Working capital is an important component in the financial decision of the company. An optimal working capital management is reached through a trade off between profitability and liquidity. This study aims to provide empirical evidence about the effects of working capital management on the profitability of 386 Tunisian export SMEs observed from 2001 to 2008. The results of fixed and random effects models show a negative relationship between corporate profitability and the different working capital components. This reveals that Tunisian export SMEs should shorten their cash conversion cycle by reducing the number of days of accounts receivable and inventories to increase their profitability.

The quantity and quality of information generated through the development of lending relationships influences the bank's decision concerning granting of credit. Indeed, the need for a strong guarantee and the setting up of an adequate interest rate are not the only means that allow creditors to overcome the problem of inadequate information about the client. To establish the main determinants of the customer's relationship in Tunisia, our study is based on a sample of 76 companies dealing with a Tunisian bank over a period from 1998 to 2000. We found that the interest rate charged by the bank, the guarantees required and the risk level of the firms are the main determinants of the customer's relationship, and the only three control variables that are significant.

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This paper examines the effect of loan portfolio diversification on Tunisian banks profitability over the period 2000-2015. By using panel data method, our finding, show that focusing on few sectors is more profitable than diversifying bank lending operations. In addition, we find that this negative impact is more pronounced in private banks. However, for foreign banks loan portfolio diversification is found to be positively associated with higher bank profitability. Also, we find support to the hypothesis stating that the positive effect of loan portfolio diversification is more pronounced for credit risky banks.

This paper examines the relationship between trade credit and bank loan during the financial crisis using annual data on Tunisian exporting companies over the period [2005][2006][2007][2008][2009][2010][2011]. Results based on 2SLS regression have shown that trade credit and bank credit were simultaneously determined and maintained a complementary effect before 2008 financial crisis. On the other side, the substitution effect has been detected between the two sources of short term financing during 2008 financial crisis. Finally, companies rely more on bank loan after the financial crisis because bankers are able to cover financial need of their customers.Growing Science Ltd. All rights reserved. 7