The moderating effect of economic conditions on the relationship between working capital management and firm performance in Nigeria

This study adopted the pecking order and contingency theories to determine the moderating effect of inflation and interest rates on the relationship between working capital management (WCM) and firm performance. A panel data of 675 firm-year observations obtained from non-financial firms listed on t...

Full description

Saved in:

Bibliographic Details
Main Author:	Sunday, Simon
Format:	Thesis
Language:	eng eng
Published:	2018
Subjects:	HG Finance
Online Access:	https://etd.uum.edu.my/7748/1/s900783_01.pdf https://etd.uum.edu.my/7748/2/s900783_02.pdf
Tags:	Add Tag No Tags, Be the first to tag this record!

id	my-uum-etd.7748
record_format	uketd_dc
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng
advisor	Sawandi, Norfaiezah Abdul-Hamid, Mohamad Ali
topic	HG Finance
spellingShingle	HG Finance Sunday, Simon The moderating effect of economic conditions on the relationship between working capital management and firm performance in Nigeria
description	This study adopted the pecking order and contingency theories to determine the moderating effect of inflation and interest rates on the relationship between working capital management (WCM) and firm performance. A panel data of 675 firm-year observations obtained from non-financial firms listed on the Nigerian stock exchange from 2007 to 2015 was used. The study further conducted in-depth interviews with six managers from these firms. Analysis of the secondary data was performed using the fixed effect model and the STATA statistical software while thematic analysis was employed to analyse data from the in-depth interviews. The quantitative analysis demonstrated that WCM variables (accounts receivable management, accounts payable management, inventory management, cash conversion cycle, and cash conversion efficiency) have inconsistent relationships with firm performance, measured by return on assets, return on equity, and Tobin’s Q. Also, inflation and interest rates were found to moderate the relationships between WCM variables and firm performance. Furthermore, the results revealed that the relationships between WCM variables and firm performance have an optimal level of investment that maximises returns. Moreover, the study documented that WCM variables were more significantly affected during the financial crisis period than during the period afterwards. Also, the results of the qualitative data corroborated the findings of the quantitative data. The study concluded by highlighting the practical, methodological and theoretical implications, delineating the negative effects of inflation and interest rates on WCM and establishing that, unlike prior studies, these factors have significant effects on overall firm performance over the medium and long-term periods. The study recommends that firms should be proactive in their treatment of WCM. Also, WCM should be managed and interpreted in relationship to a firm’s strategy and its macroeconomic environment.
format	Thesis
qualification_name	Ph.D.
qualification_level	Doctorate
author	Sunday, Simon
author_facet	Sunday, Simon
author_sort	Sunday, Simon
title	The moderating effect of economic conditions on the relationship between working capital management and firm performance in Nigeria
title_short	The moderating effect of economic conditions on the relationship between working capital management and firm performance in Nigeria
title_full	The moderating effect of economic conditions on the relationship between working capital management and firm performance in Nigeria
title_fullStr	The moderating effect of economic conditions on the relationship between working capital management and firm performance in Nigeria
title_full_unstemmed	The moderating effect of economic conditions on the relationship between working capital management and firm performance in Nigeria
title_sort	moderating effect of economic conditions on the relationship between working capital management and firm performance in nigeria
granting_institution	Universiti Utara Malaysia
granting_department	Tunku Puteri Intan Safinaz School of Accountancy (TISSA)
publishDate	2018
url	https://etd.uum.edu.my/7748/1/s900783_01.pdf https://etd.uum.edu.my/7748/2/s900783_02.pdf
_version_	1747828259599417344
spelling	my-uum-etd.77482021-08-11T07:35:14Z The moderating effect of economic conditions on the relationship between working capital management and firm performance in Nigeria 2018 Sunday, Simon Sawandi, Norfaiezah Abdul-Hamid, Mohamad Ali Tunku Puteri Intan Safinaz School of Accountancy (TISSA) Tunku Intan Safinaz School of Accountancy (TISSA) HG Finance This study adopted the pecking order and contingency theories to determine the moderating effect of inflation and interest rates on the relationship between working capital management (WCM) and firm performance. A panel data of 675 firm-year observations obtained from non-financial firms listed on the Nigerian stock exchange from 2007 to 2015 was used. The study further conducted in-depth interviews with six managers from these firms. Analysis of the secondary data was performed using the fixed effect model and the STATA statistical software while thematic analysis was employed to analyse data from the in-depth interviews. The quantitative analysis demonstrated that WCM variables (accounts receivable management, accounts payable management, inventory management, cash conversion cycle, and cash conversion efficiency) have inconsistent relationships with firm performance, measured by return on assets, return on equity, and Tobin’s Q. Also, inflation and interest rates were found to moderate the relationships between WCM variables and firm performance. Furthermore, the results revealed that the relationships between WCM variables and firm performance have an optimal level of investment that maximises returns. Moreover, the study documented that WCM variables were more significantly affected during the financial crisis period than during the period afterwards. Also, the results of the qualitative data corroborated the findings of the quantitative data. The study concluded by highlighting the practical, methodological and theoretical implications, delineating the negative effects of inflation and interest rates on WCM and establishing that, unlike prior studies, these factors have significant effects on overall firm performance over the medium and long-term periods. The study recommends that firms should be proactive in their treatment of WCM. Also, WCM should be managed and interpreted in relationship to a firm’s strategy and its macroeconomic environment. 2018 Thesis https://etd.uum.edu.my/7748/ https://etd.uum.edu.my/7748/1/s900783_01.pdf text eng public https://etd.uum.edu.my/7748/2/s900783_02.pdf text eng public https://sierra.uum.edu.my/record=b1698794~S1 Ph.D. doctoral Universiti Utara Malaysia Abiodun, B. Y. (2013). Effect of firm size on firm profitability in Nigeria. Journal of Economics and Sustainable Development, 4(5), 90–94. Abiodun, E. (2016, April 4). Orjiako: The cost of capital is killing business in Nigeria. Thisday. Retrieved from https://www.thisdaylive.com/index.php/2016/ 04/04/ orjiako-the-cost-of-capital-is-killing-businesses-in-nigeria/. Abosede, S. A., & Luqman, O. S. (2014). A comparative analysis on working capital management of brewery companies in Nigeria. International Journal of Finance and Accounting, 3(6), 356–371. Abuzayed, B. (2012). Working capital management and firms’ performance in emerging markets: The case of Jordan. International Journal of Managerial Finance, 8(2), 155–179. Ademola, O. J. (2014). Working capital management and profitability of selected quoted food and beverages manufacturing firms in Nigeria. Eur. J. Acc. Audit. Financ. Res, 2(3), 10–21. Adeyemi, S. L., & Salami, A. O. (2010). Inventory management: A tool of optimizing resources in a manufacturing industry a case study of Coca-Cola bottling company, Ilorin Plant. Journal of Social Sciences, 23(2), 135–142. Afeef, M. (2011). Analyzing the impact of working capital management on the profitability of SME's in Pakistan. International Journal of Business and Social Science, 2(22), 173–183. Afeef, M. (2014). The influence of working capital management on the profit performance of large non-financial corporations listed at Karachi stock exchange. Life Science Journal, 11(4), 100–104. Afrifa, G. A. (2013). Working capital management and AIM listed SME companies’ profitability: A mixed research method approach (Doctoral thesis, Bournemouth University, UK). Retrieved from http://eprints.bournemouth.ac.uk/20968/ /Afrifa%2C%20Godfred%20Adjapong_Ph.D._2013.pdf. Afrifa, G. A. (2015). Working capital management practices and profitability of AIM listed SMEs. Journal of Enterprising Culture, 23(1), 1–23. Afrifa, G. A. (2016). Net working