The impact of working capital management on the profitability of listed halal food and beverage companies

Umar, Umar Habibu; Al-Faryan, Mamdouh Abdulaziz Saleh

doi:10.1108/mf-12-2022-0606

Cited by 32Working Capital and Financial PerformanceSupply Chain and Inventory ManagementIslamic Finance and Banking Studies

The impact of working capital management on the profitability of listed halal food and beverage companies

Umar, Umar Habibu, Al-Faryan, Mamdouh Abdulaziz Saleh·2024·Managerial Finance

DOI 10.1108/mf-12-2022-0606

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Abstract

Purpose This study investigated how working capital management (WCM) influences the profitability of listed halal food and beverage companies. Design/methodology/approach The study utilized a sample of 56 listed halal food and beverage companies operating in Indonesia, Malaysia, Saudi Arabia, Pakistan and the United Arab Emirates (UAE). Unbalanced panel data were generated from the Bloomberg database between 2008 and 2021. Besides, the study employed the two-step system generalized method of moments (GMM) technique for the estimation, which can address the models' endogeneity, heteroskedasticity and autocorrelation problems. Also, feasible generalized least square (FGLS) regression was applied to check the robustness of the results. Findings The study revealed that the cash conversion cycle (CCC) and accounts receivable period (ARP) significantly reduced firm profitability. Also, the inventory conversion period (ICP) significantly reduced return on assets (ROA) but insignificantly influenced return on equity (ROE). However, the results showed that the accounts payable period (APP) significantly increased firm profitability. These findings are robust to the results obtained by applying FGLS regression. Research limitations/implications The study utilized a sample of only the listed halal food and beverage firms that operate in Indonesia, Malaysia, Saudi Arabia, Pakistan and the United Arab Emirates (UAE). Practical implications The study suggests that the management of listed…

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Working capital management affects a firm's profitability and decisions, which in turn influence its financial performance.
“WCM refers to the management of current liabilities and current assets and is extremely important because it affects a firm's profitability and decisions, which in turn influence its financial performance (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 Umar and Al-Faryan 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 Umar and Al-Faryan (2024)

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Authors: Umar, U. H., & Al-Faryan, M. A. S.
Affiliations: Maitama Sule University Kano (NG)
ORCID: Umar, Umar Habibu
Al-Faryan, Mamdouh Abdulaziz Saleh
Venue: Managerial Finance
Publisher: Emerald
Published: 2023-10-24
Volume: 50
Issue: 3
Pages: 534-557
ISSN: 0307-4358 (ISSN-L)
DOI: 10.1108/mf-12-2022-0606
OpenAlex: W4387805814
Cited by: 22
References: 62
Citations by year: 2026: 2 · 2025: 6 · 2024: 13 · 2023: 1
FWCI: 12.81
Type: journal article
Language: en
Open access: closed
Licence: www.emerald.com/insight/site-policies (tdm)
Locations: Managerial Finance (publishedVersion)
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 › Islamic Finance and Banking Studies
Keywords: working capital management, profitability, cash conversion cycle, accounts receivable period, inventory conversion period, accounts payable period, return on assets, return on equity, financial performance, cross-national comparison

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The impact of working capital management on the profitability of listed halal food and beverage companies

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