Chapter one
1.0 Introduction
1.1 Background
1.1.1 Working Capital Management
Working capital means that the firm use working capital to measure their efficiency and their short ' term obligations. Working capital involves two types which are Current Assets and Current Liabilities. Using these two types of assets, they can determine the efficiency of the firm whether they can meet their short term debt or not. To measures the Working Capital, we can identify that anything below 1 will known as negatives Working capital whereas anything that above 2 will refer to the firm that not investing excess assets. To ensure that the firm have sufficient Working Capital is that the firm which have ratio between 1.2 and 2.0. Working Capital is very important for an organization as it indicates the firm's liquidity, efficiency and overall health which include cash, inventory, accounts receivable, accounts payable and others short term accounts. Positive Working Capital shows that the firm is able to meet their short term debt which almost immediately while negative Working Capital mean that the firm unable to pay their short term debt. (Fitzgerald, 2006) defined current asset 'cash and others assets which are expected to be converted into a cash in the ordinary course of business within one year or within longer period as constitutes the normal operating cycle of business'. To improve the performance of the firms, the working capital management should be conduct effectively so that every company could meet their short term obligations as it very important for the firm to have a goof financial. There are a few key performance ratios which every company could do as working capital ratio, inventory turnover and the collection ratio. Every ratios will be analyzed that could lead the management to identify the important things to focus such as inventory management, cash management, accounts receivables and payable management. Every ratio that has been analyzed will show how to manage the efficiency of the firm in term of inflow and outflows.
1.1.2 Finance Sector
In Malaysia, there are 33 companies that listed in Bursa Malaysia for Finance Sector where Finance Sector play an important role in generates national income which prepared by International Monetary Fund and World Bank According to (Afrifa 2016), cash flow will affect the net working capital management and firm performance where any changes on cash flow will increase or decrease the performance of the firms. Finance Sectors will have responsible in doing improvement for the efficiency of the firm where the competitiveness among the firm will be increase because many banks will try to compete among themselves. In Finance Sector that listed in Bursa Malaysia, it involves banking, insurance and securities which it been developed in a high degree of compliance with international standards. As we know banking, insurance and securities are three companies that try to compete with each other. They will try to maintain their performance by controlling the working capital as it shows the ability of the firm to meet their short term debt. For banking supervision, it is a comprehensive and intensive and gaps which it related to formal powers such as supervision framework, legal provisions that can compromise independence and lack of clarity in the definition of connected lending. While for the insurance companies, it is well developed and shortcomings that need to strengthen the regulation of financial guarantees business and to enhance transparency. The insurance companies give licensing and acquisitions approval criteria to manage the financial performance especially working capital. Other than that, Securities companies is such a robust but it enhancements must be made by the legal underpinning of the Securities Commissions and the revelation of deadlines for issuers and their substantial shareholders. Working Capital Management is very important for these three companies because it show how efficient for the firm to manage their Current Assets and Current Liabilities.
In Malaysia, Financial system has become well organized through both funding sources and ownership. Banks, non ' bank financial companies and mutual funds are related to each other through the wholesale of funding market.(Mullineux 2007) stated that there is an impact of financial sector for the corporate governance systems. The development of funds such as pension, mutual, insurance, hedge and venture capital is very important as it decline in the important of the banks as the shareholders has a power to force the convergence in the corporate governance according to the voting rights.
1.2 Problem Statement
Working Capital Management is very important for every firm. It reflects the firm's performance which it uses to manage the efficiency level of working capital which are current assets and current liabilities. It ensures that the firm have a sufficient cash flow so that it can meet their short-term debt and operating expenses. If the firm did not have enough working capital, it can lead to legal troubles such as liquidation of assets or worst which is bankruptcy. It shows that every firm should have a better working capital management. (Elizabeth, 2012) stated that UK is the largest companies that failed to free up ''125bn of cash in total over the past 5 years because of insufficient working capital management. Without proper management in working capital, it also could cause some firm failed to pay out their short term debt because they have to find additional capital to fund their growth. Poor working capital management also could lead the firm to tying up funds in assets and reduces the liquidity and profitability of the organization. If the organization continues having problem on working capital, it can cause the organization bankruptcy as they cannot pay the debt. Based on (Eljelly, 2004) it is not necessary to have an effective management of working capital for the firms because it can endow with assets and profitability. If the company have difficulty to convert their asset into cash, it may cause their company to have short liquidity. Some firms having shortage for their cash which can make them run into debts that would make their performance worst in the long run because they not able to finance their obligation when mature.
