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Working Capital Management and Profitability of Selected WORKING CAPITAL MANAGEMENT AND PROFITABILITY OF SELECTED SUPERMARKETS IN NAIROBI CITY COUNTY, KENYA DENNIS GITOGO RATEMO D53/OL/CTY/26297/2015 A RESEARCH PROJECT SUBMITTED TO THE SCHOOL OF BUSINESS IN PARTIAL FULFILLMENT OF REQUIREMENT FOR THE AWARD OF MASTERS OF BUSINESS ADMINISTRATION (FINANCE OPTION) OF KENYATTA UNIVERSITY JULY 2018 DECLARATION DECLARATION BY STUDENT This research project is my original work and has not been submitted for a degree course or any other award in any other University. Signature _______________________ Date _________________________ Dennis Gitogo Ratemo D53/OL/CTY/26297/2015 DECLARATION BY SUPERVISOR This research project has been submitted for examination with my approval as the university supervisor. Signature ____________________ Date____________________ Dr. Lucy Wamugo Lecturer, Accounting and Finance School of Business Kenyatta University ii DEDICATION I dedicate this project to my family, who inspired me to attain my academic potential. iii ACKNOWLEDGEMENT I wish to take this opportunity to thank God for his enablement, this far it has taken His almighty hand. Great appreciation and acknowledgement goes to my family members especially my dad Wilfred Ratemo who has been an inspiration and encouragement to me in writing and completing this piece of research. I thank my supervisor, Dr. Lucy Wamugo for her advice, guidance, motivation and support during this process. Her guidance and advice always inspired me to seek more knowledge in solving the difficulties throughout this project. I also thank my colleagues in class for their encouragement and cooperation in carrying out this research project. iv TABLE OF CONTENT Declaration....................................................................................................................................... ii Acknowledgement .......................................................................................................................... iv List of Tables .................................................................................................................................. ix List of Figures .................................................................................................................................. x Operational Definition of Terms .................................................................................................... xi Abbreviations and Acronyms ........................................................................................................xiii Abstract ......................................................................................................................................... xiv CHAPTER ONE: INTRODUCTION ..........................................................................................1 1.1 Background of the study ........................................................................................................ 1 1.1.1 Working capital management ......................................................................................... 3 1.1.2 Inventory turnover .......................................................................................................... 4 1.1.3 Accounts payables turnover............................................................................................ 5 1.1.4 Profitability of Supermarkets.......................................................................................... 6 1.2 Statement of the Problem....................................................................................................... 8 1.3 General Objective ................................................................................................................ 10 1.3.1 Specific Objectives ....................................................................................................... 10 1.3.2 Research Hypothesis..................................................................................................... 10 1.4 Significance of the study ..................................................................................................... 11 1.5 Scope of the study................................................................................................................ 11 1.6 Limitations of the Study ...................................................................................................... 12 1.7 Organization of the study..................................................................................................... 12 v CHAPTER TWO: LITERATURE REVIEW...........................................................................13 2.1 Introduction.......................................................................................................................... 13 2.2 Theoretical Literature .......................................................................................................... 13 2.2.1 Trade off Theory ........................................................................................................... 13 2.2.2 Baumol’s Model ........................................................................................................... 14 2.3 Empirical Literature Review................................................................................................ 14 2.3.1 Accounts payable turnover and profitability ................................................................ 14 2.3.2 Inventory turnover and profitability ............................................................................. 16 2.3.3 Working capital turnover and profitability ................................................................... 17 2.4 Summary of Literature and Research Gaps ......................................................................... 20 2.5 Conceptual Framework........................................................................................................ 21 CHAPTER THREE: RESEARCH METHODOLOGY ..........................................................23 3.1 Introduction.......................................................................................................................... 23 3.2 Research Design .................................................................................................................. 23 3.3 Empirical Model .................................................................................................................. 23 3.4 Operationalization and Measurement of Variables ......................................................... 24 3.5 Target Population................................................................................................................. 26 3.6 Sampling technique ............................................................................................................. 26 3.7 Data Collection Instruments ................................................................................................ 27 3.7.1 Data collection procedures ........................................................................................... 27 3.8 Data analysis and presentation............................................................................................. 27 3.9 Ethical Considerations ......................................................................................................... 29 vi CHAPTER FOUR: RESEARCH RESULTS AND DISCUSSION.........................................30 4.1 Introduction.......................................................................................................................... 30 4.2 Descriptive Statistics ........................................................................................................... 30 4.3 Trend Analysis ..................................................................................................................... 32 4.3.1 Working Capital Turnover............................................................................................ 32 4.3.2 Inventory Turnover ....................................................................................................... 33 4.3.3 Accounts Payable Turnover.......................................................................................... 34 4.3.4 Profitability ................................................................................................................... 35 4.4 Correlation Analysis ............................................................................................................ 36 4.5 Diagnostic Tests................................................................................................................... 37 4.5.1 Stationarity using ADF Test ......................................................................................... 37 4.5.2 Multicollinearity Test ................................................................................................... 38 4.5.3 Autocorrelation Test ..................................................................................................... 38 4.5.4: Hausman Random Test for random and fixed effects ................................................. 39 4.6 Regression Analysis............................................................................................................. 40 CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION .................45 5.1 Introduction.......................................................................................................................... 45 5.2 Summary of Findings .........................................................................................................
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