The Impact of Working Capital Management, Liquidity and Debt Management on the Profitability of Commercial Sector in Stock Exchange of Thailand
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Abstract
The impact of working capital management, liquidity and debt management on the profitability of the commercial sector in the Stock Exchange of Thailand is a quantitative study based on secondary data. The study data consisted of various variables in the form of cross-panel data, a total of 19 companies, collected every quarter from quarter 1 of 2018 to quarter 2 of 2024 for a total of 26 quarters. The purpose of this study was to identify the econometric relationship using a multiple regression equation. The results showed that the factors of working capital management, aspects of liquidity, and debt management affect the profitability of the commercial sector. The current ratio had a positive relationship with the return on assets. The debt-to-asset ratio had a positive relationship with the return on equity. Inventory days had a negative relationship with the return on assets and return on equity, while payable days had a positive relationship with the return on assets and return on equity. The result increased the empirical evidence on this issue in the case of the Stock Exchange of Thailand.
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