بررسي تأثير مديريت سرمايه در گردش بر قابليت سوددهي شركتهاي پذيرفته شده در بورس اوراق بهادار تهران

Investigating the Effect of Working Capital Management on Profitability of the Companies Listed in Tehran Stock Exchange

well design and implemented working capital management is expected to contribute positively to the creation of a firms value. The main goal of this paper is to provide empirical evidence about the effects of working capital management on the profitability of a small and large-size Iranian firms. The author collected data of this study from the financial statement of the corporations listed in the Tehran Stock Exchange (TSE) for the period 2001-2008 The dependent variable is return on total assets as a measure of profitability. The regression results show that high investment in inventories and receivables is associated with lower profitability. The independent variables are used in the analysis are inventories days, accounts receivables days, accounts payable days and cash conversion cycle.