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The Impact of Cash Conversion Cycle Components on Financial Performance of Firms Listed in Egyptian Exchange: Empirical Evidence
| المصدر: | مجلة البحوث المحاسبية |
|---|---|
| الناشر: | جامعة طنطا - كلية التجارة - قسم المحاسبة |
| المؤلف الرئيسي: | Azzam, Mohsen Ebied Abdelghafar Younis (Author) |
| المجلد/العدد: | ع2 |
| محكمة: | نعم |
| الدولة: |
مصر |
| التاريخ الميلادي: |
2019
|
| الشهر: | ديسمبر |
| الصفحات: | 1 - 36 |
| DOI: |
10.21608/abj.2019.126562 |
| ISSN: |
2682-3446 |
| رقم MD: | 1019475 |
| نوع المحتوى: | بحوث ومقالات |
| اللغة: | الإنجليزية |
| قواعد المعلومات: | EcoLink |
| مواضيع: | |
| رابط المحتوى: |
عدد مرات التحميل
30
| المستخلص: |
This research aims to achieve the following objectives. Firstly, it examines the relationship between cash conversion cycle and size and liquidity of firms listed in the Egyptian stock exchange. Secondly, it scrutinizes the difference among the Egyptian firms and its industries concerning the length of the cash conversion cycle and its components. Thirdly, it inspects the linkage between cash conversion cycle and its components from one side and profitability measures from another side. Finally, it distinguishes whether the length of the cash conversion cycle and its components have a significant impact on the profitability proxies especially return on assets, return on equity, return on investment and return on sales. The sample comprises of 20 firms within 8 industries in the Egyptian stock exchange and data is collected throughout the period 2011-2018. The findings refer to a negative relationship between cash conversion cycle and each of quick ratio and the firm size. The results reveal that there is a significant difference among each of firms and industries concerning the length of the cash conversion cycle. Regression analysis results indicate that the cash conversion cycle and accounts payable period has a highly significant impact on the return on sales. In the same context, the accounts receivable period has a significant impact on each of return on assets, return on equity and return on sales. Valuable recommendations increase the efficiency of working capital of listed firms via decreasing inventory conversion age, reducing the accounts receivables age and increasing the accounts payable age as possible. Avenue for further research includes several aspects. First, estimating the cash gap in the Egyptian industries separately in order to examine the efficiency of working capital in each industry. Second, advances collections from customers create somewhat adjustments on the cash conversion cycle and it would be interesting to extend this topic in emerging markets. |
|---|---|
| ISSN: |
2682-3446 |
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