The Effect of Working Capital Management on Dividend Policy: An Empirical Analysis of Listed Firms in Ghana

Relying on more recent data spanning 2007-2016, this paper investigates the impact of working capital management (WCM) dividend policy listed non-financial firms in Ghana. Specifically, study assesses effect cash conversion cycle (CCC), days inventory outstanding (DIO), profitability, and firm growth policy. Employing ordinary least squares (OLS) analytical technique, findings reported that (in terms outstanding) are positively related, with DIO having a significant The results also established positive association between control variables (profitability growth) albeit insignificantly. Based findings, concludes (DIO) is critical factor influencing firms’ decisions. extends inconclusive empirical evidence determinants fills lacuna existing literature by focusing how practices influence useful to board directors deciding an appropriate policy, shareholders making investment