id	sid	tid	token	lemma	pos
gujaf-366	1	1	microsoft	microsoft	PROPN
gujaf-366	1	2	word	word	PROPN
gujaf-366	1	3	fk	fk	INTJ
gujaf-366	1	4	to	to	ADP
gujaf-366	1	5	mr	mr	PROPN
gujaf-366	1	6	hassan	hassan	PROPN
gujaf-366	1	7	6	6	NUM
gujaf-366	1	8	1	1	NUM
gujaf-366	1	9	gusau	gusau	ADJ
gujaf-366	1	10	journal	journal	NOUN
gujaf-366	1	11	of	of	ADP
gujaf-366	1	12	accounting	accounting	NOUN
gujaf-366	1	13	and	and	CCONJ
gujaf-366	1	14	finance	finance	NOUN
gujaf-366	1	15	,	,	PUNCT
gujaf-366	1	16	vol.6	vol.6	PROPN
gujaf-366	1	17	,	,	PUNCT
gujaf-366	1	18	issue	issue	NOUN
gujaf-366	1	19	1	1	NUM
gujaf-366	1	20	,	,	PUNCT
gujaf-366	1	21	april	april	PROPN
gujaf-366	1	22	,	,	PUNCT
gujaf-366	1	23	2025	2025	NUM
gujaf-366	1	24	38	38	NUM
gujaf-366	1	25	working	work	VERB
gujaf-366	1	26	capital	capital	NOUN
gujaf-366	1	27	management	management	NOUN
gujaf-366	1	28	and	and	CCONJ
gujaf-366	1	29	firm	firm	ADJ
gujaf-366	1	30	performance	performance	NOUN
gujaf-366	1	31	of	of	ADP
gujaf-366	1	32	highgrowth	highgrowth	PROPN
gujaf-366	1	33	enterprises	enterprise	NOUN
gujaf-366	1	34	:	:	PUNCT
gujaf-366	1	35	evidence	evidence	NOUN
gujaf-366	1	36	of	of	ADP
gujaf-366	1	37	corporate	corporate	ADJ
gujaf-366	1	38	financial	financial	ADJ
gujaf-366	1	39	management	management	NOUN
gujaf-366	1	40	in	in	ADP
gujaf-366	1	41	emerging	emerge	VERB
gujaf-366	1	42	economies	economy	NOUN
gujaf-366	1	43	emmanuel	emmanuel	PROPN
gujaf-366	1	44	imuede	imuede	PROPN
gujaf-366	1	45	oyasor	oyasor	PROPN
gujaf-366	1	46	department	department	PROPN
gujaf-366	1	47	of	of	ADP
gujaf-366	1	48	accounting	accounting	NOUN
gujaf-366	1	49	science	science	NOUN
gujaf-366	1	50	,	,	PUNCT
gujaf-366	1	51	walter	walter	PROPN
gujaf-366	1	52	sisulu	sisulu	PROPN
gujaf-366	1	53	university	university	PROPN
gujaf-366	1	54	,	,	PUNCT
gujaf-366	1	55	mthatha	mthatha	PROPN
gujaf-366	1	56	,	,	PUNCT
gujaf-366	1	57	south	south	PROPN
gujaf-366	1	58	africa	africa	PROPN
gujaf-366	1	59	.	.	PUNCT
gujaf-366	2	1	emmanueloyasor247@gmail.com	emmanueloyasor247@gmail.com	X
gujaf-366	3	1	https://doi.org/10.57233/gujaf.v6i1.03	https://doi.org/10.57233/gujaf.v6i1.03	NOUN
gujaf-366	3	2	abstract	abstract	ADJ
gujaf-366	3	3	this	this	DET
gujaf-366	3	4	study	study	NOUN
gujaf-366	3	5	examines	examine	VERB
gujaf-366	3	6	the	the	DET
gujaf-366	3	7	relationship	relationship	NOUN
gujaf-366	3	8	between	between	ADP
gujaf-366	3	9	working	work	VERB
gujaf-366	3	10	capital	capital	NOUN
gujaf-366	3	11	management	management	NOUN
gujaf-366	3	12	(	(	PUNCT
gujaf-366	3	13	wcm	wcm	NOUN
gujaf-366	3	14	)	)	PUNCT
gujaf-366	3	15	and	and	CCONJ
gujaf-366	3	16	profitability	profitability	NOUN
gujaf-366	3	17	among	among	ADP
gujaf-366	3	18	highgrowth	highgrowth	PROPN
gujaf-366	3	19	firms	firm	NOUN
gujaf-366	3	20	(	(	PUNCT
gujaf-366	3	21	hgfs	hgfs	PROPN
gujaf-366	3	22	)	)	PUNCT
gujaf-366	3	23	in	in	ADP
gujaf-366	3	24	nigeria	nigeria	PROPN
gujaf-366	3	25	,	,	PUNCT
gujaf-366	3	26	utilizing	utilize	VERB
gujaf-366	3	27	a	a	DET
gujaf-366	3	28	comprehensive	comprehensive	ADJ
gujaf-366	3	29	panel	panel	NOUN
gujaf-366	3	30	dataset	dataset	VERB
gujaf-366	3	31	spanning	span	VERB
gujaf-366	3	32	2002	2002	NUM
gujaf-366	3	33	to	to	ADP
gujaf-366	3	34	2023	2023	NUM
gujaf-366	3	35	.	.	PUNCT
gujaf-366	4	1	employing	employ	VERB
gujaf-366	4	2	fixed	fix	VERB
gujaf-366	4	3	effects	effect	NOUN
gujaf-366	4	4	and	and	CCONJ
gujaf-366	4	5	system	system	NOUN
gujaf-366	4	6	gmm	gmm	PROPN
gujaf-366	4	7	estimations	estimation	NOUN
gujaf-366	4	8	,	,	PUNCT
gujaf-366	4	9	the	the	DET
gujaf-366	4	10	analysis	analysis	NOUN
gujaf-366	4	11	reveals	reveal	VERB
gujaf-366	4	12	a	a	DET
gujaf-366	4	13	significant	significant	ADJ
gujaf-366	4	14	inverted	invert	VERB
gujaf-366	4	15	u	u	ADJ
gujaf-366	4	16	-	-	ADJ
gujaf-366	4	17	shaped	shape	VERB
gujaf-366	4	18	relationship	relationship	NOUN
gujaf-366	4	19	between	between	ADP
gujaf-366	4	20	the	the	DET
gujaf-366	4	21	cash	cash	NOUN
gujaf-366	4	22	conversion	conversion	NOUN
gujaf-366	4	23	cycle	cycle	NOUN
gujaf-366	4	24	(	(	PUNCT
gujaf-366	4	25	ccc	ccc	PROPN
gujaf-366	4	26	)	)	PUNCT
gujaf-366	4	27	and	and	CCONJ
gujaf-366	4	28	firm	firm	ADJ
gujaf-366	4	29	profitability	profitability	NOUN
gujaf-366	4	30	,	,	PUNCT
gujaf-366	4	31	indicating	indicate	VERB
gujaf-366	4	32	that	that	SCONJ
gujaf-366	4	33	both	both	CCONJ
gujaf-366	4	34	insufficient	insufficient	ADJ
gujaf-366	4	35	and	and	CCONJ
gujaf-366	4	36	excessive	excessive	ADJ
gujaf-366	4	37	investment	investment	NOUN
gujaf-366	4	38	in	in	ADP
gujaf-366	4	39	working	work	VERB
gujaf-366	4	40	capital	capital	NOUN
gujaf-366	4	41	adversely	adversely	ADV
gujaf-366	4	42	affect	affect	VERB
gujaf-366	4	43	financial	financial	ADJ
gujaf-366	4	44	performance	performance	NOUN
gujaf-366	4	45	.	.	PUNCT
gujaf-366	5	1	subsample	subsample	ADJ
gujaf-366	5	2	analyses	analysis	NOUN
gujaf-366	5	3	across	across	ADP
gujaf-366	5	4	industries	industry	NOUN
gujaf-366	5	5	and	and	CCONJ
gujaf-366	5	6	time	time	NOUN
gujaf-366	5	7	periods	period	NOUN
gujaf-366	5	8	further	far	ADV
gujaf-366	5	9	highlight	highlight	VERB
gujaf-366	5	10	sectoral	sectoral	ADJ
gujaf-366	5	11	heterogeneity	heterogeneity	NOUN
gujaf-366	5	12	and	and	CCONJ
gujaf-366	5	13	increased	increase	VERB
gujaf-366	5	14	sensitivity	sensitivity	NOUN
gujaf-366	5	15	of	of	ADP
gujaf-366	5	16	wcm	wcm	NOUN
gujaf-366	5	17	post-2015	post-2015	NOUN
gujaf-366	5	18	amid	amid	ADP
gujaf-366	5	19	macroeconomic	macroeconomic	ADJ
gujaf-366	5	20	volatility	volatility	NOUN
gujaf-366	5	21	.	.	PUNCT
gujaf-366	6	1	these	these	DET
gujaf-366	6	2	findings	finding	NOUN
gujaf-366	6	3	underscore	underscore	VERB
gujaf-366	6	4	the	the	DET
gujaf-366	6	5	critical	critical	ADJ
gujaf-366	6	6	need	need	NOUN
gujaf-366	6	7	for	for	ADP
gujaf-366	6	8	balanced	balanced	ADJ
gujaf-366	6	9	,	,	PUNCT
gujaf-366	6	10	dynamic	dynamic	ADJ
gujaf-366	6	11	working	working	NOUN
gujaf-366	6	12	capital	capital	NOUN
gujaf-366	6	13	policies	policy	NOUN
gujaf-366	6	14	tailored	tailor	VERB
gujaf-366	6	15	to	to	ADP
gujaf-366	6	16	firm	firm	ADJ
gujaf-366	6	17	-	-	PUNCT
gujaf-366	6	18	specific	specific	ADJ
gujaf-366	6	19	and	and	CCONJ
gujaf-366	6	20	macroeconomic	macroeconomic	ADJ
gujaf-366	6	21	contexts	contexts	NOUN
gujaf-366	6	22	.	.	PUNCT
gujaf-366	7	1	the	the	DET
gujaf-366	7	2	study	study	NOUN
gujaf-366	7	3	contributes	contribute	VERB
gujaf-366	7	4	to	to	ADP
gujaf-366	7	5	the	the	DET
gujaf-366	7	6	understanding	understanding	NOUN
gujaf-366	7	7	of	of	ADP
gujaf-366	7	8	financial	financial	ADJ
gujaf-366	7	9	management	management	NOUN
gujaf-366	7	10	strategies	strategy	NOUN
gujaf-366	7	11	in	in	ADP
gujaf-366	7	12	emerging	emerge	VERB
gujaf-366	7	13	markets	market	NOUN
gujaf-366	7	14	and	and	CCONJ
gujaf-366	7	15	offers	offer	VERB
gujaf-366	7	16	actionable	actionable	ADJ
gujaf-366	7	17	insights	insight	NOUN
gujaf-366	7	18	for	for	ADP
gujaf-366	7	19	corporate	corporate	ADJ
gujaf-366	7	20	managers	manager	NOUN
gujaf-366	7	21	,	,	PUNCT
gujaf-366	7	22	financial	financial	ADJ
gujaf-366	7	23	institutions	institution	NOUN
gujaf-366	7	24	,	,	PUNCT
gujaf-366	7	25	and	and	CCONJ
gujaf-366	7	26	policymakers	policymaker	NOUN
gujaf-366	7	27	aiming	aim	VERB
gujaf-366	7	28	to	to	PART
gujaf-366	7	29	enhance	enhance	VERB
gujaf-366	7	30	firm	firm	ADJ
gujaf-366	7	31	resilience	resilience	NOUN
gujaf-366	7	32	and	and	CCONJ
gujaf-366	7	33	economic	economic	ADJ
gujaf-366	7	34	development	development	NOUN
gujaf-366	7	35	.	.	PUNCT
gujaf-366	8	1	keywords	keyword	NOUN
gujaf-366	8	2	:	:	PUNCT
gujaf-366	8	3	working	work	VERB
gujaf-366	8	4	capital	capital	NOUN
gujaf-366	8	5	management	management	NOUN
gujaf-366	8	6	,	,	PUNCT
gujaf-366	8	7	cash	cash	NOUN
gujaf-366	8	8	conversion	conversion	NOUN
gujaf-366	8	9	cycle	cycle	NOUN
gujaf-366	8	10	,	,	PUNCT
gujaf-366	8	11	firm	firm	ADJ
gujaf-366	8	12	profitability	profitability	NOUN
gujaf-366	8	13	,	,	PUNCT
gujaf-366	8	14	high	high	ADJ
gujaf-366	8	15	-	-	PUNCT
gujaf-366	8	16	growth	growth	NOUN
gujaf-366	8	17	firms	firm	NOUN
gujaf-366	8	18	,	,	PUNCT
gujaf-366	8	19	nigeria	nigeria	PROPN
gujaf-366	8	20	,	,	PUNCT
gujaf-366	8	21	emerging	emerge	VERB
gujaf-366	8	22	markets	market	NOUN
gujaf-366	8	23	.	.	PUNCT
gujaf-366	9	1	jel	jel	PROPN
gujaf-366	9	2	codes	code	NOUN
gujaf-366	9	3	:	:	PUNCT
gujaf-366	9	4	g31	g31	PROPN
gujaf-366	9	5	,	,	PUNCT
gujaf-366	9	6	m21	m21	PROPN
gujaf-366	9	7	,	,	PUNCT
gujaf-366	9	8	o16	o16	X
gujaf-366	9	9	,	,	PUNCT
gujaf-366	9	10	c23	c23	PROPN
gujaf-366	9	11	,	,	PUNCT
gujaf-366	9	12	l25	l25	NOUN
gujaf-366	9	13	1.0	1.0	NUM
gujaf-366	9	14	introduction	introduction	NOUN
gujaf-366	9	15	high	high	ADJ
gujaf-366	9	16	-	-	PUNCT
gujaf-366	9	17	growth	growth	NOUN
gujaf-366	9	18	firms	firm	NOUN
gujaf-366	9	19	(	(	PUNCT
gujaf-366	9	20	hgfs	hgfs	PROPN
gujaf-366	9	21	)	)	PUNCT
gujaf-366	9	22	have	have	AUX
gujaf-366	9	23	emerged	emerge	VERB
gujaf-366	9	24	as	as	ADP
gujaf-366	9	25	vital	vital	ADJ
gujaf-366	9	26	engines	engine	NOUN
gujaf-366	9	27	of	of	ADP
gujaf-366	9	28	economic	economic	ADJ
gujaf-366	9	29	transformation	transformation	NOUN
gujaf-366	9	30	,	,	PUNCT
gujaf-366	9	31	particularly	particularly	ADV
gujaf-366	9	32	in	in	ADP
gujaf-366	9	33	developing	develop	VERB
gujaf-366	9	34	and	and	CCONJ
gujaf-366	9	35	transition	transition	NOUN
gujaf-366	9	36	economies	economy	NOUN
gujaf-366	9	37	.	.	PUNCT
gujaf-366	10	1	these	these	DET
gujaf-366	10	2	firms	firm	NOUN
gujaf-366	10	3	,	,	PUNCT
gujaf-366	10	4	characterized	characterize	VERB
gujaf-366	10	5	by	by	ADP
gujaf-366	10	6	rapid	rapid	ADJ
gujaf-366	10	7	employment	employment	NOUN
gujaf-366	10	8	and	and	CCONJ
gujaf-366	10	9	revenue	revenue	NOUN
gujaf-366	10	10	expansion	expansion	NOUN
gujaf-366	10	11	,	,	PUNCT
gujaf-366	10	12	contribute	contribute	VERB
gujaf-366	10	13	disproportionately	disproportionately	ADV
gujaf-366	10	14	to	to	ADP
gujaf-366	10	15	job	job	NOUN
gujaf-366	10	16	creation	creation	NOUN
gujaf-366	10	17	,	,	PUNCT
gujaf-366	10	18	innovation	innovation	NOUN
gujaf-366	10	19	,	,	PUNCT
gujaf-366	10	20	and	and	CCONJ
gujaf-366	10	21	productivity	productivity	NOUN
gujaf-366	10	22	growth	growth	NOUN
gujaf-366	10	23	(	(	PUNCT
gujaf-366	10	24	daunfeldt	daunfeldt	PROPN
gujaf-366	10	25	et	et	PROPN
gujaf-366	10	26	al	al	PROPN
gujaf-366	10	27	.	.	PROPN
gujaf-366	10	28	,	,	PUNCT
gujaf-366	10	29	2020	2020	NUM
gujaf-366	10	30	;	;	PUNCT
gujaf-366	10	31	oecd	oecd	PROPN
gujaf-366	10	32	,	,	PUNCT
gujaf-366	10	33	2022	2022	NUM
gujaf-366	10	34	)	)	PUNCT
gujaf-366	10	35	.	.	PUNCT
gujaf-366	11	1	in	in	ADP
gujaf-366	11	2	nigeria	nigeria	PROPN
gujaf-366	11	3	,	,	PUNCT
gujaf-366	11	4	hgfs	hgf	NOUN
gujaf-366	11	5	are	be	AUX
gujaf-366	11	6	increasingly	increasingly	ADV
gujaf-366	11	7	viewed	view	VERB
gujaf-366	11	8	as	as	ADP
gujaf-366	11	9	a	a	DET
gujaf-366	11	10	catalyst	catalyst	NOUN
gujaf-366	11	11	for	for	ADP
gujaf-366	11	12	economic	economic	ADJ
gujaf-366	11	13	diversification	diversification	NOUN