capital, cash flow and performance of UK SMEs. Review of Accounting and Finance, 15(1), 21–44. Afrifa, G. A., & Padachi, K. (2016). Working capital level influence on SME profitability. Journal of Small Business and Enterprise Development, 23(1), 44–63. Afza, T., & Nazir, M. S. (2007a). Is it better to be aggressive or conservative in managing working capital? Journal of Quality and Technology Management, 3(2), 11–21. Agarwal, J. D. (1988). A goal programming model for working capital management. Finance India, 2(2), 49–61. Agarwal, S., Erramilli, M. K., & Dev, C. S. (2003). Market orientation and performance in service firms: Role of innovation. Journal of Services Marketing, 17(1), 68–82. Agha, H. (2014). Impact of working capital management on profitability. European Scientific Journal, 10(1), 374–381. Ahiuman-Young, V. (2016, March 24). Forex crisis: Food, beverage sector to sack 3m workers. Vanguard. Retrieved from http://www.vanguardngr.com/2016/03/ forex-crisis-food-beverage-sector-to-sack-3m-workers/. Ailemen, O., & Folashade, O. (2014). Working capital management and profitability of the manufacturing sector: An empirical investigation of Nestle Nigeria Plc and Cadbury Nigeria Plc. Global Journal of Management and Business Research, 14(4), 20–28. Ajakaiye, O., Fakiyesi, T., & Oyinlola, M. (2009, April). Impact of the global financial crisis on the social services sector in Ghana and Nigeria. CESifo Forum, 10(4, pp. 36–42). Ajibolade, S. O., & Sankay, O. C. (2013). Working capital management and financing decision: Synergetic effect on corporate profitability. International Journal of Management, Economics and Social Sciences, 2(4), 233–251. Akinbuli, S. F. (2006). Financial accounting, principles and application. Lagos: Blueprint Publishers. Akindele J. A., & Odusina, A. O. (2015). Working capital management and firm profitability: Evidence from Nigerian quoted companies. Research Journal of Finance and Accounting, 6(7), 148–153. Akinleye, S. O., & Ekpo, S. (2013). Oil price shocks and macroeconomic performance in Nigeria. Economia Mexica Nueva Epoca II, 565–624. Akinlo, A. E. (2012). How important is oil in Nigeria’s economic growth? Journal of Sustainable Development, 5(4), 165–179. Akinlo, O. O. (2012). Determinants of working capital requirements in selected quoted companies in Nigeria. Journal of African Business, 13(1), 40–50. Akinlo, O. O. (2012). Effect of working capital on Profitability of selected Quoted firms in Nigeria. Global Business Review, 13(3), 367–381. Akoto, R. K., Awunyo-Vitor, D., & Angmor, P. L. (2013). Working capital management and profitability: Evidence from Ghanaian listed manufacturing firms. Journal of Economics and International Finance, 5(9), 373–379. Aktas, N., Croci, E., & Petmezas, D. (2015). Is working capital management value-enhancing? Evidence from firm performance and investments. Journal of Corporate Finance, 30, 98-113. Alam, H. M., Ali, L., Rehman, C. A., & Akram, M. (2011). Impact of working capital management on profitability and market valuation of Pakistani firms. European Journal of Economics, Finance & Administrative Sciences, 32, 48–54. Al-Debi'e, M. M. (2011). Working capital management and profitability: The case of industrial firms in Jordan. European Journal of Economics, Finance and Administrative Sciences, 36, 75–86. Alex, R. (2015, November 10). Business (list) that are finding it hard to survive under Buhari. Nigerian Bulletin. Retrieved from http://www.nigerianbulletin. com/threads/list-companies-that-are-finding-it-hard-to-survive-under-buhari.140373/ Ali, S. (2011). Working capital management and the profitability of the manufacturing sector: A case study of Pakistan’s textile industry Shahid. Lahore Journal of Economics, 16(2), 141–178. Ali, S., & Khan, M. R. A. (2011). Searching for internal and external factors that determine working capital management for manufacturing firms in Pakistan. African Journal of Business Management, 5(7), 29–42. Alipour, M. (2011). Working capital management and corporate profitability: Evidence from Iran. World Applied Sciences Journal, 12(7), 1093–1099. Allen, L. (1988). The determinants of bank interest margins: A note. Journal of Financial and Quantitative Analysis, 23(2), 231–235. Alli, F (2016, April 10). CBN averts the closure of 200 manufacturing firms through forex access. Vanguard. Retrieved from http://www.vanguardngr.com/2016/04/cbn-averts-closure-200-manufacturing-firms-forex-access/ Almazari, A. A. (2013). The relationship between working capital management and profitability: Evidence from Saudi cement companies. British Journal of Economics, Management & Trade, 4(1), 146–157. Alrawi, H. A., & Thomas, S. S. (2007). Application of contingency theory of accounting information to the UAE banking sector. Asian Academy of Management Journal, 12(2), 33–55. Al-Shubiri, F. N. (2012). Debt ratio analysis and firm investment: Evidence from Jordan. International Journal of Economics and Financial Issues, 2(1), 21–26. Al-Shubiri, F. N., & Aburumman, N. M. (2013). The relationship between cash conversion cycle and financial characteristics of industrial sectors: an empirical study. Investment Management and Financial Innovations, 10(4), 95–102. Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance, 23(4), 589–609. Anderson, D. R, Sweeney, D. J., Williams, T. A., Freeman, J., & Shoesmith, E. (2007). Statistics for Business and Economics. London: Thomson Learning. Angbazo, L. (1997). Commercial bank net interest margins, default risk, interest-rate risk, and off-balance sheet banking. Journal of Banking & Finance, 21(1), 55–87. Anna-Maria, T. Sari, M., Miia, P., & Timo, K. (2014). Modifying the cash conversion cycle: Revealing concealed advance payments. International Journal of Productivity and Performance Management, 63(3), 341–353. Appuhami, B. R. (2008). The impact of firms' capital expenditure on working capital management: An empirical study across industries in Thailand. International Management Review, 4(1), 8–12. Arshad, Z., & Gondal, M. (2013). Impact of working capital management on profitability: A case of the Pakistan cement industry. Interdisciplinary Journal of Contemporary Research in Business, 5(2), 384–390. Arunkumar, O. N., & Ramanan, T. (2013). Working capital management and profitability: A sensitivity analysis. International Journal of Research and Development, 2(1), 52–58. Asaju, K., & Yarie, E. (2013). Global financial crisis and economic development in Nigeria: The challenges of Vision 20: 2020. Journal of Economics and Sustainable Development, 4(4), 41–47. Asteriou, D., & Hall, S. G. (2015). Applied econometrics. New York, NY: Palgrave Macmillan. Atkinson, H., & Brown, J. B. (2001). Rethinking performance measures: Assessing progress in UK hotels. International Journal of Contemporary Hospitality Management, 13(3), 128–136. Attari, M. A., & Raza, K. (2012). The optimal relationship of cash conversion cycle with firm size and profitability. International Journal of Academic Research in Business and Social Sciences, 2(4), 189–203. Attride-Stirling, J. (2001). Thematic networks: An analytic tool for qualitative research. Qualitative research, 1(3), 385–405. Aygün, M. (2012). Firma Performansi Üzerinde Calisma Sermayesinin Etkisi: Türk Imalat Sektörü Üzerine Bir Uygulama (The effect of working capital on firm performance: An examination on Turkish manufacturing Sectors). Ege Akademik Bakis, 12(2), 215–223. Ayub, Q. M. Y. (2015). Impact of working capital management on profitability of textile sector of Pakistan. Business and Management, 7(1), 174–185. Azam, M., & Haider, S. I. (2011). Impact of working capital management on firm’ performance: Evidence from non-financial institutions of KSE-30 index. Interdisciplinary Journal of Contemporary Research in Business, 3(5), 481–492. Babu, M. N. S., & Chalam, G. V. (2014). Study on the working capital management efficiency in Indian leather industry - An empirical analysis. International Journal of Research in Management & Technology, 4(5), 196–201. Baghebo, M., & Atima, T. O. (2013). The impact of petroleum on economic growth in Nigeria. Global Business and Economics Research Journal, 2(5), 102–115. Baig, V. A. & Akhtar (2013). Working capital management practices. (1st ed.). New Delhi: ANMOL Publications Pvt. Ltd. Bakare, H., Kareem, R., & Oyelekan, B. (2015). Effects of inflation rate on economic growth in Nigeria (1986-2014). IISTE, 5(8), 153–160. Baltagi, B. H. (2005). Econometric analysis of panel data. (3rd ed.). Chichester, England: John Wiley & Sons. Banjoko, S. A., Iwuji, I. I., & Bagshaw, K. (2012). The performance of the Nigerian manufacturing sector: A 52-Year analysis of growth and retrogression (1960-2012). Journal of Asian Business Strategy, 2(8), 177–191. Baños-Caballero, S., García-Teruel, P. J., & Martínez-Solano, P. (2014). Working capital management, corporate performance, and financial constraints. Journal of Business Research, 67(3), 332–338. Baños-Caballero, S., García-Teruel, P. J., & Martínez-Solano, P. (2012). How does working capital management affect the profitability of Spanish SMEs? Small Business Economics, 39(2), 517–529. Baños-Caballero, S., García-Teruel, P. J., & Martínez-Solano, P. (2013). The speed of adjustment in working capital requirement. The European Journal of Finance, 19(10), 978–992. Barine, M. N. (2012). Working capital management efficiency and corporate profitability: Evidences from quoted firms in Nigeria. Journal of Applied Finance and Banking, 2(2), 215–237. Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology, 51(6), 1173–1182. Bartov, E., Radhakrishnan, S., & Krinsky, I. (2000). Investor sophistication and patterns in stock returns after earnings announcements. The Accounting Review, 75(1), 43–63. Baum, C. F. (2006). An introduction to modern econometrics using Stata. College Station, TX: Stata press. Bawa, S., & Abdullahi, I. S. (2012). Threshold effect of inflation on economic growth in Nigeria. CBN Journal of Applied Statistics, 3(1), 43–63. Berman, K., Knight, J., & Case, J. (2013). Financial intelligence: A manager’s guide to knowing what the numbers really mean. Ogden, UT: Business Literacy Institute, Inc. Berzkalne, I., & Zelgalve, E. (2014). Return on equity and company characteristics: An empirical study of industries in Latvia. The 8th International Days of Statistics and Economics, Prague. Bhalla, V. K. (2011). Working capital management – Text and cases (13th ed.). India, New Delhi: ANMOL Publication Pvt. Ltd. Bhattacharya, H. (2007). Working capital management: Strategies and techniques (9th Printing). India, New Delhi: Prentice-Hall of India Learning Pvt. Ltd. Bhattacharya, H. (2008). Theories of trade credit: Limitations and applications. Available at SSRN 1286443. Bhunia, A., & Das, A. (2012). Affiliation between working capital management and profitability. Interdisciplinary Journal of Contemporary Research in Business, 3(9), 957–968. Bieniasz, A., & Golas, Z. (2011). The influence of working capital management on the food industry enterprises profitability. Contemporary Economics, 5(4), 68–81. Billi, R. M., & Kahn, G. A. (2008). What is the optimal inflation rate? Economic Review-Federal Reserve Bank of Kansas City, 93(2), 5–28. Bin Syed, S. J. A. N., Mohamad, N. N. S., Rahman, N. A. A., & Suhaimi, R. D. S. R. (2016). A study on relationship between inventory management and company performance: A case study of textile chain store. Journal of Advanced Management Science, 4(4), 299–304. Blakley, D. L., & Sti, A. D. (1991). Inflation and firm growth: A reassessment. In J. Spronk, & B. Benedetto (Eds.), Modelling for financial decisions (pp. 7-23). Berlin Heidelberg New York: Springer-Verlag. Blanca, M. J., Arnau, J., López-Montiel, D., Bono, R., & Bendayan, R. (2013). Skewness and kurtosis in real data samples. Methodology. European Journal of Research Methods for the Behavioral and Social Sciences, 9(2), 78-84. Blazenko, G. W., & Vandezande, K. (2002). Corporate holding of finished goods inventories. Journal of Economics and Business, 55(3), 255–266. Blinder, A. S., & Maccini, L. J. (1991). The resurgence of inventory research: What have we learned? Journal of Economic Surveys, 5(4), 291–328. Bogstrand, O., & Larsson, E. A. (2012). Have IFRS contributed to an increased value-relevance? The Scandinavian evidence. UPPSALA University. Department of Business Studies. Retrieved from http://www.diva-portal.org/smash/get/diva2:546324/FULLTEXT01 Bouchard, Jr, T. J. (1976). Unobtrusive Measures: An inventory of uses. Sociological Methods & Research, 4(3), 267–300. Bougheas, S., Mateut, S., & Mizen, P. (2009). Corporate trade credit and inventories: New evidence of a trade-off from accounts payable and receivable. Journal of Banking & Finance, 33(2), 300–307. Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative research in psychology, 3(2), 77–101. Breusch, T. S., & Pagan, A. R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239–253. Brown, S., Lo, K., & Lys, T. (1999). Use of R2 in accounting research: Measuring changes in value relevance over the last four decades. Journal of Accounting and Economics, 28(2), 83–115. Bruinshoofd, A., & Kool, C. J. M. (2004). Dutch corporate liquidity management: New evidence on aggregation. Discussion Paper Series/Tjalling C. Koopmans Research Institute, 4(5), 1–34. Brush, T. H., Bromiley, P., & Hendrickx, M. (2000). The free cash flow hypothesis for sales growth and firm performance. Strategic Management Journal, 21(4), 455-472. Bulow, J. I., & Shoven, J. B. (1982). Inflation, corporate profits, and the rate of return to capital. In R. E. Hall (Ed.) Inflation: Causes and fffects (pp. 233-260). Chicago, IL: University of Chicago Press. Burns, N & Grove, S. K. (2003). Understanding nursing research (3rd ed.). Philadelphia, PA: W.B. Saunders Company. Burrell, G. & Morgan G., (1979). Sociological paradigms and organizational analysis. London and Exeter, NH: Heinemann. Buxey, G. (2006). Reconstructing inventory management theory. International Journal of Operations & Production Management, 26(9), 996–1012. Callen, J. L., Morel, M., & Fader, C. (2003). The profitability-risk trade-off of just-in-time manufacturing technologies. Managerial and Decision Economics, 24(5), 393–402. Cameron, R. (2009). A sequential mixed model research design: Design, analytical and display issues. International Journal of Multiple Research Approaches, 3(2), 140–152. Carton, R. B. (2004). Measuring organizational performance: An exploratory study (Unpublished doctoral dissertation). University of Georgia, Athens, Georgia. Castro, F. G., Kellison, J. G., Boyd, S. J., & Kopak, A. (2010). A methodology for conducting integrative mixed methods research and data analyses. Journal of Mixed Methods Research, 4(4), 342–360. Cavana, R. Y., Delahaye, B. L., & Sekaran, U. (2001). Applied business research: Qualitative and quantitative methods. Queensland: John Wiley & Sons. CBN (2007). CBN annual report & statement of accounts for the year ended 31st December 2007. CBN (2010). Macroeconomic Model of the Nigerian Economy. Central Bank of Nigeria. CBN (2011). Central Bank of Nigeria Annual Report—2011. CBN (2011). Understanding monetary Policy. No. 1. Charitou, M. S., Elfani, M., & Lois, P. (2010). The effect of working capital management on firm’s profitability: Empirical evidence from an emerging market. Journal of Business & Economics Research, 8(12), 63–68. Charitou, M., Lois, P., & Santoso, H. B. (2012). The relationship between working capital management and firm's profitability: An empirical investigation for an emerging Asian country. International Business & Economics Research Journal, 11(8), 839–848. Chete, L. N., Adeoti, J. O., Adeyinka, F. M., & Ogundele, O. (2014). Industrial development and growth in Nigeria: Lessons and challenges (No. 2014/019). WIDER Working Paper. Chima, O. (2016, September 14). Policy inconsistency, bane of Nigeria’s economic challenges. Thisday. Retrieved from https://www.thisdaylive.com/index.php /2016/09/14/policy-inconsistency-bane-of-nigerias-economic-challenges/ Chimobi, O. P. (2010). Inflation and economic growth in Nigeria. Journal of Sustainable Development, 3(2), 159–166. Ching, H. Y., Novazzi, A., & Gerab, F. (2011). Relationship between working capital management and profitability in Brazilian listed companies. Journal of Global Business and Economics, 3(1), 74–86. Collier, P., & Gunning, J. W. (1999). Why has Africa grown slowly? Journal of Economic Perspectives, 13(3), 3–22. Comley, P. (2013). Inflation tax: The plan to deal with the debts. Pete Comley. Amazon.com. Retrieved from https://books.google.com.my/books?hl= en&lr=&id=oi3IQXzH5kgC&oi=fnd&pg=PP2&dq=Inflation+Tax:+The+Plan+to+Deal+with+the+Debts+By+Pete+Comley&ots=BroeUCvchD&sig=DAJIB1wG9KxcLK2LtdNRTREMF4c&redir_esc=y#v=onepage&q=Inflation%20Tax%3A%20The%20Plan%20to%20Deal%20with%20the%20Debts%20By%20Pete%20Comley&f=false Coskun, E., & Kök, D. (2011). Çalisma Sermayesi Politikalarinin Karlilik Üzerine Etkisi: Dinamik Panel Uygulamasi (Effect of working capital policies on profitability: A dynamic panel analysis). Ege Akademik Bakis, 11, 75–85. Cramer, J. S. (1987). Mean and variance of R2 in small and moderate samples. Journal of Econometrics, 35(2-3), 253–266. Creswell, J. W (1994). Research design: Qualitative and quantitative approach. Thousand Oaks, CA: Sage. Creswell, J. W. (2003). Research design: Qualitative, quantitative, and mixed methods approaches (2nd ed.). Thousand Oaks, CA: Sage. Creswell, J. W. (2009). Research design: Qualitative, quantitative, and mixed methods approaches (3rd ed.). Thousand Oaks, CA: Sage. Creswell, J. W., & Plano Clark, V. L. (2007). Designing and conducting mixed methods research. Thousand Oaks, CA: Sage. Creswell, J. W., Plano Clark, V. L., Gutmann, M. L., & Hanson, W. E. (2003). Advanced mixed methods research designs. In A. Tashakkori & C. Teddlie (Eds), Handbook of mixed methods in social and behavioral research (pp. 209–240). Thousand Oaks, CA: Sage. Dang, C., Li, Z. F., & Yang, C. (2018). Measuring firm size in empirical corporate finance. Journal of Banking & Finance, 86, 159–176. Danuletiu, A. E. (2010). Working capital management and profitability: A case of Alba county companies. Annales Universitatis Apulensis: Series Oeconomica, 12(1), 364–374. Darun, M. R., Roudaki, J. & Radford, J (2015). The evolution of working capital management research. International Business Management 9(5), 987–997. Dash, M., & Hanuman R. (2009). A liquidity-profitability trade-off model for working capital management. Retrieved from http://ssrn.com/abstract=1408722. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1408722 Davis, D., (1996). Business research for decision making (4th ed.). Pacific Grove, CA: Duxbury Press. Daymon, C., & Holloway, I. (2010). Qualitative research methods in public relations and marketing communications, (2nd ed.). Abingdon: Routledge. Dehnel, G. (2014). Winsorization Methods in Polish Business Survey. STATISTICS in Transition new series, Winter, 15(1), 97–110. De-Loecker, J. (2013). Firm Performance in a global market. NBER working paper series. National Bureau of Economic Research, Cambridge, MA. Retrieved from http://www.nber.org/papers/w19308 Deloof, M. (2003). Does working capital management affect profitability of Belgian firms? Journal of Business Finance & Accounting, 30(3-4), 573–588. Demeter, K. (2003). Manufacturing strategy and competitiveness. International Journal of Production Economics, 81-82(11), 205–213. Dess, G. G., & Robinson, R. B. (1984). Measuring organizational performance in the absence of objective measures: The case of the privately-held firm and conglomerate business unit. Strategic Management Journal, 5(3), 265–273. Dhar, P., & Paul, K. (2011). Determinants of working capital: An empirical inquest with reference to some selected public sector companies in India. Journal of Business and Economic Issues, 3(2), 36–47. Dimitrios, V., Eriotis, N., & Daskalakis, N. (2009). Testing the pecking order theory: The importance of methodology. Qualitative Research in Financial Markets, 1(2), 85–96. Dogan, M. (2013). Does firm size affect the firm profitability? Evidence from Turkey. Research Journal of Finance and Accounting, 4(4), 53–59. Donaldson, G. (1961). Corporate debt capacity: A study of corporate debt policy and the determination of corporate debt capacity. Boston: Division of Research, Graduate School of Business Administration, Harvard University. Donaldson, L. (2001). The contingency theory of organizations. India: Sage Publications, Pvt. Ltd. Dong, H., & Su, J. T. (2010). The relationship between working capital management and profitability: A Vietnam case. Int. Res. J. Finance Econ. 49, 50–69. Drukker, D. M. (2003). Testing for serial correlation in panel-data models. Stata Journal, 3(2), 168–177. Drury, C. M. (2013). Management and cost accounting (3rd ed.). New York, NY: Springer. Edith, O. (2015). The relevance, prospects and the challenges of the manufacturing sectors in Nigeria. The Intuition. Retrieved from www.globalacademicgroup.com/journals/theintuition/therelevance,prospectsandchallengesofmunufactupdf Eifert, B., Gelb, A., & Ramachandran, V. (2005). Business environment and comparative advantage in Africa: Evidence from the investment climate data. Center for Global Development Working Paper 56. Washington, D.C. Retrieved from SSRN 1112857. Ejiofor, C (2016, March 6) Osinbajo heads committee to address Nigeria’s poor business performance. Osinbajo to boost Nigeria's performance in global business arena. This Day. Retrieved from https://www.naij.com/754142-osinbajo-nigerian-business-nigerian-ministry-of-industry-trade-and-investment.html Eljelly, A. M. (2004). Liquidity-profitability trade-off: An empirical investigation in an emerging market. International Journal of Commerce and Management, 14(2), 48–61. El-Maude, J. G., & Shuaib, A. I. (2016). Empirical examination of the association of working capital management and firms' profitability of the listed food and beverages firms in Nigeria. Researchers World, 7(1), 12–22. Emefiele, G. (2015, November 10). CBN concerned about rising non-performing loans. Vanguard. Retrieved from http://www.vanguardngr.com/2015/11/cbn-concerned-about-rising-non-performing-loans/ Emery, D., & Finnerty, J. (1997). Corporate financial management. Englewood Cliffs, NJ: Prentice-Hall. Emery, F. E., & Trist, E. L. (1965). The causal texture of organizational environments. Human Relations, 18(1), 21–32. Emery, G. W. (1987). An optimal financial response to variable demand. Journal of Financial and Quantitative Analysis, 22(02), 209–225. Enqvist, J., Graham, M., & Nikkinen, J. (2014). The impact of working capital management on firm profitability in different business cycles: Evidence from Finland. Research in International Business and Finance, 32, 36–49. Eroglu, C., & Hofer, C. (2011). Inventory types and firm performance: Vector autoregressive and vector error correction models. Journal of Business Logistics, 32(3), 227–239. Etiennot, H., Preve, L. A., & Sarria-Allende, V. (2012). Working capital management: An exploratory study. Journal of Applied Finance (Formerly Financial Practice and Education), 22(1), 1–14. Fabayo, J. A., & Ajilore, O. T. (2006). Inflation: How much is too much for economic growth in Nigeria. Indian Economic Review, 129–147. Falope, O. L., & Ajilore, O. T. (2009). Working capital management and corporate profitability: Evidence from panel data analysis of selected quoted companies in Nigeria. Research Journal of Business Management, 2(3), 73–84. Ferrando, A., & Mulier, K. (2013). Do firms use the trade credit channel to manage growth? Journal of Banking & Finance, 37(8), 3035–3046. Festus, A. F (2012). E-Business conflict resolution: Working capital management in resolving profitability distress in a profit making organization. British Journal of Economics, Finance and Management Sciences, 4(2), 81–94. Fiador, V. (2016). Does corporate governance influence the efficiency of working capital management of listed firms: Evidence from Ghana. African Journal of Economic and Management Studies, 7(4), 482–496. Field, A. (2005). Discovering statistics using IBM SPSS (3rd ed.). London: Sage. Field, A. (2012). Discovering statistics using IBM SPSS (4th ed.). London: Sage. Filbeck, G., & Krueger, T. M. (2005). An analysis of working capital management results across industries. American Journal of Business, 20(2), 11–20. Filbeck, G., Zhao, X., & Knoll, R. (2017). An analysis of working capital efficiency and shareholder return. Review of Quantitative Finance and Accounting, 48(1), 265–288. Finney, R. G. (1994). Every manager's guide to business finance. New York, NY: American Management Association (AMACOM). Fischer, S. (1993). The role of macroeconomic factors in growth. Journal of Monetary Economics, 32(3), 485–512. Fisman, R., & Love, I. (2003). Trade credit, financial intermediary development, and industry growth. The Journal of Finance, 58(1), 353–374. Follett, R. (2012). How to keep score in business: Accounting and financial analysis for the non-accounting. (2nd ed.). Upper Saddle River, NJ: FT Press. Frank, S. U. J. (2015). Courtesy Visit by the Association to his Excellency, President Muhammadu Buhari, GCFR, President of the Federal Republic of Nigeria. Manufacturers Association of Nigeria. Retrieved from file:///C:/Users/J4JOY/Desktop/Manufacturers%20 Association%20of%20Nigeria%20%28MAN%29.html] Gahala, C. L. (1996). Credit management: Principles and practices (2nd ed.). Baltimore, MD: Port City Press. Ganesan, V. (2007). An analysis of working capital management efficiency in telecommunication equipment industry. Rivier Academic Journal, 3(2), 1–10. García-Teruel, P., & Martinez-Solano, P. (2007). Effects of working capital management on SME profitability. International Journal of Managerial Finance, 3(2), 164–177. Gary, S. H., & Birger, W. (1989). Determinants of firm performance: The relative importance of economic and organizational factors. Strategic Management Journal, 10(5), 399–411. George. T. F, Lydia, L. F. S., & Franklin, Jr, F. J. P. (2002). Essentials of corporate performance measurement. New York, NY: John Wiley & Sons. Ghofar, A., & Islam, S. M. (2015). Corporate governance and contingency theory: A structural equation modeling approach and accounting risk implications. Cham, Switzerland: Springer. Gill, A., Biger, N., & Mathur, N. (2010). The relationship between working capital management and profitability: Evidence from the United States. Business and Economics Journal, 10(1), 1–9. Gitman, L. J. & Sachdeva K. S. (1984). A framework for estimating and analyzing