The Impact of Working Capital Management on Firm Value of Listed Companies in the Stock Exchange of Thailand in SET100 Index Group
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Abstract
This research investigates the impact of working capital management on the firm value of 51 listed companies in the Stock Exchange of Thailand's SET100 Index group, using secondary data from their financial reports (306 observations) spanning 2017-2022. Firm value was measured using Enterprise Value and Tobin's Q ratio. Employing descriptive statistics, correlation analysis, and multiple regression (fixed-effects model), we found a significant positive impact of average collection period on Tobin’s Q ratio and a significant negative impact of the current ratio on Enterprise Value. No significant impact was found for inventory period, payment period, or working capital requirement on firm value. These findings suggest that listed companies may enhance firm value by extending customer credit terms and maintaining a low current ratio.
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This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
ลิขสิทธิ์ของบทความ
ผลงานที่ได้รับการตีพิมพ์ถือเป็นลิขสิทธิ์ของมหาวิทยาลัยหอการค้าไทย ห้ามมิให้นำเนื้อหา ทัศนะ หรือข้อคิดเห็นใด ๆ ของผลงานไปทำซ้ำ ดัดแปลง หรือเผยแพร่ ไม่ว่าทั้งหมดหรือบางส่วนโดยไม่ได้รับอนุญาตเป็นลายลักษณ์อักษรจากมหาวิทยาลัยหอการค้าไทยก่อน
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