gujaf-366	11	14	and	and	CCONJ
gujaf-366	11	15	structural	structural	ADJ
gujaf-366	11	16	transformation	transformation	NOUN
gujaf-366	11	17	amid	amid	ADP
gujaf-366	11	18	efforts	effort	NOUN
gujaf-366	11	19	to	to	PART
gujaf-366	11	20	transition	transition	VERB
gujaf-366	11	21	from	from	ADP
gujaf-366	11	22	a	a	DET
gujaf-366	11	23	resource	resource	NOUN
gujaf-366	11	24	-	-	PUNCT
gujaf-366	11	25	dependent	dependent	ADJ
gujaf-366	11	26	economy	economy	NOUN
gujaf-366	11	27	to	to	ADP
gujaf-366	11	28	a	a	DET
gujaf-366	11	29	more	more	ADV
gujaf-366	11	30	industrial	industrial	ADJ
gujaf-366	11	31	and	and	CCONJ
gujaf-366	11	32	innovation	innovation	NOUN
gujaf-366	11	33	-	-	PUNCT
gujaf-366	11	34	driven	drive	VERB
gujaf-366	11	35	one	one	NOUN
gujaf-366	11	36	.	.	PUNCT
gujaf-366	12	1	however	however	ADV
gujaf-366	12	2	,	,	PUNCT
gujaf-366	12	3	despite	despite	SCONJ
gujaf-366	12	4	their	their	PRON
gujaf-366	12	5	macroeconomic	macroeconomic	ADJ
gujaf-366	12	6	relevance	relevance	NOUN
gujaf-366	12	7	,	,	PUNCT
gujaf-366	12	8	limited	limited	ADJ
gujaf-366	12	9	empirical	empirical	ADJ
gujaf-366	12	10	research	research	NOUN
gujaf-366	12	11	exists	exist	VERB
gujaf-366	12	12	on	on	ADP
gujaf-366	12	13	the	the	DET
gujaf-366	12	14	microeconomic	microeconomic	ADJ
gujaf-366	12	15	drivers	driver	NOUN
gujaf-366	12	16	of	of	ADP
gujaf-366	12	17	profitability	profitability	NOUN
gujaf-366	12	18	among	among	ADP
gujaf-366	12	19	hgfs	hgfs	NOUN
gujaf-366	12	20	in	in	ADP
gujaf-366	12	21	the	the	DET
gujaf-366	12	22	nigerian	nigerian	ADJ
gujaf-366	12	23	context	context	NOUN
gujaf-366	12	24	.	.	PUNCT
gujaf-366	13	1	the	the	DET
gujaf-366	13	2	effectiveness	effectiveness	NOUN
gujaf-366	13	3	of	of	ADP
gujaf-366	13	4	financial	financial	ADJ
gujaf-366	13	5	decision	decision	NOUN
gujaf-366	13	6	-	-	PUNCT
gujaf-366	13	7	making	making	NOUN
gujaf-366	13	8	,	,	PUNCT
gujaf-366	13	9	particularly	particularly	ADV
gujaf-366	13	10	in	in	ADP
gujaf-366	13	11	relation	relation	NOUN
gujaf-366	13	12	to	to	ADP
gujaf-366	13	13	working	work	VERB
gujaf-366	13	14	capital	capital	NOUN
gujaf-366	13	15	management	management	NOUN
gujaf-366	13	16	(	(	PUNCT
gujaf-366	13	17	wcm	wcm	NOUN
gujaf-366	13	18	)	)	PUNCT
gujaf-366	13	19	,	,	PUNCT
gujaf-366	13	20	remains	remain	VERB
gujaf-366	13	21	underexplored	underexplored	ADJ
gujaf-366	13	22	for	for	ADP
gujaf-366	13	23	this	this	DET
gujaf-366	13	24	dynamic	dynamic	ADJ
gujaf-366	13	25	subset	subset	NOUN
gujaf-366	13	26	of	of	ADP
gujaf-366	13	27	firms	firm	NOUN
gujaf-366	13	28	.	.	PUNCT
gujaf-366	14	1	wcm	wcm	PROPN
gujaf-366	14	2	encompasses	encompass	VERB
gujaf-366	14	3	the	the	DET
gujaf-366	14	4	strategic	strategic	ADJ
gujaf-366	14	5	coordination	coordination	NOUN
gujaf-366	14	6	of	of	ADP
gujaf-366	14	7	current	current	ADJ
gujaf-366	14	8	assets	asset	NOUN
gujaf-366	14	9	and	and	CCONJ
gujaf-366	14	10	liabilities	liability	NOUN
gujaf-366	14	11	,	,	PUNCT
gujaf-366	14	12	aiming	aim	VERB
gujaf-366	14	13	to	to	PART
gujaf-366	14	14	ensure	ensure	VERB
gujaf-366	14	15	adequate	adequate	ADJ
gujaf-366	14	16	liquidity	liquidity	NOUN
gujaf-366	14	17	while	while	SCONJ
gujaf-366	14	18	minimizing	minimize	VERB
gujaf-366	14	19	the	the	DET
gujaf-366	14	20	cost	cost	NOUN
gujaf-366	14	21	of	of	ADP
gujaf-366	14	22	capital	capital	NOUN
gujaf-366	14	23	(	(	PUNCT
gujaf-366	14	24	aktas	akta	NOUN
gujaf-366	14	25	et	et	PROPN
gujaf-366	14	26	al	al	PROPN
gujaf-366	14	27	.	.	PROPN
gujaf-366	14	28	,	,	PUNCT
gujaf-366	14	29	2015	2015	NUM
gujaf-366	14	30	;	;	PUNCT
gujaf-366	14	31	wasiuzzaman	wasiuzzaman	NOUN
gujaf-366	14	32	,	,	PUNCT
gujaf-366	14	33	2022	2022	NUM
gujaf-366	14	34	)	)	PUNCT
gujaf-366	14	35	.	.	PUNCT
gujaf-366	15	1	the	the	DET
gujaf-366	15	2	centrality	centrality	NOUN
gujaf-366	15	3	of	of	ADP
gujaf-366	15	4	wcm	wcm	NOUN
gujaf-366	15	5	to	to	ADP
gujaf-366	15	6	corporate	corporate	ADJ
gujaf-366	15	7	financial	financial	ADJ
gujaf-366	15	8	health	health	NOUN
gujaf-366	15	9	is	be	AUX
gujaf-366	15	10	underscored	underscore	VERB
gujaf-366	15	11	by	by	ADP
gujaf-366	15	12	its	its	PRON
gujaf-366	15	13	direct	direct	ADJ
gujaf-366	15	14	influence	influence	NOUN
gujaf-366	15	15	on	on	ADP
gujaf-366	15	16	firms	firm	NOUN
gujaf-366	15	17	’	'	PUNCT
gujaf-366	15	18	ability	ability	NOUN
gujaf-366	15	19	to	to	PART
gujaf-366	15	20	meet	meet	VERB
gujaf-366	15	21	short	short	ADJ
gujaf-366	15	22	-	-	PUNCT
gujaf-366	15	23	term	term	NOUN
gujaf-366	15	24	obligations	obligation	NOUN
gujaf-366	15	25	,	,	PUNCT
gujaf-366	15	26	sustain	sustain	VERB
gujaf-366	15	27	operations	operation	NOUN
gujaf-366	15	28	,	,	PUNCT
gujaf-366	15	29	and	and	CCONJ
gujaf-366	15	30	optimize	optimize	VERB
gujaf-366	15	31	return	return	NOUN
gujaf-366	15	32	on	on	ADP
gujaf-366	15	33	assets	asset	NOUN
gujaf-366	15	34	.	.	PUNCT
gujaf-366	16	1	for	for	ADP
gujaf-366	16	2	hgfs	hgfs	NOUN
gujaf-366	16	3	,	,	PUNCT
gujaf-366	16	4	which	which	PRON
gujaf-366	16	5	typically	typically	ADV
gujaf-366	16	6	experience	experience	VERB
gujaf-366	16	7	surges	surge	NOUN
gujaf-366	16	8	in	in	ADP
gujaf-366	16	9	sales	sale	NOUN
gujaf-366	16	10	and	and	CCONJ
gujaf-366	16	11	operational	operational	ADJ
gujaf-366	16	12	scale	scale	NOUN
gujaf-366	16	13	,	,	PUNCT
gujaf-366	16	14	effective	effective	ADJ
gujaf-366	16	15	working	work	VERB
gujaf-366	16	16	capital	capital	NOUN
gujaf-366	16	17	practices	practice	NOUN
gujaf-366	16	18	are	be	AUX
gujaf-366	16	19	essential	essential	ADJ
gujaf-366	16	20	to	to	ADP
gujaf-366	16	21	managing	manage	VERB
gujaf-366	16	22	the	the	DET
gujaf-366	16	23	cash	cash	NOUN
gujaf-366	16	24	conversion	conversion	NOUN
gujaf-366	16	25	cycle	cycle	NOUN
gujaf-366	16	26	and	and	CCONJ
gujaf-366	16	27	mitigating	mitigate	VERB
gujaf-366	16	28	liquidity	liquidity	NOUN
gujaf-366	16	29	risks	risk	NOUN
gujaf-366	16	30	(	(	PUNCT
gujaf-366	16	31	serrasqueiro	serrasqueiro	NOUN
gujaf-366	16	32	et	et	PROPN
gujaf-366	16	33	al	al	PROPN
gujaf-366	16	34	.	.	PROPN
gujaf-366	16	35	,	,	PUNCT
gujaf-366	16	36	2020	2020	NUM
gujaf-366	16	37	)	)	PUNCT
gujaf-366	16	38	.	.	PUNCT
gujaf-366	17	1	however	however	ADV
gujaf-366	17	2	,	,	PUNCT
gujaf-366	17	3	the	the	DET
gujaf-366	17	4	balance	balance	NOUN
gujaf-366	17	5	between	between	ADP
gujaf-366	17	6	maintaining	maintain	VERB
gujaf-366	17	7	sufficient	sufficient	ADJ
gujaf-366	17	8	working	working	NOUN
gujaf-366	17	9	capital	capital	NOUN
gujaf-366	17	10	and	and	CCONJ
gujaf-366	17	11	avoiding	avoid	VERB
gujaf-366	17	12	overinvestment	overinvestment	NOUN
gujaf-366	17	13	is	be	AUX
gujaf-366	17	14	delicate	delicate	ADJ
gujaf-366	17	15	.	.	PUNCT
gujaf-366	18	1	excessive	excessive	ADJ
gujaf-366	18	2	working	work	VERB
gujaf-366	18	3	capital	capital	NOUN
gujaf-366	18	4	can	can	AUX
gujaf-366	18	5	tie	tie	VERB
gujaf-366	18	6	up	up	ADP
gujaf-366	18	7	resources	resource	NOUN
gujaf-366	18	8	and	and	CCONJ
gujaf-366	18	9	erode	erode	VERB
gujaf-366	18	10	profitability	profitability	NOUN
gujaf-366	18	11	,	,	PUNCT
gujaf-366	18	12	while	while	SCONJ
gujaf-366	18	13	insufficient	insufficient	ADJ
gujaf-366	18	14	levels	level	NOUN
gujaf-366	18	15	may	may	AUX
gujaf-366	18	16	hinder	hinder	VERB
gujaf-366	18	17	growth	growth	NOUN
gujaf-366	18	18	and	and	CCONJ
gujaf-366	18	19	operational	operational	ADJ
gujaf-366	18	20	continuity	continuity	NOUN
gujaf-366	18	21	.	.	PUNCT
gujaf-366	19	1	gusau	gusau	ADJ
gujaf-366	19	2	journal	journal	PROPN
gujaf-366	19	3	of	of	ADP
gujaf-366	19	4	accounting	accounting	NOUN
gujaf-366	19	5	and	and	CCONJ
gujaf-366	19	6	finance	finance	NOUN
gujaf-366	19	7	,	,	PUNCT
gujaf-366	19	8	vol.6	vol.6	PROPN
gujaf-366	19	9	,	,	PUNCT
gujaf-366	19	10	issue	issue	NOUN
gujaf-366	19	11	1	1	NUM
gujaf-366	19	12	,	,	PUNCT
gujaf-366	19	13	april	april	PROPN
gujaf-366	19	14	,	,	PUNCT
gujaf-366	19	15	2025	2025	NUM
gujaf-366	19	16	39	39	NUM
gujaf-366	20	1	the	the	DET
gujaf-366	20	2	literature	literature	NOUN
gujaf-366	20	3	reveals	reveal	VERB
gujaf-366	20	4	mixed	mixed	ADJ
gujaf-366	20	5	evidence	evidence	NOUN
gujaf-366	20	6	regarding	regard	VERB
gujaf-366	20	7	the	the	DET
gujaf-366	20	8	nature	nature	NOUN
gujaf-366	20	9	of	of	ADP
gujaf-366	20	10	the	the	DET
gujaf-366	20	11	relationship	relationship	NOUN
gujaf-366	20	12	between	between	ADP
gujaf-366	20	13	wcm	wcm	NOUN
gujaf-366	20	14	and	and	CCONJ
gujaf-366	20	15	firm	firm	ADJ
gujaf-366	20	16	profitability	profitability	NOUN
gujaf-366	20	17	.	.	PUNCT
gujaf-366	21	1	some	some	DET
gujaf-366	21	2	studies	study	NOUN
gujaf-366	21	3	report	report	VERB
gujaf-366	21	4	a	a	DET
gujaf-366	21	5	negative	negative	ADJ
gujaf-366	21	6	association	association	NOUN
gujaf-366	21	7	,	,	PUNCT
gujaf-366	21	8	suggesting	suggest	VERB
gujaf-366	21	9	that	that	SCONJ
gujaf-366	21	10	more	more	ADV
gujaf-366	21	11	aggressive	aggressive	ADJ
gujaf-366	21	12	working	work	VERB
gujaf-366	21	13	capital	capital	NOUN
gujaf-366	21	14	policies	policy	NOUN
gujaf-366	21	15	lead	lead	VERB
gujaf-366	21	16	to	to	ADP
gujaf-366	21	17	higher	high	ADJ
gujaf-366	21	18	returns	return	NOUN
gujaf-366	21	19	(	(	PUNCT
gujaf-366	21	20	lazaridis	lazaridi	NOUN
gujaf-366	21	21	&	&	CCONJ
gujaf-366	21	22	tryfonidis	tryfonidi	NOUN
gujaf-366	21	23	,	,	PUNCT
gujaf-366	21	24	2006	2006	NUM
gujaf-366	21	25	)	)	PUNCT
gujaf-366	21	26	,	,	PUNCT
gujaf-366	21	27	while	while	SCONJ
gujaf-366	21	28	others	other	NOUN
gujaf-366	21	29	propose	propose	VERB
gujaf-366	21	30	a	a	DET
gujaf-366	21	31	positive	positive	ADJ
gujaf-366	21	32	or	or	CCONJ
gujaf-366	21	33	even	even	ADV
gujaf-366	21	34	non	non	ADJ
gujaf-366	21	35	-	-	ADJ
gujaf-366	21	36	linear	linear	ADJ
gujaf-366	21	37	relationship	relationship	NOUN
gujaf-366	21	38	(	(	PUNCT
gujaf-366	21	39	enqvist	enqvist	NOUN
gujaf-366	21	40	et	et	PROPN
gujaf-366	21	41	al	al	PROPN
gujaf-366	21	42	.	.	PROPN
gujaf-366	21	43	,	,	PUNCT
gujaf-366	21	44	2014	2014	NUM
gujaf-366	21	45	;	;	PUNCT
gujaf-366	21	46	wasiuzzaman	wasiuzzaman	NOUN
gujaf-366	21	47	,	,	PUNCT
gujaf-366	21	48	2022	2022	NUM
gujaf-366	21	49	)	)	PUNCT
gujaf-366	21	50	.	.	PUNCT
gujaf-366	22	1	notably	notably	ADV
gujaf-366	22	2	,	,	PUNCT
gujaf-366	22	3	recent	recent	ADJ
gujaf-366	22	4	empirical	empirical	ADJ
gujaf-366	22	5	investigations	investigation	NOUN
gujaf-366	22	6	have	have	AUX
gujaf-366	22	7	highlighted	highlight	VERB
gujaf-366	22	8	an	an	DET
gujaf-366	22	9	inverted	inverted	ADJ
gujaf-366	22	10	u	u	ADJ
gujaf-366	22	11	-	-	ADJ
gujaf-366	22	12	shaped	shape	VERB
gujaf-366	22	13	relationship	relationship	NOUN
gujaf-366	22	14	,	,	PUNCT
gujaf-366	22	15	indicating	indicate	VERB
gujaf-366	22	16	the	the	DET
gujaf-366	22	17	existence	existence	NOUN
gujaf-366	22	18	of	of	ADP
gujaf-366	22	19	an	an	DET
gujaf-366	22	20	optimal	optimal	ADJ
gujaf-366	22	21	working	work	VERB
gujaf-366	22	22	capital	capital	NOUN
gujaf-366	22	23	threshold	threshold	NOUN
gujaf-366	22	24	beyond	beyond	ADP
gujaf-366	22	25	which	which	PRON
gujaf-366	22	26	profitability	profitability	NOUN
