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Autor
Nguyen An Thanh Hong (University of DaLat, Vietnam), Nguyen Tuan Van (University of DaLat, Vietnam)
Tytuł
Working Capital Management and Corporate Profitability : Empirical Evidence from Vietnam
Źródło
Foundations of Management, 2018, vol. 10, nr 1, s. 195-206, tab., bibliogr. 28 poz.
Słowa kluczowe
Kapitał obrotowy, Zarządzanie kapitałem obrotowym, Rentowność przedsiębiorstwa
Working capital, Management of working capital, Enterprise profitability
Uwagi
Klasyfikacja JEL: G3, G31, G32
summ.
This research is funded by Vietnam National Foundation for Science and Technology Development (NAFOSTED) under grant number 502.02-2015.26.
Abstrakt
This paper examines the relationship between working capital management and corporate profitability of Vietnamese listed firms. We propose a different interpretation of the empirical evidence that takes into account the dependency of collection and payment decisions. This helps establish the causal relationship between working capital management and firm profitability, which made the interpretation of the empirical results more meaningful and consistent with the real practice of firms. The analysis results based on a sample of 374 Vietnamese listed firms in the period from 2008 to 2014 show that working capital management positively affects the performance of Vietnamese listed companies. However, the results also indicate that Vietnamese firms do not intentionally use trade credit policy to enhance firms' performance and the observed relationship between trade credit and profitability, though significant, is just by coincidence. (original abstract)
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Bibliografia
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ISSN
2300-5661
Język
eng
URI / DOI
http://dx.doi.org/10.2478/fman-2018-0015
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