to achieve better performance.
“The current results support resource-based theory, showing that ICE and WCME lead firms to achieve better performance.”
Quote in the paperSubstantial claimClassified as probably not a substantial claim.
Study design and conductown dataA robustness test was performed to determine the validity of the study results.
“A robustness test was performed to determine the validity of the study results.”
Quote in the paperSubstantial claimProbably not a substantial claim: may not pass S3 (load-bearing).
Study design and conductown dataA comparison between the inherent model results through the output orientation and the adjusted model results through the input orientation was carried out to enhance the validity results.
“a comparison between the inherent model results through the output orientation and the adjusted model results through the input orientation was carried out to enhance the validity results.”
Quote in the paperNot a substantial claimProbably not a substantial claim: may not pass S3 (load-bearing).
Study design and conductown dataThe Kruskal-Wallis H test was performed to explore consistency.
“the Kruskal-Wallis H test was performed to explore consistency.”
Quote in the paperNot a substantial claimClassified as probably not a substantial claim.
Study design and conductown dataSpearman's rank correlation between the fundamental and adjusted DEA models was carried out.
“Spearman's rank correlation between the fundamental and adjusted DEA models was also carried out.”
Quote in the paperSubstantial claimClassified as probably not a substantial claim.
Study design and conductown dataThe Mann-Whitney U test was used to explore whether variable elimination sequentially followed a significant difference in the essential DEA model scores.
“the Mann-Whitney U test was used to explore whether variable elimination sequentially followed a significant difference in the essential DEA model scores.”
Quote in the paperSubstantial claimClassified as probably not a substantial claim.
Study design and conductown dataRobustness tests were performed by using additional analyses to examine the validity of the findings.
“Robustness tests were performed by using additional analyses to examine the validity of the findings.”
Quote in the paperSubstantial claimClassified as probably not a substantial claim.
PremisecitationResource-based theory suggests that firms would utilize their resources to attain competitive advantage and superior performance.
“Resourcebased theory suggests that firms would utilize their resources to attain competitive advantage and superior performance (Barney, 1991(Barney, , 2001)).”
Quote in the paperSubstantial claim0 of 2 sources checkedProbably not a substantial claim: may not pass S2 (checkable), S3 (load-bearing).
Premisenone givenTrade-off theory suggests that firms should operate efficiently to achieve an optimal level of cash with the balance of its associated costs and benefits through WCM.
“Trade-off theory suggests that firms should operate efficiently to achieve an optimal level of cash with the balance of its associated costs and benefits through WCM.”
Quote in the paperNot a substantial claimProbably not a substantial claim: may not pass S3 (load-bearing). May combine two claims.
Interpretationown dataThe results demonstrated greater confidence and robustness.
“Accordingly, the results demonstrated greater confidence and robustness.”
Quote in the paperNot a substantial claimProbably not a substantial claim: may not pass S3 (load-bearing).
Study design and conductown dataRegression analyses were performed with first-order autoregressive disturbance AR(1) to verify that the results did not change with the use of additional techniques.
“regression analyses were performed with first-order autoregressive disturbance AR(1) to verify that the results did not change with the use of additional techniques.”
Quote in the paperNot a substantial claimMay combine two claims.
Interpretationown dataICE and WCME play an influential role in enhancing firm performance and achieving a competitive advantage.
“This indicates the influential role of ICE and WCME in enhancing firm performance and achieving a competitive advantage.”
Quote in the paperSubstantial claim
The paper relies on this without support.
The 40 sampled industrial firms are representative of the GCC industrial sector.
“The final decision-making units (DMUs) consist of 40 industrial firms with 200 firm-year observations.”
The paper relies on this without support.
The GCC industrial sector is a key contributor to the gross domestic product of the region.
“The industrial sector, which is trying to diversify its revenue from the non-hydrocarbon sector, is a key contributor to the gross domestic product of this region.”
The paper relies on this without support.
Each DMU invests in IC to preserve consistency and improve efficiency.
“Furthermore, each DMU invests in IC to preserve consistency and improve efficiency.”
The paper relies on this without support.
Improving efficiency is essential for firms to achieve their goals.
“Improving efficiency is essential for firms to achieve their goals.”
Cites
Firm Resources and Sustained Competitive Advantage
Barney, J. (1991) · Journal of Management · doi:10.1177/014920639101700108 · Cited by 48,334 · cited 3× · see citing works
“The resource-based theory explains how firms can utilize resources to attain competitive advantage and superior performance (Barney, 1991, 2001).”
Firm resources and sustained competitive advantage
Barney, J. B. (2004) · Advances in strategic management · doi:10.1016/s0742-3322(00)17018-4 · Cited by 38,159 · see citing works
A resource‐based view of the firm
Wernerfelt, B. (1984) · Strategic Management Journal · doi:10.1002/smj.4250050207 · Cited by 25,635 · cited 1× · see citing works
“The resource-based theory originated in the 1980s and became more prominent in the 1990s (Barney, 1991; Wernerfelt, 1984).”
Corporate financing and investment decisions when firms have information that investors do not have
Myers, S. C., & Majluf, N. S. (1984) · Journal of Financial Economics · doi:10.1016/0304-405x(84)90023-0 · Cited by 18,957 · see citing works
The resource-based theory of competitive advantage: Implications for strategy formulation
Grant, R. M. (1991) · California Management Review · doi:10.2307/41166664 · Cited by 9,699 · cited 2× · see citing works
“Grant (1991) argues that IC can be considered a strategic asset that affects a firm's performance.”
Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have
Myers, S., & Majluf, N. (1984) · doi:10.3386/w1396 · Cited by 6,722 · see citing works
A slacks-based measure of efficiency in data envelopment analysis
Tone, K. (2001) · European Journal of Operational Research · doi:10.1016/s0377-2217(99)00407-5 · Cited by 5,682 · see citing works
A slacks-based measure of super-efficiency in data envelopment analysis
Tone, K. (2002) · European Journal of Operational Research · doi:10.1016/s0377-2217(01)00324-1 · Cited by 3,576 · see citing works
Intellectual capital: an exploratory study that develops measures and models
Bontis, N. (1998) · Management Decision · doi:10.1108/00251749810204142 · Cited by 3,276 · cited 1× · see citing works
“Employees’ training and development leads to IC acquisition (Bontis, 1998).”
Intellectual Capital: Realizing Your Company's True Value by Finding Its Hidden Brainpower
Edvinsson, L., & Malone, M. S. (1997) · Cited by 3,081 · see citing works
European Journal of Business and Management
Yavuz, K., & UYSAL, H. T. (2017) · doi:10.7176/ejbm · Cited by 2,837 · see citing works
Is the Resource-Based "View" a Useful Perspective for Strategic Management Research? Yes
Barney, J. B. (2001) · The Academy of Management Review · doi:10.2307/259393 · Cited by 2,734 · see citing works
Cooper, W. W., Seiford, L. M., & Tone, K. (2007) · doi:10.1007/978-0-387-45283-8 · Cited by 2,061 · see citing works
Human resources and sustained competitive advantage: a resource-based perspective
Wright, P. M., McMahan, G. C., & McWilliams, A. (1994) · The International Journal of Human Resource Management · doi:10.1080/09585199400000020 · Cited by 2,017 · cited 1× · see citing works
“Resource-based theory suggests that IC is one of the most critical intangible resources (Wright et al., 1994).”
International Journal of Economics and Financial Issues
(2021) · International Journal of Economics and Financial Issues · doi:10.32479/ijefi · Cited by 2,008 · see citing works
Does Working Capital Management Affect Profitability of Belgian Firms?
Deloof, M. (2003) · Journal of Business Finance & Accounting · doi:10.1111/1468-5957.00008 · Cited by 1,849 · cited 2× · see citing works
“For example, Deloof (2003); Tran et al. (2017) refer to WCM as an important strategy for improving profitability.”
Theory and research in strategic management: Swings of a pendulum
Hoskisson, R. E., Hitt, M. A., Wan, W. P., & Yiu, D. (1999) · Journal of Management · doi:10.1177/014920639902500307 · Cited by 1,364 · cited 1× · see citing works
“The theory argues that firms can achieve sustainable competitive advantage by using resources with attributes of being “valuable”, “rare”, “non-substitutable” and “imperfectly imitable” (Hoskisson et al., 1999).”
A Model of the Demand for Money by Firms
Miller, M. H., & Orr, D. (1966) · The Quarterly Journal of Economics · doi:10.2307/1880728 · Cited by 1,340 · cited 1× · see citing works
“Trade-off theory suggests that an optimal level of cash is achieved with the balance of its associated costs and benefits (Miller & Orr, 1966).”
Intellectual capital and traditional measures of corporate performance
Firer, S., & Williams, S. M. (2003) · Journal of Intellectual Capital · doi:10.1108/14691930310487806 · Cited by 1,118 · cited 1× · see citing works
“Additionally, ICE positively influences profitability for high-knowledge-based listed South African firms but negatively impacts productivity (Firer & Mitchell Williams, 2003).”
Working capital management, corporate performance, and financial constraints
Baños‐Caballero, S., García‐Teruel, P. J., & Solano, P. M. (2013) · Journal of Business Research · doi:10.1016/j.jbusres.2013.01.016 · Cited by 661 · cited 3× · see citing works
“Nevertheless, after crossing a certain threshold, higher levels of WCI would incur further interest costs, eroding firm value (Baños-Caballero et al., 2014).”
A Cash Conversion Cycle Approach to Liquidity Analysis
Richards, V. D., & Laughlin, E. J. (1980) · Financial Management · doi:10.2307/3665310 · Cited by 628 · cited 1× · see citing works
“Alternatively, Richards and Laughlin (1980) proposed the adoption of cash conversion cycle (CCC), but this was slammed for being mathematically inaccurate, not focusing on funds tied up, and lacking differentiation in the weights appointed to each element of working capital.”
Measuring the performance of intellectual potential in the knowledge economy
Pulić, A. (1998) · Cited by 627 · see citing works
Intellectual capital and firm performance in Australia
Clarke, M., Seng, D., & Whiting, R. H. (2011) · Journal of Intellectual Capital · doi:10.1108/14691931111181706 · Cited by 546 · cited 1× · see citing works
“Similarly, the dynamic association between ICE and performance has been investigated in Australian-listed firms for over ten years (Clarke et al., 2011; Nadeem et al., 2018).”
Is working capital management value-enhancing? Evidence from firm performance and investments
Aktas, N., Croci, E., & Petmezas, D. (2015) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2014.12.008 · Cited by 534 · cited 2× · see citing works
“Firms that adopt an aggressive WCM approach assume higher risk by reducing investments in inventories and credit terms to customers (Aktas et al., 2015).”