gujaf-366	22	27	declines	decline	NOUN
gujaf-366	22	28	(	(	PUNCT
gujaf-366	22	29	garcia	garcia	PROPN
gujaf-366	22	30	-	-	PUNCT
gujaf-366	22	31	teruel	teruel	PROPN
gujaf-366	22	32	&	&	CCONJ
gujaf-366	22	33	martinez	martinez	PROPN
gujaf-366	22	34	-	-	PUNCT
gujaf-366	22	35	solano	solano	PROPN
gujaf-366	22	36	,	,	PUNCT
gujaf-366	22	37	2020	2020	NUM
gujaf-366	22	38	;	;	PUNCT
gujaf-366	22	39	agyemang	agyemang	PROPN
gujaf-366	22	40	et	et	PROPN
gujaf-366	22	41	al	al	PROPN
gujaf-366	22	42	.	.	PROPN
gujaf-366	22	43	,	,	PUNCT
gujaf-366	22	44	2023	2023	NUM
gujaf-366	22	45	)	)	PUNCT
gujaf-366	22	46	.	.	PUNCT
gujaf-366	23	1	this	this	DET
gujaf-366	23	2	nuance	nuance	NOUN
gujaf-366	23	3	underscores	underscore	VERB
gujaf-366	23	4	the	the	DET
gujaf-366	23	5	need	need	NOUN
gujaf-366	23	6	for	for	ADP
gujaf-366	23	7	context	context	NOUN
gujaf-366	23	8	-	-	PUNCT
gujaf-366	23	9	specific	specific	ADJ
gujaf-366	23	10	analysis	analysis	NOUN
gujaf-366	23	11	,	,	PUNCT
gujaf-366	23	12	particularly	particularly	ADV
gujaf-366	23	13	in	in	ADP
gujaf-366	23	14	environments	environment	NOUN
gujaf-366	23	15	marked	mark	VERB
gujaf-366	23	16	by	by	ADP
gujaf-366	23	17	institutional	institutional	ADJ
gujaf-366	23	18	volatility	volatility	NOUN
gujaf-366	23	19	,	,	PUNCT
gujaf-366	23	20	underdeveloped	underdeveloped	ADJ
gujaf-366	23	21	financial	financial	ADJ
gujaf-366	23	22	markets	market	NOUN
gujaf-366	23	23	,	,	PUNCT
gujaf-366	23	24	and	and	CCONJ
gujaf-366	23	25	macroeconomic	macroeconomic	ADJ
gujaf-366	23	26	uncertainty	uncertainty	NOUN
gujaf-366	23	27	—	—	PUNCT
gujaf-366	23	28	features	feature	VERB
gujaf-366	23	29	common	common	ADJ
gujaf-366	23	30	in	in	ADP
gujaf-366	23	31	many	many	ADJ
gujaf-366	23	32	african	african	ADJ
gujaf-366	23	33	economies	economy	NOUN
gujaf-366	23	34	,	,	PUNCT
gujaf-366	23	35	including	include	VERB
gujaf-366	23	36	nigeria	nigeria	PRON
gujaf-366	23	37	.	.	PUNCT
gujaf-366	24	1	despite	despite	SCONJ
gujaf-366	24	2	these	these	DET
gujaf-366	24	3	emerging	emerge	VERB
gujaf-366	24	4	insights	insight	NOUN
gujaf-366	24	5	,	,	PUNCT
gujaf-366	24	6	existing	exist	VERB
gujaf-366	24	7	studies	study	NOUN
gujaf-366	24	8	predominantly	predominantly	ADV
gujaf-366	24	9	focus	focus	VERB
gujaf-366	24	10	on	on	ADP
gujaf-366	24	11	firms	firm	NOUN
gujaf-366	24	12	in	in	ADP
gujaf-366	24	13	developed	developed	ADJ
gujaf-366	24	14	or	or	CCONJ
gujaf-366	24	15	middle	middle	ADJ
gujaf-366	24	16	-	-	PUNCT
gujaf-366	24	17	income	income	NOUN
gujaf-366	24	18	countries	country	NOUN
gujaf-366	24	19	,	,	PUNCT
gujaf-366	24	20	with	with	ADP
gujaf-366	24	21	limited	limited	ADJ
gujaf-366	24	22	attention	attention	NOUN
gujaf-366	24	23	given	give	VERB
gujaf-366	24	24	to	to	ADP
gujaf-366	24	25	the	the	DET
gujaf-366	24	26	african	african	ADJ
gujaf-366	24	27	context	context	NOUN
gujaf-366	24	28	(	(	PUNCT
gujaf-366	24	29	moussa	moussa	PROPN
gujaf-366	24	30	&	&	CCONJ
gujaf-366	24	31	ayele	ayele	PROPN
gujaf-366	24	32	,	,	PUNCT
gujaf-366	24	33	2020	2020	NUM
gujaf-366	24	34	)	)	PUNCT
gujaf-366	24	35	.	.	PUNCT
gujaf-366	25	1	moreover	moreover	ADV
gujaf-366	25	2	,	,	PUNCT
gujaf-366	25	3	hgfs	hgf	NOUN
gujaf-366	25	4	remain	remain	VERB
gujaf-366	25	5	an	an	DET
gujaf-366	25	6	understudied	understudied	ADJ
gujaf-366	25	7	segment	segment	NOUN
gujaf-366	25	8	in	in	ADP
gujaf-366	25	9	the	the	DET
gujaf-366	25	10	finance	finance	NOUN
gujaf-366	25	11	literature	literature	NOUN
gujaf-366	25	12	,	,	PUNCT
gujaf-366	25	13	despite	despite	SCONJ
gujaf-366	25	14	their	their	PRON
gujaf-366	25	15	unique	unique	ADJ
gujaf-366	25	16	financial	financial	ADJ
gujaf-366	25	17	management	management	NOUN
gujaf-366	25	18	challenges	challenge	NOUN
gujaf-366	25	19	and	and	CCONJ
gujaf-366	25	20	growth	growth	NOUN
gujaf-366	25	21	patterns	pattern	NOUN
gujaf-366	25	22	(	(	PUNCT
gujaf-366	25	23	anyamah	anyamah	NOUN
gujaf-366	25	24	et	et	PROPN
gujaf-366	25	25	al	al	PROPN
gujaf-366	25	26	.	.	PROPN
gujaf-366	25	27	,	,	PUNCT
gujaf-366	25	28	2022	2022	NUM
gujaf-366	25	29	)	)	PUNCT
gujaf-366	25	30	.	.	PUNCT
gujaf-366	26	1	nigeria	nigeria	PROPN
gujaf-366	26	2	presents	present	VERB
gujaf-366	26	3	a	a	DET
gujaf-366	26	4	compelling	compelling	ADJ
gujaf-366	26	5	case	case	NOUN
gujaf-366	26	6	for	for	ADP
gujaf-366	26	7	such	such	DET
gujaf-366	26	8	an	an	DET
gujaf-366	26	9	inquiry	inquiry	NOUN
gujaf-366	26	10	,	,	PUNCT
gujaf-366	26	11	as	as	SCONJ
gujaf-366	26	12	it	it	PRON
gujaf-366	26	13	combines	combine	VERB
gujaf-366	26	14	high	high	ADJ
gujaf-366	26	15	economic	economic	ADJ
gujaf-366	26	16	volatility	volatility	NOUN
gujaf-366	26	17	,	,	PUNCT
gujaf-366	26	18	constrained	constrain	VERB
gujaf-366	26	19	access	access	NOUN
gujaf-366	26	20	to	to	ADP
gujaf-366	26	21	finance	finance	NOUN
gujaf-366	26	22	,	,	PUNCT
gujaf-366	26	23	and	and	CCONJ
gujaf-366	26	24	a	a	DET
gujaf-366	26	25	burgeoning	burgeon	VERB
gujaf-366	26	26	entrepreneurial	entrepreneurial	ADJ
gujaf-366	26	27	ecosystem	ecosystem	NOUN
gujaf-366	26	28	.	.	PUNCT
gujaf-366	27	1	understanding	understand	VERB
gujaf-366	27	2	how	how	SCONJ
gujaf-366	27	3	wcm	wcm	NOUN
gujaf-366	27	4	strategies	strategy	NOUN
gujaf-366	27	5	affect	affect	VERB
gujaf-366	27	6	profitability	profitability	NOUN
gujaf-366	27	7	in	in	ADP
gujaf-366	27	8	this	this	DET
gujaf-366	27	9	environment	environment	NOUN
gujaf-366	27	10	can	can	AUX
gujaf-366	27	11	yield	yield	VERB
gujaf-366	27	12	actionable	actionable	ADJ
gujaf-366	27	13	insights	insight	NOUN
gujaf-366	27	14	for	for	ADP
gujaf-366	27	15	financial	financial	ADJ
gujaf-366	27	16	managers	manager	NOUN
gujaf-366	27	17	,	,	PUNCT
gujaf-366	27	18	policymakers	policymaker	NOUN
gujaf-366	27	19	,	,	PUNCT
gujaf-366	27	20	and	and	CCONJ
gujaf-366	27	21	investors	investor	NOUN
gujaf-366	27	22	seeking	seek	VERB
gujaf-366	27	23	to	to	PART
gujaf-366	27	24	unlock	unlock	VERB
gujaf-366	27	25	the	the	DET
gujaf-366	27	26	potential	potential	NOUN
gujaf-366	27	27	of	of	ADP
gujaf-366	27	28	hgfs	hgfs	NOUN
gujaf-366	27	29	.	.	PUNCT
gujaf-366	28	1	against	against	ADP
gujaf-366	28	2	this	this	DET
gujaf-366	28	3	backdrop	backdrop	NOUN
gujaf-366	28	4	,	,	PUNCT
gujaf-366	28	5	this	this	DET
gujaf-366	28	6	study	study	NOUN
gujaf-366	28	7	examines	examine	VERB
gujaf-366	28	8	the	the	DET
gujaf-366	28	9	relationship	relationship	NOUN
gujaf-366	28	10	between	between	ADP
gujaf-366	28	11	wcm	wcm	NOUN
gujaf-366	28	12	and	and	CCONJ
gujaf-366	28	13	profitability	profitability	NOUN
gujaf-366	28	14	among	among	ADP
gujaf-366	28	15	nigerian	nigerian	ADJ
gujaf-366	28	16	hgfs	hgf	NOUN
gujaf-366	28	17	over	over	ADP
gujaf-366	28	18	the	the	DET
gujaf-366	28	19	period	period	NOUN
gujaf-366	28	20	2002–2023	2002–2023	NUM
gujaf-366	28	21	.	.	PUNCT
gujaf-366	29	1	employing	employ	VERB
gujaf-366	29	2	a	a	DET
gujaf-366	29	3	dynamic	dynamic	ADJ
gujaf-366	29	4	panel	panel	NOUN
gujaf-366	29	5	data	datum	NOUN
gujaf-366	29	6	approach	approach	NOUN
gujaf-366	29	7	that	that	PRON
gujaf-366	29	8	accounts	account	VERB
gujaf-366	29	9	for	for	ADP
gujaf-366	29	10	firm	firm	ADJ
gujaf-366	29	11	-	-	PUNCT
gujaf-366	29	12	specific	specific	ADJ
gujaf-366	29	13	heterogeneity	heterogeneity	NOUN
gujaf-366	29	14	and	and	CCONJ
gujaf-366	29	15	endogeneity	endogeneity	NOUN
gujaf-366	29	16	concerns	concern	NOUN
gujaf-366	29	17	,	,	PUNCT
gujaf-366	29	18	the	the	DET
gujaf-366	29	19	study	study	NOUN
gujaf-366	29	20	uncovers	uncover	VERB
gujaf-366	29	21	an	an	DET
gujaf-366	29	22	inverted	inverted	ADJ
gujaf-366	29	23	u	u	ADJ
gujaf-366	29	24	-	-	ADJ
gujaf-366	29	25	shaped	shape	VERB
gujaf-366	29	26	relationship	relationship	NOUN
gujaf-366	29	27	between	between	ADP
gujaf-366	29	28	working	work	VERB
gujaf-366	29	29	capital	capital	NOUN
gujaf-366	29	30	levels	level	NOUN
gujaf-366	29	31	and	and	CCONJ
gujaf-366	29	32	profitability	profitability	NOUN
gujaf-366	29	33	.	.	PUNCT
gujaf-366	30	1	this	this	DET
gujaf-366	30	2	finding	finding	NOUN
gujaf-366	30	3	suggests	suggest	VERB
gujaf-366	30	4	that	that	SCONJ
gujaf-366	30	5	while	while	SCONJ
gujaf-366	30	6	working	work	VERB
gujaf-366	30	7	capital	capital	NOUN
gujaf-366	30	8	investment	investment	NOUN
gujaf-366	30	9	initially	initially	ADV
gujaf-366	30	10	supports	support	VERB
gujaf-366	30	11	profitability	profitability	NOUN
gujaf-366	30	12	,	,	PUNCT
gujaf-366	30	13	exceeding	exceed	VERB
gujaf-366	30	14	the	the	DET
gujaf-366	30	15	optimal	optimal	ADJ
gujaf-366	30	16	level	level	NOUN
gujaf-366	30	17	leads	lead	VERB
gujaf-366	30	18	to	to	ADP
gujaf-366	30	19	diminishing	diminish	VERB
gujaf-366	30	20	returns	return	NOUN
gujaf-366	30	21	.	.	PUNCT
gujaf-366	31	1	the	the	DET
gujaf-366	31	2	results	result	NOUN
gujaf-366	31	3	hold	hold	VERB
gujaf-366	31	4	important	important	ADJ
gujaf-366	31	5	implications	implication	NOUN
gujaf-366	31	6	for	for	ADP
gujaf-366	31	7	financial	financial	ADJ
gujaf-366	31	8	decision	decision	NOUN
gujaf-366	31	9	-	-	PUNCT
gujaf-366	31	10	making	making	NOUN
gujaf-366	31	11	in	in	ADP
gujaf-366	31	12	high	high	ADJ
gujaf-366	31	13	-	-	PUNCT
gujaf-366	31	14	growth	growth	NOUN
gujaf-366	31	15	contexts	context	NOUN
gujaf-366	31	16	,	,	PUNCT
gujaf-366	31	17	where	where	SCONJ
gujaf-366	31	18	capital	capital	NOUN
gujaf-366	31	19	efficiency	efficiency	NOUN
gujaf-366	31	20	is	be	AUX
gujaf-366	31	21	critical	critical	ADJ
gujaf-366	31	22	to	to	ADP
gujaf-366	31	23	sustaining	sustain	VERB
gujaf-366	31	24	expansion	expansion	NOUN
gujaf-366	31	25	.	.	PUNCT
gujaf-366	32	1	by	by	ADP
gujaf-366	32	2	addressing	address	VERB
gujaf-366	32	3	the	the	DET
gujaf-366	32	4	profitability	profitability	NOUN
gujaf-366	32	5	implications	implication	NOUN
gujaf-366	32	6	of	of	ADP
gujaf-366	32	7	wcm	wcm	NOUN
gujaf-366	32	8	in	in	ADP
gujaf-366	32	9	a	a	DET
gujaf-366	32	10	high	high	ADJ
gujaf-366	32	11	-	-	PUNCT
gujaf-366	32	12	growth	growth	NOUN
gujaf-366	32	13	firm	firm	NOUN
gujaf-366	32	14	context	context	NOUN
gujaf-366	32	15	within	within	ADP
gujaf-366	32	16	subsaharan	subsaharan	PROPN
gujaf-366	32	17	africa	africa	PROPN
gujaf-366	32	18	,	,	PUNCT
gujaf-366	32	19	this	this	DET
gujaf-366	32	20	paper	paper	NOUN
gujaf-366	32	21	contributes	contribute	VERB
gujaf-366	32	22	to	to	ADP
gujaf-366	32	23	the	the	DET
gujaf-366	32	24	growing	grow	VERB
gujaf-366	32	25	discourse	discourse	NOUN
gujaf-366	32	26	on	on	ADP
gujaf-366	32	27	optimal	optimal	ADJ
gujaf-366	32	28	financial	financial	ADJ
gujaf-366	32	29	management	management	NOUN
gujaf-366	32	30	strategies	strategy	NOUN
gujaf-366	32	31	in	in	ADP
gujaf-366	32	32	emerging	emerge	VERB
gujaf-366	32	33	markets	market	NOUN
gujaf-366	32	34	.	.	PUNCT
gujaf-366	33	1	the	the	DET
gujaf-366	33	2	study	study	NOUN
gujaf-366	33	3	also	also	ADV
gujaf-366	33	4	bridges	bridge	VERB
gujaf-366	33	5	a	a	DET
gujaf-366	33	6	critical	critical	ADJ
gujaf-366	33	7	gap	gap	NOUN
gujaf-366	33	8	in	in	ADP
gujaf-366	33	9	the	the	DET
gujaf-366	33	10	literature	literature	NOUN
gujaf-366	33	11	by	by	ADP
gujaf-366	33	12	focusing	focus	VERB