the required working capital investment. Review of Business and Economic Research, 17(3), 36–44. Gitman, L. J. (1974). Estimating corporate liquidity requirements: A simplified approach. Financial Review, 9(1), 79–88. Glick, W. H., Washburn, N. T., & Miller, C. C. (2005, August). The myth of firm performance. Proceedings of the Annual Meeting of American Academy of Management. Honolulu, Hawaii. Goel, U., & Sharma, A. (2015). Working capital management efficiency in Indian manufacturing sector: Trends and determinants. International Journal of Economics and Business Research, 10(1), 30–45. Gong, G., Li, L. Y., & Wang, J. J. (2011). Serial correlation in management earnings forecast errors. Journal of Accounting Research, 49(3), 677–720. Graham, R., King, R., & Bailes, J. (2000). The value relevance of accounting information during a financial crisis: Thailand and the 1997 decline in the value of the baht. Journal of International Financial Management & Accounting, 11(2), 84–107. Green, C. G., & Martin, D. (2015). Diagnosing the presence of multivariate outliers in fundamental factor data using calibrated robust Mahalanobis distances (Working Paper). Retrieved from http://christopherggreen.github.io/papers/mvoutliers finance.pdf Greene, W. H. (2003). Econometric analysis (5th ed.). Upper Saddle River, NJ: Prentice-Hall. Greene, W. H. (2008). Econometric analysis (6th ed.). Upper Saddle River, NJ: Prentice- Hall. Grubbs, F. E. (1969). Procedures for detecting outlying observations in samples. Technometrics, 11(1), 1–21. Guest, G., Bunce, A., & Johnson, L. (2006). How many interviews are enough? An experiment with data saturation and variability. Field methods, 18(1), 59–82. Gujarati, D. (2006). Basic econometrics (4th ed.). New York, NY: The McGraw-Hill Irwin. Gujarati, D., & Porter, D. (2009) Multicollinearity: What happens if the regressors are correlated? In Basic Econometrics (5th ed.) (pp. 320-364). New York, NY: McGraw-Hill Irwin. Gul, S., Khan, M. B., Rehman, S. U., Kahn, M. T., Khan, M., & Khan, W. (2013). Working capital management and performance of SME sector. European Journal of Business and Management, 5(1), 60–68. Guthman, H. G., & Dougaall, H. E. (1984). Corporate financial policy (2nd ed.). New York: Prentice-Hall Inc. Hagel, J., Brown, J. S., Samoylova, T., & Lui, M. (2013). Success or struggle: ROA as a true measure of business performance. Report 3 of the 2013 Shift Index series. Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2009). Multivariate data analysis (7th ed.). Upper Saddle River, NJ: Prentice Hall. Hair, J. F., Black, W.C., Babin, B. J. & Anderson, R. E. (2010). Multivariate data analysis (7th ed.). Englewood Cliffs: Prentice Hall. Haq, I. Sohail, M., Zaman, K., & Alam, Z. (2011). The relationship between working capital management and profitability: A case study of cement industry in Pakistan. Mediterranean Journal of Social Sciences, 2(2), 365–372. Hausman, J. (1978). Specification tests in econometrics. Econometrica, 46, 1251–1271. Hausman, J. A., & Taylor, W. E. (1981). Panel data and unobservable individual effects. Econometrica: Journal of the Econometric Society, 49(6), 1377–1398. Hayes, D. C. (1977). The contingency theory of managerial accounting. Accounting Review, 52(1), 22–39. Hill, M. D., Kelly, G. W., & Highfield, M. J. (2010). Net operating working capital behavior: A first look. Financial Management, 39(2), 783–805. Hoechle, D. (2007). Robust standard errors for panel regressions with cross-sectional dependence. Stata Journal, 7(3), 281–312. Holliman, G., & Rowley, J. (2014). Business to business digital content marketing: Marketers’ perceptions of best practice. Journal of Research in Interactive Marketing, 8(4), 269–293. Hsiao, C. (2003). Analysis of panel data (2nd ed.). Cambridge: Cambridge University Press. Hutchison, P. D., Farris II, M. T. & Anders, S. B., (2007). Cash-to-cash analysis and management. The CPA Journal, 77(8), 42–47. Ikechukwu, O. I. & Nwakaego, D. A. (2015). The effect of accounts payable ratio on the financial performance of food and beverages manufacturing companies in Nigeria. Journal of Research in Business and Management, 3(9), 15–21. Iqbal, A., & Zhuquan, W. (2015). Working capital management and profitability evidence from firms listed on Karachi stock exchange. International Journal of Economics and Finance, 7(2), 231–235. Islam, N. (1995). Growth empirics: A panel data approach. The Quarterly Journal of Economics, 110(4), 1127–1170. Ivankova, N. V., Creswell, J. W., & Stick, S. L. (2006). Using mixed-methods sequential explanatory design: From theory to practice. Field Methods, 18(1), 3–20. Izuchukwu, C. D., & Patricia, C. N. (2015). Impact of inflation on economic growth in Nigeria (2000-2009). International Journal of Business and Management Review, 3(5), 26–34. James, O, Richard, & Victor, A. (2013). Interest rate targeting: A monetary tool for economic growth in Nigeria? - Stakeholders’ approach. Advances in Economics and Business 1(2), 103–123. Javid, S. (2014). Effect of working capital management on SME’s performance in Pakistan. European Journal of Business and Management, 6(12), 206–220. Javid, S., & Zita, V. P. M. (2014). Impact of working capital policy on firm’s profitability: A case of Pakistan cement industry. Research Journal of Finance and Accounting, 5(5), 182 –191. Jayarathne, T. A. N. R. (2014, February). Impact of working capital management on profitability: Evidence from listed companies in Sri Lanka. In Reshaping Management and Economic Thinking through Integrating Eco-Friendly and Ethical Practices: Proceedings of the 3rd International Conference on Management and Economics (pp. 269–274). Sri Lanka: Faculty of Management and finance, University of Ruhuna. Jensen, M. (1986). Agency costs of free cash flow, corporate finance and takeovers. American Economic Review, 76(2), 323–339. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. Jick, T. D. (1979). Mixing qualitative and quantitative methods: Triangulation in action. Administrative Science Quarterly, 24(4), 602–611. John, A. O., & Adebayo, O. (2013). Effect of firm size on profitability: Evidence from Nigerian manufacturing sector. Prime Journal of Business Administration and Management, 3(9), 1171–1175. Johnson, R. B., & Onwuegbuzie, A. J. (2004). Mixed methods research: A research paradigm whose time has come. Educational Researcher, 33(7), 14–26. Kaddumi, T. A., & Ramadan, I. Z. (2012). Profitability and working capital management: The Jordanian case. International Journal of Economics and Finance, 4(4), 217–226. Kadri, M. H., Aziz, R. A., & Ibrahim, M. K. (2010, December). Balanced scorecard equity valuation model. In Proceedings of the 2010 International Conference on Science and Social Research (pp. 25-30). Kuala Lumpur, Malaysia: IEEE. Kang, H. (2013). The prevention and handling of the missing data. Korean Journal of Anesthesiology, 64(5), 402–406. Kaplan, R. S., & Norton, D. P. (1992). The balanced scorecard – measures that drive performance. Harvard Business Review, January-February, 70(1), 71–79. Karaduman, H. A., Akbas, H. E., Caliskan, A. O., & Durer, S. (2011). The relationship between working capital management and profitability: Evidence from an emerging market. International Research Journal of Finance and Economics, 62(6), 61–67. Karaduman, H. A., Akbas, H. E., Ozsozgun, A., & Durer, S. (2010). Effects of working capital management on profitability: The case for selected companies in the Istanbul Stock Exchange (2005-2008). International Journal of Economics and Finance Studies, 2(2), 47–54. Kasiran, F. W., Mohamad, N. A., & Chin, O. (2016). Working capital management efficiency: A study on the small medium enterprise in Malaysia. Procedia Economics and Finance, 35, 297–303. Keh, H. T., Nguyen, T. T. M., & Ng, H. P. (2007). The effects of entrepreneurial orientation and marketing information on the performance of SMEs. Journal of Business Venturing, 22(4), 592–611. Kennerley, M., & Neely, A. (2003). Measuring performance in a changing business environment. International Journal of Operations & Production Management, 23(2), 213–229. Khan, M. S., & Senhadji, A. S. (2001). Threshold effects in the relationship between inflation and growth. IMF Staff papers, 48(1) 1–21. Kieschnick, R., Laplante, M., & Moussawi, R. (2006). Corporate working capital management: Determinants and consequences. International Journal of Managerial Finance, 3(2), 164–177. Kieschnick, R., Laplante, M., & Moussawi, R. (2013). Working capital management and shareholders’ wealth. Review of Finance, 17(5), 1827–1852. Kline, R. B. (2011). Principles and practice of structural equation modelling (3rd ed.). New York: Guilford Press. Knupfer, N. N., & McLellan, H. (1996). Descriptive research methodologies. Handbook of Research for Educational Communications and Technology (pp. 1196-1212). Kola, J. (2014 June 26). Key