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Paper Title: Interaction with Liquidity and Working Capital Management Efficiency: A study on Indian Pharmaceutical Firms
Authors Name: Alak Kumar Das , Dr. Tarun Mandal , Netajee Prasad Kuiry
Unique Id: IJRTI1807020
Published In: Volume 3 Issue 7, July-2018
Abstract: Liquidity measures the power of paying short term liability of the firm. The volume of liquidity has great impact on the profitability. High volume of liquid fund increased its cost of maintenance on the other hand its low volume creates a problem for running and maintaining day to day activities. The decision maker faces a problem of determining the actual volume of liquid fund. They have to consider the different factors that effect on liquidity. Cash conversion cycle (CCC) is one of these factors. This study has considered the current ratio and quick ratio as the proxies to measure the liquidity of the sample companies. The main objectives of this study are to measure the association between quick ratio and CCC as well as current ratio and CCC. This study also tries to find out the impact of working capital management efficiency on liquidity position of the sample companies. The study, as a sample, has selected the 17 pharmaceutical firms under S & P BSE 500 indexed companies listed on Bombay Stock Exchange, India. The result reveals that there exists statistically insignificant positive correlation between CR and CCC as well as QR and CCC. The regression result also reveals that DCP is positively related with CR and QR at a 1 percent significant level. CPP is inversely related with CR and QR at a 1 percent significant level. CCC has positive effect on liquidity at a 1 percent significant level. In all situations CFO is significantly and positively related where as D/E is negatively and significantly related with liquidity.
Keywords: Management of Liquidity, Cash Conversion Cycle, Factors of Liquidity Management, Efficiency of Working Capital Management
Cite Article: "Interaction with Liquidity and Working Capital Management Efficiency: A study on Indian Pharmaceutical Firms", International Journal of Science & Engineering Development Research (www.ijrti.org), ISSN:2455-2631, Vol.3, Issue 7, page no.123 - 131, July-2018, Available :http://www.ijrti.org/papers/IJRTI1807020.pdf
Downloads: 000673
Publication Details: Published Paper ID: IJRTI1807020
Registration ID:180349
Published In: Volume 3 Issue 7, July-2018
DOI (Digital Object Identifier):
ISSN Number: 2456 - 3315
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