تأثير كفاءة إدارة رأس المال العامل والمرونة المالية في فجوة النمو المستديم دراسة تطبيقية في عينة من الشركات الصناعية المدرجة في سوق العراق للأوراق المالية

Abstract

The Impact of Working Capital Management Efficiency and Financial Flexibility in The Sustainable Growth gap The study target to analyze the effect of Working Capital Management Efficiency and Financial Flexibility on the Sustainable Growth Gap. A six company was select from industry sector as a sample with the some condition, and these companies compose 25% from study population. In addition the study coverage period from 2005 to 2014. The four Independent variables that is under taking in this study, two of them a proxy of Working Capital Management Efficiency ( Cash Conversion Cycle, Working Capital Turnover) and the other a proxy of Financial Flexibility ( Cash Ratio, Financial Leverage), While the Dependent Variable is Sustainable Growth Gap (the deferent among Sustainable Growth Rate and Actually Growth Rate).Accordance to Stata statistical Program and based on Panal Data Analysis for multi regression (fixed effect model), testing five hypotheses as follows:- 1-There is not significant effect of Working Capital Management Efficiency and Financial Flexibility on the Actually Growth Rate.2- There is not significant effect of Working Capital Management Efficiency and Financial Flexibility on the Sustainable Growth Rate.3- There is not significant effect of Working Capital Management Efficiency on the Sustainable Growth Gap.4- There is not significant effect of Financial Flexibility on the Sustainable Growth Gap.5- There is not significant effect of Capital Management Efficiency and Financial Flexibility on the Sustainable Growth Gap.Statistical Results signs that all hypotheses have significant effect because the F-calculate of the fit model have P-value less than 0.05. Finally the study get more than one conclusions, the most important is that the Working Capital Turnover and Financial Leverage Ratio have biggest impact on the sustainable Growth Gap. According to this the study recommended the Iraqi company must be take account these variables when it is planning to make the sustainable Growth Gap at nearest actually