تأثير كفاءة إدارة رأس المال العامل على أداء الشركات العاملة بدون مجلس التعاون الخليجي

الملخص EN

Objectives : This study investigates the effect of working capital management efficiency on corporate performance as well as the determinants of the working capital for all non-fi nancial firms operating in the Gulf Cooperation Council countries.

Method : This study follows a statistical method ology whereas it mainly employs different types of regres sion analysis that fit the nature of the cross-sectional data such as the fixed-effect model, the pooled regression, and the generalized method of moments 'GMM' so as to con firm the robustness of the results, as these methods consider some limitations of the usual OLS method.

This study uses financial data of all GCC non-financial firms during the pe riod 2012 - 2018 for the six GCC countries; Kuwait, KSA, Bahrain, Qatar, UAE, and Oman.

It used the proper financial data that are required to accomplish the goal of the study such as the net working capital, as an indicator to the work ing capital efficiency, as well as two measures of the finan cial performance; the ROA and Tobin's Q in order to cor roborate the results.

Results : The study findings indicate the significant effect of working capital management on GCC corporate performance, using the two performance mea sures, the ROA and Tobin's Q.

Also, the results show that the most important determinants of the working capital for GCC non-financial firms that positively affect net working capital are the previous level of net working capital, net income, long term debt, while firm size and market share influence working capital negatively.

The results are similar irrespec tive of the employed statistical methodology.

Conclusion : The study findings indicate the significant effect of working capital management on GCC corporate performance, using the two performance measures, the ROA and Tobin's Q.

Also, the results show that the most important determinants of the working capital for GCC non-financial firms that pos itively affect net working capital are the previous level of net working capital, net income, long term debt, while firm size and market share influence working capital negatively.

The results are similar irrespective of the employed statisti cal methodology.