gujaf-366	33	13	on	on	ADP
gujaf-366	33	14	a	a	DET
gujaf-366	33	15	firm	firm	ADJ
gujaf-366	33	16	category	category	NOUN
gujaf-366	33	17	that	that	PRON
gujaf-366	33	18	is	be	AUX
gujaf-366	33	19	central	central	ADJ
gujaf-366	33	20	to	to	ADP
gujaf-366	33	21	economic	economic	ADJ
gujaf-366	33	22	development	development	NOUN
gujaf-366	33	23	but	but	CCONJ
gujaf-366	33	24	often	often	ADV
gujaf-366	33	25	overlooked	overlook	VERB
gujaf-366	33	26	in	in	ADP
gujaf-366	33	27	financial	financial	ADJ
gujaf-366	33	28	research	research	NOUN
gujaf-366	33	29	.	.	PUNCT
gujaf-366	34	1	through	through	ADP
gujaf-366	34	2	robust	robust	ADJ
gujaf-366	34	3	empirical	empirical	ADJ
gujaf-366	34	4	analysis	analysis	NOUN
gujaf-366	34	5	and	and	CCONJ
gujaf-366	34	6	context	context	NOUN
gujaf-366	34	7	-	-	PUNCT
gujaf-366	34	8	sensitive	sensitive	ADJ
gujaf-366	34	9	interpretation	interpretation	NOUN
gujaf-366	34	10	,	,	PUNCT
gujaf-366	34	11	this	this	DET
gujaf-366	34	12	research	research	NOUN
gujaf-366	34	13	offers	offer	VERB
gujaf-366	34	14	practical	practical	ADJ
gujaf-366	34	15	and	and	CCONJ
gujaf-366	34	16	theoretical	theoretical	ADJ
gujaf-366	34	17	insights	insight	NOUN
gujaf-366	34	18	into	into	ADP
gujaf-366	34	19	how	how	SCONJ
gujaf-366	34	20	nigerian	nigerian	ADJ
gujaf-366	34	21	hgfs	hgfs	NOUN
gujaf-366	34	22	can	can	AUX
gujaf-366	34	23	better	well	ADV
gujaf-366	34	24	align	align	VERB
gujaf-366	34	25	their	their	PRON
gujaf-366	34	26	short	short	ADJ
gujaf-366	34	27	-	-	PUNCT
gujaf-366	34	28	term	term	NOUN
gujaf-366	34	29	financial	financial	ADJ
gujaf-366	34	30	strategies	strategy	NOUN
gujaf-366	34	31	with	with	ADP
gujaf-366	34	32	long	long	ADJ
gujaf-366	34	33	-	-	PUNCT
gujaf-366	34	34	term	term	NOUN
gujaf-366	34	35	growth	growth	NOUN
gujaf-366	34	36	objectives	objective	NOUN
gujaf-366	34	37	.	.	PUNCT
gujaf-366	35	1	2.0	2.0	NUM
gujaf-366	35	2	literature	literature	NOUN
gujaf-366	35	3	and	and	CCONJ
gujaf-366	35	4	hypothesis	hypothesis	NOUN
gujaf-366	35	5	empirical	empirical	ADJ
gujaf-366	35	6	review	review	NOUN
gujaf-366	35	7	over	over	ADP
gujaf-366	35	8	the	the	DET
gujaf-366	35	9	past	past	ADJ
gujaf-366	35	10	decade	decade	NOUN
gujaf-366	35	11	,	,	PUNCT
gujaf-366	35	12	extensive	extensive	ADJ
gujaf-366	35	13	empirical	empirical	ADJ
gujaf-366	35	14	research	research	NOUN
gujaf-366	35	15	has	have	AUX
gujaf-366	35	16	been	be	AUX
gujaf-366	35	17	conducted	conduct	VERB
gujaf-366	35	18	on	on	ADP
gujaf-366	35	19	the	the	DET
gujaf-366	35	20	relationship	relationship	NOUN
gujaf-366	35	21	between	between	ADP
gujaf-366	35	22	wcm	wcm	NOUN
gujaf-366	35	23	and	and	CCONJ
gujaf-366	35	24	firm	firm	ADJ
gujaf-366	35	25	profitability	profitability	NOUN
gujaf-366	35	26	,	,	PUNCT
gujaf-366	35	27	yielding	yield	VERB
gujaf-366	35	28	a	a	DET
gujaf-366	35	29	diverse	diverse	ADJ
gujaf-366	35	30	range	range	NOUN
gujaf-366	35	31	of	of	ADP
gujaf-366	35	32	findings	finding	NOUN
gujaf-366	35	33	.	.	PUNCT
gujaf-366	36	1	early	early	ADJ
gujaf-366	36	2	foundational	foundational	ADJ
gujaf-366	36	3	studies	study	NOUN
gujaf-366	36	4	established	establish	VERB
gujaf-366	36	5	the	the	DET
gujaf-366	36	6	theoretical	theoretical	ADJ
gujaf-366	36	7	underpinnings	underpinning	NOUN
gujaf-366	36	8	by	by	ADP
gujaf-366	36	9	suggesting	suggest	VERB
gujaf-366	36	10	that	that	SCONJ
gujaf-366	36	11	optimal	optimal	ADJ
gujaf-366	36	12	wcm	wcm	NOUN
gujaf-366	36	13	minimizes	minimize	VERB
gujaf-366	36	14	financing	financing	NOUN
gujaf-366	36	15	costs	cost	NOUN
gujaf-366	36	16	and	and	CCONJ
gujaf-366	36	17	maximizes	maximize	VERB
gujaf-366	36	18	firm	firm	ADJ
gujaf-366	36	19	value	value	NOUN
gujaf-366	36	20	(	(	PUNCT
gujaf-366	36	21	deloof	deloof	NOUN
gujaf-366	36	22	,	,	PUNCT
gujaf-366	36	23	2003	2003	NUM
gujaf-366	36	24	;	;	PUNCT
gujaf-366	36	25	lazaridis	lazaridis	PROPN
gujaf-366	36	26	&	&	CCONJ
gujaf-366	36	27	tryfonidis	tryfonidi	NOUN
gujaf-366	36	28	,	,	PUNCT
gujaf-366	36	29	2006	2006	NUM
gujaf-366	36	30	)	)	PUNCT
gujaf-366	36	31	.	.	PUNCT
gujaf-366	37	1	building	build	VERB
gujaf-366	37	2	on	on	ADP
gujaf-366	37	3	this	this	PRON
gujaf-366	37	4	,	,	PUNCT
gujaf-366	37	5	a	a	DET
gujaf-366	37	6	wave	wave	NOUN
gujaf-366	37	7	of	of	ADP
gujaf-366	37	8	empirical	empirical	ADJ
gujaf-366	37	9	studies	study	NOUN
gujaf-366	37	10	has	have	AUX
gujaf-366	37	11	sought	seek	VERB
gujaf-366	37	12	to	to	PART
gujaf-366	37	13	refine	refine	VERB
gujaf-366	37	14	the	the	DET
gujaf-366	37	15	nature	nature	NOUN
gujaf-366	37	16	of	of	ADP
gujaf-366	37	17	this	this	DET
gujaf-366	37	18	relationship	relationship	NOUN
gujaf-366	37	19	,	,	PUNCT
gujaf-366	37	20	with	with	ADP
gujaf-366	37	21	a	a	DET
gujaf-366	37	22	significant	significant	ADJ
gujaf-366	37	23	number	number	NOUN
gujaf-366	37	24	identifying	identify	VERB
gujaf-366	37	25	a	a	DET
gujaf-366	37	26	negative	negative	ADJ
gujaf-366	37	27	or	or	CCONJ
gujaf-366	37	28	non	non	ADJ
gujaf-366	37	29	-	-	ADJ
gujaf-366	37	30	linear	linear	ADJ
gujaf-366	37	31	association	association	NOUN
gujaf-366	37	32	between	between	ADP
gujaf-366	37	33	working	work	VERB
gujaf-366	37	34	capital	capital	NOUN
gujaf-366	37	35	components	component	NOUN
gujaf-366	37	36	,	,	PUNCT
gujaf-366	37	37	such	such	ADJ
gujaf-366	37	38	as	as	ADP
gujaf-366	37	39	days	day	NOUN
gujaf-366	37	40	sales	sale	NOUN
gujaf-366	37	41	outstanding	outstanding	ADJ
gujaf-366	37	42	(	(	PUNCT
gujaf-366	37	43	dso	dso	PROPN
gujaf-366	37	44	)	)	PUNCT
gujaf-366	37	45	,	,	PUNCT
gujaf-366	37	46	days	day	NOUN
gujaf-366	37	47	inventory	inventory	NOUN
gujaf-366	37	48	outstanding	outstanding	ADJ
gujaf-366	37	49	(	(	PUNCT
gujaf-366	37	50	dio	dio	NOUN
gujaf-366	37	51	)	)	PUNCT
gujaf-366	37	52	,	,	PUNCT
gujaf-366	37	53	gusau	gusau	ADJ
gujaf-366	37	54	journal	journal	NOUN
gujaf-366	37	55	of	of	ADP
gujaf-366	37	56	accounting	accounting	NOUN
gujaf-366	37	57	and	and	CCONJ
gujaf-366	37	58	finance	finance	NOUN
gujaf-366	37	59	,	,	PUNCT
gujaf-366	37	60	vol.6	vol.6	PROPN
gujaf-366	37	61	,	,	PUNCT
gujaf-366	37	62	issue	issue	NOUN
gujaf-366	37	63	1	1	NUM
gujaf-366	37	64	,	,	PUNCT
gujaf-366	37	65	april	april	PROPN
gujaf-366	37	66	,	,	PUNCT
gujaf-366	37	67	2025	2025	NUM
gujaf-366	37	68	40	40	NUM
gujaf-366	37	69	and	and	CCONJ
gujaf-366	37	70	days	day	NOUN
gujaf-366	37	71	payable	payable	ADJ
gujaf-366	37	72	outstanding	outstanding	ADJ
gujaf-366	37	73	(	(	PUNCT
gujaf-366	37	74	dpo	dpo	NOUN
gujaf-366	37	75	)	)	PUNCT
gujaf-366	37	76	,	,	PUNCT
gujaf-366	37	77	and	and	CCONJ
gujaf-366	37	78	firm	firm	ADJ
gujaf-366	37	79	performance	performance	NOUN
gujaf-366	37	80	indicators	indicator	NOUN
gujaf-366	37	81	like	like	ADP
gujaf-366	37	82	return	return	VERB
gujaf-366	37	83	on	on	ADP
gujaf-366	37	84	assets	asset	NOUN
gujaf-366	37	85	(	(	PUNCT
gujaf-366	37	86	roa	roa	NOUN
gujaf-366	37	87	)	)	PUNCT
gujaf-366	37	88	or	or	CCONJ
gujaf-366	37	89	return	return	VERB
gujaf-366	37	90	on	on	ADP
gujaf-366	37	91	equity	equity	NOUN
gujaf-366	37	92	(	(	PUNCT
gujaf-366	37	93	roe	roe	PROPN
gujaf-366	37	94	)	)	PUNCT
gujaf-366	37	95	.	.	PUNCT
gujaf-366	38	1	recent	recent	ADJ
gujaf-366	38	2	studies	study	NOUN
gujaf-366	38	3	increasingly	increasingly	ADV
gujaf-366	38	4	adopt	adopt	VERB
gujaf-366	38	5	a	a	DET
gujaf-366	38	6	nuanced	nuanced	ADJ
gujaf-366	38	7	perspective	perspective	NOUN
gujaf-366	38	8	,	,	PUNCT
gujaf-366	38	9	identifying	identify	VERB
gujaf-366	38	10	an	an	DET
gujaf-366	38	11	inverted	inverted	ADJ
gujaf-366	38	12	u	u	ADJ
gujaf-366	38	13	-	-	ADJ
gujaf-366	38	14	shaped	shape	VERB
gujaf-366	38	15	relationship	relationship	NOUN
gujaf-366	38	16	between	between	ADP
gujaf-366	38	17	wcm	wcm	NOUN
gujaf-366	38	18	and	and	CCONJ
gujaf-366	38	19	profitability	profitability	NOUN
gujaf-366	38	20	.	.	PUNCT
gujaf-366	39	1	this	this	PRON
gujaf-366	39	2	non	non	ADJ
gujaf-366	39	3	-	-	ADJ
gujaf-366	39	4	linearity	linearity	NOUN
gujaf-366	39	5	suggests	suggest	VERB
gujaf-366	39	6	that	that	SCONJ
gujaf-366	39	7	while	while	SCONJ
gujaf-366	39	8	moderate	moderate	ADJ
gujaf-366	39	9	investment	investment	NOUN
gujaf-366	39	10	in	in	ADP
gujaf-366	39	11	working	work	VERB
gujaf-366	39	12	capital	capital	NOUN
gujaf-366	39	13	supports	support	VERB
gujaf-366	39	14	operational	operational	ADJ
gujaf-366	39	15	continuity	continuity	NOUN
gujaf-366	39	16	and	and	CCONJ
gujaf-366	39	17	profitability	profitability	NOUN
gujaf-366	39	18	,	,	PUNCT
gujaf-366	39	19	excessive	excessive	ADJ
gujaf-366	39	20	working	work	VERB
gujaf-366	39	21	capital	capital	NOUN
gujaf-366	39	22	leads	lead	VERB
gujaf-366	39	23	to	to	ADP
gujaf-366	39	24	diminishing	diminish	VERB
gujaf-366	39	25	returns	return	NOUN
gujaf-366	39	26	.	.	PUNCT
gujaf-366	40	1	for	for	ADP
gujaf-366	40	2	instance	instance	NOUN
gujaf-366	40	3	,	,	PUNCT
gujaf-366	40	4	agyemang	agyemang	PROPN
gujaf-366	40	5	et	et	PROPN
gujaf-366	40	6	al	al	PROPN
gujaf-366	40	7	.	.	PROPN
gujaf-366	41	1	(	(	PUNCT
gujaf-366	41	2	2023	2023	NUM
gujaf-366	41	3	)	)	PUNCT
gujaf-366	41	4	found	find	VERB
gujaf-366	41	5	that	that	SCONJ
gujaf-366	41	6	ghanaian	ghanaian	ADJ
gujaf-366	41	7	and	and	CCONJ
gujaf-366	41	8	nigerian	nigerian	ADJ
gujaf-366	41	9	firms	firm	NOUN
gujaf-366	41	10	experience	experience	VERB
gujaf-366	41	11	peak	peak	NOUN
gujaf-366	41	12	profitability	profitability	NOUN
gujaf-366	41	13	at	at	ADP
gujaf-366	41	14	intermediate	intermediate	ADJ
gujaf-366	41	15	levels	level	NOUN
gujaf-366	41	16	of	of	ADP
gujaf-366	41	17	working	work	VERB
gujaf-366	41	18	capital	capital	NOUN
gujaf-366	41	19	,	,	PUNCT
gujaf-366	41	20	beyond	beyond	ADP
gujaf-366	41	21	which	which	PRON
gujaf-366	41	22	returns	return	NOUN
gujaf-366	41	23	taper	taper	VERB
gujaf-366	41	24	off	off	ADP
gujaf-366	41	25	.	.	PUNCT
gujaf-366	42	1	similarly	similarly	ADV
gujaf-366	42	2	,	,	PUNCT
gujaf-366	42	3	wasiuzzaman	wasiuzzaman	NOUN
gujaf-366	42	4	(	(	PUNCT
gujaf-366	42	5	2022	2022	NUM
gujaf-366	42	6	)	)	PUNCT
gujaf-366	42	7	employed	employ	VERB
gujaf-366	42	8	panel	panel	NOUN
gujaf-366	42	9	threshold	threshold	NOUN
gujaf-366	42	10	regression	regression	NOUN
gujaf-366	42	11	to	to	PART
gujaf-366	42	12	confirm	confirm	VERB
gujaf-366	42	13	a	a	DET
gujaf-366	42	14	concave	concave	ADJ
gujaf-366	42	15	relationship	relationship	NOUN
gujaf-366	42	16	in	in	ADP
gujaf-366	42	17	malaysian	malaysian	ADJ
gujaf-366	42	18	firms	firm	NOUN
gujaf-366	42	19	,	,	PUNCT
gujaf-366	42	20	highlighting	highlight	VERB
gujaf-366	42	21	firm	firm	ADJ
gujaf-366	42	22	size	size	NOUN
gujaf-366	42	23	and	and	CCONJ
gujaf-366	42	24	market	market	NOUN
gujaf-366	42	25	volatility	volatility	NOUN
gujaf-366	42	26	as	as	ADP
gujaf-366	42	27	moderating	moderate	VERB
gujaf-366	42	28	factors	factor	NOUN
gujaf-366	42	29	.	.	PUNCT
gujaf-366	43	1	garcia	garcia	PROPN
gujaf-366	43	2	-	-	PUNCT
gujaf-366	43	3	teruel	teruel	PROPN
gujaf-366	43	4	and	and	CCONJ
gujaf-366	43	5	martinez	martinez	PROPN
gujaf-366	43	6	-	-	PUNCT
gujaf-366	43	7	solano	solano	PROPN