Enqvist, J., Graham, M., & Nikkinen, J. (2014) · Research in International Business and Finance · doi:10.1016/j.ribaf.2014.03.005 · Cited by 483 · cited 1× · see citing works
“…on firm performance (Ameer & Othman, 2021; Anton & Afloarei Nucu, 2021; Chambers & Cifter, 2022; Dhole et al., 2019; EL-Ansary & Al-Gazzar, 2020; Enqvist et al., 2014; Mardones, 2021; Masri & Abdulla, 2018; Mun & Jang, 2015; Rey-Ares et al., 2021; Seth, Chadha, Sharma Satyendra, et al., 2020;…”
Negative data in DEA: a directional distance approach applied to bank branches
Portela, M. C. A. S., Thanassoulis, E., & Simpson, G. (2004) · Journal of the Operational Research Society · doi:10.1057/palgrave.jors.2601768 · Cited by 440 · cited 1× · see citing works
“Following Habib (2022); Habib and Kayani (2022); Habib and Mourad (2022); Pastor and Ruiz (2007); Portela et al. (2004), negative data values and lack of data restrict the DEA model's ability to conduct the analyses.”
Nimtrakoon, S. (2015) · Journal of Intellectual Capital · doi:10.1108/jic-09-2014-0104 · Cited by 374 · cited 1× · see citing works
“The prevailing consensus suggests that IC can be classified into three prime aspects: relational, structural, and human capital (Mouritsen et al., 2001; Nimtrakoon, 2015; Sveiby, 1997).”
Working Capital Management and Shareholders’ Wealth
Kieschnick, R., Laplante, M., & Moussawi, R. (2013) · Review of Finance · doi:10.1093/rof/rfs043 · Cited by 330 · cited 1× · see citing works
“The competing view argues that firms are likely to go bankrupt with higher WCI, as they require more financing requirements with additional financing expenses (Kieschnick et al., 2013).”
Intellectual capital and firm performance: an extended VAIC model
Bayraktaroglu, A., Calisir, F., & Baskak, M. (2019) · Journal of Intellectual Capital · doi:10.1108/jic-12-2017-0184 · Cited by 277 · cited 3× · see citing works
“Thirdly, most prior studies have explored the efficiency levels of WCM and IC through individual dimensions (Akgün & Memiş Karataş, 2021; Bayraktaroglu et al., 2019; Soewarno & Tjahjadi, 2020; Zimon & Tarighi, 2021).”
Stochastic Data Envelopment Analysis—A review
Olesen, O. B., & Petersen, N. C. (2015) · European Journal of Operational Research · doi:10.1016/j.ejor.2015.07.058 · Cited by 261 · cited 1× · see citing works
“…been employed to evaluate the efficiency of DMUs; however, mathematical programming is distinguished by being non-parametric, thus providing better flexibility and ease of use (Cooper et al., 2007; Habib & Shahwan, 2020; Mourad, 2022; Mourad et al., 2022; Olesen & Petersen, 2016; Wu et al., 2013).”
Soewarno, N., & Tjahjadi, B. (2020) · Journal of Intellectual Capital · doi:10.1108/jic-09-2019-0225 · Cited by 260 · cited 2× · see citing works
“Thirdly, most prior studies have explored the efficiency levels of WCM and IC through individual dimensions (Akgün & Memiş Karataş, 2021; Bayraktaroglu et al., 2019; Soewarno & Tjahjadi, 2020; Zimon & Tarighi, 2021).”
Avkiran, N. K. (2011) · Omega · doi:10.1016/j.omega.2010.08.001 · Cited by 237 · cited 1× · see citing works
“…variables, that is, outputs, and the DEA approach efficiently analyzes the relationship between outputs and inputs variables through an adopted model (Avkiran, 2011; Desta, 2016; Habib & Mourad, 2022; Mourad et al., 2022; Seth, Chadha, & Sharma, 2020; Shahwan & Habib, 2020; Yu et al., 2019).”
Working capital management: Financial and valuation impacts
Boisjoly, R. P., Conine, T. E., & McDonald, M. B. (2019) · Journal of Business Research · doi:10.1016/j.jbusres.2019.09.025 · Cited by 234 · cited 1× · see citing works
“Moreover, it can support a firm's risk management and enhance its value (Boisjoly et al., 2020; Habib, 2022).”
Intellectual capital and performance of pharmaceutical firms in India
Vishnu, S., & Gupta, V. (2014) · Journal of Intellectual Capital · doi:10.1108/jic-04-2013-0049 · Cited by 232 · cited 1× · see citing works
“Gupta et al. (2020); Vishnu and Kumar Gupta (2014) investigated the link between the intellectual capital efficiency (ICE) and Indian pharmaceutical firms' performance.”
Human capital and organizational performance: a study of Egyptian software companies
Seleim, A., Ashour, A., & Bontis, N. (2007) · Management Decision · doi:10.1108/00251740710746033 · Cited by 226 · cited 1× · see citing works
“Seleim et al. (2007) advocated that certain types of human capital measures show a significantly positive association with the performance of software development firms.”
Serrasqueiro, Z., & Caetano, A. (2014) · Journal of Business Economics and Management · doi:10.3846/16111699.2012.744344 · Cited by 218 · cited 1× · see citing works
“…the Pecking-order theory suggests that firms would first depend on internal sources of funds for their investments to improve performance; therefore, firms should first operate efficiently to achieve the optimal level of liquidity through WCM (Jahanzeb et al., 2013; Serrasqueiro & Caetano, 2015).”
Intellectual capital efficiency and bank performance: Evidence from islamic banks
Rehman, A. U., Aslam, E., & Iqbal, A. (2021) · Borsa Istanbul Review · doi:10.1016/j.bir.2021.02.004 · Cited by 204 · cited 1× · see citing works
“In addition, the resource-based view explains the relationship between IC and firm performance in several studies (Bataineh et al., 2022; Bhattacharjee & Akter, 2021; Ur Rehman et al., 2022).”
Determinants of Capital Structure Empirical Evidence from the Czech Republic
Bauer, P. (2004) · RePEc: Research Papers in Economics · Cited by 197 · see citing works
Working capital, cash holding, and profitability of restaurant firms
Mun, S. G., & Jang, S. S. (2015) · International Journal of Hospitality Management · doi:10.1016/j.ijhm.2015.04.003 · Cited by 186 · cited 2× · see citing works
“…& Othman, 2021; Anton & Afloarei Nucu, 2021; Chambers & Cifter, 2022; Dhole et al., 2019; EL-Ansary & Al-Gazzar, 2020; Enqvist et al., 2014; Mardones, 2021; Masri & Abdulla, 2018; Mun & Jang, 2015; Rey-Ares et al., 2021; Seth, Chadha, Sharma Satyendra, et al., 2020; Soukhakian & Khodakarami, 2019).”
Al-Juboori, Z. M. A., Singh, H., Haddad, H., Al-Ramahi, N. M., & Ali, M. A. (2021) · Sustainability · doi:10.3390/su14010154 · Cited by 181 · cited 1× · see citing works
“This review suggests that IC positively affects firm performance (Akkas & Asutay, 2022; Aljuboori et al., 2022; Chatterjee et al., 2022; Dalwai & Salehi, 2021; Gupta et al., 2022; Hamdan, 2018; Isola et al., 2020; Kweh et al., 2021; Lu et al., 2021; Maji & Hussain, 2021; Nkambule et al., 2021;…”
Valuing the future: intellectual capital supplements at Skandia
Mouritsen, J., Larsen, H. T., & Bukh, P. N. (2001) · Accounting, Auditing & Accountability Journal · doi:10.1108/09513570110403434 · Cited by 179 · cited 2× · see citing works
“The prevailing consensus suggests that IC can be classified into three prime aspects: relational, structural, and human capital (Mouritsen et al., 2001; Nimtrakoon, 2015; Sveiby, 1997).”
Shahwan, T. M., & Habib, A. M. (2020) · Journal of Intellectual Capital · doi:10.1108/jic-06-2019-0143 · Cited by 174 · cited 6× · see citing works
“…or weights of the underlying production function (Cooper et al., 2007; Dalei & Joshi, 2020; Ganji & Rassafi, 2019; Habib, 2022; Habib & Kayani, 2022; Habib & Mourad, 2022; Mourad et al., 2021; Nitkiewicz et al., 2014; Pourhejazy et al., 2022; Shahwan & Habib, 2020, 2021; Tone, 2001, 2016).”
InfluentialSelf-citationSarkis, J. (2007) · Modeling Data Irregularities and Structural Complexities in Data Envelopment Analysis · doi:10.1007/978-0-387-71607-7_17 · Cited by 163 · cited 1× · see citing works
“According to Cooper et al. (2007); Sarkis (2007), the DMUs size must be more than three times that of the model variables.”
(2009) · SSRN Electronic Journal · Cited by 163 · see citing works
Effects of the COVID-19 Global Crisis on the Working Capital Management Policy: Evidence from Poland
Zimon, G., & Tarighi, H. (2021) · Journal of risk and financial management · doi:10.3390/jrfm14040169 · Cited by 142 · cited 1× · see citing works
“Thirdly, most prior studies have explored the efficiency levels of WCM and IC through individual dimensions (Akgün & Memiş Karataş, 2021; Bayraktaroglu et al., 2019; Soewarno & Tjahjadi, 2020; Zimon & Tarighi, 2021).”
Nadeem, M., Gan, C., & Nguyen, C. (2017) · Measuring Business Excellence · doi:10.1108/mbe-12-2015-0055 · Cited by 140 · cited 5× · see citing works
“According to prior studies, ICE findings are consistent with former evidence, for example, Hamdan (2018); Isola et al. (2020); Nadeem et al. (2017, 2018).”
InfluentialAnton, S. G., & Nucu, A. E. (2020) · Journal of risk and financial management · doi:10.3390/jrfm14010009 · Cited by 140 · cited 1× · see citing works
“Table 2 reviews the sample of recent research articles examining the impact of WCM on firm performance (Ameer & Othman, 2021; Anton & Afloarei Nucu, 2021; Chambers & Cifter, 2022; Dhole et al., 2019; EL-Ansary & Al-Gazzar, 2020; Enqvist et al., 2014; Mardones, 2021; Masri & Abdulla, 2018; Mun &…”
Hamdan, A. (2018) · International Journal of Islamic and Middle Eastern Finance and Management · doi:10.1108/imefm-02-2017-0053 · Cited by 138 · see citing works
The Importance of Intellectual Capital for Firm Performance: Evidence from Australia
Nadeem, M., Gan, C. E. C., & Nguyen, C. C. (2017) · Australian Accounting Review · doi:10.1111/auar.12184 · Cited by 137 · cited 7× · see citing works
“According to prior studies, ICE findings are consistent with former evidence, for example, Hamdan (2018); Isola et al. (2020); Nadeem et al. (2017, 2018).”
InfluentialDalwai, T. A. R., & Salehi, M. (2021) · Asian Review of Accounting · doi:10.1108/ara-01-2021-0008 · Cited by 132 · cited 2× · see citing works
“The gaps in empirical studies highlight the need to appraise WCM and IC and verify their potential influence on firm performance (Dalwai & Salehi, 2021; Habib, 2022; Tarek & Rafik, 2020).”
