The Impacts of Three Sub-Policies and Sub-Strategies of Working Capital Management on Firm’s Performance in Thailand

• 발행기관: 한국유통과학회
• 저자명: Sareeya WICHITSATHIAN
• 간행물 정보: 『The Journal of Asian Finance, Economics and Business(JAFEB)』Vol. 9 No.7, 249~260쪽, 전체 12쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2022.07.31

영문 초록

The objective of this study was to investigate the impacts of working capital policy and strategy on a firm’s performance including profitability and market value. By applying One-Sample T-Test, working capital investment and financing policies were classified into the three sub-policies and strategies: aggressive, moderate, and conservative, unlike previous studies using two sub- policies and strategies. The results showed that the SET-listed companies in all seven industry sectors primarily adopted an aggressive working capital investment policy and a conservative working capital financing policy, so-called as moderate working capital management strategy (MWS), at 49.40%. While the firms adopted and conservative working capital management strategy (CWS), 45.70%, followed by the aggressive working capital management strategy (AWS), at 4.90%. When examining the impacts among three-sub policies and strategies on a firm’s performance, it was found that the conservative working capital financing policy led to the highest profitability and market value in all industry sectors. The findings also revealed that the aggressive strategy has no impact on a firm’s performance in terms of profitability and market value.

목차

1. Introduction

2. Literature Review

3. Research Methodology

4. Analysis and Results

5. Discussion and Conclusion

References

키워드

Sub-Policies Sub-Strategies Working Capital Management Firm Performance