However, it concerns about Working Capital Management and its impact on Firm's Performance that based on Financial Sector listed in Bursa Malaysia. According to (Chaston 1994), in UK SME sector, there are two common causes of failure which are under ' capitalisation and poor financial management skills. The failure in managing financial could lead to the bad performance for the firms and will directly affect the national income if financial sector did not try to manage their working capital management efficiently especially in Current Assets and Current Liabilities. As stated by (DeBusk, Killough et al.), they examine the ability of the cognitive problems inherent in measuring the performance of the firms. Compared to non ' financial firms, they determine the possible financial measures in the evaluation of the firm performances, they could find the performance measurement where the data suffer bias and it could cause the firm performance on financial sectors affect their perception of the firms. In Malaysia, Finance Sector can give impact on the national income as they depend on the firm performance. If they having a bad working capital, it could decrease the firm performance as they will give out a small loan to the customers by increasing the interest rates. When they have a small amount of reserves such as Current Asset and Current Liabilities, they could not pay out the short term debts. Financial Sectors helps the economy growth which increased the value of money to industry clients where it gives a better performance. (Shagufta, farida, syed 2014) stated that the firm need cash as it required to the firm operations. If the firm have less cash or liquidity, it will make the firm difficult to pay the short term debt. (Egbide, 2009), stated that large number of business failure because of inability of the financial manager to manage and control the working capital. (Mwangi and Kosimbei) stated the firm performance is depends more on the ability of the financial managers to manage the components of working capital. Most of the firm faces a same problems which are they have a problems on liquidity and unable to pay their short term obligations when it came to due date.
1.3 Objectives
1.3.1 General Objectives
The main objective for this research is to determine the impact of the working capital management on firm performance for Finance Sector that listed on Bursa Malaysia, Malaysia.
1.3.2 Specific Objectives
There are several objectives will be used to determine either the changes of the working capital management could affect the firm's performance. The following objectives are justified as follow:
1. To identify whether there is a significant relationship between Cash Conversion Cycle and Firm's Performance.
2. To determine whether there is a significant relationship between Sales Growth and Firm's Performance.
3. To investigate either there is a significant relationship between Debt Ratio and Firm's Performance.
4. To examine if there is a significant relationship between Current Ratio and Firm's Performance.
5. To ascertain if there is a significant relationship between Firm Size and Firm's Performance.
1.4 Hypotheses
There are several hypotheses will be conducted to measures the impact of working capital management on the firm's performance under Finance Sector which the selected will be based on Bursa Malaysia that have been listed. The hypotheses will be conducted by underlying the objectives, which are as below:
1. H1: There is negative relationship between Cash Conversion Cycle and Firm's Performance.
2. H2: There is negative relationship between Sales Growth and Firm's Performance.
3. H3: There is negative relationship between Debt Ratio and Firm's Performance.
4. H4: There is negative relationship between Current Ratio and Firm's Performance.
5. H5: There is negative relationship between Firm Size and Firm's Performance.
1.5 IMPLICATION AND SIGNIFICANCE OF STUDY
The findings of this study will have significant to other companies which they are trying to make their own decisions regarding the working capital management.
1. This finding could help to develop an understanding to identify the favourable and unfavourable of the financial practise and skills of managing Working Capital Management in finance sectors.
2. This finding would show that Working Capital Management strategies could give impact on the firm's performance such as policies, practise and techniques.
3. The techniques of the companies use such as Current Ratio, Activity Ratios, and Leverage ratios, Cash Conversion Cycle (CCC), Return on Investment (ROI) and Return on Equity (ROE) will use to measures the firm performance.
4. This finding could help the firms to assess effectiveness of the working capital management on the firm's performance.
1.6 LIMITATIONS OF STUDY
This study will be constrained because insufficient of disposition and accuracy of the data which suitable for accounting and treatment. As a result, the representatives of the financial companies are not interested to give primary information about the issue and consideration. It will show how the working capital management give a big impact on the firm's performance.