Self-citationThe Effect of Capital Structure on Profitability: An Empirical Panel Data Study
Singh, N. P., & Bagga, M. (2019) · Jindal Journal of Business Research · doi:10.1177/2278682118823312 · Cited by 131 · cited 1× · see citing works
“In addition, these findings would be helpful for financiers, as many empirical studies discern the positive effect of profitability on a firm’s leverage (Addae et al., 2013; Bauer, 2004; Singh & Bagga, 2019).”
Akgün, A. İ., & Karataş, A. M. (2020) · International Journal of Managerial Finance · doi:10.1108/ijmf-08-2019-0294 · Cited by 122 · cited 1× · see citing works
“Thirdly, most prior studies have explored the efficiency levels of WCM and IC through individual dimensions (Akgün & Memiş Karataş, 2021; Bayraktaroglu et al., 2019; Soewarno & Tjahjadi, 2020; Zimon & Tarighi, 2021).”
de Almeida, J. R., & Eid, W. (2013) · Journal of Business Research · doi:10.1016/j.jbusres.2013.07.012 · Cited by 120 · cited 1× · see citing works
“Firms need to make crucial decisions on the stock level to be maintained. de Almeida and Eid (2014) argue that working capital is an essential aspect of appraising a firm's free cash flows.”
Wang, Z., Akbar, M., & Akbar, A. (2020) · Sustainability · doi:10.3390/su12041661 · Cited by 118 · cited 2× · see citing works
“Under this approach, profitability is achieved through sales growth and expansion of market share (Wang et al., 2020).”
Wu, W., Tsai, H., Cheng, K., & Lai, M.-K. (2006) · R and D Management · doi:10.1111/j.1467-9310.2006.00452.x · Cited by 114 · cited 2× · see citing works
“The DEA approach has been used to evaluate and benchmark ICE in various countries, including Austria (Leitner et al., 2005), Taiwan (Lu et al., 2010; Wu et al., 2006), Italy (Costa, 2012), Poland (Nitkiewicz et al., 2014), and Malaysia (Kweh et al., 2015).”
Variables With Negative Values In Dea
Pastor, J. T., & Ruiz, J. L. (2007) · Modeling Data Irregularities and Structural Complexities in Data Envelopment Analysis · doi:10.1007/978-0-387-71607-7_4 · Cited by 111 · cited 1× · see citing works
“Following Habib (2022); Habib and Kayani (2022); Habib and Mourad (2022); Pastor and Ruiz (2007); Portela et al. (2004), negative data values and lack of data restrict the DEA model's ability to conduct the analyses.”
Impact of working capital management on profitability for Spanish fish canning companies
Rey, L., López, S. F., & Pazos, D. R. (2021) · Marine Policy · doi:10.1016/j.marpol.2021.104583 · Cited by 106 · cited 1× · see citing works
“…& Othman, 2021; Anton & Afloarei Nucu, 2021; Chambers & Cifter, 2022; Dhole et al., 2019; EL-Ansary & Al-Gazzar, 2020; Enqvist et al., 2014; Mardones, 2021; Masri & Abdulla, 2018; Mun & Jang, 2015; Rey-Ares et al., 2021; Seth, Chadha, Sharma Satyendra, et al., 2020; Soukhakian & Khodakarami, 2019).”
Appuhami, R., & Bhuyan, M. (2015) · Managerial Auditing Journal · doi:10.1108/maj-04-2014-1022 · Cited by 100 · cited 3× · see citing works
“Thus, DMUs that care about the efficiencies of employed capital, human capital, and structural capital can be regarded as more efficient (Appuhami & Bhuyan, 2015; Chatterjee et al., 2022; Dalwai & Mohammadi, 2020; Isola et al., 2020; Shahwan & Habib, 2020).”
Efficient working capital management, financial constraints and firm value: A text-based analysis
Dhole, S., Mishra, S., & Pal, A. M. (2019) · Pacific-Basin Finance Journal · doi:10.1016/j.pacfin.2019.101212 · Cited by 99 · cited 1× · see citing works
“…research articles examining the impact of WCM on firm performance (Ameer & Othman, 2021; Anton & Afloarei Nucu, 2021; Chambers & Cifter, 2022; Dhole et al., 2019; EL-Ansary & Al-Gazzar, 2020; Enqvist et al., 2014; Mardones, 2021; Masri & Abdulla, 2018; Mun & Jang, 2015; Rey-Ares et al.,…”
Habib, A. M. (2022) · Financial Markets Institutions and Risks · doi:10.21272/fmir.6(3).18-25.2022 · Cited by 97 · cited 10× · see citing works
“Prior studies have argued the need for further research to investigate firms' physiognomies, such as the role of WCME in firms' performance (Habib, 2022; Habib & Kayani, 2022; Habib & Mourad, 2022; Kabuye et al., 2019).”
InfluentialSelf-citationCash holdings in SMEs: speed of adjustment, growth and financing
Martínez‐Sola, C., García‐Teruel, P. J., & Solano, P. M. (2018) · Small Business Economics · doi:10.1007/s11187-018-9990-y · Cited by 91 · cited 1× · see citing works
“Firms require cash to carry out normal activities, meet unforeseen events, and invest in profitable opportunities that may arise in the future (Martínez-Sola et al., 2018).”
Does intellectual capital help predict bankruptcy?
Cenciarelli, V. G., Greco, G., & Allegrini, M. (2018) · Journal of Intellectual Capital · doi:10.1108/jic-03-2017-0047 · Cited by 88 · cited 1× · see citing works
“The literature argues that IC enables firms to achieve long-term competitive advantage and improve performance (Cenciarelli et al., 2018; Nadeem et al., 2017).”
Intellectual capital and corporate governance: an evaluation of Oman's financial sector companies
Dalwai, T., & Mohammadi, S. S. (2020) · Journal of Intellectual Capital · doi:10.1108/jic-09-2018-0151 · Cited by 87 · cited 8× · see citing works
“This makes it important to investigate measurement, efficiency management, and leveraging of IC practices (Dalwai & Mohammadi, 2020).”
InfluentialSelf-citationChang, Y., Benson, K. L., & Faff, R. W. (2016) · Pacific-Basin Finance Journal · doi:10.1016/j.pacfin.2016.05.007 · Cited by 86 · cited 1× · see citing works
“Chang et al. (2017) indicate that, in theory, the cash held by a firm is offset between benefits and costs.”
Tran, H., Abbott, M., & Jin Yap, C. (2017) · Journal of Small Business and Enterprise Development · doi:10.1108/jsbed-05-2016-0070 · Cited by 84 · cited 1× · see citing works
“For example, Deloof (2003); Tran et al. (2017) refer to WCM as an important strategy for improving profitability.”
The effect of intellectual capital on employees’ satisfaction and retention
Longo, M., & Mura, M. (2011) · Information & Management · doi:10.1016/j.im.2011.06.005 · Cited by 82 · cited 1× · see citing works
“Longo and Mura (2011); Torre et al. (2021) show that IC positively affects job attitudes related to job satisfaction and retention.”
Internal control systems, working capital management and financial performance of supermarkets
Kabuye, F., Kato, J., Akugizibwe, I., & Bugambiro, N. (2019) · Cogent Business & Management · doi:10.1080/23311975.2019.1573524 · Cited by 82 · cited 4× · see citing works
“Prior studies have argued the need for further research to investigate firms' physiognomies, such as the role of WCME in firms' performance (Habib, 2022; Habib & Kayani, 2022; Habib & Mourad, 2022; Kabuye et al., 2019).”
InfluentialDalwai, T. A. R., Basiruddin, R., & Rasid, S. Z. A. (2015) · Corporate Governance · doi:10.1108/cg-04-2013-0048 · Cited by 81 · cited 1× · see citing works
“Finally, publicly listed firms in GCC countries operate in environments with unique institutional, economic, and political characteristics (Dalwai et al., 2015).”
Self-citationBuallay, A. (2018) · Measuring Business Excellence · doi:10.1108/mbe-09-2017-0064 · Cited by 79 · cited 5× · see citing works
“According to prior studies, ICE findings are consistent with former evidence, for example, Hamdan (2018); Isola et al. (2020); Nadeem et al. (2017, 2018).”
InfluentialA comparative study of airline efficiency in China and India: A dynamic network DEA approach
Yu, H., Zhang, Y.-H., Zhang, A.-M., Wang, K., & Cui, Q. (2019) · Research on Transport Economics · doi:10.1016/j.retrec.2019.100746 · Cited by 77 · cited 7× · see citing works
“…for evaluating the cash utilization efficiency of listed biomedical companies in China (Qu et al., 2019), airline efficiency in China and India (Yu et al., 2019), product deletion decisions (Pourhejazy et al., 2022), technical efficiency of refineries (Dalei & Joshi, 2020), Austria’s firm…”
InfluentialFernández‐López, S., Rodeiro‐Pazos, D., & Rey‐Ares, L. (2020) · Agribusiness · doi:10.1002/agr.21666 · Cited by 77 · cited 1× · see citing works
“In addition, a conservative WCM approach involves higher investment in inventories and accounts receivables, which reduces the supply-related price and costs fluctuations, thus leading to less risk for firms (Fernández‐López et al., 2020; Shin & Soenen, 1998).”
Habib, A. M., & Kayani, U. N. (2022) · Corporate Governance: The International Journal of Business in Society · doi:10.1108/cg-12-2021-0440 · Cited by 77 · cited 11× · see citing works
“Prior studies have argued the need for further research to investigate firms' physiognomies, such as the role of WCME in firms' performance (Habib, 2022; Habib & Kayani, 2022; Habib & Mourad, 2022; Kabuye et al., 2019).”
InfluentialSelf-citationCosta, R. (2012) · Expert Systems with Applications · doi:10.1016/j.eswa.2012.01.099 · Cited by 76 · cited 3× · see citing works
“The DEA approach has been used to evaluate and benchmark ICE in various countries, including Austria (Leitner et al., 2005), Taiwan (Lu et al., 2010; Wu et al., 2006), Italy (Costa, 2012), Poland (Nitkiewicz et al., 2014), and Malaysia (Kweh et al., 2015).”
Tiwari, R. (2020) · Journal of Intellectual Capital · doi:10.1108/jic-05-2020-0137 · Cited by 76 · cited 3× · see citing works
“…IC positively affects firm performance (Akkas & Asutay, 2022; Aljuboori et al., 2022; Chatterjee et al., 2022; Dalwai & Salehi, 2021; Gupta et al., 2022; Hamdan, 2018; Isola et al., 2020; Kweh et al., 2021; Lu et al., 2021; Maji & Hussain, 2021; Nkambule et al., 2021; Tiwari, 2021; Yousaf, 2021).”
Working capital management, firm performance and macroeconomic factors: Evidence from Iran
Soukhakian, I., & Khodakarami, M. (2019) · Cogent Business & Management · doi:10.1080/23311975.2019.1684227 · Cited by 72 · cited 2× · see citing works
“…& Othman, 2021; Anton & Afloarei Nucu, 2021; Chambers & Cifter, 2022; Dhole et al., 2019; EL-Ansary & Al-Gazzar, 2020; Enqvist et al., 2014; Mardones, 2021; Masri & Abdulla, 2018; Mun & Jang, 2015; Rey-Ares et al., 2021; Seth, Chadha, Sharma Satyendra, et al., 2020; Soukhakian & Khodakarami, 2019).”
