文章基本信息

标题：WORKING CAPITAL MANAGEMENT POLICIES AND RETURNS OF LISTED MANUFACTURING FIRMS IN GHANA
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作者：ANOKYE M ADAM ; EDWARD QUANSAH ; SYRAM KAWOR 等
期刊名称：Scientific Annals of the “Alexandru Ioan Cuza” University of Iasi – Economic Sciences Series
印刷版ISSN：2501-1960
电子版ISSN：2501-3165
出版年度：2017
卷号：64
期号：2
出版社：Sciendo
摘要：This study sought to determine the effects aggressive/conservative current asset investment and financing policies have on firms’ return for six manufacturing firms listed at Ghana Stock Exchange for a period of 2000-2013. Data were obtained from the annual reports of the firms and the Ghana Stock Exchange. The study adopted longitudinal explanatory non-experimental research design applied to dynamic panel ARDL framework in analyzing the data. The results revealed that the current asset investment and financing policies have highly significant positive effects on returns to equity holders in the long-run. The empirical evidence suggests that conservative current asset investment policies increase firms return while conservative financing policies yields negative returns. The study therefore would enable finance managers to be able to fashion out the appropriate working capital management policies. A firm pursuing conservative current asset investment policy should balance it with aggressive current asset financing policy in order to enhance profitability and create value for their investors.
关键词：aggressive/conservative, current asset investment policies, current asset financing policies, panel ARDL