Çetenak, Emin HüseyinVural, GamzeSökmen, Ahmet GökhanHacioglu, U.Dincer, H.Alayoglu, N.12.07.20192019-07-1212.07.20192019-07-122017978-3-319-44591-5; 978-3-319-44590-81431-1941https://doi.org/10.1007/978-3-319-44591-5_26https://doi.org/10.1007/978-3-319-44591-5https://hdl.handle.net/20.500.12507/517WOS: 000415645900028Previous literature established on the effects of working capital management on firm's profitability or firm value and focused mostly on firm-level determinants of working capital. In this study, we aimed to examine the determinants of working capital management not only at firm level but also industry-country level. Our sample consists of 1253 manufacturing firms across 13 industries from 14 emerging markets between year 2000 and 2014. Our findings indicate that at firm-level variables, return on asset has a negative relationship with working capital while Tobin Q and Altman Z-score have a positive. At industry-country level variables, HH index, exchange rate, Lerner index, and rule of law have a positive relationship with working capital levels while credit from private sector variable has a negative relationship with working capital levels.eninfo:eu-repo/semantics/openAccessBook Part385397WOS:0004156459000282-s2.0-85061747006Q4N/A