{"id":3850,"date":"2026-02-23T10:21:18","date_gmt":"2026-02-23T10:21:18","guid":{"rendered":"https:\/\/birpub.org\/ijarfi\/?post_type=journal_article&#038;p=3850"},"modified":"2026-02-23T10:21:20","modified_gmt":"2026-02-23T10:21:20","slug":"effect-of-working-capital-management-on-financial-performance-of-marshal-plant-and-chemical-industries-in-enugu-enugu-state","status":"publish","type":"journal_article","link":"https:\/\/birpub.org\/ijarfi\/journal_article\/effect-of-working-capital-management-on-financial-performance-of-marshal-plant-and-chemical-industries-in-enugu-enugu-state\/","title":{"rendered":"Effect of Working Capital Management on Financial Performance of Marshal Plant and Chemical Industries in Enugu, Enugu State"},"content":{"rendered":"\n<p><strong>Nnaji, Moses Okechukwu<sup> 1<\/sup>, Prof. Ikechukwu I. Okpe<sup> 2\u00a0\u00a0 <\/sup>&amp; Prof. Caroline Nwankwo<sup>3<\/sup><\/strong><\/p>\n\n\n\n<p><strong>Abstract<\/strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><em>This study examines the effect of working capital management on the financial performance of Marshal Plant and Chemical Limited in Enugu, Enugu State. Employing a panel data methodology with a fixed effects regression model, the research utilizes secondary data spanning from 2009 to 2023 to assess the relationship between Accounts Receivable Turnover Ratio (ARTR), Inventory Turnover Ratio (ITR), and Cash Conversion Cycle (CCC) on Annual Profit (AP). The analysis reveals statistically significant positive relationships between ARTR, ITR, and CCC with AP. Specifically, higher ARTR (coefficient: 1.431, p-value: 0.0207), ITR (coefficient: 0.710, p-value: 0.0279), and CCC (coefficient: -0.249, p-value: 0.0320) are associated with increased Annual Profit. The study validates theoretical frameworks on working capital management by demonstrating that efficient management of receivables, inventory, and cash conversion processes can enhance profitability. Based on these findings, the research provides actionable recommendations for improving working capital practices within the paint industry, contributing to both academic literature and practical financial management strategies. The results offer valuable insights for similar firms in the manufacturing sector, emphasizing the critical role of operational efficiency in achieving financial success<\/em><em><\/em><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong><\/strong><strong><em>Keywords: <\/em><\/strong><em>Working capital management, financial performance, Accounts receivable turnover ratio, Inventory turnover ratio &amp; Cash conversion cycle<\/em><\/p>\n\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/birpub.org\/ijarfi\/wp-content\/uploads\/sites\/3\/2026\/02\/IJARFI_43-151-171.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of IJARFI_43, 151-171.\"><\/object><a id=\"wp-block-file--media-eca27116-14f7-4c99-a63f-0f09aa1f1e4f\" href=\"https:\/\/birpub.org\/ijarfi\/wp-content\/uploads\/sites\/3\/2026\/02\/IJARFI_43-151-171.pdf\">IJARFI_43, 151-171<\/a><a href=\"https:\/\/birpub.org\/ijarfi\/wp-content\/uploads\/sites\/3\/2026\/02\/IJARFI_43-151-171.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-eca27116-14f7-4c99-a63f-0f09aa1f1e4f\">Download<\/a><\/div>\n","protected":false},"author":1,"template":"","journal_article_cats":[236],"class_list":["post-3850","journal_article","type-journal_article","status-publish","hentry","journal_article_cat-vol-4-no-3"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v26.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Effect of Working Capital Management on Financial Performance of Marshal Plant and Chemical Industries in Enugu, Enugu State - International Journal of Accounting Research and Financial Insights (IJARFI)<\/title>\n<meta name=\"description\" content=\"This study examines the effect of working capital management on the financial performance of Marshal Plant and Chemical Limited in Enugu, Enugu State. Employing a panel data methodology with a fixed effects regression model, the research utilizes secondary data spanning from 2009 to 2023 to assess the relationship between Accounts Receivable Turnover Ratio (ARTR), Inventory Turnover Ratio (ITR), and Cash Conversion Cycle (CCC) on Annual Profit (AP). The analysis reveals statistically significant positive relationships between ARTR, ITR, and CCC with AP. Specifically, higher ARTR (coefficient: 1.431, p-value: 0.0207), ITR (coefficient: 0.710, p-value: 0.0279), and CCC (coefficient: -0.249, p-value: 0.0320) are associated with increased Annual Profit. The study validates theoretical frameworks on working capital management by demonstrating that efficient management of receivables, inventory, and cash conversion processes can enhance profitability. Based on these findings, the research provides actionable recommendations for improving working capital