Abstract
Continuation of business activities to a large extent depends on a short-term resource management of them; working capitals are seen as important assets of firms and business units which have a leading role in their financial decisions. So in this study, using the argument of previous studies and a new approach, the effect of cash flow in manufacturing firms financial performance that are publicly traded on Tehran Stock Exchanges has been investigated. The study population includes all companies that are publicly traded on Tehran Stock Exchanges from 2008 until 2014 and the studied samples were selected using systematic elimination of the population. Due to equal circumstances, the number of 155 firms was selected as samples of the research. The survey results showed that waiting period variables of collecting revenues of sales and waiting period of goods sale revenues have significant associated delays with the dependent variable (Tobin's Q index), respectively. The results also showed that cash flow conversion cycle has an immediate and delayed relationship with Tobin's Q index.
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