Aveneu Park, Starling, Australia

NO AUTHOR (YEAR) DATA FINDING RESULTS (POSITIVE/ NEGATIVE) VARIABLE

NO

AUTHOR
(YEAR)

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DATA

FINDING

RESULTS
(POSITIVE/
NEGATIVE)

VARIABLE

RESEARCH
LIMITATIONS/IMPLICATION

METHODOLOGY

1

(Mengesha,
2014)

-Performance (ROTA & ROI)
-WCM

Addis Ababa, Ethiopia
Yearly
(2008-2012)

 
 
-Analyse using SPSS (version 20.0)
-Pooled panel data regression models
of cross-sectional and time series data
 
 
 

Accounts Inventories

Highly negative  significant

Accounts Receivable

Highly negative  significant

Accounts Payable

Highly negative  significant

CCC

Highly negative  significant

2
 
 
 
 
 
 

(Gul,
Khan, Rehman, Khan, khan, & Khan, 2013)

-Performance (ROA)
-WCM
 

SMEDA, Karachi, Pakistan
Yearly
(2006-2012)

-Panel data technique

Inventories turnover

Negative significant

Average collection period

Negative significant

average payable period

Positive significant

CCC

Negative significant

3

(Konak,
2016)

Performance
WCM

Istanbul
Yearly
(2011-2014)

 
-OLS test
-cross sectional and time series
analysis technique

Short term debt turnover days

Positive significant

4

(Afrifa,
2016)

-Performance
-net working capital

SME UK
Yearly
(2004-2013)

-panel data regression analysis

net working capital

Positive significant

5

(Githinji,
2015)

-Financial performance
-WCM

NSE
Yearly
(2005-2014)

Descriptive and quantitative research
design

Inventory turnover period

Positive significant
(insignificant 5% level)

Average collection period

Positive significant
(insignificant 5% level)

CCC

Positive significant
(insignificant 5% level)

Liquidity

Positive significant
(insignificant 5% level)

Leverage

Positive significant
(significant 5% level)

Sales turnover

Positive significant

 

 

 

 

 

 

(significant 5% level)

6

(Duale,
2016)

-ROA
-WCM

Turkey
(2002-2009)

-Multiple regression analysis
-Correlation design

smallholder

Positive correlation

7

(Vural,
Sokmen, & Cetenak, 2012)

-Profitability (Gross operating
profit)
-WCM

Indian
(2007-2010)

-Panel data analysis

Accounts receivable period

Negative significant

CCC

Negative significant

Firm value

Negative significant

leverage

Negative significant

8

(Agarwal
& Varma, 2013)

-Profitability
-WCM

India
(2007-2010)

-Using the financial parameter-CCE,
DOC and DWC
-Regression and Correlation analysis

WCM

Positive Significant

9

(Mugo,
2014)

-Financial performance
-WCM

Kenya
(2003-2012)

-SPPS (version 16)
-Panel data regression
-Correlation analysis

Average collection period

Positive significant

Inventories conversion cycle

Positive significant

Average payable period

Negative significant

10

(Jakpar,
Tinggi, Siang, Johari, & Myint, 2017)

ROA
WCM

Malaysia
(2007-2011)

-Panel regression
-Pearson correlation

Average collection period

Positive significant

Inventories conversion period

Positive significant

firm size

Positive significant

Leverage

Negative significant

CCC

no significant

11

(Ching,
Novazzi, & Gerab, 2011)

-Dependent variable
(a)return on sales (ROS)
(b)return on Assets (ROA)
(c)return on equity (ROE)
-Cash conversion efficiency, debt
ratio, working capital in days
 
 

Brazilian
(2005-2009)

-Multiple linear regression
-ANOVA
 

Days Inventory

Negative (ROA & ROS) significant

No significant (ROE)

debt ratio

positive (ROA) significant

days of working capital

positive (ROS) significant

12

Farrah
Wahieda Kasiran et al (2016).

-SME
-WCM efficiency

-Malaysia
(2010-2013)

-Suruhanjaya Syarikat Malaysia
Database

working capital management

Positive significant

13

(Uyar,
2009)

-Profitability
-CCC

Turkey
(2007)

-ANOVA
-Pearson correlation analysis

CCC

Negative significant

14

(Awopetu,
2012)

-Profitability
-WC financing policy

United State
(2002-2011)

-Statistics, F-test, and regression
-STATA

Working capital

positive significant

15

(Abuzayed,
2012)

-Profitability
-WCM
-CCC

Jordan
(2000-2008)

-correlation and regression analysis
 

CCC

Positive significant

Accounts receivable

Positive significant

Accounts inventories

Positive significant

Accounts payable

Negative significant

16

(Afza
& Nazir, 2007)

-profitability
-WC

Pakistan
(1998-2005)

-F-values model
-t-statistic
-Durbin-Watson statistic

working capital

negative relationship

17

(Padachi,
2006)

-WCM
-Firm performance (ROA)

Mauritian
(1998-2003)

-Pooled OLS
-Panel data analysis
-Pearson Correlation coefficients

inventories days

Negative significant

accounts receivables days

Negative significant

accounts payable says

Negative significant

CCC

positive significant

18

(Charitou,
Elfani, & Lois, 2010)

-Firm profitability
-WCM

Cyprus
(1998-2007)

Multivariate regression analysis
-Pearson correlation analysis

Inventories days

Negative significant

sales growth

Positive significant

leverage

Negative significant

debtor

Negative significant

creditor

Negative significant

CCC

Negative significant

19

(Yunos
& Nazaruddin, 2015)

-Profitability
-WCM

Malaysia
(2003-2014)

-Panel data regression

Accounts payable period

no significant

CCC

Negative significant

inventory

no significant

 

working capital

no significant

receivable

no significant

20

 
(Arunkumar
& Ramanan, 2013)

-Profitability
-WCM

Indian
(2005-2010)

-correlation analysis
-least squares regression analysis

debtors days

Positive significant

inventory days

Positive significant

creditors days

Positive significant

21

(Chakraborty,
1974)

Cash working capital
Operation cycle

Indian
(1965-1969)

-correlation analysis
-least squares regression analysis

Cash management

Positive significant

22

Matthew D. Hill, G. Wayne Kelly, and
Michael ( 2010)

Net working capital

US
(1996-2006)

– multiple dimension
-heterogeneity
-panel data
-pool OLD regression

Operation and financial
 

Positive significant

23

 
(Mbawuni, Mbawuni, & Nimako, 2016)

profitability (ROA)

Ghana
(2008-2013)

-Descriptive analysis
-correlation and regression analysis

Accounts Payable days

Positive significant

Accounts inventory days

Negative significant

Account receivable days

Negative significant

CCC

Negative significant

24

(Mbula & Jennifer, 2016)

Account receivable

Kenya
(2000-2016)

-Descriptive and inferential analyses
-Regression analysis
-ANOVA

Firm financial performance

Positive significant

25

(Ahmed,
2017)

Firm performance

Pakistan
(2012-2016)

-OLS
-LOGIT Models
Pearson Correlation techniques
 

Current assets over total sales

Negative significant

Inventory turnover

Positive significant

x

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