1.7 Variables
Variables Measurement
Dependent Return on Assets (ROA) EBIT/Total Asset
Independent Average Collection Period (ACP) (Acc Rec/Net Sales) x 365 days
Inventory Conversion Period (ICP) (Inventory/COGS) x 365 days
Average Payment Period (APP) (Acc Payable/COGS) x 365 days
Cash Conversion Cycle (CCC) ACP + ICP – APP
Sales Growth (Sales t ' Sales t-1 )/ Sales t-1
Debt Ratio Total Liabilities/Total Assets
Current Ratio Current Asset/Current Liabilities
Firm Size Ln(Total Asset)
1.7.1 Dependent Variable
Dependent Variable is a variable that can be used to measure the firm performance. Using ratios, it can be used to compare the performance from different firms for a certain period of time. To measures the profitability of the firms, Return of Assets (ROA) will be used as it can be used to identify the overall efficiency and effectiveness to make a better profit. To identify either the firm is operate effectively or not, Earning Before Interest and Tax (EBIT) will use to calculate the ROA.
Return on Asset (ROA) = EBIT / Total Assets (TA)
1.7.2 Independent Variables
Average Collection Period (ACP) is to measures the numbers of days for the firm to collect their receivables. Meanwhile, it also shows the numbers of days that the receivables are outstanding.
Average Collection Period (ACP) = (Average Accounts Receivable / Net Sales ) x365
Inventory Conversion Period (ICP) used to measure the numbers of days for the finish goods and be selling to customers.
Inventory Conversion Period (ICP) = (Average Inventory / Net Sales ) x 365
Average Payment Period (APP) is the number of the days which is required to collect the receivables.
Average Payment Period (APP) = (Average Account Payable / Net Sales) x 365
Cash Conversion Cycle (CCC) is a time that calculate in days for the firms to pay its payable and receivables.
Cash Conversion Cycle (CCC) = ARP + ICP ' APP
Current Ratio is to calculate the short term liquidity where it affects the profitability of the firms.
Current Ratio = Current Assets / Current Liabilities
Firm Size did affects the profitability as to keep the size as constant factor researcher that used natural logarithm of sales as contral variables.
For the Financial Asset, it used to achieve short term profits.
Short Term Financial Assets Ratio = Short term Loans and Advances / Total Assets
For the leverage, it used to make sure the debt is utilized and control which effect constant debt to asset ratio.
Leverage = Total Debt / Total Assets
1.7.3 Theoretical Framework
Chapter two
2.0 Table of Literature Review
No Authors/Years Journal Purpose
1. Bana Abuzayed
(2012) Working capital management and firms' performance in emerging markets: the case of Jordan To examine the effect of working capital management on firms' performance for a sample of firms listed on a small emerging market, namely Amman Stock Exchange.
2. Godfred Adjapong Afrifa
(2016) Net working capital, cash flow and performance of UK SMEs To examine the influence of cash flow on the relationship between net working capital and firm performance.
3. Carla Curado
(2008) Perceptions of knowledge management and intellectual capital in the banking industry To capture the perceptions of knowledge management and intellectual capital in the banking industry.
4. Mine Aysen Doyran
(2013) Net interest margins and firm performance in developing countries: Evidence from Argentine commercial banks To examine the relationship between performance and some macro and micro variables in the Argentine commercial banking industry. Included are the profitability and interest variables; return on assets (ROA) and net interest margin (NIM) over the period of 1994 to 2011.
5. Cengiz Erol
Hasan F. Baklaci
Berna Aydo''an
G''k''e Tun'' Performance comparison of Islamic (participation) banks and commercial banks in Turkish banking sector To attempt to compare the performance of Islamic banks against conventional banks in Turkey. This comparison is much more distinctive and significant in Turkey when compared to other countries, as Turkey stands as a model for the world in interest-free banking system.
6. Abel Ebeh Ezeoha Firm versus industry financing structures in Nigeria To examine whether industry'specific factors play a more significant role in the financing decisions of firms than firm'specific characteristics; and to determine the degree of uniformity that exists between a firm's capital structure and industry financing patterns in Nigeria.
7. Pedro Juan Garc''a'Teruel
Pedro Mart''nez'Solano Effects of working capital management on SME profitability To provide empirical evidence on the effects of working capital management on the profitability of a sample of small and medium'sized Spanish firms
8. Pek Chen Goh Intellectual capital performance of commercial banks in Malaysia To measure the intellectual capital performance of commercial banks in Malaysia for the period 2001 to 2003, using efficiency coefficient called VAIC' developed by Ante Pulic.