note address by the president of manufacturers association of Nigeria, Chief Kola Jamodu, to the Nigeria infrastructure building conference 2014 held at the Four Points by Sheraton on Thursday June 26, 2014. Retrieved from http://cowriepartners.com/wp-content/uploads/2014/07/Keynote-Address-by-MAN-Pre sident-at-the-Infrastructure-Conference.pdf Kolapo, F. T., Oke, M. O., & Ajayi, L. B. (2015). Effect of working capital management on corporate performance: Cross-sectional evidence from Nigeria. IOSR Journal of Business and Management, 17(2), 93–103. Kontus, E. (2013). Management of accounts receivable in a company. Ekonomska Misao i Praksa, 22(1), 21–38. Kontuš, E. (2014). Management of inventory in a company. Ekonomski Vjesnik/Econviews: Review of Contemporary Business, Entrepreneurship and Economic Issues, 27(2), 245–256. Korankye, T., & Adarquah, R. S. (2013). Empirical analysis of working capital management and its impact on profitability of listed manufacturing firms in Ghana. Research Journal of Finance and Accounting, 4(1), 124–131. Kotler P. (1994). Marketing management: Analysis planning implementation and control (5th ed.). Englewood Cliffs, NJ: Prentice-Hall, Inc. Koumanakos, D. P. (2008). The effect of inventory management on firm performance. International Journal of Productivity and Performance Management, 57(5), 355–369. Krippendorff, K. (2004). Content analysis: An introduction to its methodology (4th ed.). Thousand Oaks, CA: Sage. Ku, H. S., Mustapha, U., & Goh, S. (2010). Literature review of past and present performance of the Nigerian manufacturing sector. Proceedings of the Institution of Mechanical Engineers, Part B: Journal of Engineering Manufacture, 224(12), 1894–1904. Kurawa, J. M., & Garba, S. (2014). Impact of working capital management on the profitability of quoted Nigerian cement companies. International Journal of Advanced Studies in Business Strategies and Management, 2(1), 1741–8763. Kvale, S., & Brinkmann, S. (2009). Interviews: Learning the craft of qualitative interviewing. Los Angeles, CA: Sage. Lawal, A. A, Abiola, B. I, Oyewole, O. M. (2015) Effect of working capital management on the profitability of selected manufacturing companies in Nigeria. International Journal of Sciences: Basic and Applied Research, 19(2), 370–386. Lawrence, P. R., & Lorsch, J. W. (1967). Organization and environment. Homewood, IL: Irwin. Lazaridis, I., & Tryfonidis, D. (2006). Relationship between working capital management and profitability of listed companies in the Athens stock exchange. Journal of Financial Management and Analysis, 19(1), 1–12. Lebas, M., & Euske, K. (2002). A conceptual and operational delineation of performance. In A. Kneely (Ed.), Business performance measurement: Theory and practice, 65-79. Cambridge, England: Cambridge University Press. Lee, H. H., & Kleiner, B. H. (2001). Inventory management in the women's retail clothing industry. Management Research News, 24(3/4), 40–44. Lei, Z. (2006). Measuring regional economic effects of low – cost carriers in the UK: A Panel Data Econometric Approach (Unpublished Doctoral thesis). University of Surrey, School of Management. Lev, B., & Sunder, S. (1979). Methodological issues in the use of financial ratios. Journal of Accounting and Economics, 1(3), 187–210. Lewellen, W. G., Halloran, J. A., & Lanser, H. P. (2000). Financial management: An introduction to principles and practice. Nashville, TN: South-Western College Publishing. Lins, D. A., & Duncan, M. (1980). Inflation effects on financial performance and structure of the farm sector. American Journal of Agricultural Economics, 62(5), 1049-1053. LiveMint (2016, May 30). Indian firms bad in working capital cycle management. EY Report. Retrieved from http://www.livemint.com/Companies/RJ7 ePrex5C8ubs ORBR3II/Indian-firms-bad-in-working-capital-cycle-management-EY-rep.html Luiz, J. (2006). Challenges and prospects for economic and business development in Africa. Retrieved from http://www.iese.edu/en/files/John%20Luiz_tcm4-52018.pdf Lumley, T., Diehr, P., Emerson, S., & Chen, L. (2002). The importance of the normality assumption in large public health data sets. Annual Review of Public Health, 23(1), 151–169. Luo, M. M., Lee, J. J.-Y., & Hwang, Y. (2009). Cash conversion cycle, firm performance and stock value. Financial Management Association Annual Meeting, October 21-24, Reno-Lake Tahoe, Retrieved from www.fma.org/Reno/ Papers/CCC_performance_value_FMA.pdf Lwiki, T., Ojera, P. B., Mugenda, N. G., & Wachira, V. K. (2013). The impact of inventory management practices on financial performance of sugar manufacturing firms in Kenya. International Journal of Business, Humanities and Technology, 3(5), 75 – 85. Lyroudi, K., & Lazaridis, Y. (2000). The cash conversion cycle and liquidity analysis of the food industry in Greece. Paper Presented at EFMA 2000, Athens, June, Retrieved from http://ssrn.com/paper¼236175 Madhou, A., Moosa, I., & Ramiah, V. (2015). Working capital as a determinant of corporate profitability. Review of Pacific Basin Financial Markets and Policies, 18(4), 1–17. Maiga, A. S., & Jacobs, F. A. (2009). JIT performance effects: A research note. Advances in Accounting, 25(2), 183–189. Makori, D., & Jagongo, A. (2013). Working capital management and firm profitability: Empirical evidence from manufacturing and construction firms listed on Nairobi securities exchange, Kenya. International Journal of Accounting and Taxation, 1(1), 1–14. Mandal, N. Mahavidyalaya, B. N. S., & Goswami, B. S. (2010). Impact of working capital management on liquidity, profitability and non-insurable risk and uncertainty bearing: A case study of oil and natural gas commission (ONGC). Great Lakes Herald, 4(2), 21–42. Mansoori, D. E., & Muhammad, D. J. (2012). The effect of working capital management on firm’s profitability: Evidence from Singapore. Interdisciplinary Journal of Contemporary Research in Business, 4(5), 472–486. Manyo, T. S. & Ike, U. J. (2013). The effect of account receivable on return on assets of selected firms in Nigeria, International Journal of Current Research, 5(12), 3767–3773. Manyo, T. S. (2013). Does cash conversion cycle have impact on return on assets of Nigerian firms? Research Journal of Finance and Accounting, 4(14), 34–42. Mark, I. (2016). FAAC: Nigeria revenue drops by 24.058 bn. Daily Independence. Retrieved from independentnig.com/2016/02/faac.nigeria-revenue-drops-n24-058bn Martínez-Sola, C., García-Teruel, P. J., & Martínez-Solano, P. (2014). Trade credit and SME profitability. Small Business Economics, 42(3), 561–577. Martínez-Sola, C., García-Teruel, P. J., & Martínez-Solano, P. (2013). Corporate cash holding and firm value. Applied Economics, 45(2), 161–170. Maswadeh, S. N. (2015). Association between working capital management strategies and profitability. International Journal of Accounting and Financial Reporting, 5(1), 91–98. Mathuva, M. D. (2010). The influence of working capital management components on corporate profitability: A survey on Kenyan listed firms. Research Journal of Business Management, 4(1), 1–11. Mathuva, M. D. (2013). Determinants of corporate inventory holding: Evidence from a developing country. The International Journal of Applied Economics and Finance, 7(1), 1–22. Mathuva, M. D. (2014). An empirical analysis of the determinants of the cash conversion cycle in Kenyan listed non-financial firms. Journal of Accounting in Emerging Economies, 4(2), 175–196. McGivern, M. H., & Tvorik, S. J. (1997). Determinants of organizational performance. Management Decision, 35(6), 417–435. McKinnon, R. I. (1973). Money and capital in economic development. Washington, DC: Brookings Institution Press. McShane, R. W., & Sharpe, I. G. (1985). A time series/cross section analysis of the determinants of Australian trading bank loan/deposit interest margins: 1962–1981. Journal of Banking & Finance, 9(1), 115–136. Miller, D. (1986). Configurations of strategy and structure: Towards a synthesis. Strategic Management Journal, 7(3), 233–249. Mirza, S. A., & Javed, A. (2013). Determinants of financial performance of a firm: Case of Pakistani stock market. Journal of Economics and International Finance, 5(2), 43–52. Mistry, J. J. (2005). Origins of profitability through JIT processes in the supply chain. Industrial Management & Data Systems, 105(6), 752–768. Mohamad, N. E. A. B., & Saad, N. B. M. (2010). Working capital management: The effect of market valuation and profitability in Malaysia. International Journal of Business and Management, 5(11), 140–147. Mohammed, N. (2011). The effect of working capital policies management on firms’ profitability Evidence from Manufacturing Private Limited Companies in Addis Ababa, Ethiopia (Unpublished doctoral dissertation). Addis Ababa University. Moyer, R. C., Mcguigan, J. R., & Kretlow, W. J. (2003). Contemporary financial management (9th ed.). Stanford, CN: Thomson