TITLE:
Working Capital Management and Performance Metrics of Quoted Brewery Firms in Nigeria
AUTHORS:
Kolawole Fijabi, Adewale E. Ogunlalu, Adesemowo Morenike Modupeola
KEYWORDS:
Account Collection Period, Account Payment Period, Inventory Conversion Cycle Period, Profit Margin, Return on Asset, Return on Equity, Working Capital Management
JOURNAL NAME:
Open Journal of Social Sciences,
Vol.11 No.10,
October
26,
2023
ABSTRACT: The study set out to assess the effect of working
capital management on the profitability of quoted brewery firms in Nigeria. The
study used an ex post facto research design. The population consisted of 5
brewery firms quoted on the NGX as at 31st December 2022. The
brewery industry was chosen using purposive and simple random sampling. A
sample of 4 brewery firms with published annual reports and accounts for the
period of ten years (2013-2022) was used. Data were analyzed
using descriptive, inferential statistics and multiple regression with a
significance level of 0.05. The findings showed that working capital had a
significant effect on the return on assets of quoted brewery firms (Adj.R2 = 0.311, F = 3.923, p 2 = 0.465,
F = 6.646, p 2 = ?0.076,
F = 0.543, p > 0.05). The study concluded that working
capital impacted the profitability of quoted brewery firms in Nigeria. The
study recommended that the management of quoted brewery firms in Nigeria should
use the working capital to drive firm performance that will attract investors.