gujaf-366	43	8	(	(	PUNCT
gujaf-366	43	9	2020	2020	NUM
gujaf-366	43	10	)	)	PUNCT
gujaf-366	43	11	reached	reach	VERB
gujaf-366	43	12	a	a	DET
gujaf-366	43	13	comparable	comparable	ADJ
gujaf-366	43	14	conclusion	conclusion	NOUN
gujaf-366	43	15	in	in	ADP
gujaf-366	43	16	their	their	PRON
gujaf-366	43	17	re	re	NOUN
gujaf-366	43	18	-	-	NOUN
gujaf-366	43	19	examination	examination	NOUN
gujaf-366	43	20	of	of	ADP
gujaf-366	43	21	spanish	spanish	ADJ
gujaf-366	43	22	smes	sme	NOUN
gujaf-366	43	23	,	,	PUNCT
gujaf-366	43	24	pointing	point	VERB
gujaf-366	43	25	out	out	ADP
gujaf-366	43	26	that	that	SCONJ
gujaf-366	43	27	firm	firm	ADJ
gujaf-366	43	28	-	-	PUNCT
gujaf-366	43	29	level	level	NOUN
gujaf-366	43	30	governance	governance	NOUN
gujaf-366	43	31	mechanisms	mechanism	NOUN
gujaf-366	43	32	mediate	mediate	VERB
gujaf-366	43	33	the	the	DET
gujaf-366	43	34	impact	impact	NOUN
gujaf-366	43	35	of	of	ADP
gujaf-366	43	36	wcm	wcm	NOUN
gujaf-366	43	37	.	.	PUNCT
gujaf-366	44	1	cross	cross	ADJ
gujaf-366	44	2	-	-	NOUN
gujaf-366	44	3	country	country	ADJ
gujaf-366	44	4	analyses	analysis	NOUN
gujaf-366	44	5	also	also	ADV
gujaf-366	44	6	support	support	VERB
gujaf-366	44	7	this	this	DET
gujaf-366	44	8	non	non	ADJ
gujaf-366	44	9	-	-	ADJ
gujaf-366	44	10	linear	linear	ADJ
gujaf-366	44	11	interpretation	interpretation	NOUN
gujaf-366	44	12	.	.	PUNCT
gujaf-366	45	1	moussa	moussa	PROPN
gujaf-366	45	2	and	and	CCONJ
gujaf-366	45	3	ayele	ayele	PROPN
gujaf-366	45	4	(	(	PUNCT
gujaf-366	45	5	2020	2020	NUM
gujaf-366	45	6	)	)	PUNCT
gujaf-366	45	7	,	,	PUNCT
gujaf-366	45	8	in	in	ADP
gujaf-366	45	9	a	a	DET
gujaf-366	45	10	study	study	NOUN
gujaf-366	45	11	of	of	ADP
gujaf-366	45	12	20	20	NUM
gujaf-366	45	13	sub	sub	ADJ
gujaf-366	45	14	-	-	ADJ
gujaf-366	45	15	saharan	saharan	ADJ
gujaf-366	45	16	african	african	ADJ
gujaf-366	45	17	economies	economy	NOUN
gujaf-366	45	18	,	,	PUNCT
gujaf-366	45	19	reported	report	VERB
gujaf-366	45	20	that	that	SCONJ
gujaf-366	45	21	firms	firm	NOUN
gujaf-366	45	22	with	with	ADP
gujaf-366	45	23	high	high	ADJ
gujaf-366	45	24	growth	growth	NOUN
gujaf-366	45	25	trajectories	trajectory	NOUN
gujaf-366	45	26	exhibited	exhibit	VERB
gujaf-366	45	27	stronger	strong	ADJ
gujaf-366	45	28	sensitivity	sensitivity	NOUN
gujaf-366	45	29	to	to	ADP
gujaf-366	45	30	working	work	VERB
gujaf-366	45	31	capital	capital	NOUN
gujaf-366	45	32	fluctuations	fluctuation	NOUN
gujaf-366	45	33	than	than	ADP
gujaf-366	45	34	low	low	ADJ
gujaf-366	45	35	-	-	PUNCT
gujaf-366	45	36	growth	growth	NOUN
gujaf-366	45	37	counterparts	counterpart	NOUN
gujaf-366	45	38	.	.	PUNCT
gujaf-366	46	1	the	the	DET
gujaf-366	46	2	same	same	ADJ
gujaf-366	46	3	pattern	pattern	NOUN
gujaf-366	46	4	is	be	AUX
gujaf-366	46	5	observed	observe	VERB
gujaf-366	46	6	in	in	ADP
gujaf-366	46	7	asian	asian	ADJ
gujaf-366	46	8	markets	market	NOUN
gujaf-366	46	9	.	.	PUNCT
gujaf-366	47	1	a	a	DET
gujaf-366	47	2	study	study	NOUN
gujaf-366	47	3	by	by	ADP
gujaf-366	47	4	khan	khan	PROPN
gujaf-366	47	5	et	et	PROPN
gujaf-366	47	6	al	al	PROPN
gujaf-366	47	7	.	.	PROPN
gujaf-366	47	8	(	(	PUNCT
gujaf-366	47	9	2021	2021	NUM
gujaf-366	47	10	)	)	PUNCT
gujaf-366	47	11	on	on	ADP
gujaf-366	47	12	pakistani	pakistani	ADJ
gujaf-366	47	13	industrial	industrial	ADJ
gujaf-366	47	14	firms	firm	NOUN
gujaf-366	47	15	highlighted	highlight	VERB
gujaf-366	47	16	sectoral	sectoral	ADJ
gujaf-366	47	17	variation	variation	NOUN
gujaf-366	47	18	in	in	ADP
gujaf-366	47	19	the	the	DET
gujaf-366	47	20	profitability	profitability	NOUN
gujaf-366	47	21	-	-	PUNCT
gujaf-366	47	22	wcm	wcm	NOUN
gujaf-366	47	23	nexus	nexus	NOUN
gujaf-366	47	24	,	,	PUNCT
gujaf-366	47	25	attributing	attribute	VERB
gujaf-366	47	26	the	the	DET
gujaf-366	47	27	divergence	divergence	NOUN
gujaf-366	47	28	to	to	ADP
gujaf-366	47	29	differences	difference	NOUN
gujaf-366	47	30	in	in	ADP
gujaf-366	47	31	working	work	VERB
gujaf-366	47	32	capital	capital	NOUN
gujaf-366	47	33	cycles	cycle	NOUN
gujaf-366	47	34	and	and	CCONJ
gujaf-366	47	35	credit	credit	NOUN
gujaf-366	47	36	access	access	NOUN
gujaf-366	47	37	.	.	PUNCT
gujaf-366	48	1	in	in	ADP
gujaf-366	48	2	indian	indian	ADJ
gujaf-366	48	3	manufacturing	manufacturing	NOUN
gujaf-366	48	4	firms	firm	NOUN
gujaf-366	48	5	,	,	PUNCT
gujaf-366	48	6	patel	patel	NOUN
gujaf-366	48	7	and	and	CCONJ
gujaf-366	48	8	bhavsar	bhavsar	PROPN
gujaf-366	48	9	(	(	PUNCT
gujaf-366	48	10	2022	2022	NUM
gujaf-366	48	11	)	)	PUNCT
gujaf-366	48	12	documented	document	VERB
gujaf-366	48	13	a	a	DET
gujaf-366	48	14	robust	robust	ADJ
gujaf-366	48	15	inverse	inverse	NOUN
gujaf-366	48	16	u	u	NOUN
gujaf-366	48	17	-	-	NOUN
gujaf-366	48	18	shape	shape	NOUN
gujaf-366	48	19	relationship	relationship	NOUN
gujaf-366	48	20	,	,	PUNCT
gujaf-366	48	21	noting	note	VERB
gujaf-366	48	22	that	that	SCONJ
gujaf-366	48	23	liquidity	liquidity	NOUN
gujaf-366	48	24	constraints	constraint	NOUN
gujaf-366	48	25	intensify	intensify	VERB
gujaf-366	48	26	the	the	DET
gujaf-366	48	27	need	need	NOUN
gujaf-366	48	28	for	for	ADP
gujaf-366	48	29	precision	precision	NOUN
gujaf-366	48	30	in	in	ADP
gujaf-366	48	31	cash	cash	NOUN
gujaf-366	48	32	conversion	conversion	NOUN
gujaf-366	48	33	cycle	cycle	NOUN
gujaf-366	48	34	(	(	PUNCT
gujaf-366	48	35	ccc	ccc	NOUN
gujaf-366	48	36	)	)	PUNCT
gujaf-366	48	37	management	management	NOUN
gujaf-366	48	38	.	.	PUNCT
gujaf-366	49	1	the	the	DET
gujaf-366	49	2	literature	literature	NOUN
gujaf-366	49	3	further	far	ADV
gujaf-366	49	4	emphasizes	emphasize	VERB
gujaf-366	49	5	that	that	SCONJ
gujaf-366	49	6	the	the	DET
gujaf-366	49	7	wcm	wcm	NOUN
gujaf-366	49	8	–	–	PUNCT
gujaf-366	49	9	profitability	profitability	NOUN
gujaf-366	49	10	relationship	relationship	NOUN
gujaf-366	49	11	is	be	AUX
gujaf-366	49	12	contingent	contingent	ADJ
gujaf-366	49	13	on	on	ADP
gujaf-366	49	14	external	external	ADJ
gujaf-366	49	15	macroeconomic	macroeconomic	ADJ
gujaf-366	49	16	and	and	CCONJ
gujaf-366	49	17	institutional	institutional	ADJ
gujaf-366	49	18	factors	factor	NOUN
gujaf-366	49	19	.	.	PUNCT
gujaf-366	50	1	according	accord	VERB
gujaf-366	50	2	to	to	ADP
gujaf-366	50	3	serrasqueiro	serrasqueiro	PROPN
gujaf-366	50	4	et	et	PROPN
gujaf-366	50	5	al	al	PROPN
gujaf-366	50	6	.	.	PROPN
gujaf-366	51	1	(	(	PUNCT
gujaf-366	51	2	2020	2020	NUM
gujaf-366	51	3	)	)	PUNCT
gujaf-366	51	4	,	,	PUNCT
gujaf-366	51	5	european	european	ADJ
gujaf-366	51	6	smes	sme	NOUN
gujaf-366	51	7	exhibit	exhibit	VERB
gujaf-366	51	8	varying	vary	VERB
gujaf-366	51	9	profitability	profitability	NOUN
gujaf-366	51	10	sensitivities	sensitivity	NOUN
gujaf-366	51	11	depending	depend	VERB
gujaf-366	51	12	on	on	ADP
gujaf-366	51	13	the	the	DET
gujaf-366	51	14	maturity	maturity	NOUN
gujaf-366	51	15	of	of	ADP
gujaf-366	51	16	financial	financial	ADJ
gujaf-366	51	17	markets	market	NOUN
gujaf-366	51	18	and	and	CCONJ
gujaf-366	51	19	ease	ease	NOUN
gujaf-366	51	20	of	of	ADP
gujaf-366	51	21	access	access	NOUN
gujaf-366	51	22	to	to	ADP
gujaf-366	51	23	short	short	ADJ
gujaf-366	51	24	-	-	PUNCT
gujaf-366	51	25	term	term	NOUN
gujaf-366	51	26	financing	financing	NOUN
gujaf-366	51	27	.	.	PUNCT
gujaf-366	52	1	in	in	ADP
gujaf-366	52	2	the	the	DET
gujaf-366	52	3	context	context	NOUN
gujaf-366	52	4	of	of	ADP
gujaf-366	52	5	nigeria	nigeria	PROPN
gujaf-366	52	6	,	,	PUNCT
gujaf-366	52	7	where	where	SCONJ
gujaf-366	52	8	firms	firm	NOUN
gujaf-366	52	9	face	face	VERB
gujaf-366	52	10	relatively	relatively	ADV
gujaf-366	52	11	high	high	ADJ
gujaf-366	52	12	interest	interest	NOUN
gujaf-366	52	13	rates	rate	NOUN
gujaf-366	52	14	and	and	CCONJ
gujaf-366	52	15	limited	limited	ADJ
gujaf-366	52	16	access	access	NOUN
gujaf-366	52	17	to	to	ADP
gujaf-366	52	18	working	work	VERB
gujaf-366	52	19	capital	capital	NOUN
gujaf-366	52	20	loans	loan	NOUN
gujaf-366	52	21	,	,	PUNCT
gujaf-366	52	22	olayemi	olayemi	NOUN
gujaf-366	52	23	and	and	CCONJ
gujaf-366	52	24	ogundipe	ogundipe	NOUN
gujaf-366	52	25	(	(	PUNCT
gujaf-366	52	26	2021	2021	NUM
gujaf-366	52	27	)	)	PUNCT
gujaf-366	52	28	found	find	VERB
gujaf-366	52	29	that	that	SCONJ
gujaf-366	52	30	aggressive	aggressive	ADJ
gujaf-366	52	31	wcm	wcm	NOUN
gujaf-366	52	32	strategies	strategy	NOUN
gujaf-366	52	33	tend	tend	VERB
gujaf-366	52	34	to	to	PART
gujaf-366	52	35	outperform	outperform	VERB
gujaf-366	52	36	conservative	conservative	ADJ
gujaf-366	52	37	ones	one	NOUN
gujaf-366	52	38	in	in	ADP
gujaf-366	52	39	enhancing	enhance	VERB
gujaf-366	52	40	profitability	profitability	NOUN
gujaf-366	52	41	,	,	PUNCT
gujaf-366	52	42	especially	especially	ADV
gujaf-366	52	43	during	during	ADP
gujaf-366	52	44	periods	period	NOUN
gujaf-366	52	45	of	of	ADP
gujaf-366	52	46	currency	currency	NOUN
gujaf-366	52	47	instability	instability	NOUN
gujaf-366	52	48	and	and	CCONJ
gujaf-366	52	49	inflation	inflation	NOUN
gujaf-366	52	50	.	.	PUNCT
gujaf-366	53	1	these	these	DET
gujaf-366	53	2	findings	finding	NOUN
gujaf-366	53	3	are	be	AUX
gujaf-366	53	4	corroborated	corroborate	VERB
gujaf-366	53	5	by	by	ADP
gujaf-366	53	6	anyamah	anyamah	PROPN
gujaf-366	53	7	et	et	PROPN
gujaf-366	53	8	al	al	PROPN
gujaf-366	53	9	.	.	PROPN
gujaf-366	54	1	(	(	PUNCT
gujaf-366	54	2	2022	2022	NUM
gujaf-366	54	3	)	)	PUNCT
gujaf-366	54	4	,	,	PUNCT
gujaf-366	54	5	who	who	PRON
gujaf-366	54	6	argue	argue	VERB
gujaf-366	54	7	that	that	SCONJ
gujaf-366	54	8	nigerian	nigerian	ADJ
gujaf-366	54	9	hgfs	hgfs	NOUN
gujaf-366	54	10	benefit	benefit	VERB
gujaf-366	54	11	from	from	ADP
gujaf-366	54	12	dynamic	dynamic	ADJ
gujaf-366	54	13	and	and	CCONJ
gujaf-366	54	14	adaptive	adaptive	ADJ
gujaf-366	54	15	financial	financial	ADJ
gujaf-366	54	16	strategies	strategy	NOUN
gujaf-366	54	17	tailored	tailor	VERB
gujaf-366	54	18	to	to	ADP
gujaf-366	54	19	volatile	volatile	ADJ
gujaf-366	54	20	economic	economic	ADJ
gujaf-366	54	21	environments	environment	NOUN
gujaf-366	54	22	.	.	PUNCT
gujaf-366	55	1	sector	sector	NOUN
gujaf-366	55	2	-	-	PUNCT
gujaf-366	55	3	specific	specific	ADJ
gujaf-366	55	4	studies	study	NOUN
gujaf-366	55	5	also	also	ADV
gujaf-366	55	6	provide	provide	VERB
gujaf-366	55	7	key	key	ADJ
gujaf-366	55	8	insights	insight	NOUN
gujaf-366	55	9	.	.	PUNCT
gujaf-366	56	1	for	for	ADP
gujaf-366	56	2	example	example	NOUN
gujaf-366	56	3	,	,	PUNCT
gujaf-366	56	4	enqvist	enqvist	NOUN
gujaf-366	56	5	et	et	PROPN
gujaf-366	56	6	al	al	PROPN
gujaf-366	56	7	.	.	PROPN
gujaf-366	57	1	(	(	PUNCT
gujaf-366	57	2	2014	2014	NUM
gujaf-366	57	3	)	)	PUNCT
gujaf-366	57	4	found	find	VERB
gujaf-366	57	5	that	that	SCONJ
gujaf-366	57	6	profitability	profitability	NOUN
gujaf-366	57	7	in	in	ADP
gujaf-366	57	8	the	the	DET
gujaf-366	57	9	retail	retail	ADJ
gujaf-366	57	10	sector	sector	NOUN
gujaf-366	57	11	is	be	AUX
gujaf-366	57	12	highly	highly	ADV
gujaf-366	57	13	responsive	responsive	ADJ
gujaf-366	57	14	to	to	ADP
gujaf-366	57	15	changes	change	NOUN
gujaf-366	57	16	in	in	ADP
gujaf-366	57	17	inventory	inventory	NOUN
gujaf-366	57	18	days	day	NOUN
gujaf-366	57	19	,	,	PUNCT