Appraising healthcare systems’ efficiency in facing COVID-19 through data envelopment analysis
Mourad, N., Habib, A. M., & Tharwat, A. (2021) · Decision Science Letters · doi:10.5267/j.dsl.2021.2.007 · Cited by 72 · cited 4× · see citing works
“Following, e.g., Fixler et al. (2014); Habib (2022); Habib and Kayani (2022); Habib and Mourad (2022); Habib and Shahwan (2020); Mourad et al. (2021), the interior-validity test has been executed to validate study results.”
InfluentialSelf-citationCapability and efficiency of intellectual capital: The case of fabless companies in Taiwan
Lu, W., Wang, W., Tung, W.-T., et al. (2009) · Expert Systems with Applications · doi:10.1016/j.eswa.2009.05.031 · Cited by 69 · cited 5× · see citing works
“The DEA approach has been used to evaluate and benchmark ICE in various countries, including Austria (Leitner et al., 2005), Taiwan (Lu et al., 2010; Wu et al., 2006), Italy (Costa, 2012), Poland (Nitkiewicz et al., 2014), and Malaysia (Kweh et al., 2015).”
InfluentialChatterjee, S., Chaudhuri, R., Thrassou, A., & Sakka, G. (2022) · Journal of Intellectual Capital · doi:10.1108/jic-12-2020-0378 · Cited by 67 · cited 4× · see citing works
“Thus, DMUs that care about the efficiencies of employed capital, human capital, and structural capital can be regarded as more efficient (Appuhami & Bhuyan, 2015; Chatterjee et al., 2022; Dalwai & Mohammadi, 2020; Isola et al., 2020; Shahwan & Habib, 2020).”
InfluentialJahanzeb, A. (2013) · RePEc: Research Papers in Economics · Cited by 66 · see citing works
(2013) · International Journal of Economics and Financial Issues · Cited by 65 · see citing works
Assessing working capital management efficiency of Indian manufacturing exporters
Seth, H., Chadha, S., Ruparel, N., Arora, P. K., & Sharma, S. K. (2020) · Managerial Finance · doi:10.1108/mf-02-2019-0076 · Cited by 63 · cited 4× · see citing works
“Furthermore, the analysis carried out for the Indian industrial firms from 2008 to 2019 demonstrated stability in WCME (Seth, Chadha, & Sharma, 2020).”
InfluentialSeth, H., Chadha, S., Sharma, S. K., & Ruparel, N. (2020) · Benchmarking An International Journal · doi:10.1108/bij-05-2020-0251 · Cited by 63 · cited 3× · see citing works
“The findings on WCME in India indicated high volatility of efficiency among companies and lacked expertise in liquidity management (Seth et al., 2021).”
Working capital management and firm performance in the hospitality and tourism industry
Chambers, N., & Atilla Cifter, A. (2022) · International Journal of Hospitality Management · doi:10.1016/j.ijhm.2022.103144 · Cited by 62 · cited 1× · see citing works
“…2 reviews the sample of recent research articles examining the impact of WCM on firm performance (Ameer & Othman, 2021; Anton & Afloarei Nucu, 2021; Chambers & Cifter, 2022; Dhole et al., 2019; EL-Ansary & Al-Gazzar, 2020; Enqvist et al., 2014; Mardones, 2021; Masri & Abdulla, 2018; Mun & Jang,…”
Habib, A. M., & Shahwan, T. M. (2020) · Benchmarking: An International Journal · doi:10.1108/bij-01-2020-0041 · Cited by 58 · cited 3× · see citing works
“Following, e.g., Fixler et al. (2014); Habib (2022); Habib and Kayani (2022); Habib and Mourad (2022); Habib and Shahwan (2020); Mourad et al. (2021), the interior-validity test has been executed to validate study results.”
Self-citationData envelopment analysis as method for evaluating intellectual capital
Leitner, K., Schaffhauser‐Linzatti, M., Stowasser, R., & Wagner, K. (2005) · Journal of Intellectual Capital · doi:10.1108/14691930510628807 · Cited by 57 · cited 3× · see citing works
“The DEA approach has been used to evaluate and benchmark ICE in various countries, including Austria (Leitner et al., 2005), Taiwan (Lu et al., 2010; Wu et al., 2006), Italy (Costa, 2012), Poland (Nitkiewicz et al., 2014), and Malaysia (Kweh et al., 2015).”
The Effects of Capital Structure on Profitability of Listed Firms in Ghana
Addae, A. A., Nyarko-Baasi, M., & Hughes, D. (2013) · Journals & Books Hosting (International Knowledge Sharing Platform) · Cited by 55 · see citing works
Emery, G. W., & Cogger, K. O. (1982) · Journal of Accounting Research · doi:10.2307/2490741 · Cited by 54 · cited 1× · see citing works
“Therefore, it has been slammed for its inherent static nature (Emery & Cogger, 1982; Habib, 2022; Habib & Kayani, 2022; Habib & Mourad, 2022).”
Gonçalves, T., Gaio, C., & Robles, F. (2018) · Economics and Business Letters · doi:10.17811/ebl.7.2.2018.70-75 · Cited by 54 · cited 1× · see citing works
“…studies have investigated the relationship between IC and WCM efficiency with a firm's performance; for example, Chamberlain and Aucouturier (2021); Gonçalves et al. (2018); Hamdan (2018); Isola et al. (2020); Kabuye et al. (2019); Kweh et al. (2021); Louw et al. (2019); Lyngstadaas (2020); Nadeem…”
Salehi, M., Mahdavi, N., Dari, S. Z. A., & Tarighi, H. (2018) · International Journal of Emerging Markets · doi:10.1108/ijoem-11-2017-0439 · Cited by 53 · cited 1× · see citing works
“The F-timer (Chow) test was employed to determine whether the study model should be determined using panel data or ordinary least squares (Salehi et al., 2019; Salehi et al., 2018).”
Shahwan, T. M., & Habib, A. M. (2021) · International Journal of Emerging Markets · doi:10.1108/ijoem-05-2020-0518 · Cited by 53 · cited 3× · see citing works
“…& Kayani, 2022; Habib & Shahwan, 2020; Long Kweh et al., 2013; Mourad et al., 2021; Mourad et al., 2022; Pourhejazy et al., 2022; Qu et al., 2019; Shahwan & Habib, 2021; Tone, 2016) To estimate efficiency through the DEA methodology, we need a collection of inputs and outputs germane to the…”
Self-citationPerformance Measurement Using Data Envelopment Analysis (DEA)
Özcan, Y. A. (2014) · International series in management science/operations research/International series in operations research & management science · doi:10.1007/978-1-4899-7472-3_2 · Cited by 52 · cited 3× · see citing works
“…inputs and outputs germane to the research's primary objective, as the DMUs are expected to deliver a set of outputs according to a set of employed inputs germane to the research's primary objective (Cooper et al., 2007; Fixler et al., 2014; Habib & Kayani, 2022; Habib & Mourad, 2022; Ozcan, 2014).”
A stochastic DEA model considering undesirable outputs with weak disposability
Wu, C., Li, Y., Liu, Q., et al. (2012) · Mathematical and Computer Modelling · doi:10.1016/j.mcm.2012.09.022 · Cited by 52 · cited 1× · see citing works
“…been employed to evaluate the efficiency of DMUs; however, mathematical programming is distinguished by being non-parametric, thus providing better flexibility and ease of use (Cooper et al., 2007; Habib & Shahwan, 2020; Mourad, 2022; Mourad et al., 2022; Olesen & Petersen, 2016; Wu et al., 2013).”
Working capital and financial performance in MENA region
El-Ansary, O. A., & Al-Gazzar, H. (2020) · Journal of Humanities and Applied Social Sciences · doi:10.1108/jhass-02-2020-0036 · Cited by 51 · see citing works
The relation between corporate governance mechanisms, executive compensation and audit fees
Salehi, M., Tarighi, H., & Safdari, S. (2018) · Management Research Review · doi:10.1108/mrr-12-2016-0277 · Cited by 50 · cited 1× · see citing works
“The F-timer (Chow) test was employed to determine whether the study model should be determined using panel data or ordinary least squares (Salehi et al., 2019; Salehi et al., 2018).”
Working Capital Management and Shareholder WealthPreprint
Kieschnick, R. L., Laplante, M., & Moussawi, R. (2011) · SSRN Electronic Journal · doi:10.2139/ssrn.1431165 · Cited by 50 · see citing works
Intellectual capital disclosure by Chinese and Indian information technology companies
Wang, Q., Sharma, U., & Davey, H. (2016) · Journal of Intellectual Capital · doi:10.1108/jic-02-2016-0026 · Cited by 49 · cited 1× · see citing works
“The presence of IC may be verified by the gap in the market-to-book ratio of firms Mouritsen et al. (2001); however, the annual report does not adequately cover its disclosures (Wang et al., 2016).”
The effect of intellectual capital on firm performance: the mediating role of family management
Bataineh, H., Abbadi, S. S., Alabood, E., & Alkurdi, A. (2022) · Journal of Islamic accounting and business research · doi:10.1108/jiabr-02-2022-0032 · Cited by 49 · cited 2× · see citing works
“In addition, the resource-based view explains the relationship between IC and firm performance in several studies (Bataineh et al., 2022; Bhattacharjee & Akter, 2021; Ur Rehman et al., 2022).”
Habib, A. M., & Mourad, N. (2022) · Operations Research Forum · doi:10.1007/s43069-022-00155-7 · Cited by 49 · cited 15× · see citing works
“…or weights of the underlying production function (Cooper et al., 2007; Dalei & Joshi, 2020; Ganji & Rassafi, 2019; Habib, 2022; Habib & Kayani, 2022; Habib & Mourad, 2022; Mourad et al., 2021; Nitkiewicz et al., 2014; Pourhejazy et al., 2022; Shahwan & Habib, 2020, 2021; Tone, 2001, 2016).”
InfluentialSelf-citationIntellectual Capital and Profitability: Evidence from Indian Pharmaceutical Sector
Gupta, K., Goel, S., & Bhatia, P. (2020) · Vision The Journal of Business Perspective · doi:10.1177/0972262920914108 · Cited by 48 · cited 1× · see citing works
“Gupta et al. (2020); Vishnu and Kumar Gupta (2014) investigated the link between the intellectual capital efficiency (ICE) and Indian pharmaceutical firms' performance.”
Intellectual capital and technical efficiency of banks in an emerging market: a slack-based measure
Duho, K. C. T. (2020) · Journal of Economic Studies · doi:10.1108/jes-06-2019-0295 · Cited by 47 · cited 1× · see citing works
“Duho (2020) suggests that HCE and VAIC drive the efficiency of Ghanaian non-listed firms and foreign banks and that large banks are more efficient than other banks.”