Learning. Muhammad, D. S., Lakhan, G. R., Zafar, S., & Noman, M. (2013). Rate of interest and its impact on investment to the extent of Pakistan. Pakistan Journal of Commerce and Social Sciences, 7(1), 91–99. Muhammad, M., Jan, W. U., & Ullah, K. (2012). Working capital management and profitability: An analysis of firms of textile industry of Pakistan. Journal of Managerial Sciences, 6(2), 155–165. Muritala, T. (2011). Investment, inflation and economic growth: empirical evidence from Nigeria. Research Journal of Finance and Accounting, 2(5), 68–76. Murphy, G. B., Trailer, J. W., & Hill, R. C. (1996). Measuring performance in entrepreneurship research. Journal of Business Research, 36(1), 15–23. Murthy, S. R. Y. (2015). Working capital, financing constraints and firm financial performance in GCC Countries. Information Management and Business Review, 7(3), 59–64. Murugesu, T. (2013). Effect of cash conversion cycle on profitability: Listed plantation companies in Sri Lanka. Research Journal of Finance and Accounting, 4(18), 132–137. Muscettola, M. (2014). Cash conversion cycle and firm's profitability: An empirical analysis on a sample of 4,226 manufacturing SMEs of Italy. International Journal of Business and Management, 9(5), 25–35. Myers, R. H. (1990). Classical and modern regression with applications. Boston, MA: PWS-KENT Publishing Co. Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. Napompech, K. (2012). Effects of working capital management on the profitability of Thai listed firms. International Journal of Trade, Economics and Finance, 3(3), 227–232. Narender, V., Menon, S., & Shwetha, V. (2008). Factors determining working capital management in cement industry. South Asian Journal of Management, 15(4), 64–78. Nasser, A., T. A., Samat, O., & Othman, A. M. (2010). Working capital management performance in Air Asia, Malaysia Airlines and Qantas/Abu Thahir Abdul Nasser, Omar Samaf and Ahmad Marzuki Amiruddin Othman. Social and Management Research Journal, 7(1), 1–21. National Bureau of Statistics, (2014). Nigeria in 2014: Economic review and 2015 – 2017 Outlook. National Bureau of Statistics, Retrieved from http://sparc-nigeria.com/GREAT/files/5-Economic-Update-source-materials/NBS-Economi c -Review-2014-and%20Outlook-2015.pdf Nazir, M. S., & Afza, T. (2009). Impact of aggressive working capital management policy on firms’ profitability. The IUP Journal of Applied Finance, 15(8), 19–30. Nazir, M. S., & Afza, T. (2009). Working capital requirements and the determining factors in Pakistan. The IUP Journal of Applied Finance, 15(4), 28–38. Neely, A., Gregory, M., & Platts, K. (1995). Performance measurement system design: A literature review and research agenda. International Journal of Operations & Production Management, 15(4), 80–116. Ng, C. K., Smith, J. K., & Smith, R. L. (1999). Evidence on the determinants of credit terms used in interfirm trade. The Journal of Finance, 54(3), 1109–1129. Ngwenya, S. (2012). The relationship between working capital management and profitability of companies listed on the Johannesburg Stock Exchange. Journal of Modern Accounting and Auditing, 8(8), 1204–1213. Nha, D. B., & Loan, T. B. N. (2015). Working capital management and firm value: Evidence from the Vietnamese Stock Market. Available at SSRN 2648066. Nicholas, M. O. (2010). Interest rate deregulation, bank development and economic growth in South Africa: An empirical investigation. International Business and Economic Journal, 9(11), 131–142. Nigeria Economic Report (2015) Discussion Series. World Bank Group. No. 3. November. Nigerian Economic Outlook (2016, February 23) Economic forecasts from world’s leading economists. Focus Economics. Retrieved from www.focus-economics.com/countries/Nigeria Nijam, H. M. (2016). Cash conversion cycle, its properties and profitability: Evidence from listed hotel companies in Sri Lanka. Research Journal of Finance and Management, 7(1), 23–32. Nilsen, J. H. (2002). Trade credit and bank lending channel. Journal of Money, Credit and Banking, 34 (1), 226–253. Niresh, A., & Thirunavukkarasu, V. (2014). Firm size and profitability: A study of listed manufacturing firms in Sri Lanka. International Journal of Business and Management, 9(4), 57–64. Njiforti, P. (2015). Impact of the 2007/2008 global financial crisis on the stock market in Nigeria. CBN Journal of Applied Statistics. 6(1a), 49–68. Nobanee, H. (2009). Working capital management and firm's profitability: An optimal cash conversion cycle. Available at SSRN 147123. Nobanee, H., & Al Hajjar, M. (2009). A note on working capital management and corporate profitability of Japanese firms. Available at SSRN 1433243. Nobanee, H., & Ellili, N. O. D. (2015). Working capital management and performance of Kuwait construction companies. Corporate Ownership & Control, 12(2), 349–355. Nobanee, H., Abdullatif, M. & AlHajjar, M. (2011). Cash conversion cycle and firm’s performance of Japanese firms. Asian Review of Accounting, 19(2), 147–156. Nobanee, H., & Ellili, N. O. D. (2015). Does credit policy affect the performance of Saudi construction companies? Aktual'ni Problemi Ekonomìki / Actual Problems of Economics, 171(9), 226–234. Noreen, U., Khan, S. K., & Abbas, Q. (2009). International working capital practices in Pakistan. International Research Journal of Finance and Economics, 32(32), 160–170. NPC (2017). Nigerian’s population now 182 million – NPC. Retrieved from http://population.gov.ng/ Nurein, S. A., Din, M. S., & Mohd Rus, R. (2015). Nonlinear relationship between investment in working capital and performance: Innovative evidence from food and beverages industry. European Journal of Economics, Finance and Administrative Sciences, (77).63–72. Nwakaego, D. A., Dorathy, O. C., & Ikechukwu, O. (2014). Inventory management on the profitability of building materials and chemical and paint companies in Nigeria. World Journal of Management and Behavioral Studies 2(2), 21–27. Nyamao, N. R., Patrick, O., Martin, L., Odondo, A. J., & Simeyo, O. (2012). Effect of working capital management practices on financial performance: A study of small scale enterprises in Kisii South district, Kenya. African Journal of Business Management, 6(18), 5807–5817. Obamuyi, T. M. (2009). An investigation of the relationship between interest rates and economic growth in Nigeria, 1970-2006. Journal of economics and International Finance, 1(4), 93–98. Obansa, S. A., Okoroafor, O. D., Aluko, O. O., & Eze, M. (2013). Perceived relationship between exchange rate, interest rate and economic growth in Nigeria: 1970-2010. American Journal of Humanities and Social Sciences, 1(3), 116–124. Obert, M., & Olawale, F. (2010). Does debt really matter on the profitability of small firms? A perspective on small manufacturing firms in Bulawayo, Zimbabwe. African Journal of Business Management, 4(9), 1709–1716. Obura, J., & Anyango, C. (2015). Moderating effect of interest rates on relationship between foreign exchange rate fluctuation and performance of Nairobi securities exchange market. Universal Journal of Accounting and Finance, 4(2), 27–34. Odewale, R. W., & Kamardin, H. (2015). Company performance in Nigerian listed companies: Do large shareholders expropriate minority shareholders? Mediterranean Journal of Social Sciences, 6(6), 236–246. Odhiambo, N. M. (2008). Financial depth, savings and economic growth in Kenya: A dynamic causal linkage. Economic Modelling, 25(4), 704–713. Odularu, G. O. (2008). Crude oil and the Nigerian economic performance. Oil and Gas Business, 1–29. Ogbo, A. I., & Ukpere, W. I. (2014). The impact of effective inventory control management on organisational performance: A study of 7up bottling company Nile Mile Enugu, Nigeria. Mediterranean Journal of Social Sciences, 5(10), 109–118. Ogundipe, S. E., Idowu, A., & Ogundipe, L. O. (2012). Working capital management, firms’ performance and market valuation in Nigeria. World Academy of Science, Engineering and Technology, 61(1), 1196–1200. Ojo A, S & Ololade. F O. (2014). An assessment of the Nigerian manufacturing sector in the era of globalization. American Journal of Social and Management Sciences. 