practices within the paint industry, contributing to both academic literature and practical financial management strategies. The results offer valuable insights for similar firms in the manufacturing sector, emphasizing the critical role of operational efficiency in achieving financial success\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/birpub.org\/ijarfi\/journal_article\/effect-of-working-capital-management-on-financial-performance-of-marshal-plant-and-chemical-industries-in-enugu-enugu-state\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Effect of Working Capital Management on Financial Performance of Marshal Plant and Chemical Industries in Enugu, Enugu State\" \/>\n<meta property=\"og:description\" content=\"This study examines the effect of working capital management on the financial performance of Marshal Plant and Chemical Limited in Enugu, Enugu State. Employing a panel data methodology with a fixed effects regression model, the research utilizes secondary data spanning from 2009 to 2023 to assess the relationship between Accounts Receivable Turnover Ratio (ARTR), Inventory Turnover Ratio (ITR), and Cash Conversion Cycle (CCC) on Annual Profit (AP). The analysis reveals statistically significant positive relationships between ARTR, ITR, and CCC with AP. Specifically, higher ARTR (coefficient: 1.431, p-value: 0.0207), ITR (coefficient: 0.710, p-value: 0.0279), and CCC (coefficient: -0.249, p-value: 0.0320) are associated with increased Annual Profit. The study validates theoretical frameworks on working capital management by demonstrating that efficient management of receivables, inventory, and cash conversion processes can enhance profitability. Based on these findings, the research provides actionable recommendations for improving working capital practices within the paint industry, contributing to both academic literature and practical financial management strategies. The results offer valuable insights for similar firms in the manufacturing sector, emphasizing the critical role of operational efficiency in achieving financial success\" \/>\n<meta property=\"og:url\" content=\"https:\/\/birpub.org\/ijarfi\/journal_article\/effect-of-working-capital-management-on-financial-performance-of-marshal-plant-and-chemical-industries-in-enugu-enugu-state\/\" \/>\n<meta property=\"og:site_name\" content=\"International Journal of Accounting Research and Financial Insights (IJARFI)\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-23T10:21:20+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/birpub.org\/ijarfi\/journal_article\/effect-of-working-capital-management-on-financial-performance-of-marshal-plant-and-chemical-industries-in-enugu-enugu-state\/\",\"url\":\"https:\/\/birpub.org\/ijarfi\/journal_article\/effect-of-working-capital-management-on-financial-performance-of-marshal-plant-and-chemical-industries-in-enugu-enugu-state\/\",\"name\":\"Effect of Working Capital Management on Financial Performance of Marshal Plant and Chemical Industries in Enugu, Enugu State - International Journal of Accounting Research and Financial Insights (IJARFI)\",\"isPartOf\":{\"@id\":\"https:\/\/birpub.org\/ijarfi\/#website\"},\"datePublished\":\"2026-02-23T10:21:18+00:00\",\"dateModified\":\"2026-02-23T10:21:20+00:00\",\"description\":\"This study examines the effect of working capital management on the financial performance of Marshal Plant and Chemical Limited in Enugu, Enugu State. Employing a panel data methodology with a fixed effects regression model, the research utilizes secondary data spanning from 2009 to 2023 to assess the relationship between Accounts Receivable Turnover Ratio (ARTR), Inventory Turnover Ratio (ITR), and Cash Conversion Cycle (CCC) on Annual Profit (AP). The analysis reveals statistically significant positive relationships between ARTR, ITR, and CCC with AP. Specifically, higher ARTR (coefficient: 1.431, p-value: 0.0207), ITR (coefficient: 0.710, p-value: 0.0279), and CCC (coefficient: -0.249, p-value: 0.0320) are associated with increased Annual Profit. The study validates theoretical frameworks on working capital management by demonstrating that efficient management of receivables, inventory, and cash conversion processes can enhance profitability. Based on these findings, the research provides actionable recommendations for improving working capital practices within the paint industry, contributing to both academic literature and practical financial management strategies. The results offer valuable insights for similar firms in the manufacturing sector, emphasizing the critical role of operational efficiency in achieving financial