9. M. Kabir Hassan
Benito Sanchez
M. Faisal Safa Impact of financial liberalization and foreign bank entry on Islamic banking performance To examine the impact of financial liberalization and foreign Islamic bank entry on the performance of domestic Islamic banks, and credit availability to the private sector
10. James J. Hoffman
Mark L. Hoelscher
Karma Sherif Social capital, knowledge management, and sustained superior performance To extend understanding in the field of knowledge management by examining how knowledge management can affect organizational performance, and by examining one possible determinant of an organization's capacity to manage knowledge.
11. Eddie Chi Man Hui
Francis Kwan Wah Wong
Yat Hung Chiang The impact of capital offering on real estate developers and construction sector stock return in Hong Kong To examine the abnormal stock return phenomenon of Hong Kong property developers and construction companies surrounding the announcement and offer dates of capital issuances.
12. Henri Inkinen Review of empirical research on knowledge management practices and firm performance To address the research gap by reviewing the empirical literature and determining how KM-based managerial and organizational practices are related with firm performance.
13. Farhana Ismail
M. Shabri Abd. Majid
Rossazana Ab. Rahim Efficiency of Islamic and conventional banks in Malaysia To examine cost efficiencies of the selected Islamic and conventional commercial banks over the period of 2006 to 2009 in Malaysia.
14. Mahesh Joshi
Daryll Cahill
Jasvinder Sidhu
Monika Kansal Intellectual capital and financial performance: an evaluation of the Australian financial sector To examine the intellectual capital (IC) performance of the Australian Financial Sector for the period 2006'2008. It also aims to examine the relationship between IC performance and the financial performance of the financial sector
15. Basiru Salisu Kallamu
Nur Ashikin Mohd Saat Audit committee attributes and firm performance: evidence from Malaysian finance companies To examine the impact of audit committee (AC) attributes on the performance of finance companies in Malaysia in both period before and after the Malaysian Code on Corporate Governance (MCCG) was issued in order to determine which of the AC attributes enhances performance of finance companies in Malaysia.
16. G.Barathi Kamath The intellectual capital performance of the Indian banking sector To estimate and analyze the Value Added Intellectual Coefficient (VAIC') for measuring the value'based performance of the Indian banking sector for a period of five years from 2000 to 2004.
17. Kleanthis K. Katsaros
Athanasios N. Tsirikas
Christos S. Nicolaidis Managers' workplace attitudes, tolerance of ambiguity and firm performance: The case of Greek banking industry To investigate how managers' personal traits, emotions and attitudes shape their tolerance of ambiguity (TOA); and consequently, the influence of managers' ambiguity tolerance in organizations' financial performance
18. Dimitrios P. Koumanakos The effect of inventory management on firm performance To test the hypothesis that efficient (lean) inventory management leads to an improvement in a firm's financial performance
19. Hui Ying Lai
Abdul Rashid Abdul Aziz
Toong Khuan Chan Effect of the global financial crisis on the financial performance of public listed construction companies in Malaysia To characterize the impact of the 2008 global financial crisis on the financial performance of public listed construction companies.
20. Cheng'Yu Lee
Yen'Chih Huang Knowledge stock, ambidextrous learning, and firm performance: Evidence from technologically intensive industries
To examine the relationships among knowledge stock, ambidextrous learning, and firm performance while considering the moderating effect of firm size.
21. Hakim Lyngstadaas
Terje Berg Working capital management: evidence from Norway To provide empirical evidence of whether working capital management (WCM) has an effect on the profitability of small- and medium-sized Norwegian firms.
22. Salla Marttonen
Sari Monto
Timo K''rri Profitable working capital management in industrial maintenance companies To analyze the impact of working capital management on profitability. This connection is further studied in industrial maintenance service companies.
23. Elisa Menicucci
Guido Paolucci The determinants of bank profitability: empirical evidence from European banking sector To investigate the relationship between bank-specific characteristics and profitability in European banking sector to find the role of internal factors in achieving high profitability.
24. Anne'Laure Mention
Nick Bontis Intellectual capital and performance within the banking sector of Luxembourg and Belgium To address this gap by investigating the effects of intellectual capital and its components on business performance in banking institutions within Luxembourg and Belgium.
