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gement of 13 listed private hospitals in Thailand by regular and panel data regression analyses for the period of 2002 to 2008 and suggested that corporate profitability could be enhanced by decreasing accounts receivable and accounts payable.

Lyroudi and Lazaridis (2000) examined the cash conversion cycle and liquidity analysis of the food industry in Greece. And reported that there is a significant positive relationship between CCC and the traditional liquidity measures of current and quick ratios. Koumanakos (2008) analyzed the effect of inventory management on firm performance for the period of 2000-2002 using the ICAP database containing financial information on all firms from three sectors. The findings indicated that high level of inventories was associated with the lower rate of return. Padachi, (2006) analyzed the WCM trends and their impact on firm performance for a sample of 58 small manufacturing firms using panel data for regression analysis for the period of 1998-2003. He reported a significant negative relationship between the inventory levels and the profitability.

Singh and Pandey (2008) studied the relationship between the WCM and performance of Hindalco Industries for the period of 1990 to 2007 and found a strong relationship between the WCM ratios and firm performance. Lazaridis and Tryfonidis (2006) also studied the relationship between the WCM and performance of listed firms in Athens for the period of 2001 to 2004 and found a strong relationship between the WCM ratios and firm performance and their results from regression analysis showed strong association between profitability (gross operating profit) and CCC. They also concluded that an efficient and optimal CCC management was vital for the increase in the value of stake of shareholders in the firm.

Falope and Ajilore used a sample of 50 Nigerian quoted firms and found an indirect relationship between net operating profits and WCM. The research by Eljelly, (2004) also found a strong negative association between the WCM measures and the firm performance.

Gill and Biger and Mathur, (2010) also observed and reported a very significant association between slow collection of accounts receivables and low profitability. Mathuva (2009) studied the influence of WCM on profitability using a sample of 30 firms listed on the Nairobi Stock Exchange (NSE) using the regression models and concluded that there exists a strong association between average collection period (ACP) and profitability, a strong association between the stock turnover period and profitability, and a strong association between average payment period (APP) and profitability.

Dong and Su (2010) examined the relationship of working capital management with the profitability based on a secondary data collected from listed firms in Vietnam stock market for the period of 2006-2008 and reported strong association between CCC length and low profitability. In their study relating to a sample of 22,000 public companies, Hutchison et al.(2007) also showed an association between shorter CCC and higher profitability for over ? th of the sampled industrial units. Schilling (1996) has coined the concept of optimum liquidity position as the minimum necessity to support any particular business volume. According to him, the decision to segregate the capital employed between the current assets and fixed assets s very vital to the performance of the bu