العلاقة بين إدارة رأس المال العامل ومحددات رأس المال العامل للشركات المدرجة في بورصات المغرب العربي : 4102-4102 الجزائر, المغرب وتونس خلال الفترة

Abstract

Working capital management is among the rich topics in financial literature because of its importance in managing liquidity, profitability and debt . This stud y aims to test the relationship between working capital management and the determinants of working capital (profitabi lity, liquidity and debt). T he study relied on a sample consisting of 14 companies listed on stock exchanges of the Maghreb countri es : Algeria, Morocco and Tunisia, during the period from 2014 to 2018. To achieve the goal of the study we used an unbalanced Panel data analysis according to the tests of the least squares m ethod, fixed individual effects, Random effects, Redundant Fixed Effects test and the Haussmann test. The study concluded that there is a negative and sometimes a positive relationship between the management of working capital, liquidity, profitability and indebtedness; As it can be expl ained that working capital management increases the profitability, liquidity and debt of listed companies on the one hand, and reduce s them on the other hand. Also, the results differ for each country. The country with the best management of working capita l is Tunisia, followed by Morocco, and Algeria in the last position