success\",\"breadcrumb\":{\"@id\":\"https:\/\/birpub.org\/ijarfi\/journal_article\/effect-of-working-capital-management-on-financial-performance-of-marshal-plant-and-chemical-industries-in-enugu-enugu-state\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/birpub.org\/ijarfi\/journal_article\/effect-of-working-capital-management-on-financial-performance-of-marshal-plant-and-chemical-industries-in-enugu-enugu-state\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/birpub.org\/ijarfi\/journal_article\/effect-of-working-capital-management-on-financial-performance-of-marshal-plant-and-chemical-industries-in-enugu-enugu-state\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/birpub.org\/ijarfi\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Effect of Working Capital Management on Financial Performance of Marshal Plant and Chemical Industries in Enugu, Enugu State\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/birpub.org\/ijarfi\/#website\",\"url\":\"https:\/\/birpub.org\/ijarfi\/\",\"name\":\"International Journal of Accounting Research and Financial Insights (IJARFI)\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/birpub.org\/ijarfi\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/birpub.org\/ijarfi\/#\/schema\/person\/a01bf0d010e3d6c4df289f481abdb958\",\"name\":\"birpo\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/birpub.org\/ijarfi\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/456e5b4da19eedccc615c6da405c2fdd61087a592d2d3e354c20fdab032f97b2?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/456e5b4da19eedccc615c6da405c2fdd61087a592d2d3e354c20fdab032f97b2?s=96&d=mm&r=g\",\"caption\":\"birpo\"},\"sameAs\":[\"http:\/\/birpub.org\"],\"url\":\"https:\/\/birpub.org\/ijarfi\/author\/birpo\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Effect of Working Capital Management on Financial Performance of Marshal Plant and Chemical Industries in Enugu, Enugu State - International Journal of Accounting Research and Financial Insights (IJARFI)","description":"This study examines the effect of working capital management on the financial performance of Marshal Plant and Chemical Limited in Enugu, Enugu State. Employing a panel data methodology with a fixed effects regression model, the research utilizes secondary data spanning from 2009 to 2023 to assess the relationship between Accounts Receivable Turnover Ratio (ARTR), Inventory Turnover Ratio (ITR), and Cash Conversion Cycle (CCC) on Annual Profit (AP). The analysis reveals statistically significant positive relationships between ARTR, ITR, and CCC with AP. Specifically, higher ARTR (coefficient: 1.431, p-value: 0.0207), ITR (coefficient: 0.710, p-value: 0.0279), and CCC (coefficient: -0.249, p-value: 0.0320) are associated with increased Annual Profit. The study validates theoretical frameworks on working capital management by demonstrating that efficient management of receivables, inventory, and cash conversion processes can enhance profitability. Based on these findings, the research provides actionable recommendations for improving working capital practices within the paint industry, contributing to both academic literature and practical financial management strategies. The results offer valuable insights for similar firms in the manufacturing sector, emphasizing the critical role of operational efficiency in achieving financial success","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/birpub.org\/ijarfi\/journal_article\/effect-of-working-capital-management-on-financial-performance-of-marshal-plant-and-chemical-industries-in-enugu-enugu-state\/","og_locale":"en_US","og_type":"article","og_title":"Effect of Working Capital Management on Financial Performance of Marshal Plant and Chemical Industries in Enugu, Enugu State","og_description":"This study examines the effect of working capital management on the financial performance of Marshal Plant and Chemical Limited in Enugu, Enugu State. Employing a panel data methodology with a fixed effects regression model, the research utilizes secondary data spanning from 2009 to 2023 to assess the relationship between Accounts Receivable Turnover Ratio (ARTR), Inventory Turnover Ratio (ITR), and Cash Conversion Cycle (CCC) on Annual Profit (AP). The analysis reveals statistically significant positive relationships between ARTR, ITR, and CCC with AP. Specifically, higher ARTR (coefficient: 1.431, p-value: 0.0207), ITR (coefficient: 0.710, p-value: 0.0279), and CCC (coefficient: -0.249, p-value: 0.0320) are associated with increased Annual Profit. The study validates theoretical frameworks on working capital management by demonstrating that efficient management of receivables, inventory, and cash conversion processes can enhance profitability. Based on these findings, the research provides actionable recommendations for improving working capital practices within the paint industry, contributing to both academic literature and practical financial management strategies. The results offer valuable insights for similar firms in the manufacturing sector, emphasizing the critical role of operational efficiency