gujaf-366	57	20	while	while	SCONJ
gujaf-366	57	21	manufacturing	manufacturing	NOUN
gujaf-366	57	22	firms	firm	NOUN
gujaf-366	57	23	demonstrate	demonstrate	VERB
gujaf-366	57	24	more	more	ADJ
gujaf-366	57	25	sensitivity	sensitivity	NOUN
gujaf-366	57	26	to	to	ADP
gujaf-366	57	27	receivables	receivables	NOUN
gujaf-366	57	28	management	management	NOUN
gujaf-366	57	29	.	.	PUNCT
gujaf-366	58	1	more	more	ADV
gujaf-366	58	2	recent	recent	ADJ
gujaf-366	58	3	work	work	NOUN
gujaf-366	58	4	by	by	ADP
gujaf-366	58	5	ajao	ajao	NOUN
gujaf-366	58	6	and	and	CCONJ
gujaf-366	58	7	olamide	olamide	ADJ
gujaf-366	58	8	(	(	PUNCT
gujaf-366	58	9	2023	2023	NUM
gujaf-366	58	10	)	)	PUNCT
gujaf-366	58	11	examined	examine	VERB
gujaf-366	58	12	nigerian	nigerian	ADJ
gujaf-366	58	13	agribusiness	agribusiness	NOUN
gujaf-366	58	14	hgfs	hgf	NOUN
gujaf-366	58	15	and	and	CCONJ
gujaf-366	58	16	concluded	conclude	VERB
gujaf-366	58	17	that	that	SCONJ
gujaf-366	58	18	cash	cash	NOUN
gujaf-366	58	19	conversion	conversion	NOUN
gujaf-366	58	20	efficiency	efficiency	NOUN
gujaf-366	58	21	plays	play	VERB
gujaf-366	58	22	a	a	DET
gujaf-366	58	23	more	more	ADV
gujaf-366	58	24	pivotal	pivotal	ADJ
gujaf-366	58	25	role	role	NOUN
gujaf-366	58	26	than	than	ADP
gujaf-366	58	27	overall	overall	ADJ
gujaf-366	58	28	working	work	VERB
gujaf-366	58	29	capital	capital	NOUN
gujaf-366	58	30	investment	investment	NOUN
gujaf-366	58	31	.	.	PUNCT
gujaf-366	59	1	additionally	additionally	ADV
gujaf-366	59	2	,	,	PUNCT
gujaf-366	59	3	firm	firm	ADJ
gujaf-366	59	4	age	age	NOUN
gujaf-366	59	5	and	and	CCONJ
gujaf-366	59	6	ownership	ownership	NOUN
gujaf-366	59	7	structure	structure	NOUN
gujaf-366	59	8	emerge	emerge	VERB
gujaf-366	59	9	as	as	ADP
gujaf-366	59	10	significant	significant	ADJ
gujaf-366	59	11	determinants	determinant	NOUN
gujaf-366	59	12	of	of	ADP
gujaf-366	59	13	how	how	SCONJ
gujaf-366	59	14	working	work	VERB
gujaf-366	59	15	capital	capital	NOUN
gujaf-366	59	16	practices	practice	NOUN
gujaf-366	59	17	influence	influence	NOUN
gujaf-366	59	18	profitability	profitability	NOUN
gujaf-366	59	19	.	.	PUNCT
gujaf-366	60	1	findings	finding	NOUN
gujaf-366	60	2	by	by	ADP
gujaf-366	60	3	rahman	rahman	PROPN
gujaf-366	60	4	et	et	PROPN
gujaf-366	60	5	al	al	PROPN
gujaf-366	60	6	.	.	PROPN
gujaf-366	60	7	(	(	PUNCT
gujaf-366	60	8	2021	2021	NUM
gujaf-366	60	9	)	)	PUNCT
gujaf-366	60	10	indicate	indicate	VERB
gujaf-366	60	11	that	that	SCONJ
gujaf-366	60	12	family	family	NOUN
gujaf-366	60	13	-	-	PUNCT
gujaf-366	60	14	owned	own	VERB
gujaf-366	60	15	firms	firm	NOUN
gujaf-366	60	16	in	in	ADP
gujaf-366	60	17	emerging	emerge	VERB
gujaf-366	60	18	markets	market	NOUN
gujaf-366	60	19	tend	tend	VERB
gujaf-366	60	20	to	to	PART
gujaf-366	60	21	hold	hold	VERB
gujaf-366	60	22	excess	excess	ADJ
gujaf-366	60	23	working	work	VERB
gujaf-366	60	24	capital	capital	NOUN
gujaf-366	60	25	as	as	ADP
gujaf-366	60	26	a	a	DET
gujaf-366	60	27	buffer	buffer	NOUN
gujaf-366	60	28	against	against	ADP
gujaf-366	60	29	risk	risk	NOUN
gujaf-366	60	30	,	,	PUNCT
gujaf-366	60	31	which	which	PRON
gujaf-366	60	32	often	often	ADV
gujaf-366	60	33	leads	lead	VERB
gujaf-366	60	34	to	to	ADP
gujaf-366	60	35	reduced	reduced	ADJ
gujaf-366	60	36	efficiency	efficiency	NOUN
gujaf-366	60	37	and	and	CCONJ
gujaf-366	60	38	suboptimal	suboptimal	ADJ
gujaf-366	60	39	returns	return	NOUN
gujaf-366	60	40	.	.	PUNCT
gujaf-366	61	1	notably	notably	ADV
gujaf-366	61	2	,	,	PUNCT
gujaf-366	61	3	the	the	DET
gujaf-366	61	4	use	use	NOUN
gujaf-366	61	5	of	of	ADP
gujaf-366	61	6	more	more	ADV
gujaf-366	61	7	sophisticated	sophisticated	ADJ
gujaf-366	61	8	econometric	econometric	ADJ
gujaf-366	61	9	and	and	CCONJ
gujaf-366	61	10	machine	machine	NOUN
gujaf-366	61	11	learning	learning	NOUN
gujaf-366	61	12	techniques	technique	NOUN
gujaf-366	61	13	has	have	AUX
gujaf-366	61	14	enhanced	enhance	VERB
gujaf-366	61	15	the	the	DET
gujaf-366	61	16	robustness	robustness	NOUN
gujaf-366	61	17	of	of	ADP
gujaf-366	61	18	empirical	empirical	ADJ
gujaf-366	61	19	findings	finding	NOUN
gujaf-366	61	20	.	.	PUNCT
gujaf-366	62	1	dynamic	dynamic	ADJ
gujaf-366	62	2	panel	panel	NOUN
gujaf-366	62	3	models	model	NOUN
gujaf-366	62	4	,	,	PUNCT
gujaf-366	62	5	threshold	threshold	NOUN
gujaf-366	62	6	regressions	regression	NOUN
gujaf-366	62	7	,	,	PUNCT
gujaf-366	62	8	and	and	CCONJ
gujaf-366	62	9	system	system	NOUN
gujaf-366	62	10	gmm	gmm	NOUN
gujaf-366	62	11	approaches	approach	NOUN
gujaf-366	62	12	are	be	AUX
gujaf-366	62	13	increasingly	increasingly	ADV
gujaf-366	62	14	employed	employ	VERB
gujaf-366	62	15	to	to	PART
gujaf-366	62	16	address	address	VERB
gujaf-366	62	17	endogeneity	endogeneity	NOUN
gujaf-366	62	18	and	and	CCONJ
gujaf-366	62	19	reverse	reverse	ADJ
gujaf-366	62	20	causality	causality	NOUN
gujaf-366	62	21	(	(	PUNCT
gujaf-366	62	22	ismail	ismail	NOUN
gujaf-366	62	23	&	&	CCONJ
gujaf-366	62	24	wanyoike	wanyoike	ADJ
gujaf-366	62	25	,	,	PUNCT
gujaf-366	62	26	2021	2021	NUM
gujaf-366	62	27	)	)	PUNCT
gujaf-366	62	28	.	.	PUNCT
gujaf-366	63	1	in	in	ADP
gujaf-366	63	2	addition	addition	NOUN
gujaf-366	63	3	,	,	PUNCT
gujaf-366	63	4	recent	recent	ADJ
gujaf-366	63	5	studies	study	NOUN
gujaf-366	63	6	by	by	ADP
gujaf-366	63	7	xu	xu	PROPN
gujaf-366	63	8	et	et	PROPN
gujaf-366	63	9	al	al	PROPN
gujaf-366	63	10	.	.	PROPN
gujaf-366	64	1	(	(	PUNCT
gujaf-366	64	2	2024	2024	NUM
gujaf-366	64	3	)	)	PUNCT
gujaf-366	64	4	and	and	CCONJ
gujaf-366	64	5	liu	liu	PROPN
gujaf-366	64	6	et	et	PROPN
gujaf-366	64	7	gusau	gusau	PROPN
gujaf-366	64	8	journal	journal	PROPN
gujaf-366	64	9	of	of	ADP
gujaf-366	64	10	accounting	accounting	NOUN
gujaf-366	64	11	and	and	CCONJ
gujaf-366	64	12	finance	finance	NOUN
gujaf-366	64	13	,	,	PUNCT
gujaf-366	64	14	vol.6	vol.6	PROPN
gujaf-366	64	15	,	,	PUNCT
gujaf-366	64	16	issue	issue	NOUN
gujaf-366	64	17	1	1	NUM
gujaf-366	64	18	,	,	PUNCT
gujaf-366	64	19	april	april	PROPN
gujaf-366	64	20	,	,	PUNCT
gujaf-366	64	21	2025	2025	NUM
gujaf-366	64	22	41	41	NUM
gujaf-366	65	1	al	al	PROPN
gujaf-366	65	2	.	.	PUNCT
gujaf-366	66	1	(	(	PUNCT
gujaf-366	66	2	2025	2025	NUM
gujaf-366	66	3	)	)	PUNCT
gujaf-366	66	4	have	have	AUX
gujaf-366	66	5	integrated	integrate	VERB
gujaf-366	66	6	shap	shap	NOUN
gujaf-366	66	7	-	-	PUNCT
gujaf-366	66	8	based	base	VERB
gujaf-366	66	9	explainability	explainability	NOUN
gujaf-366	66	10	models	model	NOUN
gujaf-366	66	11	with	with	ADP
gujaf-366	66	12	traditional	traditional	ADJ
gujaf-366	66	13	regressions	regression	NOUN
gujaf-366	66	14	to	to	PART
gujaf-366	66	15	understand	understand	VERB
gujaf-366	66	16	the	the	DET
gujaf-366	66	17	heterogeneous	heterogeneous	ADJ
gujaf-366	66	18	effects	effect	NOUN
gujaf-366	66	19	of	of	ADP
gujaf-366	66	20	wcm	wcm	NOUN
gujaf-366	66	21	components	component	NOUN
gujaf-366	66	22	on	on	ADP
gujaf-366	66	23	profitability	profitability	NOUN
gujaf-366	66	24	across	across	ADP
gujaf-366	66	25	firm	firm	ADJ
gujaf-366	66	26	clusters	cluster	NOUN
gujaf-366	66	27	.	.	PUNCT
gujaf-366	67	1	these	these	DET
gujaf-366	67	2	approaches	approach	NOUN
gujaf-366	67	3	underscore	underscore	VERB
gujaf-366	67	4	the	the	DET
gujaf-366	67	5	growing	grow	VERB
gujaf-366	67	6	consensus	consensus	NOUN
gujaf-366	67	7	that	that	SCONJ
gujaf-366	67	8	there	there	PRON
gujaf-366	67	9	is	be	VERB
gujaf-366	67	10	no	no	DET
gujaf-366	67	11	“	"	PUNCT
gujaf-366	67	12	one	one	NUM
gujaf-366	67	13	-	-	PUNCT
gujaf-366	67	14	size	size	NOUN
gujaf-366	67	15	-	-	PUNCT
gujaf-366	67	16	fits	fit	VERB
gujaf-366	67	17	-	-	PUNCT
gujaf-366	67	18	all	all	PRON
gujaf-366	67	19	”	"	PUNCT
gujaf-366	67	20	strategy	strategy	NOUN
gujaf-366	67	21	,	,	PUNCT
gujaf-366	67	22	especially	especially	ADV
gujaf-366	67	23	for	for	ADP
gujaf-366	67	24	hgfs	hgfs	NOUN
gujaf-366	67	25	operating	operate	VERB
gujaf-366	67	26	in	in	ADP
gujaf-366	67	27	diverse	diverse	ADJ
gujaf-366	67	28	institutional	institutional	ADJ
gujaf-366	67	29	contexts	contexts	NOUN
gujaf-366	67	30	.	.	PUNCT
gujaf-366	68	1	recent	recent	ADJ
gujaf-366	68	2	empirical	empirical	ADJ
gujaf-366	68	3	studies	study	NOUN
gujaf-366	68	4	have	have	AUX
gujaf-366	68	5	increasingly	increasingly	ADV
gujaf-366	68	6	examined	examine	VERB
gujaf-366	68	7	the	the	DET
gujaf-366	68	8	dynamic	dynamic	ADJ
gujaf-366	68	9	nature	nature	NOUN
gujaf-366	68	10	of	of	ADP
gujaf-366	68	11	wcm	wcm	NOUN
gujaf-366	68	12	strategies	strategy	NOUN
gujaf-366	68	13	over	over	ADP
gujaf-366	68	14	firm	firm	ADJ
gujaf-366	68	15	lifecycles	lifecycle	NOUN
gujaf-366	68	16	,	,	PUNCT
gujaf-366	68	17	particularly	particularly	ADV
gujaf-366	68	18	among	among	ADP
gujaf-366	68	19	high	high	ADJ
gujaf-366	68	20	-	-	PUNCT
gujaf-366	68	21	growth	growth	NOUN
gujaf-366	68	22	and	and	CCONJ
gujaf-366	68	23	innovative	innovative	ADJ
gujaf-366	68	24	firms	firm	NOUN
gujaf-366	68	25	.	.	PUNCT
gujaf-366	69	1	research	research	NOUN
gujaf-366	69	2	by	by	ADP
gujaf-366	69	3	aravind	aravind	PROPN
gujaf-366	69	4	and	and	CCONJ
gujaf-366	69	5	panneer	panneer	PROPN
gujaf-366	69	6	selvam	selvam	PROPN
gujaf-366	69	7	(	(	PUNCT
gujaf-366	69	8	2021	2021	NUM
gujaf-366	69	9	)	)	PUNCT
gujaf-366	69	10	on	on	ADP
gujaf-366	69	11	indian	indian	ADJ
gujaf-366	69	12	start	start	NOUN
gujaf-366	69	13	-	-	PUNCT
gujaf-366	69	14	ups	up	NOUN
gujaf-366	69	15	and	and	CCONJ
gujaf-366	69	16	scale	scale	NOUN
gujaf-366	69	17	-	-	PUNCT
gujaf-366	69	18	ups	up	NOUN
gujaf-366	69	19	reveals	reveal	VERB
gujaf-366	69	20	that	that	SCONJ
gujaf-366	69	21	firms	firm	NOUN
gujaf-366	69	22	in	in	ADP
gujaf-366	69	23	early	early	ADJ
gujaf-366	69	24	growth	growth	NOUN
gujaf-366	69	25	phases	phase	NOUN
gujaf-366	69	26	typically	typically	ADV
gujaf-366	69	27	adopt	adopt	VERB
gujaf-366	69	28	aggressive	aggressive	ADJ
gujaf-366	69	29	wcm	wcm	NOUN
gujaf-366	69	30	practices	practice	NOUN
gujaf-366	69	31	to	to	PART
gujaf-366	69	32	boost	boost	VERB
gujaf-366	69	33	liquidity	liquidity	NOUN
gujaf-366	69	34	and	and	CCONJ
gujaf-366	69	35	reinvest	reinvest	VERB
gujaf-366	69	36	earnings	earning	NOUN
gujaf-366	69	37	.	.	PUNCT
gujaf-366	70	1	however	however	ADV
gujaf-366	70	2	,	,	PUNCT
gujaf-366	70	3	as	as	SCONJ
gujaf-366	70	4	firms	firm	NOUN
gujaf-366	70	5	mature	mature	VERB
gujaf-366	70	6	,	,	PUNCT
gujaf-366	70	7	there	there	PRON
gujaf-366	70	8	is	be	VERB
gujaf-366	70	9	a	a	DET
gujaf-366	70	10	gradual	gradual	ADJ
gujaf-366	70	11	shift	shift	NOUN
gujaf-366	70	12	toward	toward	ADP
gujaf-366	70	13	a	a	DET
gujaf-366	70	14	more	more	ADV
gujaf-366	70	15	conservative	conservative	ADJ
gujaf-366	70	16	approach	approach	NOUN
gujaf-366	70	17	,	,	PUNCT
gujaf-366	70	18	optimizing	optimize	VERB
gujaf-366	70	19	for	for	ADP
gujaf-366	70	20	risk	risk	NOUN
gujaf-366	70	21	mitigation	mitigation	NOUN
gujaf-366	70	22	rather	rather	ADV
gujaf-366	70	23	than	than	ADP
gujaf-366	70	24	growth	growth	NOUN
gujaf-366	70	25	.	.	PUNCT
gujaf-366	71	1	these	these	DET
gujaf-366	71	2	lifecycle	lifecycle	NOUN
gujaf-366	71	3	-	-	PUNCT
gujaf-366	71	4	adjusted	adjust	VERB
