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Effects of working capital management on firm performance and firm value – A study of the fisheries industry in Vietnam
Open accessAbstract
This research investigates the effects of working capital management through cash conversion cycle and its components (average receivable days - ARD, average inventory days – AID, and average payable days - APD), along with the effects of the working capital management policies on firm performance and firm value in the fisheries industry. Generalized Method of Moment (GMM) was applied with the data collected from 21 fisheries companies listed on Vietnam's stock market in the period 2008 -2012. The research found that the cash conversion cycle, average receivable days, average inventory days, and average payable days have a negative impact on firm performance (ROA) and firm value (Tobin'Q). The research results also showed that aggressive working capital policy has a negative impact, but the conservative working capital policy has a positive impact on firm performance and firm value of fisheries selected companies.
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“These findings suggest that management costs weaken the positive relationship between inventory days and firm performance.”
From Business growth and management costs as moderators of the inventory-performance link: Evidence from Vietnamese manufacturing firms (2025) · cites this paper as Quy & Nguyen, 2020
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Cites
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Working Capital Management, Firms- Performance And Market Valuation In Nigeria
Ogundipe, S. E., Idowu, A., & Ogundipe, L. O. (2012) · doi:10.5281/zenodo.1333467 · Cited by 95
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- Ha Minh Nguyen, Ngoc Hoang Bui, The heterogeneity impacts of digital transformation, human capital, and trade openness on income and labour productivity in Vietnam , Ho Chi Minh City Open University Journal of Science - Economics and Business Administration: 14(4)2024
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- Nguyen Thi Tuoi, Nguyen Phu Son, Pham Le Thong, Analysis of farmers’ market power in the value chain of Arabica coffee in Lam Dong Province, Vietnam , Ho Chi Minh City Open University Journal of Science - Economics and Business Administration: 12 (1) 2022
- Bui Thu Van, Tran Quang Than, Le Thi Kim Hien, A comparative study of machine learning approaches for online appointment forecasting: A case study in Vietnam , Ho Chi Minh City Open University Journal of Science - Economics and Business Administration: 16(11)2026 SPECIAL ISSUE - 20th ANNIVERSARY
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Cited by
Sorted by citations
Farías, F. J. Z., Naranjo, C. I. R., Franco, D. I. Q., & Villacrés, E. J. F. (2021) · INNOVA Research Journal · doi:10.33890/innova.v6.n3.2.2021.1974 · Cited by 40
Profitability determinants of the natural stone industry: Evidence from Spain and Italy
Farías, F. J. Z., Martínez, M. D. C. V., & Cervantes, P. A. M. (2022) · PLoS ONE · doi:10.1371/journal.pone.0276885 · Cited by 18
Le, H. D. (2021) · Turkish Journal of Computer and Mathematics Education (TURCOMAT) · Cited by 1
Nguyen Van, B., Phan Thanh, H., & Nguyen Thanh, C. (2025) · Investment Management and Financial Innovations · doi:10.21511/imfi.22(3).2025.09
ÇALIŞMA SERMAYESİNİN İŞLETME KARLILIĞINA ETKİSİ: BIST XKOBI ENDEKSİNDE BİR UYGULAMA
IŞILDAK, M. S. (2023) · İşletme Ekonomi ve Yönetim Araştırmaları Dergisi · doi:10.33416/baybem.1187320
Boujnane, I. (2024) · Nottingham Trent University's Institutional Repository (Nottingham Trent Repository)
Rumay, Y. R., & Rafaile, N. E. R. (2025) · EVSOS · doi:10.57175/evsos.v4i2.270
Net Working Capital and Firm Performance: The Moderating Role of Firm Size in Emerging Markets
Nguyen, T. T. C. (2026) · Emerging Science Journal · doi:10.28991/esj-2026-010-03-017
Metadata
- Authors
- Quy, V. T., & Nguyen, L. T. M.
- Venue
- HCMCOUJS - ECONOMICS AND BUSINESS ADMINISTRATION
- Published
- 2020-04-14
- Volume
- 7
- Issue
- 2
- ISSN
- 1859-3453 (ISSN-L)
- OpenAlex
- W3092418490
- Cited by
- 7
- References
- 3
- Citations by year
- 2025: 2 · 2023: 1 · 2022: 2 · 2021: 2
- FWCI
- 2.33
- Type
- journal article
- Language
- en
- Open access
- hybrid
- doi.org
- Licence
- cc-by-nc
- Locations
- PROCEEDINGS (publishedVersion, cc-by-nc)
- Ho Chi Minh City Open University Journal of Science- Economics and Business Administration (publishedVersion, cc-by-nc)
- RePEc: Research Papers in Economics (submittedVersion)
- DOAJ (DOAJ: Directory of Open Access Journals) (submittedVersion, cc-by-sa)
- Topics
- Social Sciences › Business, Management and Accounting › Accounting › Working Capital and Financial Performance
- Social Sciences › Decision Sciences › Management Science and Operations Research › Supply Chain and Inventory Management
- Social Sciences › Economics, Econometrics and Finance › Finance › Corporate Finance and Governance
- Keywords
- working capital management, cash conversion cycle, firm performance, firm value, inventory days, return on assets, Tobin's Q, fishing industry, Vietnamese stock market
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