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Investigating the effective factors the working capital behavior in Tehran Stock Exchange and Iran fara bourse companies (Quantil Regression Approach)
Volume 1, Issue 1, 2018, Pages 110 - 123
1 Department of Management, University of alborz, qazvin,Iran,
2 Manager, Product Development of Iran Fara Bourse, Iran
3 Department of Economics, Shahroud University of Technology, Iran,
Abstract :
In this study, using two criteria of the Working capital ratio and Cash conversion cycle to explain the management of working capital, Investigates the effective factors (operating cash flow, sales growth, return on assets, company value, company age, firm size, leverage ratio, economic conditions) On the behavior of working capital in Tehran Stock Exchange and Iran fara bourse, Using financial information of 165 companies during 2010-2018. For this purpose, 8 hypotheses were formulated and quantil regression was used order to examine the subject of the research more precisely at various levels. The results of the research indicate that the behavior of working capital Statistical sample companies Affected the factors related to the company and the economic conditions And the effect of the factors examined on each of the indicators of working capital management in different companies Regarding the policy taken by corporates Managers in relation to working capital, it is different and for the working capital optimal management, should be Attention to both indicator and factors affecting them.
In this study, using two criteria of the Working capital ratio and Cash conversion cycle to explain the management of working capital, Investigates the effective factors (operating cash flow, sales growth, return on assets, company value, company age, firm size, leverage ratio, economic conditions) On the behavior of working capital in Tehran Stock Exchange and Iran fara bourse, Using financial information of 165 companies during 2010-2018. For this purpose, 8 hypotheses were formulated and quantil regression was used order to examine the subject of the research more precisely at various levels. The results of the research indicate that the behavior of working capital Statistical sample companies Affected the factors related to the company and the economic conditions And the effect of the factors examined on each of the indicators of working capital management in different companies Regarding the policy taken by corporates Managers in relation to working capital, it is different and for the working capital optimal management, should be Attention to both indicator and factors affecting them.
Keywords :
Working Capital Ratio, Cash Conversion Cycle, Aggressive Policy, conservative Policy
Working Capital Ratio, Cash Conversion Cycle, Aggressive Policy, conservative Policy