Impact of working capital management and corporate governance on profitability of small and medium-sized entities in Nigeria

This study aims to explore the impact of working capital management and corporate governance on the profitability of small and medium-sized entities (SMEs) in Nigeria. Working capital management is concerned with management of firms’ short-term resources and short-term obligations; whereas corporate...

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Main Author:	Muhammad, Tsagem Musa
Format:	Thesis
Language:	eng eng
Published:	2015
Subjects:	HG Finance
Online Access:	https://etd.uum.edu.my/6703/1/s94390_01.pdf https://etd.uum.edu.my/6703/2/s94390_02.pdf
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id	my-uum-etd.6703
record_format	uketd_dc
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng
advisor	Aripin, Norhani Ishak, Rokiah
topic	HG Finance
spellingShingle	HG Finance Muhammad, Tsagem Musa Impact of working capital management and corporate governance on profitability of small and medium-sized entities in Nigeria
description	This study aims to explore the impact of working capital management and corporate governance on the profitability of small and medium-sized entities (SMEs) in Nigeria. Working capital management is concerned with management of firms’ short-term resources and short-term obligations; whereas corporate governance is the process and structure used to direct and manage the business affairs of a corporation with the objective of enhancing shareholders’ value. Based on review of studies by different scholars, a conceptual model was developed and three underpinning theories were employed to explain the relationship between working capital management, corporate governance and SMEs’ profitability. This study utilised a balanced panel data from 311 samples of Nigerian SMEs determined by the use of cluster sampling technique for a period of seven years from 2007 – 2013, which gave a total of 2,177 firms throughout the years of observation. Overall, findings of the study reveal that cash conversion cycle, board size and gender have a significantly positive relationship with gross operating profit; whilst accounts receivable period and family ownership show a significantly negative relationship. Further analysis shows that corporate cash holdings, cash conversion efficiency and board size have significantly positive relationship with return on assets; whilst accounts receivable period and inventory holding period have a significantly negative relationship. This study contributes to the body of knowledge theoretically by providing a factual conclusion on the impact of efficient working capital management and corporate governance on SMEs’ profitability. Further, the study adds to the existing literature to explain the relationship of working capital management and corporate governance with SMEs’ profitability by applying the three selected theories. Practically, the study will benefit SME owners/managers, the government, management consultants and financial institutions in policy and decision making related to SMEs in Nigeria
format	Thesis
qualification_name	Ph.D.
qualification_level	Doctorate
author	Muhammad, Tsagem Musa
author_facet	Muhammad, Tsagem Musa
author_sort	Muhammad, Tsagem Musa
title	Impact of working capital management and corporate governance on profitability of small and medium-sized entities in Nigeria
title_short	Impact of working capital management and corporate governance on profitability of small and medium-sized entities in Nigeria
title_full	Impact of working capital management and corporate governance on profitability of small and medium-sized entities in Nigeria
title_fullStr	Impact of working capital management and corporate governance on profitability of small and medium-sized entities in Nigeria
title_full_unstemmed	Impact of working capital management and corporate governance on profitability of small and medium-sized entities in Nigeria
title_sort	impact of working capital management and corporate governance on profitability of small and medium-sized entities in nigeria
granting_institution	Universiti Utara Malaysia
granting_department	Tunku Puteri Intan Safinaz School of Accountancy (TISSA)
publishDate	2015
url	https://etd.uum.edu.my/6703/1/s94390_01.pdf https://etd.uum.edu.my/6703/2/s94390_02.pdf
_version_	1747828105456648192
spelling	my-uum-etd.67032021-04-04T07:54:02Z Impact of working capital management and corporate governance on profitability of small and medium-sized entities in Nigeria 2015 Muhammad, Tsagem Musa Aripin, Norhani Ishak, Rokiah Tunku Puteri Intan Safinaz School of Accountancy (TISSA) Tunku Puteri Intan Safinaz School of Accountancy (TISSA) HG Finance This study aims to explore the impact of working capital management and corporate governance on the profitability of small and medium-sized entities (SMEs) in Nigeria. Working capital management is concerned with management of firms’ short-term resources and short-term obligations; whereas corporate governance is the process and structure used to direct and manage the business affairs of a corporation with the objective of enhancing shareholders’ value. Based on review of studies by different scholars, a conceptual model was developed and three underpinning theories were employed to explain the relationship between working capital management, corporate governance and SMEs’ profitability. This study utilised a balanced panel data from 311 samples of Nigerian SMEs determined by the use of cluster sampling technique for a period of seven years from 2007 – 2013, which gave a total of 2,177 firms throughout the years of observation. Overall, findings of the study reveal that cash conversion cycle, board size and gender have a significantly positive relationship with gross operating profit; whilst accounts receivable period and family ownership show a significantly negative relationship. Further analysis shows that corporate cash holdings, cash conversion efficiency and board size have significantly positive relationship with return on assets; whilst accounts receivable period and inventory holding period have a significantly negative relationship. This study contributes to the body of knowledge theoretically by providing a factual conclusion on the impact of efficient working capital management and corporate governance on SMEs’ profitability. Further, the study adds to the existing literature to explain the relationship of working capital management and corporate governance with SMEs’ profitability by applying the three selected theories. Practically, the study will benefit SME owners/managers, the government, management consultants and financial institutions in policy and decision making related to SMEs in Nigeria 2015 Thesis https://etd.uum.edu.my/6703/ https://etd.uum.edu.my/6703/1/s94390_01.pdf text eng public https://etd.uum.edu.my/6703/2/s94390_02.pdf text eng public Ph.D. doctoral Universiti Utara Malaysia Abbott, L. J., Parker, S., & Presley, T. J. (2012). Female Board Presence and the Likelihood of Financial Restatement. Accounting Horizons, 26(4), 607–629. doi.org/10.2308/acch-50249 Abdullah, S. N., Ismail, K., & Nachum, L. (2013). Women on Boards of Directors of Malaysia Firms: Impact on Market and Accounting Performance. In Academy of Management Proceedings, 1(1), aomafr - 2012. Abor, J., & Adjasi, C. K. D. (2007). Corporate Governance and the Small and Medium Enterprises Sector: Theory and Implications. Corporate Governance, 7(2), 111–122. doi.org/10.1108/14720700710739769 Abor, J., & Biekpe, N. (2007). 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Impact of working capital management and corporate governance on profitability of small and medium-sized entities in Nigeria

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