Working Capital Management and Firm Value : Evidence from the Vietnamese Stock Market

This paper examines the linkage between working capital management and firm value. Our sample includes manufacturing companies in Vietnam stock market from 2006 to 2014. The result indicates that there is convincing evidence of existence of a non-linear relation between working capital management and firm value. Following Tong Z., (2008) in determining Deviation, the results show that the deviation from estimating working capital will reduce firm value. Our study helps firm manager enhance performance in working capital management at optimal level and it will lead to increase the firm value