Relationship between working capital, operating cash flows and operating income : empirical evidences from listed firms in Tehran Stock Exchange

The main purpose of this research is to investigate the relationship between working capital, operating cash flow and operating income, in the companies that listed in Tehran Stock Exchange. Panel analysis is applied to sample of 52 companies during the period 2000-2009. The results show that there is a positive relationship between working capital and operating profit. But there is not meaningful relationship between operating cash flows and working capital. -- working capital ; operating cash flows ; operating profit ; panel data ; operating income