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Changes of working capital management and firm value in Thailand and Singapore

Efficient working capital management ensures a firm can run the day-to-day operation smoothly to sustain in a longer period. Hence, the firm should be more careful on changes of working capital management. The study explores the impact of changes of working capital management on firm value using 200...

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Main Authors: Zariyawati, Mohd Ashhari, Mohammad Reyad, Hossain
Format: Article
Published: Inderscience Publishers 2022
Online Access:http://psasir.upm.edu.my/id/eprint/100659/
https://www.inderscienceonline.com/doi/abs/10.1504/GBER.2022.125045
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spelling my.upm.eprints.1006592023-09-15T08:16:03Z http://psasir.upm.edu.my/id/eprint/100659/ Changes of working capital management and firm value in Thailand and Singapore Zariyawati, Mohd Ashhari Mohammad Reyad, Hossain Efficient working capital management ensures a firm can run the day-to-day operation smoothly to sustain in a longer period. Hence, the firm should be more careful on changes of working capital management. The study explores the impact of changes of working capital management on firm value using 200 listed non-financial firms from Thailand and Singapore from 2009 to 2018. By employing static panel data regressions, the study demonstrates that shareholders in Thailand perceive an extra working capital investment is significantly less worth than an extra Thai baht of cash investment. Conversely, shareholders in Singapore perceive that extra Singapore dollar of cash investment and extra working capital investment reduces firm value. These different results from both countries are expected due to the different levels of market development. Inderscience Publishers 2022-08-05 Article PeerReviewed Zariyawati, Mohd Ashhari and Mohammad Reyad, Hossain (2022) Changes of working capital management and firm value in Thailand and Singapore. Global Business and Economics Review, 27 (2). 149 - 166. ISSN 1097-4954; ESSN: 1745-1329 https://www.inderscienceonline.com/doi/abs/10.1504/GBER.2022.125045 10.1504/GBER.2022.125045
institution Universiti Putra Malaysia
building UPM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Putra Malaysia
content_source UPM Institutional Repository
url_provider http://psasir.upm.edu.my/
description Efficient working capital management ensures a firm can run the day-to-day operation smoothly to sustain in a longer period. Hence, the firm should be more careful on changes of working capital management. The study explores the impact of changes of working capital management on firm value using 200 listed non-financial firms from Thailand and Singapore from 2009 to 2018. By employing static panel data regressions, the study demonstrates that shareholders in Thailand perceive an extra working capital investment is significantly less worth than an extra Thai baht of cash investment. Conversely, shareholders in Singapore perceive that extra Singapore dollar of cash investment and extra working capital investment reduces firm value. These different results from both countries are expected due to the different levels of market development.
format Article
author Zariyawati, Mohd Ashhari
Mohammad Reyad, Hossain
spellingShingle Zariyawati, Mohd Ashhari
Mohammad Reyad, Hossain
Changes of working capital management and firm value in Thailand and Singapore
author_facet Zariyawati, Mohd Ashhari
Mohammad Reyad, Hossain
author_sort Zariyawati, Mohd Ashhari
title Changes of working capital management and firm value in Thailand and Singapore
title_short Changes of working capital management and firm value in Thailand and Singapore
title_full Changes of working capital management and firm value in Thailand and Singapore
title_fullStr Changes of working capital management and firm value in Thailand and Singapore
title_full_unstemmed Changes of working capital management and firm value in Thailand and Singapore
title_sort changes of working capital management and firm value in thailand and singapore
publisher Inderscience Publishers
publishDate 2022
url http://psasir.upm.edu.my/id/eprint/100659/
https://www.inderscienceonline.com/doi/abs/10.1504/GBER.2022.125045
_version_ 1781706680836292608
score 13.211869

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