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Does working capital management improve financial performance in China's agri-food sector during COVID-19? A comparison with the 2008 financial crisis

PloS one, 2024-04, Vol.19 (4), p.e0300217-e0300217 [Peer Reviewed Journal]

Copyright: © 2024 Liu et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. ;COPYRIGHT 2024 Public Library of Science ;2024 Liu et al 2024 Liu et al ;ISSN: 1932-6203 ;EISSN: 1932-6203 ;DOI: 10.1371/journal.pone.0300217 ;PMID: 38568957

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  • Title:
    Does working capital management improve financial performance in China's agri-food sector during COVID-19? A comparison with the 2008 financial crisis
  • Author: Liu, Lujing ; Zhou, Xiaoning ; Xu, Jian
  • Subjects: Agricultural industry ; Capital Financing ; China - epidemiology ; COVID-19 - epidemiology ; Economic aspects ; Financial management ; Financial Statements ; Food industry ; Humans ; International economic relations ; Investments ; Management ; Management techniques ; Medicine and Health Sciences ; Social Sciences ; Working capital
  • Is Part Of: PloS one, 2024-04, Vol.19 (4), p.e0300217-e0300217
  • Description: The objective of this study is to explore the impact of working capital management on firms' financial performance in China's agri-food sector from 2006 to 2021. In addition, we analyze whether this impact is the same during the 2008 financial crisis and the 2020 COVID-19 crisis. Working capital management is measured by working capital investment policy (measured by current assets to total assets ratio), working capital financing policy (measured by current liabilities to total assets ratio), cash conversion cycle, and net working capital ratio. The results reveal that current assets to total assets ratio and net working capital ratio positively influence financial performance measured through return on assets (ROA), while current liabilities to total assets ratio and cash conversion cycle negatively influence ROA. We also find that the relationship between working capital management and financial performance is more affected during COVID-19 than in the 2008 financial crisis. The findings might provide important implications for company managers to make optimal working capital management practices, depending on the economic environment.
  • Publisher: United States: Public Library of Science
  • Language: English
  • Identifier: ISSN: 1932-6203
    EISSN: 1932-6203
    DOI: 10.1371/journal.pone.0300217
    PMID: 38568957
  • Source: Geneva Foundation Free Medical Journals at publisher websites
    MEDLINE
    PubMed Central
    Public Library of Science
    ProQuest Central
    DOAJ Directory of Open Access Journals
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