Persuaded by the pecking order assumptions, where internal fund is preferred over debt and equity when financing investment projects, this study provided empirical evidence on the interaction between working capital management and corporate debt structure, and the effect of this on corporate...

We characterize the relation between asset structure and capital structure by exploiting variation in the salability of corporate assets. Theory suggests that asset tangibility increases borrowing capacity because it allows creditors to more easily repossess a firm's assets. Tangible assets,...

The final topic in a series looking at financial management from a theoretical perspective, working capital management provides the focus of the current article. We investigate how three key axioms — the risk-return tradeoff, agency conflicts, and stockholder wealth maximization — relate to...

This paper provides contextual explanations on the related aspects of Working Capital (WC) management. The objective of the paper is to illustrate related variables and cash management models in the WC management, especially from an accounting learning point of view. Initially, WC has been...

The purpose of this paper to investigate the efficiency of working capital management and its impact on small firm's liquidity, profitability and operating cash flows. Small firms have a considerable amount of fund tied up with current assets and faced with difficulties to access external fund...

The current study aims to evaluate the impact of working capital components on the financial performance of Indian pharmaceutical companies. Moreover, it aims to analyze working capital among small, medium and large firms. The study uses a panel data of 82 pharmaceutical companies for the period...