خلاصة:
This paper investigates the effects of working capital management (WCM) on shareholders wealth of 401 firms listed at Tehran Stock Exchange (TSE) during 2001-2012. To measure criteria for WCM، financial data produced by the accounting system and some financial statement items were used. Based on portfolios formed، a market adjusted stock return is used to measure shareholders wealth and conditional distribution of variables. Also، panel regression analyses are conducted to infer the results. Conditional distribution of variables show that common measures of working capital management، like average receivable period and average inventory period، have a significant relation with stock returns. We also find that there is a positive significant relation between adjusted stock returns and a composite measure of working capital management optimality (WCMO) and working capital components.
ملخص الجهاز:
The analysis of the conditional distribution of the data shows that common criteria in evaluating working capital management, such as the receivables collection cycle and the sales cycle, have a significant relationship with the adjusted stock return.
Setayesh and colleagues (1388) conducted research on 224 companies listed on the Tehran Stock Exchange during the years 1386-1382, seeking to find the impact of working capital management on the profitability of business units.
The results of statistical tests, after applying a multiple regression model, showed that there is a negative and significant relationship between the variables of accounts receivable collection period, inventory conversion period, and cash conversion cycle with the profitability of companies listed on the Tehran Stock Exchange.
The results of this research, based on the existence of a negative and significant relationship between excess investment in net operating working capital and excess stock returns, are consistent with the findings of Kisniuk et al.
Also, in the above models L: represents leverage and is equal to the book value of liabilities divided by total assets; E: profit before interest and taxes; NF: net financing obtained through new borrowing or new contributions; D: cash dividends paid during the period; I: interest expense; NA: the rest of assets other than cash and equivalents; NNA: the rest of assets other than cash and equivalents minus net working capital; C: represents cash and equivalents; NWC: represents net working capital; WCMO: represents the criterion for optimal working capital management; M: market value of shareholders' equity; ∆: represents the first-order difference of variables; i: symbol representing the company and t: indicates time.
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