Isola, W. A., Adeleye, B. N., & Olohunlana, A. O. (2020) · Journal of Economics, Finance and Administrative Science · doi:10.1108/jefas-03-2019-0034 · Cited by 46 · cited 7× · see citing works
“…IC positively affects firm performance (Akkas & Asutay, 2022; Aljuboori et al., 2022; Chatterjee et al., 2022; Dalwai & Salehi, 2021; Gupta et al., 2022; Hamdan, 2018; Isola et al., 2020; Kweh et al., 2021; Lu et al., 2021; Maji & Hussain, 2021; Nkambule et al., 2021; Tiwari, 2021; Yousaf, 2021).”
InfluentialTorre, C., Tommasetti, A., & Maione, G. (2021) · The TQM Journal · doi:10.1108/tqm-04-2020-0070 · Cited by 46 · see citing works
Does managerial ability and auditor report readability affect corporate liquidity and cost of debt?
Dalwai, T. A. R., Habib, A. M., Mohammadi, S. S., & Hussainey, K. (2023) · Asian Review of Accounting · doi:10.1108/ara-06-2022-0151 · Cited by 45 · see citing works
Self-citationNet operating working capital and firm value: A cross-country analysis
Baños‐Caballero, S., García‐Teruel, P. J., & Solano, P. M. (2019) · BRQ Business Research Quarterly · doi:10.1016/j.brq.2019.03.003 · Cited by 45 · see citing works
Working Capital and Profitability in Manufacturing Firms in Malaysia: An Empirical Study
Wasiuzzaman, S. (2015) · Global Business Review · doi:10.1177/0972150915581098 · Cited by 44 · cited 2× · see citing works
“Wasiuzzaman (2015) concludes that Malaysian manufacturing firms demonstrate a negative association between working capital and ROA.”
Effect of Working Capital on Profitability of Selected Quoted Firms in Nigeria
Akinlo, O. O. (2012) · Global Business Review · doi:10.1177/097215091201300301 · Cited by 43 · cited 2× · see citing works
“Working capital is defined as the funds necessary to maintain a firm's operations (Akinlo, 2012).”
Dalei, N. N., & Joshi, J. M. (2020) · Computers & Chemical Engineering · doi:10.1016/j.compchemeng.2020.107047 · Cited by 43 · cited 2× · see citing works
“…airline efficiency in China and India (Yu et al., 2019), product deletion decisions (Pourhejazy et al., 2022), technical efficiency of refineries (Dalei & Joshi, 2020), Austria’s firm performance (Leitner et al., 2005), Taiwan’s firm performance (Lu et al., 2010; Wu et al., 2006), Italian firms’…”
Net operating working capital and firm value: A cross-country analysis
Baños‐Caballero, S., García‐Teruel, P. J., & Solano, P. M. (2020) · BRQ Business Research Quarterly · doi:10.1177/2340944420941464 · Cited by 43 · cited 1× · see citing works
“A cross-country analysis was conducted to explore the link between WCM and firm value (Baños-Caballero et al., 2020).”
Akkaş, E., & Asutay, M. (2022) · Journal of financial reporting & accounting · doi:10.1108/jfra-08-2021-0251 · Cited by 42 · cited 2× · see citing works
“This review suggests that IC positively affects firm performance (Akkas & Asutay, 2022; Aljuboori et al., 2022; Chatterjee et al., 2022; Dalwai & Salehi, 2021; Gupta et al., 2022; Hamdan, 2018; Isola et al., 2020; Kweh et al., 2021; Lu et al., 2021; Maji & Hussain, 2021; Nkambule et al., 2021;…”
Measuring intellectual capital efficiency in the Malaysian software sector
Long Kweh, Q., Chuann Chan, Y., & Wei Kiong Ting, I. (2013) · Journal of Intellectual Capital · doi:10.1108/14691931311323904 · Cited by 41 · cited 1× · see citing works
“…for DMUs for continuous improvement that may support inefficient units to reach the best practices (Habib & Kayani, 2022; Habib & Shahwan, 2020; Long Kweh et al., 2013; Mourad et al., 2021; Mourad et al., 2022; Pourhejazy et al., 2022; Qu et al., 2019; Shahwan & Habib, 2021; Tone, 2016) To…”
Louw, E., Hall, J. H., & Pradhan, R. P. (2019) · Global Business Review · doi:10.1177/0972150919865104 · Cited by 41 · cited 3× · see citing works
“Louw et al. (2019) contribute to the existing literature on WCME for South African retail and construction firms.”
Lyngstadaas, H. (2020) · Journal of Management Control · doi:10.1007/s00187-020-00306-z · Cited by 40 · cited 1× · see citing works
“…and Aucouturier (2021); Gonçalves et al. (2018); Hamdan (2018); Isola et al. (2020); Kabuye et al. (2019); Kweh et al. (2021); Louw et al. (2019); Lyngstadaas (2020); Nadeem et al. (2017, 2018); Tiwari (2021); Vu Thi and Phung (2021), but there are limited or no studies measuring IC and WCM…”
Yousaf, M. (2021) · Total Quality Management & Business Excellence · doi:10.1080/14783363.2021.1972800 · Cited by 40 · cited 1× · see citing works
“…IC positively affects firm performance (Akkas & Asutay, 2022; Aljuboori et al., 2022; Chatterjee et al., 2022; Dalwai & Salehi, 2021; Gupta et al., 2022; Hamdan, 2018; Isola et al., 2020; Kweh et al., 2021; Lu et al., 2021; Maji & Hussain, 2021; Nkambule et al., 2021; Tiwari, 2021; Yousaf, 2021).”
Ganji, S. S., & Rassafi, A. A. (2019) · European Transport Research Review · doi:10.1186/s12544-018-0339-z · Cited by 38 · cited 1× · see citing works
“…not mandate presumptions regarding the data distribution or weights of the underlying production function (Cooper et al., 2007; Dalei & Joshi, 2020; Ganji & Rassafi, 2019; Habib, 2022; Habib & Kayani, 2022; Habib & Mourad, 2022; Mourad et al., 2021; Nitkiewicz et al., 2014; Pourhejazy et al.,…”
Gupta, J., Rathore, P., & Kashiramka, S. (2022) · Journal of the Knowledge Economy · doi:10.1007/s13132-022-00927-w · Cited by 38 · cited 1× · see citing works
“…suggests that IC positively affects firm performance (Akkas & Asutay, 2022; Aljuboori et al., 2022; Chatterjee et al., 2022; Dalwai & Salehi, 2021; Gupta et al., 2022; Hamdan, 2018; Isola et al., 2020; Kweh et al., 2021; Lu et al., 2021; Maji & Hussain, 2021; Nkambule et al., 2021; Tiwari, 2021;…”
The Saudi monarchy and economic familism in an era of business environment reforms
Mazaheri, N. (2013) · Business and Politics · doi:10.1515/bap-2012-0039 · Cited by 37 · cited 1× · see citing works
“GCC countries are characterized by a hereditary monarchy that differentiates them through legal structures (Mazaheri, 2013).”
Lu, Y., Zeng-rui, T., Buitrago, G. A., et al. (2021) · Complexity · doi:10.1155/2021/3425725 · Cited by 37 · cited 1× · see citing works
“…IC positively affects firm performance (Akkas & Asutay, 2022; Aljuboori et al., 2022; Chatterjee et al., 2022; Dalwai & Salehi, 2021; Gupta et al., 2022; Hamdan, 2018; Isola et al., 2020; Kweh et al., 2021; Lu et al., 2021; Maji & Hussain, 2021; Nkambule et al., 2021; Tiwari, 2021; Yousaf, 2021).”
An appraisal of regional intellectual capital performance using Data Envelopment Analysis
Nitkiewicz, T., Pachura, P., & Reid, N. (2014) · Applied Geography · doi:10.1016/j.apgeog.2014.06.011 · Cited by 36 · cited 3× · see citing works
“The DEA approach has been used to evaluate and benchmark ICE in various countries, including Austria (Leitner et al., 2005), Taiwan (Lu et al., 2010; Wu et al., 2006), Italy (Costa, 2012), Poland (Nitkiewicz et al., 2014), and Malaysia (Kweh et al., 2015).”
Analyzing the efficiency of intellectual capital: a new approach based on DEA-MPI technology
Habib, A. M., & Mourad, N. (2023) · Benchmarking An International Journal · doi:10.1108/bij-06-2022-0384 · Cited by 36 · see citing works
Self-citationAltaf, N. (2020) · Global Business Review · doi:10.1177/0972150920961371 · Cited by 35 · cited 1× · see citing works
“Altaf (2020) examined the significance of WCME on hospitals' performance.”
Working capital management and business performance: evidence from Latin American companies
Mardones, J. G. (2021) · Economic Research-Ekonomska Istraživanja · doi:10.1080/1331677x.2021.1986675 · Cited by 35 · cited 1× · see citing works
“Table 2 reviews the sample of recent research articles examining the impact of WCM on firm performance (Ameer & Othman, 2021; Anton & Afloarei Nucu, 2021; Chambers & Cifter, 2022; Dhole et al., 2019; EL-Ansary & Al-Gazzar, 2021; Enqvist et al., 2014; Mardones, 2022; Masri & Abdulla, 2018; Mun & Jang, 2015; Rey-Ares et…”
A multiple objective stochastic programming model for working capital management
Masri, H., & Abdulla, Y. (2017) · Technological Forecasting and Social Change · doi:10.1016/j.techfore.2017.05.006 · Cited by 34 · cited 1× · see citing works
“…& Othman, 2021; Anton & Afloarei Nucu, 2021; Chambers & Cifter, 2022; Dhole et al., 2019; EL-Ansary & Al-Gazzar, 2020; Enqvist et al., 2014; Mardones, 2021; Masri & Abdulla, 2018; Mun & Jang, 2015; Rey-Ares et al., 2021; Seth, Chadha, Sharma Satyendra, et al., 2020; Soukhakian & Khodakarami, 2019).”
Benchmarking the efficiency model for working capital management: data envelopment analysis approach
Seth, H., Chadha, S., & Sharma, S. K. (2020) · International Journal of Productivity and Performance Management · doi:10.1108/ijppm-10-2019-0484 · Cited by 34 · see citing works
Intellectual capital and firm efficiency of US multinational software firms
Nkambule, N. A., Wang, W., Ting, I. W. K., & Lu, W. (2021) · Journal of Intellectual Capital · doi:10.1108/jic-02-2021-0041 · Cited by 32 · cited 1× · see citing works
“This review suggests that IC positively affects firm performance (Akkas & Asutay, 2022; Aljuboori et al., 2022; Chatterjee et al., 2022; Dalwai & Salehi, 2021; Gupta et al., 2022; Hamdan, 2018; Isola et al., 2020; Kweh et al., 2022; Lu et al., 2021; Maji & Hussain, 2021; Nkambule et al., 2022; Tiwari, 2022; Yousaf, 20…”
Data Envelopment Analysis as a Kaizen Tool: SBM Variations Revisited
Tone, K. (2016) · Bulletin of Mathematical Sciences and Applications · doi:10.18052/www.scipress.com/bmsa.16.49 · Cited by 31 · cited 5× · see citing works
“…or weights of the underlying production function (Cooper et al., 2007; Dalei & Joshi, 2020; Ganji & Rassafi, 2019; Habib, 2022; Habib & Kayani, 2022; Habib & Mourad, 2022; Mourad et al., 2021; Nitkiewicz et al., 2014; Pourhejazy et al., 2022; Shahwan & Habib, 2020, 2021; Tone, 2001, 2016).”
