Working capital management has a strategic role to maintain a balance between liquidity and profitability so that firms have greater opportunities to operate sustainably. This study mainly aims to investigate the ability of working capital management to increase sustainable growth through asset utilization. We ran panel data regression on manufacturing firms listed in the Indonesian Stock Exchange for the years of 2010-2017 as our sample. By controlling for leverage, sales growth, and firm size, our empirical results demonstrate that working capital management negatively affects firms' asset utilization. Furthermore, the study also finds that asset utilization positively affects sustainable growth. Finally, we empirically show that asset utilization mediates the relationship between working capital management and sustainable growth. The findings imply that if Indonesian manufacturing firms manage to have efficient working capital management, they are more likely to utilize their assets efficiently which, in turn, will increase their growth optimally, without causing problems to their cash.
This study seeks to investigate the stock market reaction to football match results in different venues and competition types, especially for three major football clubs: Manchester United, Juventus FC, and Borussia Dortmund. We use a parametric paired sample t-test. The findings show that investors take not only match results but also venues and competition types into consideration when making investment decisions. This study indicates the stock markets of football clubs are semi-strong efficient markets. Different market reaction to match results for each football club studied implies the importance of understanding the specific characteristics of those clubs in making investment decisions. The findings suggest the football club investors need to consider their clubs' competitive performance in different venues and competition types when making portfolio investment decisions. This study complemented the previous assumption on the importance of venues, and competition types match results in making investment decisions.
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