Please use this identifier to cite or link to this item:
DC FieldValueLanguage
dc.contributor.authorNaumoski, Aleksandaren_US
dc.identifier.citationAleksandar Naumoski (2018), “The impact of working capital management on profitability of the listed companies in emerging European countries” in the Book of Proceedings of 13th RSEP International Conference on Business, Economics & Finance, held at the Kadir Has University, Istanbul, 11-13 June, 2019, pp. 22-32en_US
dc.description.abstractThis paper analyzes the impact that efficiency in working capital management has on the profitability of the companies. We have created a sample of 720 companies from ten South-East European countries (Bosnia and Herzegovina, Bulgaria, Montenegro, Croatia, Greece, North Macedonia, Romania, Slovenia, Serbia, and Turkey). Using their financial data in the period 2006–2015, we applied a panel regression model, involving operating profit ratio as a dependent variable, and several independent variables that represent the various features of the companies’ working capital, such as inventories turnover, days of collection of receivables, days of payment of accounts payable, and cash conversion cycle as a most comprehensive measure of the working capital management. In addition, we used a few control variables. The results of the model are expected to reveal which of these items, if any, have an impact on the profitability of the companies in the region. We found a statistically significant negative relationship of the profitability of the companies with the accounts receivable period and cash conversion cycle. Also, the relationship between the profitability and the inventory period is negative, but is not statistically significant. Profitability has a positive and statistically significant relationship with the accounts payable period. The companies of the SEE countries can increase operating profitability by shortening the period of collection of their receivables and the cash conversion cycle and by delaying their payments to creditors, taking care not to call into question good business relationships with them.en_US
dc.publisherReview of Socio-Economic Perspectives RSEPen_US
dc.subjectcorporate profitability, working capital management, cash conversion cycle, emerging countries, South-East European countriesen_US
dc.titleThe impact of working capital management on profitability of the listed companies in emerging European countriesen_US
dc.typeProceeding articleen_US
dc.relation.conference13th RSEP International Conference on Business, Economics & Financeen_US
item.fulltextNo Fulltext-
item.grantfulltextnone- of Economics-
Appears in Collections:Faculty of Economics 02: Conference papers / Трудови од научни конференции
Show simple item record

Page view(s)

checked on Jan 25, 2021

Google ScholarTM


Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.