5(1), 27–32. Oladipupo, A. O., & Okafor, C. A. (2013). Relative contribution of working capital management to corporate profitability and dividend payout ratio: Evidence from Nigeria. International Journal of Business and Finance Research, 3(2), 11–20. Olayemi, S. O., & Micheal, J. O. (2013). Real interest rate and savings mobilization in Nigeria. International Journal of Development and Economic Sustainability, 1(2), 28–40. Olusegun, A. (2013) Manufacturing in Nigeria: Rising from the doldrums? Retrieved from www.thisdaylive.com/article/manufacturing-in-nigeria-from-the-deldrums-/150749 Omay, T., & Kan, E. Ö. (2010). Re-examining the threshold effects in the inflation–growth nexus with cross-sectionally dependent non-linear panel: Evidence from six industrialized economies. Economic Modelling, 27(5), 996–1005. Omolade, A., & Mukolu. M.O. (2013). Working capital and organization performance in Nigeria. International Journal of Business and Management Invention, 2(6)26–35. Omotola, A. H. (2013, November 11). Impact of the global financial crisis on the Nigerian economy. Nigeria Economy. Proshare. Retrieved from https://www.proshareng.com/news/Nigeria%20Economy/Impact-of-the-Global-Financial-Crisis-on-the-Nigerian-Economy/21539 Onodje, M. A. (2014). Working capital management and performance of selected Nigerian manufacturing companies. Global Journal of Management and Business Research: B Economics and Commerce 14(3), 40–49. Onwumere, J. U. J., Okore, O. A., & Ibe, I. G. (2012). The impact of interest rate liberalization on savings and investment: Evidence from Nigeria. Research Journal of Finance and Accounting, 3(10), 130–136. Osundina, J. (2014). Working capital management and profitability: Evidence from quoted food and beverages manufacturing firms in Nigeria. Research Journal of Finance and Accounting, 5(4), 101–107. Osundina, J. A., & Osundina, K. C. (2014). The effect of working capital management on market value of quoted food and beverages manufacturing firms in Nigeria. International Journal of Business and Social Science, 5(8), 168–177. Otley, D. T. (1980). The contingency theory of management accounting: Achievement and prognosis. Accounting, Organizations and Society, 5(4), 413–428. Owolabi, S. A., & Alu, C. N. (2012). Effective working capital management and Profitability: A study of selected quoted manufacturing companies in Nigeria. Economic and Finance Review, 2(6), 55–67. Padachi, K. (2006). Trends in working capital management and its impact on firms’ performance: An analysis of Mauritian small manufacturing firms. International Review of Business Research Papers, 2(2), 45–58. Pais, M. A., & Gama, P. M. (2015). Working capital management and SMEs profitability: Portuguese evidence. International Journal of Managerial Finance, 11(3), 341–358. Pallant, J. (2011). SPSS survival manual: A step by step guide to data analysis using SPSS program (4th ed.). Sydney: Allen & Unwin. Pandey, I. M. (2005). Financial Management (9th ed.). New Delhi: Vikas Publishing. House Pvt. Ltd. Pandey, I. M. (2013) Financial Management (10th ed.). New Delhi: Vikas Publishing House Pvt. Ltd. Panigrahi, A. K., & Sharma, A. (2013). Working capital management and firms’ performance: An analysis of selected Indian cement companies. Asian Journal of Research in Business Economics and Management, 3(9), 115–130. Pass, C. L., & Pike, R. H. (1984). An overview of working capital management and corporate financing. Managerial Finance, 10(3), 1–11. Patton, M. Q. (1990). Qualitative evaluation and research methods. Newbury, CA: Sage. Peel, M. J., Wilson, N., & Howorth, C. (2000). Late payment and credit management in the small firm sector: Some empirical evidence. International Small Business Journal, 18(2), 17–37. Periasamy, P. (2009) Financial Management (2nd ed.). New Delhi: Tata McGraw – Hill Education Pvt. Ltd. Pervan, M., & Višic, J. (2012). Influence of firm size on its business success. Croatian Operational Research Review, 3(1), 213–223. Pike, R., & Cheng, N. S. (2001). Credit management: An examination of policy choices, practices and late payment in UK companies. Journal of Business Finance & Accounting, 28(7-8), 1013–1042. Ponsian, N. Chrispina, K. Tago, G. & Mkiibi, H. (2014). The effect of working capital management on profitability. International Journal of Economics, Finance and Management Sciences, 2(6), 347–355. Popova, V., & Sharpanskykh, A. (2010). Modeling organizational performance indicators. Information Systems, 35(4), 505–527. Premium Times (2012, September 11). 800 companies shut down in 3 years, says NACCIMA. Premium Times. Retrieved from http://www.premiumtimesng.com/business/99757-800-companies-shut-down-in-3-years-says-naccima.html Prempeh, K. B. (2015). The impact of efficient inventory management on portability: Evidence from selected manufacturing firms in Ghana. MPRA (pp: 1-6). Retrieved from https://mpra.ub.uni-muenchen.de/67889/1/MPRA_paper_ 67889.pdf PricewaterhouseCoopers (2014). Cash for Growth: Working capital in the manufacturing sector. Retrieved from http://www.pwc.com/gx/en/working-capital-management-services/assets/pwc-working-capital.pdf PricewaterhouseCoopers (2016). Poor working capital management costs industrial manufacturing industry 141 billion. Retrieved from http://pwc.blogs.com/press_room/2016/02/poor-working-capital-management-costs-industrial-manufacturing-industry-141-billion-.html Punch (2016, April 19). Banks cut lending to companies, others. Punch. Retrieved from http://punchng.com/banks-cut-lending-to-companies-others/ Quartey, P. (2003). Finance and small and medium-sized enterprise development in Ghana (Unpublished doctoral dissertation). University of Manchester. Qureshi, M. I., Iftikhar, M., Bhatti, M. N., Shams, T., & Zaman, K. (2013). Critical elements in implementations of just-in-time management: Empirical study of cement industry in Pakistan. Springer Plus, 2(1), 1–14. Rafuse, M. E. (1996). Working capital management: An urgent need to refocus. Management Decision, 34(2), 59–63. Raheman, A., & Nasr, M. (2007). Working capital management and profitability–case of Pakistani firms. International Review of Business Research Papers, 3(1), 279–300. Raheman, A., Afza, T., Qayyum, A., & Bodla, M. A. (2010). Working capital management and corporate performance of manufacturing sector in Pakistan. International Research Journal of Finance and Economics, 47(1), 151–163. Ramachandran, A., & Janakiraman, M. (2009). The relationship between working capital management efficiency and EBIT. Managing Global Transitions, 7(1), 61–74. Ramiah, V., Zhao, Y., & Moosa, I. (2014). Working capital management during the global financial crisis: The Australian experience. Qualitative Research in Financial Markets, 6(3), 332–351. Rao, P. (1971). Some notes on misspecification in multiple regressions. The American Statistician, 25(5), 37–39. Rao, R. K. S. (1989). Fundamentals of financial management (3rd ed.) New York: Macmillan. Rauch, A., Wiklund, J., Lumpkin, G. T., & Frese, M. (2009). Entrepreneurial orientation and business performance: An assessment of past research and suggestions for the future. Entrepreneurship Theory and Practice, 33(3), 761–787. Reimann, C., Filzmoser, P., Garrett, R. G., & Dutter, R. (2011). Correlation. Statistical Data Analysis, 1(2), 181–191. Richard, P. J., Devinney, T. M., Yip, G. S., & Johnson, G. (2009). Measuring organizational performance: Towards methodological best practice. Journal of management. 35(3), 718–804. Richards, V. D., & Laughlin, E. J. (1980). A cash conversion cycle approach to liquidity analysis. Financial Management, 9(1), 32–38. Ross, S. A., Westerfield, R. W., & Jordan, B. D. (2010). Fundamentals of corporate finance (9th ed.). New York, NY: McGraw-Hill/Irwin. Ross, S. A., Westerfield, R. W., & Jordan, B. D. (1999). Essentials of corporate finance (8th ed.). New York, NY: McGraw-Hill/Irwin. Roundtable (1999). The role of business in the 21st century: Strategy & leadership roundtable. Strategy & Leadership, 27(4/5), 26-30. Ruback, R. (2003). Dell’s working capital. Case Study, Case 9201-9729. Boston, M.A.: Harvard Business School. Saghir, A., Hashmi, F, M., & Hussain, M, N (2011). Working capital management and profitability: Evidence from Pakistan firms. Interdisciplinary Journal of Contemporary Research in Business, 3(8), 1092–1105. Sagner, J. S. (2011). Essentials of working capital management. Hoboken, NJ: John Wiley & Sons. Salami, D., & Kelikume, I. (2010). An estimation of inflation threshold for Nigeria (1970-2008). International Review of Business Research Papers, 6(5), 375–385. Salawu, R. O. (2007). Capital industry practice and aggressive conservative working capital policies in Nigeria. Global Journal of Business Research, 1(2), 109–117. Salek, J. G. (2005). Accounts receivable management best practices. Hoboken, NJ: John Wiley & Sons. Salman, A. Y., Folajin, O. O., & Oriowo, A. O. (2014). Working capital management and profitability: A study of selected listed manufacturing companies in Nigerian stock exchange. International Journal of Academic Research in Business and Social Sciences, 4(8), 287–295. Sami, H., & Zhou, H. (2004). A comparison of value relevance of accounting information in different segments of the Chinese stock market. The International Journal of Accounting, 39(4), 403–427. Samiloglu, F., & Akgün, A. I. (2016). The relationship between working capital management and profitability: Evidence from Turkey. Business and Economics Research Journal, 7(2), 1–14.

The moderating effect of economic conditions on the relationship between working capital management and firm performance in Nigeria

Similar Items