Working Capital Determinants for the UK Pharmaceutical Companies Listed on FTSE 350 Index

Mubashir Qurashi () and Muhammad Zahoor

International Journal of Academic Research in Accounting, Finance and Management Sciences, 2017, vol. 7, issue 1, 11-17

Abstract: The study is conducted to investigate working capital determinants for the UK Pharmaceutical companies that are the constituents of FTSE 350 index. Secondary data is collected through annual reports and DataStream database for the UK Pharmaceutical firms since 2009 to 2014. Panel data method is used and OLS is employed as an estimation tool. Working capital is the dependent variable while firm size, profitability, leverage, operating cycle, growth and level of economic activity are independent variable. The result of multiple regression show highly significant results. Working capital is negatively linked with firm size while positively linked with growth and level of economic activity for UK Pharmaceutical firms. Furthermore, insignificant results of working capital with operating cycle, profitability and leverage are observed.

Keywords: Working capital; liquidity; profitability; operating cycle and economic activity (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:hur:ijaraf:v:7:y:2017:i:1:p:11-17

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