TABLE OF CONTENTS
TITLE: 1
ABSTRACT 2
CHAPTER ONE 5
INTRODUCTION 5
1.1 Background to the Study 5
1.2 Statement of the Problem 7
1.3 Objectives of the Study 8
1.4 Research Questions 9
1.5 Research Hypotheses 9
1.6 Significance of the Study 10
1.7 Scope of the Study 11
1.8 Limitations of the Study 11
1.9 Organization of the Study 12
CHAPTER TWO 13
LITERATURE REVIEW 13
2.1 Introduction 13
2.2 Conceptual Clarifications 14
2.2.1 Working Capital Management (WCM) 14
2.2.2 Profitability 16
2.2.3 Cash Conversion Cycle (CCC) 19
2.3 Theoretical Review 22
2.3.1 Transaction Cost Theory 22
2.3.2 Liquidity-Profitability Trade-Off Theory 24
2.3.3 Resource-Based View (RBV) 27
2.4 Empirical Review 29
2.4.1 Global Evidence 29
2.4.2 Evidence from Nigeria 32
2.4.3 Post-COVID Insights 35
2.5 Key Variables and Measurement 38
2.6 Research Gap 38
2.7 Summary of Reviewed Literature 41
CHAPTER THREE 45
RESEARCH METHODOLOGY 45
3.1 Introduction 45
3.2 Research Design 45
3.3 Population and Sample Size 46
3.3.1 Population of the Study 46
3.3.2 Sample Selection 46
3.4 Sources and Methods of Data Collection 47
3.5 Method of Data Analysis 48
3.6 Definition and Measurement of Variables 48
3.6.1 Dependent Variables (Profitability Metrics) 48
3.6.2 Independent Variables (Working Capital Indicators) 49
3.7 Model Specification 49
3.8 Justification for Methodological Choices 50
3.9 Ethical Considerations 50
3.10 Chapter Summary 50
CHAPTER FOUR 52
DATA PRESENTATION, ANALYSIS AND DISCUSSION OF FINDINGS 52
4.1 Introduction 52
4.2 Data Presentation 52
4.2.1 Descriptive Statistics 52
4.3 Correlation Matrix 59
4.4 Panel Regression Analysis 60
4.4.1 Regression Models 60
4.4.2 Fixed Effects Results 60
4.5 Hausman Test 61
4.6 Discussion of Findings 61
4.7 Summary 62
4.8 Data Sources (Company Annual Reports) 63
CHAPTER FIVE 66
SUMMARY, CONCLUSION AND RECOMMENDATIONS 66
5.1 Summary of Findings 66
5.2 Conclusion 67
5.3 Recommendations 68
1. Improve Receivables Collection Efficiency: 68
2. Optimize Inventory Management: 68
3. Strategically Extend Payables Period: 69
4. Monitor and Shorten the Cash Conversion Cycle: 69
5. Adopt Data-Driven Financial Decision-Making: 69
5.4 Contribution to Knowledge 69
5.5 Suggestions for Further Research 70
REFERENCES 72
