1、中文 3450字 ,2300 单词， 13500英文字符 文献出处 : Enqvist J, Graham M, Nikkinen J. The impact of working capital management on firm profitability in different business cycles: Evidence from FinlandJ. Research in International Business & Finance, 2014, 32(C):36-49. 原文 The impact of working capital
2、management on firm profitability in different business cycles: Evidence from Finland Julius Enqvist , Michael Graham , Jussi Nikkinen Abstract The recent economic downturn of 2007 2008 has brought renewed focus on working capital policies. In this paper we examine the role of business cycles o
3、n the working capitalprofitability relationship using a sample of Finnish listed companies over an 18-year period. We find the impact of business cycle on the working capitalprofitability relationship is more pronounced in economic downturns relative to economic booms. We further show that the signi
4、ficance of efficient inventory management and accounts receivables conversion periods increase during periods of economic downturns. Our results demonstrate that active working capital management matters and, thus, should be included in firms financial planning. Keywords: Working capital; Business c
5、ycles; Profitability 1. Introduction This paper investigates the effect of the business cycle on the link between working capital, the difference between current assets and current liabilities, and corporate performance. Efficient working capital management is recognized as an important aspect of fi
6、nancial management practices in all organizational forms. In acknowledgement of this importance, the CFO Magazine publishes an annual study of corporate working capital management performance in many countries. The extensive literature indicates that it impacts directly on corporate liquidity ( Kim et al., 1998 and Opler et al., 1999), profitability (e.g., Shin and Soenen, 1998, Deloof, 2003, Lazaridis and Tryfonidis, 2006 and Ukaegbu, 2014), and solvency (e