InfluentialLi, X., & Cui, J. (2008) · Journal of Systems Science and Complexity · doi:10.1007/s11424-008-9134-6 · Cited by 29 · cited 1× · see citing works
“…of resources is a significant limitation in the business environment, resource-allocation theory assumes that firms pick the most economical methods for distributing production factors and allocating them to various productive activities to achieve maximum returns (Ferrier, 1994; Li & Cui, 2008).”
Dalwai, T. A. R., & Sewpersadh, N. S. (2021) · Journal of Intellectual Capital · doi:10.1108/jic-03-2021-0085 · Cited by 27 · cited 2× · see citing works
“The results indicated no variation between the calculated coefficient for Individual mass and the calculated coefficients for individual cross-section (P-value 0.05).”
InfluentialSelf-citationPaul, P., & Mitra, P. (2018) · Asia-Pacific Journal of Management Research and Innovation · doi:10.1177/2319510x18812142 · Cited by 26 · cited 2× · see citing works
“Prior studies on GCC remain popular in the financial sector.”
Thi, A.-H. V., & Phung, T.-D. (2021) · Journal of risk and financial management · doi:10.3390/jrfm14080381 · Cited by 26 · cited 1× · see citing works
“…Isola et al. (2020); Kabuye et al. (2019); Kweh et al. (2021); Louw et al. (2019); Lyngstadaas (2020); Nadeem et al. (2017, 2018); Tiwari (2021); Vu Thi and Phung (2021), but there are limited or no studies measuring IC and WCM efficiencies using data envelopment analysis (DEA) in the context…”
Buallay, A. M., Abuhommous, A. A., & Kukreja, G. (2020) · Journal of Management Development · doi:10.1108/jmd-05-2019-0210 · Cited by 24 · cited 1× · see citing works
“The GCC markets have also shifted their focus to achieving a diversified economy versus an oil-based economy to integrate with the international economy (Buallay et al., 2020).”
Are the best African banks really the best? A Malmquist data envelopment analysis
Desta, T. S. (2016) · Meditari Accountancy Research · doi:10.1108/medar-02-2016-0016 · Cited by 23 · cited 1× · see citing works
“…variables, that is, outputs, and the DEA approach efficiently analyzes the relationship between outputs and inputs variables through an adopted model (Avkiran, 2011; Desta, 2016; Habib & Mourad, 2022; Mourad et al., 2022; Seth, Chadha, & Sharma, 2020; Shahwan & Habib, 2020; Yu et al., 2019).”
Analysing Efficiency Change in Working Capital Management using Malmquist Productivity Index
Goel, U., & Sharma, A. K. (2015) · Journal of Information and Optimization Sciences · doi:10.1080/02522667.2015.1047586 · Cited by 22 · cited 3× · see citing works
“DEA is one such measure that prior studies have relied on for assessing the WCME (Goel & Sharma, 2015, 2016; Habib, 2022; Habib & Kayani, 2022; Habib & Mourad, 2022; Seth, Chadha, Ruparel, et al., 2020; Seth, Chadha, & Sharma, 2020; Seth et al., 2021).”
Maji, S. G., & Hussain, F. (2021) · Journal of Advances in Management Research · doi:10.1108/jamr-09-2020-0218 · Cited by 22 · cited 2× · see citing works
“The findings suggest that WCME is a significant predictor of performance and that supermarkets with effective WCM also have better internal control, which enhances firm performance.”
The Concept of Labour and Competence Requirements in a Service Economy
de Bandt, J. (1999) · Service Industries Journal · doi:10.1080/02642069900000001 · Cited by 21 · cited 1× · see citing works
“Unfortunately, there are no accounting measures available (Bandt, 1999).”
Carvalho, C., Rodrigues, A. M. G., & Ferreira, C. M. D. S. (2016) · Australian Accounting Review · doi:10.1111/auar.12073 · Cited by 21 · cited 1× · see citing works
“For example, Carvalho et al. (2016); Nadeem et al. (2018); (Shahwan & Habib, 2020), further research is needed to highlight the importance of IC in different regions to establish a methodological framework for IC.”
Ownership Type, Property Rights, and Relative Efficiency
Ferrier, G. D. (1994) · Springer eBooks · doi:10.1007/978-94-011-0637-5_14 · Cited by 20 · cited 2× · see citing works
“Because scarcity of resources is a significant limitation in the business environment, resource-allocation theory assumes that firms pick the most economical methods for distributing production factors and allocating them to various productive activities to achieve maximum returns (Ferrier, 1994; Li & Cui, 2008).”
Kweh, Q. L., Ting, I. W. K., Lu, W., et al. (2021) · Journal of Intellectual Capital · doi:10.1108/jic-03-2020-0105 · Cited by 20 · cited 7× · see citing works
“The DEA approach has been used to evaluate and benchmark ICE in various countries, including Austria (Leitner et al., 2005), Taiwan (Lu et al., 2010; Wu et al., 2006), Italy (Costa, 2012), Poland (Nitkiewicz et al., 2014), and Malaysia (Kweh et al., 2015).”
InfluentialPourhejazy, P., Thamchutha, P., & Namthip, T.-I. (2021) · Decision Analytics Journal · doi:10.1016/j.dajour.2021.100019 · Cited by 19 · cited 3× · see citing works
“…units to reach the best practices (Habib & Kayani, 2022; Habib & Shahwan, 2020; Long Kweh et al., 2013; Mourad et al., 2021; Mourad et al., 2022; Pourhejazy et al., 2022; Qu et al., 2019; Shahwan & Habib, 2021; Tone, 2016) To estimate efficiency through the DEA methodology, we need a collection…”
A data envelopment analysis approach for measuring the efficiency of Canadian acute care hospitals
Fixler, T., Paradi, J. C., & Yang, X. (2014) · Health Services Management Research · doi:10.1177/0951484815601876 · Cited by 17 · cited 2× · see citing works
“Following, e.g., Fixler et al. (2014); Habib (2022); Habib and Kayani (2022); Habib and Mourad (2022); Habib and Shahwan (2020); Mourad et al. (2021), the interior-validity test has been executed to validate study results.”
Intellectual capital, liquidity, and bankruptcy likelihood
Shahdadi, K. M., Rostamy, A. A. A., Sadeghi Sharif, S. J., & Ranjbar, M. H. (2020) · Journal of Corporate Accounting & Finance · doi:10.1002/jcaf.22460 · Cited by 17 · cited 1× · see citing works
“Firms with high IC are expected to have better liquidity and risk management systems and are thus less likely to go bankrupt (Shahdadi et al., 2020).”
Dividend payouts of travel and leisure companies in Western Europe: An analysis of the determinants
Bahreini, M., & Adaoglu, C. (2018) · Tourism Economics · doi:10.1177/1354816618780867 · Cited by 16 · cited 2× · see citing works
“…should operate efficiently to achieve an optimal level of cash with the balance of its associated costs and benefits through WCM. Firms should operate efficiently, whereby any increase above this level leads to financial issues (Bahreini & Adaoglu, 2018; Ghazouani, 2013; Jahanzeb et al., 2013).”
Intellectual capital efficiency and firm performance: evidence from an emerging knowledge-economy
Akter, R., & Bhattacharjee, S. (2021) · International Journal of Learning and Intellectual Capital · doi:10.1504/ijlic.2021.10038760 · Cited by 16 · cited 2× · see citing works
“At depressed levels of WCM, higher investment in working capital undertakes the invigorative sales process and discounts for speedy payment to suppliers.”
The Importance of Intellectual Capital for Firm Performance: Evidence from AustraliaPreprint
Nadeem, M., Gan, C. E. C., & Cuong, N. C. (2017) · SSRN Electronic Journal · doi:10.2139/ssrn.3001537 · Cited by 16 · see citing works
Yousaf, M. (2022) · Total Quality Management & Business Excellence · doi:10.1080/14783363.2022.2054319 · Cited by 15
Measuring efficiency of working capital management: a two-stage data envelopment analysis approach
Goel, U., & Sharma, A. K. (2016) · International Journal of Business Excellence · doi:10.1504/ijbex.2016.079251 · Cited by 11 · cited 2× · see citing works
“DEA is one such measure that prior studies have relied on for assessing the WCME (Goel & Sharma, 2015, 2016; Habib, 2022; Habib & Kayani, 2022; Habib & Mourad, 2022; Seth, Chadha, Ruparel, et al., 2020; Seth, Chadha, & Sharma, 2020; Seth et al., 2021).”
Ameer, R., & Othman, R. (2021) · Journal of Asia-Pacific Business · doi:10.1080/10599231.2021.1866398 · Cited by 11 · cited 1× · see citing works
“Table 2 reviews the sample of recent research articles examining the impact of WCM on firm performance (Ameer & Othman, 2021; Anton & Afloarei Nucu, 2021; Chambers & Cifter, 2022; Dhole et al., 2019; EL-Ansary & Al-Gazzar, 2020; Enqvist et al., 2014; Mardones, 2021; Masri & Abdulla, 2018; Mun &…”
Yousaf, G. N. M. S., & Ali, I. H. (2016) · Research Journal of Finance and Accounting · Cited by 10 · see citing works
Alrahamneh, L., Chu, E. Y., & Hong, M. (2020) · International Journal of Industrial Management · doi:10.15282/ijim.8.0.2020.5764 · Cited by 10 · cited 1× · see citing works
“Alternatively, the use of long-term liabilities is less risky, as it allows more time to settle the debt but carries the cost of high interest expense (Alrahamneh et al., 2020).”
The Impact of Working Capital Management on Corporate’s Performance: Evidence from Egypt
Tarek, Y., & Rafik, M. (2020) · International Journal of Business and Management · doi:10.5539/ijbm.v15n6p151 · Cited by 9 · cited 1× · see citing works
“The gaps in empirical studies highlight the need to appraise WCM and IC and verify their potential influence on firm performance (Dalwai & Salehi, 2021; Habib, 2022; Tarek & Rafik, 2020).”
Second-order conic programming for data envelopment analysis models
Mourad, N. (2022) · Periodicals of Engineering and Natural Sciences (PEN) · doi:10.21533/pen.v10i2.2992 · Cited by 7 · cited 17× · see citing works
“…or weights of the underlying production function (Cooper et al., 2007; Dalei & Joshi, 2020; Ganji & Rassafi, 2019; Habib, 2022; Habib & Kayani, 2022; Habib & Mourad, 2022; Mourad et al., 2021; Nitkiewicz et al., 2014; Pourhejazy et al., 2022; Shahwan & Habib, 2020, 2021; Tone, 2001, 2016).”
