The Impact of Working Capital Management on the performance of Listed Firms: Evidence of an Emerging Economy

The aim/purpose of this scientific inquiry is to empirically examine the impact working capital management (WCM) [cash conversion cycle (CCC), number days inventory (INV), account receivable (AR), payable (AP)] and control variables [sales growth (GROW), size (SIZE), leverage (LEV), current ratio (CR) fixed financial assets total (FFA)] on firm performance (FP) [ROA, Tobin’s Q (TQ)] in context an emerging economy, Ghana. research used a dynamic panel System Generalized Method Moment (GMM) test hypotheses. Utilizing data extracted from final accounts 36 listed companies, spanning 2010-2019, study examined WCM-performance-nexuses by following methodologies researchers/scholars extant literature. Findings/Results indicates that, whilst INV, AR, LEV demonstrated negative/inverse/indirect associations with FP; AP, GROW, SIZE, CR, FFA depicted positive/direct FP. CCC however, exhibited quadratic concave relationship ROA.