gujaf-366	71	5	strategies	strategy	NOUN
gujaf-366	71	6	are	be	AUX
gujaf-366	71	7	especially	especially	ADV
gujaf-366	71	8	relevant	relevant	ADJ
gujaf-366	71	9	for	for	ADP
gujaf-366	71	10	nigerian	nigerian	ADJ
gujaf-366	71	11	hgfs	hgfs	NOUN
gujaf-366	71	12	,	,	PUNCT
gujaf-366	71	13	which	which	PRON
gujaf-366	71	14	often	often	ADV
gujaf-366	71	15	operate	operate	VERB
gujaf-366	71	16	in	in	ADP
gujaf-366	71	17	high	high	ADJ
gujaf-366	71	18	-	-	PUNCT
gujaf-366	71	19	risk	risk	NOUN
gujaf-366	71	20	environments	environment	NOUN
gujaf-366	71	21	with	with	ADP
gujaf-366	71	22	limited	limited	ADJ
gujaf-366	71	23	formal	formal	ADJ
gujaf-366	71	24	credit	credit	NOUN
gujaf-366	71	25	access	access	NOUN
gujaf-366	71	26	and	and	CCONJ
gujaf-366	71	27	regulatory	regulatory	ADJ
gujaf-366	71	28	constraints	constraint	NOUN
gujaf-366	71	29	.	.	PUNCT
gujaf-366	72	1	consequently	consequently	ADV
gujaf-366	72	2	,	,	PUNCT
gujaf-366	72	3	as	as	SCONJ
gujaf-366	72	4	olayiwola	olayiwola	NOUN
gujaf-366	72	5	and	and	CCONJ
gujaf-366	72	6	adebayo	adebayo	PROPN
gujaf-366	72	7	(	(	PUNCT
gujaf-366	72	8	2022	2022	NUM
gujaf-366	72	9	)	)	PUNCT
gujaf-366	72	10	note	note	NOUN
gujaf-366	72	11	,	,	PUNCT
gujaf-366	72	12	the	the	DET
gujaf-366	72	13	ability	ability	NOUN
gujaf-366	72	14	to	to	PART
gujaf-366	72	15	dynamically	dynamically	VERB
gujaf-366	72	16	calibrate	calibrate	VERB
gujaf-366	72	17	wcm	wcm	NOUN
gujaf-366	72	18	practices	practice	NOUN
gujaf-366	72	19	in	in	ADP
gujaf-366	72	20	response	response	NOUN
gujaf-366	72	21	to	to	ADP
gujaf-366	72	22	firm	firm	VERB
gujaf-366	72	23	maturity	maturity	NOUN
gujaf-366	72	24	and	and	CCONJ
gujaf-366	72	25	market	market	NOUN
gujaf-366	72	26	volatility	volatility	NOUN
gujaf-366	72	27	significantly	significantly	ADV
gujaf-366	72	28	affects	affect	VERB
gujaf-366	72	29	long	long	ADJ
gujaf-366	72	30	-	-	PUNCT
gujaf-366	72	31	term	term	NOUN
gujaf-366	72	32	profitability	profitability	NOUN
gujaf-366	72	33	and	and	CCONJ
gujaf-366	72	34	resilience	resilience	NOUN
gujaf-366	72	35	.	.	PUNCT
gujaf-366	73	1	technological	technological	ADJ
gujaf-366	73	2	innovation	innovation	NOUN
gujaf-366	73	3	and	and	CCONJ
gujaf-366	73	4	digital	digital	ADJ
gujaf-366	73	5	transformation	transformation	NOUN
gujaf-366	73	6	have	have	AUX
gujaf-366	73	7	also	also	ADV
gujaf-366	73	8	emerged	emerge	VERB
gujaf-366	73	9	as	as	ADP
gujaf-366	73	10	critical	critical	ADJ
gujaf-366	73	11	enablers	enabler	NOUN
gujaf-366	73	12	of	of	ADP
gujaf-366	73	13	wcm	wcm	NOUN
gujaf-366	73	14	efficiency	efficiency	NOUN
gujaf-366	73	15	in	in	ADP
gujaf-366	73	16	recent	recent	ADJ
gujaf-366	73	17	studies	study	NOUN
gujaf-366	73	18	.	.	PUNCT
gujaf-366	74	1	firms	firm	NOUN
gujaf-366	74	2	leveraging	leverage	VERB
gujaf-366	74	3	enterprise	enterprise	NOUN
gujaf-366	74	4	resource	resource	NOUN
gujaf-366	74	5	planning	planning	NOUN
gujaf-366	74	6	(	(	PUNCT
gujaf-366	74	7	erp	erp	NOUN
gujaf-366	74	8	)	)	PUNCT
gujaf-366	74	9	systems	system	NOUN
gujaf-366	74	10	and	and	CCONJ
gujaf-366	74	11	ai	ai	AUX
gujaf-366	74	12	-	-	PUNCT
gujaf-366	74	13	enabled	enable	VERB
gujaf-366	74	14	supply	supply	NOUN
gujaf-366	74	15	chain	chain	NOUN
gujaf-366	74	16	analytics	analytic	NOUN
gujaf-366	74	17	have	have	AUX
gujaf-366	74	18	demonstrated	demonstrate	VERB
gujaf-366	74	19	superior	superior	ADJ
gujaf-366	74	20	working	work	VERB
gujaf-366	74	21	capital	capital	NOUN
gujaf-366	74	22	turnover	turnover	NOUN
gujaf-366	74	23	and	and	CCONJ
gujaf-366	74	24	profitability	profitability	NOUN
gujaf-366	74	25	outcomes	outcome	NOUN
gujaf-366	74	26	.	.	PUNCT
gujaf-366	75	1	for	for	ADP
gujaf-366	75	2	example	example	NOUN
gujaf-366	75	3	,	,	PUNCT
gujaf-366	75	4	uchenna	uchenna	PROPN
gujaf-366	75	5	and	and	CCONJ
gujaf-366	75	6	onuorah	onuorah	PROPN
gujaf-366	75	7	(	(	PUNCT
gujaf-366	75	8	2023	2023	NUM
gujaf-366	75	9	)	)	PUNCT
gujaf-366	75	10	analyzed	analyze	VERB
gujaf-366	75	11	the	the	DET
gujaf-366	75	12	impact	impact	NOUN
gujaf-366	75	13	of	of	ADP
gujaf-366	75	14	digital	digital	ADJ
gujaf-366	75	15	adoption	adoption	NOUN
gujaf-366	75	16	on	on	ADP
gujaf-366	75	17	wcm	wcm	NOUN
gujaf-366	75	18	in	in	ADP
gujaf-366	75	19	nigerian	nigerian	ADJ
gujaf-366	75	20	hgfs	hgf	NOUN
gujaf-366	75	21	and	and	CCONJ
gujaf-366	75	22	found	find	VERB
gujaf-366	75	23	that	that	SCONJ
gujaf-366	75	24	firms	firm	NOUN
gujaf-366	75	25	utilizing	utilize	VERB
gujaf-366	75	26	cloud	cloud	NOUN
gujaf-366	75	27	-	-	PUNCT
gujaf-366	75	28	based	base	VERB
gujaf-366	75	29	inventory	inventory	NOUN
gujaf-366	75	30	and	and	CCONJ
gujaf-366	75	31	receivables	receivables	NOUN
gujaf-366	75	32	systems	system	NOUN
gujaf-366	75	33	significantly	significantly	ADV
gujaf-366	75	34	reduced	reduce	VERB
gujaf-366	75	35	their	their	PRON
gujaf-366	75	36	cash	cash	NOUN
gujaf-366	75	37	conversion	conversion	NOUN
gujaf-366	75	38	cycle	cycle	NOUN
gujaf-366	75	39	and	and	CCONJ
gujaf-366	75	40	improved	improve	VERB
gujaf-366	75	41	roa	roa	NOUN
gujaf-366	75	42	.	.	PUNCT
gujaf-366	76	1	this	this	DET
gujaf-366	76	2	technological	technological	ADJ
gujaf-366	76	3	edge	edge	NOUN
gujaf-366	76	4	aligns	align	VERB
gujaf-366	76	5	with	with	ADP
gujaf-366	76	6	findings	finding	NOUN
gujaf-366	76	7	by	by	ADP
gujaf-366	76	8	al	al	PROPN
gujaf-366	76	9	-	-	PUNCT
gujaf-366	76	10	najjar	najjar	PROPN
gujaf-366	76	11	and	and	CCONJ
gujaf-366	76	12	yousif	yousif	PROPN
gujaf-366	76	13	(	(	PUNCT
gujaf-366	76	14	2021	2021	NUM
gujaf-366	76	15	)	)	PUNCT
gujaf-366	76	16	,	,	PUNCT
gujaf-366	76	17	who	who	PRON
gujaf-366	76	18	documented	document	VERB
gujaf-366	76	19	that	that	SCONJ
gujaf-366	76	20	firms	firm	NOUN
gujaf-366	76	21	in	in	ADP
gujaf-366	76	22	mena	mena	PROPN
gujaf-366	76	23	and	and	CCONJ
gujaf-366	76	24	sub	sub	ADJ
gujaf-366	76	25	-	-	ADJ
gujaf-366	76	26	saharan	saharan	ADJ
gujaf-366	76	27	africa	africa	PROPN
gujaf-366	76	28	that	that	SCONJ
gujaf-366	76	29	integrated	integrate	VERB
gujaf-366	76	30	fintech	fintech	NOUN
gujaf-366	76	31	platforms	platform	NOUN
gujaf-366	76	32	into	into	ADP
gujaf-366	76	33	their	their	PRON
gujaf-366	76	34	cash	cash	NOUN
gujaf-366	76	35	flow	flow	NOUN
gujaf-366	76	36	forecasting	forecasting	NOUN
gujaf-366	76	37	tools	tool	NOUN
gujaf-366	76	38	achieved	achieve	VERB
gujaf-366	76	39	stronger	strong	ADJ
gujaf-366	76	40	alignment	alignment	NOUN
gujaf-366	76	41	between	between	ADP
gujaf-366	76	42	operational	operational	ADJ
gujaf-366	76	43	liquidity	liquidity	NOUN
gujaf-366	76	44	and	and	CCONJ
gujaf-366	76	45	strategic	strategic	ADJ
gujaf-366	76	46	growth	growth	NOUN
gujaf-366	76	47	.	.	PUNCT
gujaf-366	77	1	these	these	DET
gujaf-366	77	2	studies	study	NOUN
gujaf-366	77	3	highlight	highlight	VERB
gujaf-366	77	4	the	the	DET
gujaf-366	77	5	importance	importance	NOUN
gujaf-366	77	6	of	of	ADP
gujaf-366	77	7	digital	digital	ADJ
gujaf-366	77	8	infrastructure	infrastructure	NOUN
gujaf-366	77	9	in	in	ADP
gujaf-366	77	10	amplifying	amplify	VERB
gujaf-366	77	11	the	the	DET
gujaf-366	77	12	efficiency	efficiency	NOUN
gujaf-366	77	13	of	of	ADP
gujaf-366	77	14	wcm	wcm	NOUN
gujaf-366	77	15	strategies	strategy	NOUN
gujaf-366	77	16	in	in	ADP
gujaf-366	77	17	resource	resource	NOUN
gujaf-366	77	18	-	-	PUNCT
gujaf-366	77	19	constrained	constrain	VERB
gujaf-366	77	20	environments	environment	NOUN
gujaf-366	77	21	.	.	PUNCT
gujaf-366	78	1	furthermore	furthermore	ADV
gujaf-366	78	2	,	,	PUNCT
gujaf-366	78	3	the	the	DET
gujaf-366	78	4	recent	recent	ADJ
gujaf-366	78	5	literature	literature	NOUN
gujaf-366	78	6	emphasizes	emphasize	VERB
gujaf-366	78	7	the	the	DET
gujaf-366	78	8	role	role	NOUN
gujaf-366	78	9	of	of	ADP
gujaf-366	78	10	corporate	corporate	ADJ
gujaf-366	78	11	governance	governance	NOUN
gujaf-366	78	12	and	and	CCONJ
gujaf-366	78	13	managerial	managerial	ADJ
gujaf-366	78	14	competencies	competency	NOUN
gujaf-366	78	15	in	in	ADP
gujaf-366	78	16	mediating	mediate	VERB
gujaf-366	78	17	the	the	DET
gujaf-366	78	18	wcm	wcm	NOUN
gujaf-366	78	19	–	–	PUNCT
gujaf-366	78	20	profitability	profitability	NOUN
gujaf-366	78	21	nexus	nexus	NOUN
gujaf-366	78	22	.	.	PUNCT
gujaf-366	79	1	studies	study	NOUN
gujaf-366	79	2	by	by	ADP
gujaf-366	79	3	kwarteng	kwarteng	PROPN
gujaf-366	79	4	et	et	PROPN
gujaf-366	79	5	al	al	PROPN
gujaf-366	79	6	.	.	PROPN
gujaf-366	79	7	(	(	PUNCT
gujaf-366	79	8	2020	2020	NUM
gujaf-366	79	9	)	)	PUNCT
gujaf-366	79	10	and	and	CCONJ
gujaf-366	79	11	chukwuma	chukwuma	PROPN
gujaf-366	79	12	et	et	PROPN
gujaf-366	79	13	al	al	PROPN
gujaf-366	79	14	.	.	PROPN
gujaf-366	80	1	(	(	PUNCT
gujaf-366	80	2	2024	2024	NUM
gujaf-366	80	3	)	)	PUNCT
gujaf-366	80	4	underscore	underscore	NOUN
gujaf-366	80	5	that	that	DET
gujaf-366	80	6	board	board	NOUN
gujaf-366	80	7	independence	independence	NOUN
gujaf-366	80	8	,	,	PUNCT
gujaf-366	80	9	financial	financial	ADJ
gujaf-366	80	10	expertise	expertise	NOUN
gujaf-366	80	11	,	,	PUNCT
gujaf-366	80	12	and	and	CCONJ
gujaf-366	80	13	ownership	ownership	NOUN
gujaf-366	80	14	dispersion	dispersion	NOUN
gujaf-366	80	15	significantly	significantly	ADV
gujaf-366	80	16	influence	influence	VERB
gujaf-366	80	17	the	the	DET
gujaf-366	80	18	effectiveness	effectiveness	NOUN
gujaf-366	80	19	of	of	ADP
gujaf-366	80	20	wcm	wcm	NOUN
gujaf-366	80	21	practices	practice	NOUN
gujaf-366	80	22	.	.	PUNCT
gujaf-366	81	1	in	in	ADP
gujaf-366	81	2	their	their	PRON
gujaf-366	81	3	analysis	analysis	NOUN
gujaf-366	81	4	of	of	ADP
gujaf-366	81	5	west	west	ADJ
gujaf-366	81	6	african	african	ADJ
gujaf-366	81	7	hgfs	hgfs	NOUN
gujaf-366	81	8	,	,	PUNCT
gujaf-366	81	9	chukwuma	chukwuma	PROPN
gujaf-366	81	10	et	et	PROPN
gujaf-366	81	11	al	al	PROPN
gujaf-366	81	12	.	.	PROPN
gujaf-366	81	13	found	find	VERB
gujaf-366	81	14	that	that	SCONJ
gujaf-366	81	15	firms	firm	NOUN
gujaf-366	81	16	with	with	ADP
gujaf-366	81	17	more	more	ADV
gujaf-366	81	18	diversified	diversified	ADJ
gujaf-366	81	19	boards	board	NOUN
gujaf-366	81	20	and	and	CCONJ
gujaf-366	81	21	higher	high	ADJ
gujaf-366	81	22	managerial	managerial	ADJ
gujaf-366	81	23	accountability	accountability	NOUN
gujaf-366	81	24	displayed	display	VERB
gujaf-366	81	25	better	well	ADJ
gujaf-366	81	26	control	control	NOUN
gujaf-366	81	27	over	over	ADP
gujaf-366	81	28	receivables	receivables	NOUN
gujaf-366	81	29	and	and	CCONJ
gujaf-366	81	30	payables	payable	NOUN
gujaf-366	81	31	,	,	PUNCT
gujaf-366	81	32	which	which	PRON
gujaf-366	81	33	in	in	ADP
gujaf-366	81	34	turn	turn	NOUN
gujaf-366	81	35	translated	translate	VERB
gujaf-366	81	36	into	into	ADP
gujaf-366	81	37	higher	high	ADJ
gujaf-366	81	38	profit	profit	NOUN
gujaf-366	81	39	margins	margin	NOUN
gujaf-366	81	40	.	.	PUNCT
gujaf-366	82	1	similarly	similarly	ADV
gujaf-366	82	2	,	,	PUNCT
gujaf-366	82	3	duru	duru	PROPN
gujaf-366	82	4	and	and	CCONJ
gujaf-366	82	5	okoye	okoye	PROPN
gujaf-366	82	6	(	(	PUNCT
gujaf-366	82	7	2023	2023	NUM
gujaf-366	82	8	)	)	PUNCT
gujaf-366	82	9	observed	observe	VERB
gujaf-366	82	10	that	that	SCONJ
