Profitability and working capital management: A meta-study in macroeconomic and institutional conditions
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Various researchers reported mixed results on the relationship between working capital management and performance, namely a positive relationship and a negative relationship.
“Nonetheless, various researchers conducted research on the WCM and performance and reported mixed results, namely a positive relationship (Fungai 2024;Kumar et al. 2024;Šeligová 2021;Seth et al. 2020) and a negative relationship (Jaworski and Czerwonka 2024;Mandipa and Sibindi 2022;Umar and Al-Faryan 2024).”
From The Effects of Working Capital Management on the Financial Performance of Commercial and Service Firms Listed on the Nairobi Securities Exchange in Kenya (2024) · cites this paper as Jaworski and Czerwonka 2024
The findings for Model 1 are consistent with Jaworski and Czerwonka (2024), Mandipa and Sibindi (2022), and Ngari and Kamau (2022), but not with Briones et al. (2024), Fungai (2024), and Šeligová (2021).
“The findings for Model 1 in Table 3 are consistent with Jaworski and Czerwonka (2024), Mandipa and Sibindi (2022), and Ngari and Kamau (2022), but not with Briones et al. (2024), Fungai (2024), and Šeligová (2021).”
From The Effects of Working Capital Management on the Financial Performance of Commercial and Service Firms Listed on the Nairobi Securities Exchange in Kenya (2024) · cites this paper as Jaworski and Czerwonka (2024)
This result is consistent with Jaworski and Czerwonka (2024), Mandipa and Sibindi (2022), and Umar and Al-Faryan (2024).
“This result is consistent with Jaworski and Czerwonka (2024), Mandipa and Sibindi (2022), and Umar and Al-Faryan (2024).”
From The Effects of Working Capital Management on the Financial Performance of Commercial and Service Firms Listed on the Nairobi Securities Exchange in Kenya (2024) · cites this paper as Jaworski and Czerwonka (2024)
Jaworski and Czerwonka (2024) discovered a statistically significant and negative correlation between profitability and cash conversion cycle, profitability and average collection period, and profitability and accounts payable period.
“Jaworski and Czerwonka (2024) discovered a statistically significant and negative correlation between profitability and cash conversion cycle, profitability and average collection period, and profitability and accounts payable period.”
From The Effects of Working Capital Management on the Financial Performance of Commercial and Service Firms Listed on the Nairobi Securities Exchange in Kenya (2024) · cites this paper as Jaworski and Czerwonka (2024)
Cites
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 · see citing works
Working capital management: Evidence from Norway
Lyngstadaas, H., & Berg, T. (2016) · International Journal of Managerial Finance · doi:10.1108/ijmf-01-2016-0012 · Cited by 139 · see citing works
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Wanzala, R. W., & Obokoh, L. (2024) · Risks · doi:10.3390/risks12080119 · Cited by 8 · see citing works
- Authors
- Jaworski, J., & Czerwonka, L.
- Affiliations
- WSB Merito University in Gdańsk (PL)
- University of Gdańsk (PL)
- Corresponding author
- Jaworski, Jacek
- Czerwonka, Leszek
- Venue
- DECISION
- Published
- 2024-03
- Volume
- 51
- Issue
- 1
- Pages
- 123-145
- ISSN
- 0304-0941 (ISSN-L)
- 2197-1722
- OpenAlex
- W4392810409
- Cited by
- 11
- References
- 2
- Citations by year
- 2026: 7 · 2025: 2 · 2024: 2
- FWCI
- 10.95
- Type
- journal article
- Language
- en
- Open access
- closed
- Licence
- Locations
- DECISION (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Business, Management and Accounting › Accounting › Working Capital and Financial Performance
- Social Sciences › Business, Management and Accounting › Management Information Systems › Supply Chain and Inventory Management
- Social Sciences › Business, Management and Accounting › Accounting › Financial Analysis and Corporate Governance
- Keywords
- working capital management, profitability, operating cycle, cash conversion cycle, average collection period, accounts payable period, inventory turnover, macroeconomic conditions, institutional factors, creditor protection, inflation, unemployment, access to credit, capital market development
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