Effects of working capital management on firm performance: Evidence from the EFQM certified firms

The main aim of the current study is to explore relationship between working capital (WC) and firm performance. We chose a sample 326 Czech firms, including 20 certified firms from EFQM (European Foundation for Quality Management) Excellence Model Albertina database. was taken three sectors: manufacturing, automobile, construction. employed two-step system generalized method moment (GMM) technique determine results. results revealed negative impact WC on performance; moreover, having quality certificate perform better. findings previous research, which were held globally, will encourage directors, managers, leaders participate in award.