Volume 15, issue 3, Printemps 2011

The Impact of Working Capital Management on Profitability: The Case of Small and Medium-Sized Export Companies in Tunisia

Meryem Bellouma

Faculty of Economics and Management of Nabeul, Tunisia


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.

Keywords: Working capital management, Corporate profitability, Panel data, Tunisian export SMEs


Le fond de roulement est un composant important dans la décision financière. Une gestion optimale du fond de roulement est atteinte à travers une conciliation entre la profitabilité et la liquidité. Cette étude fournit une vérification empirique des effets de la gestion du fond du roulement sur la profitabilité de 386 PME exportatrices en Tunisie observées de 2001 à 2008.

Les résultats des modèles à effets fixes et aléatoires montrent une relation négative entre la profitabilité de l’entreprise et les différentes composantes du fond de roulement. Ainsi, les PME exportatrices tunisiennes augmentent leur profitabilité en réduisant leur cycle de conversion du cash à travers la restriction du nombre de jours de recouvrement des créances clients et la limitation de la période de stockage.

Keywords: Gestion du fond de roulement, Profitabilité de l’entreprise, Données de Panel, PME exportatrices tunisiennes


El capital circulante es un componente importante en la decisión financiera de la empresa. Una gestión óptima del capital circulante está alcanzada a través del compromiso entre rentabilidad y liquidez. Este estudio trata de proveer evidencia empírica acerca de los efectos de la gestión del capital circulante sobre la rentabilidad de 386 pequeñas y medianas empresas exportadoras en Túnez observadas desde 2001 hasta 2008.

Los resultados de los modelos a efectos fijos y aleatorios muestran la existencia de una relación negativa entre la rentabilidad empresarial y los diferentes componentes del capital circulante. Dicha relación revela que las PYME exportadoras tunecinas tienen que acortar sus ciclos de conversión en efectivo a través de la reducción del número de días de cuentas por cobrar y de inventarios para aumentar su rentabilidad.

Keywords: Gestión del capital circulante, Rentabilidad Empresarial, Datos de Panel, PYME Exportadoras Tunicinas


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Meryem Bellouma
The Impact of Working Capital Management on Profitability: The Case of Small and Medium-Sized Export Companies in Tunisia 
Management international, Volume 15, issue 3, Printemps 2011, p.71-88
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