Impact of the components of working capital on profitability and market value of listed manufacturing firms in Ghana

Abstract This study checked the impact of Working Capital on the performance of the manufacturing company. The result of the study has been taken form the manufacturing companies listed in the Ghana. The GSE (Ghana Stock Exchange) published data from January 1, 2013, to December 31, 2019 were collected for the research purpose. Based on the Hausman test, a random effect model (REM) of OLS panel estimation was appropriately used as model specification using E-Views. The study found that the accounts receivables period (ARP) negatively affects the Return on Assets (ROA) at a 10% significance level, but it has a negative insignificant relationship with the market value of companies. At a 1% level of significance, ROA and GROWTH have a significant positive relationship.