Working Capital Efficiency and True Performance of Companies in Iran's Capital Market

The main objective of this study was to investigate the relationship between WCM efficiency using the DEA approach and the actual performance of Iranian manufacturing firms. ۱۴۴۰ company year observations in ۵ industries for the period ۲۰۰۶ to ۲۰۲۱ were used for the analysis. In the present study, the DEA input-oriented BCC model was used. This study also used four input and two output variables to calculate WCM efficiency. The study results showed a positive and significant relationship between working capital efficiency, company size, and company growth opportunities with their performance. The results also showed a negative relationship between leverage and performance. The results of additional tests showed a non-linear inverted U-shaped relationship between working capital efficiency and performance.The main objective of this study was to investigate the relationship between WCM efficiency using the DEA approach and the actual performance of Iranian manufacturing firms. ۱۴۴۰ company year observations in ۵ industries for the period ۲۰۰۶ to ۲۰۲۱ were used for the analysis. In the present study, the DEA input-oriented BCC model was used. This study also used four input and two output variables to calculate WCM efficiency. The study results showed a positive and significant relationship between working capital efficiency, company size, and company growth opportunities with their performance. The results also showed a negative relationship between leverage and performance. The results of additional tests showed a non-linear inverted U-shaped relationship between working capital efficiency and performance.

کلیدواژه ها:

Data envelopment analysis ، Working capital efficiency ، Actual performance