InfluentialWorking Capital Management and Firm Performance: Some Evidence from Europe
Chamberlain, T. W., & Aucouturier, J. (2021) · International Advances in Economic Research · doi:10.1007/s11294-022-09839-6 · Cited by 6 · cited 1× · see citing works
“Several studies have investigated the relationship between IC and WCM efficiency with a firm's performance; for example, Chamberlain and Aucouturier (2021); Gonçalves et al. (2018); Hamdan (2018); Isola et al. (2020); Kabuye et al. (2019); Kweh et al. (2021); Louw et al. (2019); Lyngstadaas (2020);…”
Financial management: Theory and practice
Ang, S. K., Koh, A., Brigham, E. F., & Ehrhardt, M. C. (2014) · Singapore Management University Institutional Knowledge (InK) (Singapore Management University) · Cited by 2 · see citing works
Yun-hui, Q., Ma, J., & Xu, Y. L. (2019) · International Conference on Information Management · doi:10.1109/infoman.2019.8714692 · Cited by 1 · cited 5× · see citing works
“For example, the DEA model is useful for evaluating the cash utilization efficiency of listed biomedical companies in China (Qu et al., 2019), airline efficiency in China and India (Yu et al., 2019), product deletion decisions (Pourhejazy et al., 2022), technical efficiency of refineries (Dalei &…”
InfluentialDividend payouts of travel and leisure companies in Western Europe: An analysis of the determinants
Bahreini, M., & Adaoğlu, C. (2018) · Eastern Mediterranean University Institutional Repository (Eastern Mediterranean University) · doi:10.25384/sage.c.4123397 · Cited by 1
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Self-citation
Flagged first, then by citations
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Cited by
Sorted by citations
Habib, A. M. (2023) · Heliyon · doi:10.1016/j.heliyon.2023.e17847 · Cited by 193 · see citing works
Self-citationHabib, A. M. (2023) · Environment Development and Sustainability · doi:10.1007/s10668-023-03809-6 · Cited by 139 · see citing works
“Pursuing innovation and establishing or expanding new businesses necessitate a significant emphasis on continuous improvement (Dalwai et al., 2023; Habib & Dalwai, 2023; Habib & Kayani, 2023; Habib & Shahwan, 2020; Mourad et al., 2022).”
Self-citationDo competitive strategies affect working capital management efficiency?
Habib, A. M., Yang, G.-L., & Cui, Y. (2024) · Business Process Management Journal · doi:10.1108/bpmj-12-2023-0953 · Cited by 65 · see citing works
Self-citationComprehensive review of biomass utilization and gasification for sustainable energy production
Kumar, J., & Vyas, S. (2024) · Environment Development and Sustainability · doi:10.1007/s10668-023-04127-7 · Cited by 58 · see citing works
Habib, A. M., & Kayani, U. N. (2023) · Operations Research Forum · doi:10.1007/s43069-023-00217-4 · Cited by 37 · see citing works
Self-citationAnalyzing the efficiency of intellectual capital: a new approach based on DEA-MPI technology
Habib, A. M., & Mourad, N. (2023) · Benchmarking An International Journal · doi:10.1108/bij-06-2022-0384 · Cited by 36 · see citing works
Self-citationHabib, A. M., & Kayani, U. N. (2024) · SN Business & Economics · doi:10.1007/s43546-023-00619-w · Cited by 33 · see citing works
Self-citationZimon, G., Habib, A. M., & Haluza, D. (2023) · Cogent Business & Management · doi:10.1080/23311975.2023.2292787 · Cited by 36 · see citing works
“It is worth noting that the pursuit of continuous improvement often commences with a single step (Habib & Dalwai, 2023; Habib & Mourad, 2023; Mourad et al., 2021, 2022).”
InfluentialSelf-citationAbbas, J. (2024) · Environment Development and Sustainability · doi:10.1007/s10668-024-05035-0 · Cited by 35 · see citing works
Ramadan, A. H., & Morshed, A. (2024) · Journal of Infrastructure Policy and Development · doi:10.24294/jipd.v8i5.3827 · Cited by 23 · see citing works
“It is essential for figuring out which quick-term investments to make and performs a critical position in optimising shareholder wealth (Habib and Dalwai, 2023).”
BackgroundRashmitha, Y., Sushma, M. B., & Roy, S. (2024) · Environment Development and Sustainability · doi:10.1007/s10668-024-05746-4 · Cited by 23 · see citing works
“Similarly, trade-off theory in this context involves managing resources (i.e., EVCS) to achieve optimal service coverage while minimizing associated costs like construction, location, operation, and maintenance expenses (Habib & Dalwai, 2023).”
InfluentialAwwad, M. S. (2025) · Journal of Intellectual Capital · doi:10.1108/jic-09-2024-0258 · Cited by 20 · see citing works
Tarighi, H., Zimon, G., Sheikh, M. J., & Sayrani, M. (2024) · Risks · doi:10.3390/risks12040072 · Cited by 32 · see citing works
“As stated previously, the trade-off theory also suggests that financial managers can reach the optimal level for liquidity holding when there is a rational balance between the costs and benefits associated with it (Ahmad et al. 2022; Habib and Dalwai 2023; Zimon et al. 2024).”
BackgroundWang, J., Wang, X., Sun, F. G., & Li, X. (2024) · Systems · doi:10.3390/systems12090378 · Cited by 14 · see citing works
Hamid, Z., Dar, N., & Kundi, Y. M. (2025) · Management Decision · doi:10.1108/md-08-2023-1371 · Cited by 12 · see citing works
Intellectual capital efficiency, institutional ownership and cash holdings: a cross-country study
Dalwai, T., Mohammadi, S. S., & Satrovic, E. (2023) · Review of Accounting and Finance · doi:10.1108/raf-01-2023-0015 · Cited by 10 · see citing works
Self-citationHuang, R., Li, W., Shi, B., Su, H., Hao, J., Zhao, C., & Chai, J. (2024) · Frontiers in Public Health · doi:10.3389/fpubh.2024.1366327 · Cited by 13 · see citing works
Cao, L., Jiang, H., & Niu, H. (2024) · Sustainability · doi:10.3390/su16187983 · Cited by 11 · see citing works
Tu, Y., Li, H., Dong, J., Zhou, J., & Hu, L. (2025) · Journal of Intellectual Capital · doi:10.1108/jic-01-2025-0013 · Cited by 11 · see citing works
Ocak, M., Dalwai, T. A. R., Altuk, V. E., Arıoğlu, E., Shahab, Y., & Kablan, A. (2023) · Borsa Istanbul Review · doi:10.1016/j.bir.2023.06.003 · Cited by 11 · see citing works
Self-citationOmrani, H., Yang, Z., & Imanirad, R. (2024) · Annals of Operations Research · doi:10.1007/s10479-024-06099-x · Cited by 10 · see citing works
Al-Omoush, K. S., & Alsmadi, A. A. (2024) · Qualitative Research in Financial Markets · doi:10.1108/qrfm-08-2024-0214 · Cited by 9 · see citing works
Lin, X. (2024) · Heliyon · doi:10.1016/j.heliyon.2024.e34463 · Cited by 9 · see citing works
“The 21st century is the era of knowledge economy, and intellectual capital is a key element in determining an organization ’ s competitive advantage and reflects the full value of the organization ’ s intangible assets, including human capital [26].”
BackgroundAlsaleh, M., Abdul‐Rahim, A. S., qi, L., et al. (2024) · Environment Development and Sustainability · doi:10.1007/s10668-024-05242-9 · Cited by 8 · see citing works
Tian, M., Hu, C., Huang, W. H., & Jiang, H. (2024) · Environment Development and Sustainability · doi:10.1007/s10668-024-05084-5 · Cited by 8 · see citing works
“Generally, these resources range from internal resources such as physical resources, human resources, or financial resources to external resources like government resources, credit resources, or client resources (Habib & Dalwai, 2023; Habib & Kayani, 2022; Russo & Fouts, 1997).”
Antecedents and consequences of sustainable intellectual capital reporting: evidence from Iran
Kordi, E., Abdoli, M., & Valiyan, H. (2023) · Journal of Advances in Management Research · doi:10.1108/jamr-01-2023-0005 · Cited by 7 · see citing works
Singhania, A. K., & Panda, N. M. (2025) · Journal of Intellectual Capital · doi:10.1108/jic-05-2024-0145 · Cited by 7 · see citing works
Unicorns’ growth and financial flexibility before and after the IPO
Zhou, M., Kartanaitė, I., Norvaišienė, R., et al. (2023) · Heliyon · doi:10.1016/j.heliyon.2023.e20313 · Cited by 7 · see citing works
“Resource Based Theories can be used to explain the growth of young companies, which is based on the attitude that the growth of companies is determined by the company-specific combination of internal resources enabling the company to find unique market positioning [32], to enhance performance [33] and to gain competit…”
InfluentialPeng, J., Nie, Q., & Hou, N. (2025) · Journal of Intellectual Capital · doi:10.1108/jic-06-2024-0172 · Cited by 7 · see citing works
Mourad, N., Habib, A. M., & Tharwat, A. (2025) · OPSEARCH · doi:10.1007/s12597-025-00994-y · Cited by 6 · see citing works
Self-citationÖzgül, B. (2025) · Journal of Intellectual Capital · doi:10.1108/jic-05-2024-0144 · Cited by 6 · see citing works
Assessing the impact of marketization on energy poverty
Shi, X., Zeng, P., Liu, C., Gao, X., Qiu, T., Jiang, Q., & Fu, L. (2023) · Environment Development and Sustainability · doi:10.1007/s10668-023-04282-x · Cited by 7 · see citing works
“This method is nonparametric and does not necessitate assumptions about the underlying data distribution, offering a high degree of accuracy and flexibility in efficiency measurements (Habib & Mourad, 2022; Habib & Dalwai, 2023).”
Corporate underinvestment and its effects on environmental, social, and governance performance
Cao, M., Duan, K., & Ibrahim, H. (2024) · Environment Development and Sustainability · doi:10.1007/s10668-023-04443-y · Cited by 6 · see citing works
“The assertions made by Habib and Kayani (2022) and Habib and Dalwai (2023) support this perspective, highlighting the exacerbation of these challenges, particularly in the context of the COVID-19 crisis.”
Intellectual capital and firm risk: evidence from an emerging economy
Zaighum, I., Abbas, Q., Batool, K., Bano, S., & Sajjad, S. M. (2024) · Global Knowledge, Memory and Communication · doi:10.1108/gkmc-08-2023-0267 · Cited by 6 · see citing works
Habib, A. M., Dalwai, T. A. R., Chugh, G., et al. (2025) · Journal of Economics Finance and Administrative Science · doi:10.1108/jefas-02-2023-0039 · Cited by 5 · see citing works
Self-citationFintech and Sustainability: Perspectives from Emerging Markets
Habib, A. M. (2025) · Springer eBooks · doi:10.1007/978-981-96-3304-3_7 · Cited by 5 · see citing works
Self-citationYousaf, M. H. (2024) · Organizacija · doi:10.2478/orga-2024-0011 · Cited by 5 · see citing works
Lehenchuk, S., Захаров, Д. М., Vyhivska, I., Makarovych, V., & Шеверя, Я. В. (2024) · Investment Management and Financial Innovations · doi:10.21511/imfi.21(1).2024.26 · Cited by 5 · see citing works
“Another study on the effectiveness of intellectual capital and working capital management in the industrial sector of the GCC countries and its potential impact on the performance of companies was carried out by Habib and Dalwai (2023).”