25. Amitava Mondal
Santanu Kumar Ghosh Intellectual capital and financial performance of Indian banks To investigate empirically the relationship between intellectual capital and financial performance of 65 Indian banks for a period of ten years from 1999 to 2008
26. Andy Mullineux Financial sector convergence and corporate governance To explore the implications of financial sector convergence for corporate governance systems
27. Haitham Nobanee
Modar Abdullatif
Maryam AlHajjar Cash conversion cycle and firm's performance of Japanese firms To investigate the relation between a firm's cash conversion cycle and its profitability
28. Maria Am''lia Pais
Paulo Miguel Gama Working capital management and SMEs profitability: Portuguese evidence To provide empirical evidence on the effects of working capital management on the profitability of small and medium-sized Portuguese firms.
29. Yuan George Shan
Lei Xu Bad debt provisions of financial institutions: Dilemma of China's corporate governance regime To investigate whether the level of bad debt provisions of financial institutions is affected by internal governance mechanisms (IGMs) from the perspective of the Type II principal'principal (PP) conflicts between the controlling shareholders and the minority shareholders.
30. Venancio Tauringana
Godfred Adjapong Afrifa The relative importance of working capital management and its components to SMEs' profitability To report the results of an investigation of the relative importance of working capital management, measured by the cash conversion cycle (CCC), and its components (inventory, accounts receivable and accounts payable) to the profitability of SMEs
2.1 Literature Review
According to (Mengesha 2014), working capital plays an important role or essential in the firm's operation where they need the operation going smooth and better management. Working capital management will more focus on the cash management, inventories, accounts receivable and accounts payable because each of the elements need to be supervised by the manager so that it can be more efficient and preserve the balance of the firm to the next level or proper level. When the management of working capital is not sufficient, it can cause the firms having trouble or shortage where they have minimum amount of liquidity on their sale. To have an efficient working capital management, they should monitor the short term and long term of assets and liabilities because both of it are very important for the firm's performance. They may apply or conduct policies for inventory, credit and collection of the supplier's payment system. Other factors that could affect the performance of the firms by looking at the working capital management are Return on Assets, Return on Investment, Return on Equity, Profitability, Account Receivables, Inventory Conversion Period and Account Payable.
According to (Abuzayed 2012), he observe that there will be some effect of working capital management of the firm's performance which the sample has been taken from listed firms on a small emerging market. When the working capital management become more effectives, it will increase the firm's accountability and firm's value. For Finance Sector, managing working capital is very important as they have to control the level of bad debt provisions which can give a big impact on the firm's performance. (Shan and Xu 2012) stated that in the finding of the investigation, they find that there is negative relationship between ownership legal person and bad debt provisions but they have positive relationship between board size and bad debt provisions. (DeBusk, Killough et al.) said that there will be a possible cognitive problems intrinsic in measuring the performance by using system. They measure the performance by using data that have been collected to determine if bias give any impact on the firm performance. According to (Ezeoha 2011), it investigates whether other factors play an important role in the financing of the firms. When the data already collected, they found that other factors did impact the firm performances.
As stated by (Garc''a'Teruel and Mart''nez'Solano 2007), they examine either working capital management did give any changes on the profitability of the firm. To have a good firm performance, the managers will try to reduce the amount of their inventories and the number of days for the outstanding account. Moreover, reduces the cash conversion cycle also helps to improve the firm's performance better. For the Finance Sector, any company will try to maintain their performance or better in gaining profitability by controlling the working capital management. (Goh 2005) measured the intellectual capital performance where he choose to take Commercial Banks in Malaysia as an example. The findings show that it could help the stakeholders and investors consider the value of the banks. (Hassan, Sanchez et al. 2013) try to determine the impact of the financial liberalization and foreign Islamic bank on the firm's performance especially for the domestic Islamic banks and credit accessibility of the finance sector where it also shows the finance sector did play important roles in the system.
Chapter 3
To overcome the study about the impact of Working Capital Management of Firm's Performance, the research will use Panel Data (Secondary Data) while the sample will be selected from the Finance Sector that listed on Bursa Malaysia. It consists only 33 companies and the data will be collected from year 2005 to 2015 (10 years) from Annual Report. Using panel data, the finding will be divided into 3 categories which are Descriptive, Regression and Correlation.
Panel data or it also known by other name which is longitudinal or cross ' sectional time ' series data is a set of data which the behaviour of entities will be observed across time such as companies, individuals, countries and others. Panel data can be use to control the variables or measures the factors that want to investigate over the companies which it also can be conclude in different ways or level of analysis. To analyze the impact of working capital management on firm's performance, it will be measured by Return on Asset as dependent variables where it could measure the efficiency of the firm to increase their profitability by using assets. For the independent variables, it will be measures by Cash Conversion Cycle, Sales Growth, Debt Ratio, Current Ratio and Firm Size.
