WORKING CAPITAL MANAGEMENT AND CORPORATE PERFORMANCE IN QUOTED MANUFACTURING FIRMS IN NIGERIA
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ABSTRACT
The study examined the working capital management and corporate performance in quoted manufacturing firms in Nigeria. More specifically,the study sought to assess working capital management and corporate performance among manufacturer firms. The study consist of five (5) out of twenty four (24) companies listed on the Nigerian Stock Exchange (NSE) in the manufacturing sector of the economy (Guinness Plc, Dangote Plc, Nestle Plc, Cadbury Plc and Unilever Plc). Random sampling technique was employed in determining the sample size, furthermore the research design adopted secondary data which involves comparative analysis of the variables which are working capital management and corporate performance and were represented with proxies such as return on asset, return on equity, and net profit margin, The research instrument was processed manually through coding and run electronically using Statistical Package for Social Sciences (SPSS) to analyse the information from the financial statement. Result from the study indicated that Firm’s size and current ratio has positive and significant effect on corporate performance. Also managers should create value for their shareholders by reducing the number of day’s account receivable and increasing the accounts payment period and inventories to a reasonable maximum. Base on this, the study advised that manufacturing firms should improve their stock management in order to tie up less cash inventories., secondly, manufacturing firms should source for long term funds to replace short term borrowings and build up cash reserves., and lately, manufacturing firms should embrace a dividend policy that retains profits within the company.
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