BackgroundA Study of Determinants of Intellectual Capital Performance in Firms: The Vietnamese Case
Nguyen, P. D., & To, T. N. M. (2024) · Organizations and Markets in Emerging Economies · doi:10.15388/omee.2024.15.15 · Cited by 5 · see citing works
Kayani, U. N., Hasan, F., Choudhury, T. T., & Kayani, F. N. (2025) · International Journal of Islamic and Middle Eastern Finance and Management · doi:10.1108/imefm-04-2024-0168 · Cited by 9 · see citing works
Insight into the mechanism of estrone biodegradation by Spirulina CPCC-695
Sami, N., Afzal, B., Rehmanji, M., Naaz, H., Yasin, D., Jutur, P. P., & Fatma, T. (2023) · Environment Development and Sustainability · doi:10.1007/s10668-023-03873-y · Cited by 5 · see citing works
“…analysis, robustness tests, dynamic analysis technique, and Malmquist index (MI), have been used by stakeholders and managers to select the most equitable procedures and policies to improve the existing processes (Habib & Mourad, 2022; Habib and Dalwai, 2023; Habib and Kayani, 2022; 2023).”
Luh, P. K. (2025) · Management Matters · doi:10.1108/manm-04-2024-0026 · Cited by 4 · see citing works
Kimuam, K., Berggren, B., & Faradynawati, I. A. A. (2025) · International Journal of Financial Studies · doi:10.3390/ijfs13010043 · Cited by 4 · see citing works
Climate Policy Uncertainty and Enterprise Working Capital Management Efficiency
Sui, X. (2025) · Sustainability · doi:10.3390/su17094229 · Cited by 4 · see citing works
“Similarly, Habib and Dalwai (2024) have found that working capital management efficiency can increase a firm’s performance [48].”
Ramos, V. J., & Daway-Ducanes, S. L. (2024) · Journal of the Knowledge Economy · doi:10.1007/s13132-024-02235-x · Cited by 3 · see citing works
“Generally, improvements in firm-level intellectual capital efficiency are positively associated with firm performance and increased shareholder value (Habib & Dalwai, 2023; Hayaeian & Hesarzadeh, 2023).”
Do family and state ownership impact working capital management? Evidence from Thailand
Kumpamool, C. (2025) · Management Research Review · doi:10.1108/mrr-06-2024-0426 · Cited by 4 · see citing works
Exploring the influence of age on the intellectual capital: a moderating role of firm performance
Chandra, N., Sharma, S. K., & Singh, R. K. (2025) · International Journal of Productivity and Performance Management · doi:10.1108/ijppm-08-2024-0526 · Cited by 3 · see citing works
Enhancing sustainable performance through sustainable business model innovation
Futre, B., & Crespo, N. F. (2025) · Journal of Small Business Management · doi:10.1080/00472778.2025.2556764 · Cited by 3 · see citing works
Boateng, P. Y., Aboagye‐Otchere, F., & Asare, N. (2025) · LBS Journal of Management & Research · doi:10.1108/lbsjmr-03-2025-0028 · Cited by 3 · see citing works
Biodiversity Risk and Working Capital Management
Magerakis, E., & Habib, A. (2025) · Business Strategy and the Environment · doi:10.1002/bse.70317 · Cited by 5 · see citing works
Self-citationSkill and Strategy: How Managerial Ability Drives Working Capital Efficiency
Roy, P., Bhatt, S., Dani, R., Singh, P. K., Vasudevan, A., & Singh, E. N. (2025) · F1000Research · doi:10.12688/f1000research.162551.1 · Cited by 3 · see citing works
“Using WCME (Habib & Dalwai, 2024), as a dependent variable offers a broader perspective on efficiency than traditional measures such as CCC.”
Li, Y., Xia, Y., Shi, H., et al. (2025) · Managerial and Decision Economics · doi:10.1002/mde.4552 · Cited by 3 · see citing works
Zimon, G., Habib, A. M., Tarighi, H., Gürsoy, S., & Kawalec, M. (2026) · Risks · doi:10.3390/risks14050119 · Cited by 2 · see citing works
“Insufficient funds, by contrast, can disrupt production and sales (Habib and Dalwai 2024).”
Self-citationWang, Z., Wang, C., & Sun, X. (2024) · Environment Development and Sustainability · doi:10.1007/s10668-024-05696-x · Cited by 2 · see citing works
Liu, P., Jia, S., & Liu, L. (2025) · Environment Development and Sustainability · doi:10.1007/s10668-025-06164-w · Cited by 2 · see citing works
Essel, R. E. (2025) · Journal of African Business · doi:10.1080/15228916.2025.2505359 · Cited by 5 · see citing works
Business Strategy and Earnings Management: Financial Versus Non-Financial Firms
Mawaali, T. A., Hashar, O. N. K. A., Alawi, N. A., et al. (2024) · Emerald Group Publishing Limited eBooks · doi:10.1108/s1479-351220240000036013 · Cited by 2 · see citing works
Self-citationVesco, D. G. D., & Damke, F. (2024) · Journal of Intellectual Capital · doi:10.1108/jic-10-2023-0228 · Cited by 1 · see citing works
Rehman, W. U., Deği̇rmen, S., Saltık, Ö., Jalil, F., Şengönül, A., & Ocak, M. (2025) · Sustainable Futures · doi:10.1016/j.sftr.2025.100918 · Cited by 1 · see citing works
Rehman, M. S. U., & Gul, F. (2025) · Journal of Islamic accounting and business research · doi:10.1108/jiabr-02-2025-0108 · Cited by 1 · see citing works
Li, F. (2025) · Finance research letters · doi:10.1016/j.frl.2025.109058 · Cited by 1 · see citing works
The efficiency edge: how managerial ability and working capital impact corporate performance
Roy, P., Tyagi, P. K., Singh, P. K., Baig, M. I., Vasudevan, A., & Qian, C. (2026) · Cogent Business & Management · doi:10.1080/23311975.2026.2638507 · Cited by 2 · see citing works
Valiña-Sotelo, J. L., & Iglesias, E. M. (2026) · Asia-Pacific Financial Markets · doi:10.1007/s10690-026-09597-z · Cited by 3 · see citing works
SPICE: a quantitative framework for sustainable spare parts inventory in mega industries
Sharda, S., Kumar, A., & Mishra, S. (2026) · OPSEARCH · doi:10.1007/s12597-026-01170-6 · Cited by 1 · see citing works
Working Capital Management Strategies In The Manufacture Sector, Systematic Literature Review
Rahman, F. R., & Wahyudi, S. (2023) · INTERNATIONAL CONFERENCE ON DIGITAL ADVANCE TOURISM MANAGEMENT AND TECHNOLOGY · doi:10.56910/ictmt.v1i2.99 · Cited by 1 · see citing works
“…& Jaworski, 2023); (Zimon, 2019); (Demiraj et al., 2022) Ghana, South Africa, Egypt Africa 3 10 (Braimah et al., 2021); (Mandipa & Sibindi, 2022); (Habib & Dalwai, 2023) Latin American, U.S America 4 13.3 (Mardones, 2022); (Abuhommous et al., 2022); (Doan & Iskandar-Datta, 2021); (Lyngstadaas,…”
InfluentialEnhancing Institutional Effectiveness for Risk Reduction
Mohamed, S. A. (2024) · Advances in business information systems and analytics book series · doi:10.4018/979-8-3693-6447-5.ch011 · Cited by 1 · see citing works
Business Financial Strategies and SMEs Performance: Evidence from China’s Shenzhen Stock Exchange
Essel, R. E. (2025) · SEDME (Small Enterprises Development Management & Extension Journal) A worldwide window on MSME Studies · doi:10.1177/09708464251326392 · Cited by 2 · see citing works
Cosima, T., Ahmed, E. M., & Elfaki, K. E. (2025) · Quality & Quantity · doi:10.1007/s11135-025-02250-3
Lehenchuk, S., Захаров, Д. М., Vyhivska, I., Макарович, В. К., & Шеверя, Я. В. (2023) · Preprints.org · doi:10.20944/preprints202310.0785.v1
THE INFLUENCE OF INTELLECTUAL CAPITAL ON THE COMPANY FINANCIAL PERFORMANCE
Sihombing, D. A., & Sihombing, S. C. (2024) · International Conference of Business and Social Sciences · doi:10.24034/icobuss.v3i1.453
“In addition, there are several studies that use data envelopment analysis (DEA) to investigate the impact of IC on company efficiency (Habib & Dalwai, 2023; Xu & Liu, 2020) .”
BackgroundINTELLECTUAL CAPITAL AND HEALTHCARE ORGANIZATIONS: TRENDS AND IMPORTANCE
Milojević, S., Mitrović, A., & Šopova, M. M. (2023) · Revizor · doi:10.56362/rev23104029m
Andrean, R. (2024) · Syntax Literate Jurnal Ilmiah Indonesia · doi:10.36418/syntax-literate.v7i12.15285
Does working capital management influence firm competitiveness?
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“Financial managers constantly strive to determine the optimal level of WCM.”
BackgroundInfluentialA működő tőke hatékonyságának változása a vállalati méret függvényében
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The Role of Leadership Styles in Employee Engagement and Retention
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Fueling Business Success: Intellectual Capital and its Pathways to Performance
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- Authors
- Habib, A. M., & Dalwai, T.
- Affiliations
- Muscat College (OM)
- Corresponding author
- Habib, Ahmed Mohamed
- Venue
- Journal of the knowledge economy
- Published
- 2023-03-21
- Volume
- 15
- Issue
- 1
- Pages
- 3202-3238
- ISSN
- 1868-7865 (ISSN-L)
- 1868-7873
- PMC
- PMC10028330
- OpenAlex
- W4328106190
- Semantic Scholar
- a58ae925d3b9082e5af642c9fe8b5e91806b6f9b
- Cited by
- 99
- References
- 145
- Citations by year
- 2026: 21 · 2025: 35 · 2024: 29 · 2023: 14
- FWCI
- 21.27
- Type
- journal article
- Language
- en
- Open access
- bronze
- doi.org
- Licence
- Locations
- Journal of the Knowledge Economy (publishedVersion)
- PubMed Central (publishedVersion)
- PubMed (publishedVersion)
- Nottingham Trent University's Institutional Repository (Nottingham Trent Repository) (submittedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Business, Management and Accounting › Strategy and Management › Intellectual Capital and Performance Analysis
- Social Sciences › Business, Management and Accounting › Accounting › Working Capital and Financial Performance
- Social Sciences › Decision Sciences › Management Science and Operations Research › Efficiency Analysis Using DEA
- Keywords
- intellectual capital efficiency, working capital efficiency, firm performance, resource-based view, trade-off theory, pecking order theory, debt financing
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