in achieving financial success","og_url":"https:\/\/birpub.org\/ijarfi\/journal_article\/effect-of-working-capital-management-on-financial-performance-of-marshal-plant-and-chemical-industries-in-enugu-enugu-state\/","og_site_name":"International Journal of Accounting Research and Financial Insights (IJARFI)","article_modified_time":"2026-02-23T10:21:20+00:00","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/birpub.org\/ijarfi\/journal_article\/effect-of-working-capital-management-on-financial-performance-of-marshal-plant-and-chemical-industries-in-enugu-enugu-state\/","url":"https:\/\/birpub.org\/ijarfi\/journal_article\/effect-of-working-capital-management-on-financial-performance-of-marshal-plant-and-chemical-industries-in-enugu-enugu-state\/","name":"Effect of Working Capital Management on Financial Performance of Marshal Plant and Chemical Industries in Enugu, Enugu State - International Journal of Accounting Research and Financial Insights (IJARFI)","isPartOf":{"@id":"https:\/\/birpub.org\/ijarfi\/#website"},"datePublished":"2026-02-23T10:21:18+00:00","dateModified":"2026-02-23T10:21:20+00:00","description":"This study examines the effect of working capital management on the financial performance of Marshal Plant and Chemical Limited in Enugu, Enugu State. Employing a panel data methodology with a fixed effects regression model, the research utilizes secondary data spanning from 2009 to 2023 to assess the relationship between Accounts Receivable Turnover Ratio (ARTR), Inventory Turnover Ratio (ITR), and Cash Conversion Cycle (CCC) on Annual Profit (AP). The analysis reveals statistically significant positive relationships between ARTR, ITR, and CCC with AP. Specifically, higher ARTR (coefficient: 1.431, p-value: 0.0207), ITR (coefficient: 0.710, p-value: 0.0279), and CCC (coefficient: -0.249, p-value: 0.0320) are associated with increased Annual Profit. The study validates theoretical frameworks on working capital management by demonstrating that efficient management of receivables, inventory, and cash conversion processes can enhance profitability. Based on these findings, the research provides actionable recommendations for improving working capital practices within the paint industry, contributing to both academic literature and practical financial management strategies. The results offer valuable insights for similar firms in the manufacturing sector, emphasizing the critical role of operational efficiency in achieving financial success","breadcrumb":{"@id":"https:\/\/birpub.org\/ijarfi\/journal_article\/effect-of-working-capital-management-on-financial-performance-of-marshal-plant-and-chemical-industries-in-enugu-enugu-state\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/birpub.org\/ijarfi\/journal_article\/effect-of-working-capital-management-on-financial-performance-of-marshal-plant-and-chemical-industries-in-enugu-enugu-state\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/birpub.org\/ijarfi\/journal_article\/effect-of-working-capital-management-on-financial-performance-of-marshal-plant-and-chemical-industries-in-enugu-enugu-state\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/birpub.org\/ijarfi\/"},{"@type":"ListItem","position":2,"name":"Effect of Working Capital Management on Financial Performance of Marshal Plant and Chemical Industries in Enugu, Enugu State"}]},{"@type":"WebSite","@id":"https:\/\/birpub.org\/ijarfi\/#website","url":"https:\/\/birpub.org\/ijarfi\/","name":"International Journal of Accounting Research and Financial Insights (IJARFI)","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/birpub.org\/ijarfi\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/birpub.org\/ijarfi\/#\/schema\/person\/a01bf0d010e3d6c4df289f481abdb958","name":"birpo","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/birpub.org\/ijarfi\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/456e5b4da19eedccc615c6da405c2fdd61087a592d2d3e354c20fdab032f97b2?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/456e5b4da19eedccc615c6da405c2fdd61087a592d2d3e354c20fdab032f97b2?s=96&d=mm&r=g","caption":"birpo"},"sameAs":["http:\/\/birpub.org"],"url":"https:\/\/birpub.org\/ijarfi\/author\/birpo\/"}]}},"_links":{"self":[{"href":"https:\/\/birpub.org\/ijarfi\/wp-json\/wp\/v2\/journal_article\/3850","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/birpub.org\/ijarfi\/wp-json\/wp\/v2\/journal_article"}],"about":[{"href":"https:\/\/birpub.org\/ijarfi\/wp-json\/wp\/v2\/types\/journal_article"}],"author":[{"embeddable":true,"href":"https:\/\/birpub.org\/ijarfi\/wp-json\/wp\/v2\/users\/1"}],"wp:attachment":[{"href":"https:\/\/birpub.org\/ijarfi\/wp-json\/wp\/v2\/media?parent=3850"}],"wp:term":[{"taxonomy":"journal_article_cat","embeddable":true,"href":"https:\/\/birpub.org\/ijarfi\/wp-json\/wp\/v2\/journal_article_cats?post=3850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}