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:: Volume 2, Issue 1 (modern theories of accounting,spring 2012,vol2,no.1,ser.3 2012) ::
3 2012, 2(1): 29-54 Back to browse issues page
The Investigation of the Effects of Working Capital Management on Performance and Market Valuation in TSE's Listed Companies
Omid Pourheydari , Rahmat Allah Houshmand Zaferanie
Abstract:   (2040 Views)
The main purpose of present study is to investigation of the impact of working capital management on performance and market value of the firms listed in Tehran Stock Exchange. To achieve this objective, variables such as return on equity (ROE) and return on assets (ROA) are used for the measurement of performance, and Q-Tobin’s for measurement of Market Valuation of Firm. Also, from Cash Conversion Cycle (CCC) used is as measurement of working capital management. Data were collected from annual reports of the sampled firms for the period1383-1388. The result of the study shows that there is a significant negative relationship between cash conversion cycle to market valuation and firm’s performance. The findings confirm that there is a significant relationship between Market valuation, Performance and Cash Conversion Cycle in line with previous studies. This mean that Iranien firms should ensure adequate management of working capital especially cash conversion cycle components of account receivables, account payables and inventories, as efficiency working capital management is expected to contribute positively to the firms’ market value.
Keywords: Cash Conversion Cycle, Firm’s Performance, Market Valuation, Working Capital Management
Full-Text [PDF 2358 kb]   (197 Downloads)    
Type of Study: Research | Subject: General
Received: 2012/01/14 | Accepted: 2012/03/7 | Published: 2012/03/20
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Pourheydari O, Houshmand Zaferanie R A. The Investigation of the Effects of Working Capital Management on Performance and Market Valuation in TSE's Listed Companies. 3 2012; 2 (1) :29-54
URL: http://mta.raja.ac.ir/article-1-60-en.html


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Volume 2, Issue 1 (modern theories of accounting,spring 2012,vol2,no.1,ser.3 2012) Back to browse issues page
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