Management
Syed Md. Khaled Rahman; Salman Ahmed
Abstract
Short term asset and liability management is significant in corporate finance literature. This paper investigated on the impacts of working capital management (WCM) on profitability of listed companies of cement and tannery industry in Bangladesh. The data of companies has been collected from Dhaka Stock ...
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Short term asset and liability management is significant in corporate finance literature. This paper investigated on the impacts of working capital management (WCM) on profitability of listed companies of cement and tannery industry in Bangladesh. The data of companies has been collected from Dhaka Stock Exchange over the period 2008-2017. Five firms were chosen from each industry by applying simple random sampling method. Study found that WCM has significant impact on profitability. Result revealed that if average payment period, and cash conversion cycle increase it leads to decrease in all four profitability ratios of cement industry’s firms. Cash conversion cycle has significant negative impact on ROE while current ratio (CR) has significant positive effect on NPM. In contrast, tannery industry impacted by days sales outstanding (DSO) negatively. More inventory turnover has reduced ROE & ROCE while stretching payables reduced ROA & NPM. DSO has significant negative and CR has significant positive impact on NPM of tannery industry’s firms. The managers can increase their companies’ profitability by reducing the days sales outstanding, days inventory turnover, cash conversion cycle and average payment period. The study has practical and policy implications for corporate managers, suppliers, customers, and competitors as enhanced profitability has direct and indirect effect on all stakeholders.
Branimir Kalaš; Miloš Pjanić; Nada Milenković; Jelena Andrašić
Volume 3, Issue 4 , April 2016, , Pages 222-232
Abstract
Taxes represent one of the most essential component in contemporary business. Their importance is reflected through stability and predictability which are necessary to international capital inflows. Government should create simple tax system that minimizes the burden of business conditions. The topic ...
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Taxes represent one of the most essential component in contemporary business. Their importance is reflected through stability and predictability which are necessary to international capital inflows. Government should create simple tax system that minimizes the burden of business conditions. The topic is insufficiently researched and there is great space for detailed analysis and interpretation of observed indicator. Guided by this fact, the author's efforts were directed at dealing with this issue and the possibility to reflect efficiency and effectiveness of the tax system in different countries within the considered paying taxes indicator. The aim of paper is paying taxes indicator in the Western Balkans countries and Turkey in period from 2008 to 2015. World Bank calculates this indicator within Doing Business analysis. The paper consists three chapters with the first part deals with the methodology and structure of selected indicator, the second part is focused on tax reforms in selected countries while the third part deals with the results and conclusions which are presented by tables and figures.
