Impacts of the working capital turnover on the return on assets of manufacturing enterprises listed on the Ho Chi Minh City Stock Exchange
Published: July 25, 2026
Abstract
This study explored the impact of factors related to working capital on the return on assets (ROA) of manufacturing enterprises listed on the Ho Chi Minh City Stock Exchange (HoSE). The study's data were collected from the financial statements of 102 listed manufacturing companies from 2017 to 2021. The study's findings showed that inventory turnover (INV) does not have a statistically significant impact on ROA, while receivables turnover (REC), company size (SIZE), and growth rate (GROW) have positive and statistically significant impacts on ROA. In addition, financial leverage (AFL) and the short-term solvency ratio (LIQ) have negative and statistically significant impacts on ROA.
Keywords
asset utilization efficiencyinventory turnoverpayment recovery rateshort-term solvency ratio
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