Descriptive analysis mean the summary of the data that have collected and it also can measure the variability of the firms such as mean, median and standard deviation which can be used by using Eviews. When all the data have been selected and test for the descriptive analysis already be done, the next test will be conducted which is regression. From the Regression test, the test will analyze by focusing on the result of F-stat, R-square and t-values. For the test (F), it measures the coefficient in the model where it must different from zero. When the result shows the test (F) is less than 0.05, it shows the model is ok. For the R-square or Adjusted R-square, it shows the amount of the variance of Y (Dependent) explained by X (Independent). When R-squared is high, it shows that the dependent variables can be explained by independent variables. For the P-values, if the data is higher than 0.05 (95%), it can be accepted while if the amount of P-values is lower than 0.05 (95%), it will be rejected. When independent shows the negative result, it can be identifying that the variables is significantly influence the dependent variables. For the T-values, it will be tested according to the hypotheses. To accept the amount of t-values, it must be lower than 1.96 (for 95% confidence). If the amount of t- values is high, it will be rejected. It will shows that the higher the t-values the more relevance for the variables. For the Correlation Analysis, it use to measure the direction of the linear relationship and strength of association between two variables which are dependent variables and independent variables. Pearson's Correlation Coefficient will be used to test both variables where positive result will show that any changes of the variables will affect other variables while when the negative result will show the opposite relationship.
References
1. Abuzayed, B. (2012). "Working capital management and firms' performance in emerging markets: the case of Jordan." International Journal of Managerial Finance.
2. DeBusk, G. K., et al. Financial Measures Bias in the Use of Performance Measurement Systems. Advances in Management Accounting.
3. Ezeoha, A. E. (2011). "Firm versus industry financing structures in Nigeria." African Journal of Economic and Management Studies 2(1): 42-55.
4. Garc''a'Teruel, P. J. and P. Mart''nez'Solano (2007). "Effects of working capital management on SME profitability." International Journal of Managerial Finance 3(2): 164-177.
5. Goh, P. C. (2005). "Intellectual capital performance of commercial banks in Malaysia." Journal of Intellectual Capital.
6. Hassan, M. K., et al. (2013). "Impact of financial liberalization and foreign bank entry on Islamic banking performance." International Journal of Islamic and Middle Eastern Finance and Management.
7. Shan, Y. G. and L. Xu (2012). "Bad debt provisions of financial institutions: Dilemma of China's corporate governance regime." International Journal of Managerial Finance 8(4): 344-364.
8. Abuzayed, B. (2012). "Working capital management and firms' performance in emerging markets: the case of Jordan." International Journal of Managerial Finance.
9. Afrifa, G. A. (2016). "Net working capital, cash flow and performance of UK SMEs." Review of Accounting and Finance.
10. Chaston, I. (1994). "BANKER/ACCOUNTANT INTER'RELATIONSHIP MANAGEMENT AND FINANCIAL ADVICE PROVISION IN THE UK SME SECTOR." Journal of Small Business and Enterprise Development.
11. DeBusk, G. K., et al. Financial Measures Bias in the Use of Performance Measurement Systems. Advances in Management Accounting.
12. Ezeoha, A. E. (2011). "Firm versus industry financing structures in Nigeria." African Journal of Economic and Management Studies 2(1): 42-55.
13. Garc''a'Teruel, P. J. and P. Mart''nez'Solano (2007). "Effects of working capital management on SME profitability." International Journal of Managerial Finance 3(2): 164-177.
14. Goh, P. C. (2005). "Intellectual capital performance of commercial banks in Malaysia." Journal of Intellectual Capital.
15. Hassan, M. K., et al. (2013). "Impact of financial liberalization and foreign bank entry on Islamic banking performance." International Journal of Islamic and Middle Eastern Finance and Management.
16. Mullineux, A. (2007). "Financial sector convergence and corporate governance." Journal of Financial Regulation and Compliance 15(1): 8-19.
17. Mwangi, L. W. and M. S. M. P. G. Kosimbei "Effects of Working Capital Management on Performance of Non-Financial Companies Listed In NSE, Kenya."
18. Shan, Y. G. and L. Xu (2012). "Bad debt provisions of financial institutions: Dilemma of China's corporate governance regime." International Journal of Managerial Finance 8(4): 344-364.
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