NO AUTHOR (YEAR) DATA FINDING RESULTS (POSITIVE/ NEGATIVE) VARIABLE RESEARCH LIMITATIONS/IMPLICATION METHODOLOGY 1 (Mengesha, 2014) -Performance (ROTA & ROI) -WCM Addis Ababa, Ethiopia Yearly (2008-2012)     -Analyse using SPSS (version 20.0) -Pooled panel data regression models of cross-sectional and time series data       Accounts Inventories Highly negative  significant Accounts Receivable Highly negative  significant Accounts Payable Highly negative  significant CCC Highly negative  significant 2             (Gul, Khan, Rehman, Khan, khan, & Khan, 2013) -Performance (ROA) -WCM   SMEDA, Karachi, Pakistan Yearly (2006-2012) -Panel data technique Inventories turnover Negative significant Average collection period Negative significant average payable period Positive significant CCC Negative significant 3 (Konak, 2016) Performance WCM Istanbul Yearly (2011-2014)   -OLS test -cross sectional and time series analysis technique Short term debt turnover days Positive significant 4 (Afrifa, 2016) -Performance -net working capital SME UK Yearly (2004-2013) -panel data regression analysis net working capital Positive significant 5 (Githinji, 2015) -Financial performance -WCM NSE Yearly (2005-2014) Descriptive and quantitative research design Inventory turnover period Positive significant (insignificant 5% level) Average collection period Positive significant (insignificant 5% level) CCC Positive significant (insignificant 5% level) Liquidity Positive significant (insignificant 5% level) Leverage Positive significant (significant 5% level) Sales turnover Positive significant             (significant 5% level) 6 (Duale, 2016) -ROA -WCM Turkey (2002-2009) -Multiple regression analysis -Correlation design smallholder Positive correlation 7 (Vural, Sokmen, & Cetenak, 2012) -Profitability (Gross operating profit) -WCM Indian (2007-2010) -Panel data analysis Accounts receivable period Negative significant CCC Negative significant Firm value Negative significant leverage Negative significant 8 (Agarwal & Varma, 2013) -Profitability -WCM India (2007-2010) -Using the financial parameter-CCE, DOC and DWC -Regression and Correlation analysis WCM Positive Significant 9 (Mugo, 2014) -Financial performance -WCM Kenya (2003-2012) -SPPS (version 16) -Panel data regression -Correlation analysis Average collection period Positive significant Inventories conversion cycle Positive significant Average payable period Negative significant 10 (Jakpar, Tinggi, Siang, Johari, & Myint, 2017) ROA WCM Malaysia (2007-2011) -Panel regression -Pearson correlation Average collection period Positive significant Inventories conversion period Positive significant firm size Positive significant Leverage Negative significant CCC no significant 11 (Ching, Novazzi, & Gerab, 2011) -Dependent variable (a)return on sales (ROS) (b)return on Assets (ROA) (c)return on equity (ROE) -Cash conversion efficiency, debt ratio, working capital in days     Brazilian (2005-2009) -Multiple linear regression -ANOVA   Days Inventory Negative (ROA & ROS) significant No significant (ROE) debt ratio positive (ROA) significant days of working capital positive (ROS) significant 12 Farrah Wahieda Kasiran et al (2016). -SME -WCM efficiency -Malaysia (2010-2013) -Suruhanjaya Syarikat Malaysia Database working capital management Positive significant 13 (Uyar, 2009) -Profitability -CCC Turkey (2007) -ANOVA -Pearson correlation analysis CCC Negative significant 14 (Awopetu, 2012) -Profitability -WC financing policy United State (2002-2011) -Statistics, F-test, and regression -STATA Working capital positive significant 15 (Abuzayed, 2012) -Profitability -WCM -CCC Jordan (2000-2008) -correlation and regression analysis   CCC Positive significant Accounts receivable Positive significant Accounts inventories Positive significant Accounts payable Negative significant 16 (Afza & Nazir, 2007) -profitability -WC Pakistan (1998-2005) -F-values model -t-statistic -Durbin-Watson statistic working capital negative relationship 17 (Padachi, 2006) -WCM -Firm performance (ROA) Mauritian (1998-2003) -Pooled OLS -Panel data analysis -Pearson Correlation coefficients inventories days Negative significant accounts receivables days Negative significant accounts payable says Negative significant CCC positive significant 18 (Charitou, Elfani, & Lois, 2010) -Firm profitability -WCM Cyprus (1998-2007) Multivariate regression analysis -Pearson correlation analysis Inventories days Negative significant sales growth Positive significant leverage Negative significant debtor Negative significant creditor Negative significant CCC Negative significant 19 (Yunos & Nazaruddin, 2015) -Profitability -WCM Malaysia (2003-2014) -Panel data regression Accounts payable period no significant CCC Negative significant inventory no significant   working capital no significant receivable no significant 20   (Arunkumar & Ramanan, 2013) -Profitability -WCM Indian (2005-2010) -correlation analysis -least squares regression analysis debtors days Positive significant inventory days Positive significant creditors days Positive significant 21 (Chakraborty, 1974) Cash working capital Operation cycle Indian (1965-1969) -correlation analysis -least squares regression analysis Cash management Positive significant 22 Matthew D. Hill, G.

Wayne Kelly, and Michael ( 2010) Net working capital US (1996-2006) – multiple dimension -heterogeneity -panel data -pool OLD regression Operation and financial   Positive significant 23   (Mbawuni, Mbawuni, & Nimako, 2016) profitability (ROA) Ghana (2008-2013) -Descriptive analysis -correlation and regression analysis Accounts Payable days Positive significant Accounts inventory days Negative significant Account receivable days Negative significant CCC Negative significant 24 (Mbula & Jennifer, 2016) Account receivable Kenya (2000-2016) -Descriptive and inferential analyses -Regression analysis -ANOVA Firm financial performance Positive significant 25 (Ahmed, 2017) Firm performance Pakistan (2012-2016) -OLS -LOGIT Models Pearson Correlation techniques   Current assets over total sales Negative significant Inventory turnover Positive significant