Abstract
ABSTRACT The aim of this paper is to examine the relationship between working capital management (WCM) and firm profitability for a sample of 2122 Indian SMEs. The study is based on secondary financial data obtained from electronic database PROWESS of Centre for Monitoring Indian Economy (CMIE), pertaining to a period of 12 years. The study employs two-step generalized method of moments (GMM) estimation to arrive at the results. The estimates of two-step GMM confirm an inverted U-shape relationship between WCM and firm profitability.
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