gujaf-366	82	11	nigerian	nigerian	ADJ
gujaf-366	82	12	firms	firm	NOUN
gujaf-366	82	13	with	with	ADP
gujaf-366	82	14	strong	strong	ADJ
gujaf-366	82	15	internal	internal	ADJ
gujaf-366	82	16	audit	audit	NOUN
gujaf-366	82	17	functions	function	NOUN
gujaf-366	82	18	and	and	CCONJ
gujaf-366	82	19	cfo	cfo	VERB
gujaf-366	82	20	-	-	PUNCT
gujaf-366	82	21	led	lead	VERB
gujaf-366	82	22	budgeting	budgeting	NOUN
gujaf-366	82	23	structures	structure	NOUN
gujaf-366	82	24	were	be	AUX
gujaf-366	82	25	more	more	ADV
gujaf-366	82	26	responsive	responsive	ADJ
gujaf-366	82	27	to	to	ADP
gujaf-366	82	28	macroeconomic	macroeconomic	ADJ
gujaf-366	82	29	shocks	shock	NOUN
gujaf-366	82	30	and	and	CCONJ
gujaf-366	82	31	better	well	ADV
gujaf-366	82	32	able	able	ADJ
gujaf-366	82	33	to	to	PART
gujaf-366	82	34	manage	manage	VERB
gujaf-366	82	35	working	work	VERB
gujaf-366	82	36	capital	capital	NOUN
gujaf-366	82	37	volatility	volatility	NOUN
gujaf-366	82	38	.	.	PUNCT
gujaf-366	83	1	these	these	DET
gujaf-366	83	2	findings	finding	NOUN
gujaf-366	83	3	reaffirm	reaffirm	VERB
gujaf-366	83	4	the	the	DET
gujaf-366	83	5	importance	importance	NOUN
gujaf-366	83	6	of	of	ADP
gujaf-366	83	7	internal	internal	ADJ
gujaf-366	83	8	organizational	organizational	ADJ
gujaf-366	83	9	mechanisms	mechanism	NOUN
gujaf-366	83	10	in	in	ADP
gujaf-366	83	11	enhancing	enhance	VERB
gujaf-366	83	12	the	the	DET
gujaf-366	83	13	strategic	strategic	ADJ
gujaf-366	83	14	deployment	deployment	NOUN
gujaf-366	83	15	of	of	ADP
gujaf-366	83	16	wcm	wcm	NOUN
gujaf-366	83	17	for	for	ADP
gujaf-366	83	18	profit	profit	NOUN
gujaf-366	83	19	maximization	maximization	NOUN
gujaf-366	83	20	.	.	PUNCT
gujaf-366	84	1	3.0	3.0	NUM
gujaf-366	84	2	methodology	methodology	NOUN
gujaf-366	84	3	this	this	DET
gujaf-366	84	4	study	study	NOUN
gujaf-366	84	5	adopts	adopt	VERB
gujaf-366	84	6	a	a	DET
gujaf-366	84	7	quantitative	quantitative	ADJ
gujaf-366	84	8	research	research	NOUN
gujaf-366	84	9	design	design	NOUN
gujaf-366	84	10	utilizing	utilize	VERB
gujaf-366	84	11	panel	panel	NOUN
gujaf-366	84	12	data	datum	NOUN
gujaf-366	84	13	to	to	PART
gujaf-366	84	14	examine	examine	VERB
gujaf-366	84	15	the	the	DET
gujaf-366	84	16	relationship	relationship	NOUN
gujaf-366	84	17	between	between	ADP
gujaf-366	84	18	wcm	wcm	NOUN
gujaf-366	84	19	and	and	CCONJ
gujaf-366	84	20	profitability	profitability	NOUN
gujaf-366	84	21	of	of	ADP
gujaf-366	84	22	twenty	twenty	NUM
gujaf-366	84	23	(	(	PUNCT
gujaf-366	84	24	20	20	NUM
gujaf-366	84	25	)	)	PUNCT
gujaf-366	84	26	hgfs	hgf	NOUN
gujaf-366	84	27	in	in	ADP
gujaf-366	84	28	nigeria	nigeria	PROPN
gujaf-366	84	29	.	.	PUNCT
gujaf-366	85	1	panel	panel	NOUN
gujaf-366	85	2	data	datum	NOUN
gujaf-366	85	3	analysis	analysis	NOUN
gujaf-366	85	4	is	be	AUX
gujaf-366	85	5	preferred	prefer	VERB
gujaf-366	85	6	because	because	SCONJ
gujaf-366	85	7	it	it	PRON
gujaf-366	85	8	captures	capture	VERB
gujaf-366	85	9	both	both	DET
gujaf-366	85	10	cross	cross	ADJ
gujaf-366	85	11	-	-	ADJ
gujaf-366	85	12	sectional	sectional	ADJ
gujaf-366	85	13	and	and	CCONJ
gujaf-366	85	14	temporal	temporal	ADJ
gujaf-366	85	15	variations	variation	NOUN
gujaf-366	85	16	across	across	ADP
gujaf-366	85	17	firms	firm	NOUN
gujaf-366	85	18	,	,	PUNCT
gujaf-366	85	19	improving	improve	VERB
gujaf-366	85	20	estimation	estimation	NOUN
gujaf-366	85	21	efficiency	efficiency	NOUN
gujaf-366	85	22	and	and	CCONJ
gujaf-366	85	23	controlling	control	VERB
gujaf-366	85	24	for	for	ADP
gujaf-366	85	25	unobservable	unobservable	ADJ
gujaf-366	85	26	heterogeneity	heterogeneity	NOUN
gujaf-366	85	27	(	(	PUNCT
gujaf-366	85	28	baltagi	baltagi	ADJ
gujaf-366	85	29	,	,	PUNCT
gujaf-366	85	30	2021	2021	NUM
gujaf-366	85	31	)	)	PUNCT
gujaf-366	85	32	.	.	PUNCT
gujaf-366	86	1	the	the	DET
gujaf-366	86	2	dataset	dataset	NOUN
gujaf-366	86	3	includes	include	VERB
gujaf-366	86	4	financial	financial	ADJ
gujaf-366	86	5	information	information	NOUN
gujaf-366	86	6	on	on	ADP
gujaf-366	86	7	nigerian	nigerian	ADJ
gujaf-366	86	8	hgfs	hgf	NOUN
gujaf-366	86	9	from	from	ADP
gujaf-366	86	10	2002	2002	NUM
gujaf-366	86	11	to	to	ADP
gujaf-366	86	12	2023	2023	NUM
gujaf-366	86	13	,	,	PUNCT
gujaf-366	86	14	collected	collect	VERB
gujaf-366	86	15	from	from	ADP
gujaf-366	86	16	the	the	DET
gujaf-366	86	17	nigerian	nigerian	ADJ
gujaf-366	86	18	stock	stock	NOUN
gujaf-366	86	19	exchange	exchange	PROPN
gujaf-366	86	20	and	and	CCONJ
gujaf-366	86	21	supplemented	supplement	VERB
gujaf-366	86	22	with	with	ADP
gujaf-366	86	23	firm	firm	ADJ
gujaf-366	86	24	-	-	PUNCT
gujaf-366	86	25	level	level	NOUN
gujaf-366	86	26	data	datum	NOUN
gujaf-366	86	27	from	from	ADP
gujaf-366	86	28	firm	firm	ADJ
gujaf-366	86	29	sources	source	NOUN
gujaf-366	86	30	.	.	PUNCT
gujaf-366	87	1	hgfs	hgf	NOUN
gujaf-366	87	2	are	be	AUX
gujaf-366	87	3	identified	identify	VERB
gujaf-366	87	4	gusau	gusau	ADJ
gujaf-366	87	5	journal	journal	NOUN
gujaf-366	87	6	of	of	ADP
gujaf-366	87	7	accounting	accounting	NOUN
gujaf-366	87	8	and	and	CCONJ
gujaf-366	87	9	finance	finance	NOUN
gujaf-366	87	10	,	,	PUNCT
gujaf-366	87	11	vol.6	vol.6	PROPN
gujaf-366	87	12	,	,	PUNCT
gujaf-366	87	13	issue	issue	NOUN
gujaf-366	87	14	1	1	NUM
gujaf-366	87	15	,	,	PUNCT
gujaf-366	87	16	april	april	PROPN
gujaf-366	87	17	,	,	PUNCT
gujaf-366	87	18	2025	2025	NUM
gujaf-366	87	19	42	42	NUM
gujaf-366	87	20	following	follow	VERB
gujaf-366	87	21	the	the	DET
gujaf-366	87	22	oecd	oecd	PROPN
gujaf-366	87	23	(	(	PUNCT
gujaf-366	87	24	2018	2018	NUM
gujaf-366	87	25	)	)	PUNCT
gujaf-366	87	26	criteria	criterion	NOUN
gujaf-366	87	27	,	,	PUNCT
gujaf-366	87	28	which	which	PRON
gujaf-366	87	29	define	define	VERB
gujaf-366	87	30	these	these	DET
gujaf-366	87	31	firms	firm	NOUN
gujaf-366	87	32	as	as	ADP
gujaf-366	87	33	entities	entity	NOUN
gujaf-366	87	34	exhibiting	exhibit	VERB
gujaf-366	87	35	annualized	annualize	VERB
gujaf-366	87	36	growth	growth	NOUN
gujaf-366	87	37	in	in	ADP
gujaf-366	87	38	employment	employment	NOUN
gujaf-366	87	39	or	or	CCONJ
gujaf-366	87	40	turnover	turnover	NOUN
gujaf-366	87	41	exceeding	exceed	VERB
gujaf-366	87	42	20	20	NUM
gujaf-366	87	43	%	%	NOUN
gujaf-366	87	44	over	over	ADP
gujaf-366	87	45	a	a	DET
gujaf-366	87	46	minimum	minimum	NOUN
gujaf-366	87	47	of	of	ADP
gujaf-366	87	48	three	three	NUM
gujaf-366	87	49	years	year	NOUN
gujaf-366	87	50	.	.	PUNCT
gujaf-366	88	1	model	model	NOUN
gujaf-366	88	2	to	to	PART
gujaf-366	88	3	empirically	empirically	ADV
gujaf-366	88	4	analyze	analyze	VERB
gujaf-366	88	5	the	the	DET
gujaf-366	88	6	effect	effect	NOUN
gujaf-366	88	7	of	of	ADP
gujaf-366	88	8	wcm	wcm	NOUN
gujaf-366	88	9	on	on	ADP
gujaf-366	88	10	firm	firm	ADJ
gujaf-366	88	11	profitability	profitability	NOUN
gujaf-366	88	12	,	,	PUNCT
gujaf-366	88	13	the	the	DET
gujaf-366	88	14	study	study	NOUN
gujaf-366	88	15	specifies	specify	VERB
gujaf-366	88	16	the	the	DET
gujaf-366	88	17	following	following	ADJ
gujaf-366	88	18	model	model	NOUN
gujaf-366	88	19	:	:	PUNCT
gujaf-366	88	20	profitability	profitability	NOUN
gujaf-366	88	21	𝑖𝑡	𝑖𝑡	NOUN
gujaf-366	89	1	=	=	SYM
gujaf-366	89	2	𝛽	𝛽	NOUN
gujaf-366	89	3	0	0	NUM
gujaf-366	90	1	+	+	CCONJ
gujaf-366	90	2	𝛽	𝛽	SYM
gujaf-366	90	3	1	1	NUM
gujaf-366	90	4	wcm𝑖𝑡	wcm𝑖𝑡	NOUN
gujaf-366	91	1	+	+	CCONJ
gujaf-366	91	2	𝛽	𝛽	NOUN
gujaf-366	91	3	2	2	NUM
gujaf-366	91	4	wcm𝑖𝑡	wcm𝑖𝑡	NOUN
gujaf-366	91	5	2	2	NUM
gujaf-366	91	6	+	+	CCONJ
gujaf-366	91	7	𝛄′𝐗𝑖𝑡	𝛄′𝐗𝑖𝑡	PROPN
gujaf-366	92	1	+	+	NUM
gujaf-366	92	2	𝛼𝑖	𝛼𝑖	PROPN
gujaf-366	92	3	+	+	CCONJ
gujaf-366	92	4	𝛿𝑡	𝛿𝑡	PRON
gujaf-366	92	5	+	+	CCONJ
gujaf-366	92	6	𝜀𝑖𝑡	𝜀𝑖𝑡	VERB
gujaf-366	92	7	(	(	PUNCT
gujaf-366	92	8	1	1	NUM
gujaf-366	92	9	)	)	PUNCT
gujaf-366	92	10	where	where	SCONJ
gujaf-366	92	11	𝑖	𝑖	NOUN
gujaf-366	92	12	and	and	CCONJ
gujaf-366	92	13	𝑡	𝑡	PROPN
gujaf-366	92	14	index	index	NOUN
gujaf-366	92	15	firm	firm	NOUN
gujaf-366	92	16	and	and	CCONJ
gujaf-366	92	17	year	year	NOUN
gujaf-366	92	18	,	,	PUNCT
gujaf-366	92	19	respectively	respectively	ADV
gujaf-366	92	20	.	.	PUNCT
gujaf-366	93	1	the	the	DET
gujaf-366	93	2	dependent	dependent	ADJ
gujaf-366	93	3	variable	variable	ADJ
gujaf-366	93	4	profitability	profitability	NOUN
gujaf-366	93	5	measures	measure	NOUN
gujaf-366	93	6	firm	firm	ADJ
gujaf-366	93	7	performance	performance	NOUN
gujaf-366	93	8	.	.	PUNCT
gujaf-366	94	1	wcm	wcm	NOUN
gujaf-366	94	2	represents	represent	VERB
gujaf-366	94	3	the	the	DET
gujaf-366	94	4	main	main	ADJ
gujaf-366	94	5	explanatory	explanatory	ADJ
gujaf-366	94	6	variable	variable	NOUN
gujaf-366	94	7	capturing	capture	VERB
gujaf-366	94	8	wcm	wcm	NOUN
gujaf-366	94	9	efficiency	efficiency	NOUN
gujaf-366	94	10	,	,	PUNCT
gujaf-366	94	11	and	and	CCONJ
gujaf-366	94	12	wcm	wcm	NOUN
gujaf-366	94	13	is	be	AUX
gujaf-366	94	14	included	include	VERB
gujaf-366	94	15	to	to	PART
gujaf-366	94	16	test	test	VERB
gujaf-366	94	17	for	for	ADP
gujaf-366	94	18	a	a	DET
gujaf-366	94	19	potential	potential	ADJ
gujaf-366	94	20	nonlinear	nonlinear	NOUN
gujaf-366	94	21	(	(	PUNCT
gujaf-366	94	22	inverted	invert	VERB
gujaf-366	94	23	u	u	NOUN
gujaf-366	94	24	-	-	ADJ
gujaf-366	94	25	shaped	shaped	ADJ
gujaf-366	94	26	)	)	PUNCT
gujaf-366	94	27	relationship	relationship	NOUN
gujaf-366	94	28	between	between	ADP
gujaf-366	94	29	wcm	wcm	NOUN
gujaf-366	94	30	and	and	CCONJ
gujaf-366	94	31	profitability	profitability	NOUN
gujaf-366	94	32	,	,	PUNCT
gujaf-366	94	33	consistent	consistent	ADJ
gujaf-366	94	34	with	with	ADP
gujaf-366	94	35	prior	prior	ADJ
gujaf-366	94	36	findings	finding	NOUN
gujaf-366	94	37	(	(	PUNCT
gujaf-366	94	38	deloof	deloof	NOUN
gujaf-366	94	39	,	,	PUNCT
gujaf-366	94	40	2003	2003	NUM
gujaf-366	94	41	;	;	PUNCT
gujaf-366	94	42	wasiuzzaman	wasiuzzaman	NOUN
gujaf-366	94	43	,	,	PUNCT
gujaf-366	94	44	2022	2022	NUM
gujaf-366	94	45	)	)	PUNCT
gujaf-366	94	46	.	.	PUNCT
gujaf-366	95	1	the	the	DET
gujaf-366	95	2	vector	vector	NOUN
gujaf-366	95	3	𝐗	𝐗	PROPN
gujaf-366	95	4	includes	include	VERB
gujaf-366	95	5	control	control	NOUN
gujaf-366	95	6	variables	variable	NOUN
gujaf-366	95	7	known	know	VERB
gujaf-366	95	8	to	to	AUX
gujaf-366	95	9	influence	influence	NOUN
gujaf-366	95	10	profitability	profitability	NOUN
gujaf-366	95	11	.	.	PUNCT
gujaf-366	96	1	fixed	fix	VERB
gujaf-366	96	2	effects	effect	NOUN
gujaf-366	96	3	𝛼	𝛼	VERB
gujaf-366	96	4	control	control	NOUN
gujaf-366	96	5	for	for	ADP
gujaf-366	96	6	time	time	NOUN
gujaf-366	96	7	-	-	PUNCT
gujaf-366	96	8	invariant	invariant	ADJ
gujaf-366	96	9	firm	firm	ADJ
gujaf-366	96	10	-	-	PUNCT
gujaf-366	96	11	specific	specific	ADJ
gujaf-366	96	12	factors	factor	NOUN
gujaf-366	96	13	,	,	PUNCT
gujaf-366	96	14	while	while	SCONJ
gujaf-366	96	15	𝛿	𝛿	PRON
gujaf-366	96	16	controls	control	NOUN
gujaf-366	96	17	for	for	ADP
gujaf-366	96	18	time	time	NOUN
gujaf-366	96	19	-	-	PUNCT
gujaf-366	96	20	specific	specific	ADJ
gujaf-366	96	21	shocks	shock	NOUN
gujaf-366	96	22	affecting	affect	VERB
gujaf-366	96	23	all	all	DET
gujaf-366	96	24	firms	firm	NOUN
gujaf-366	96	25	.	.	PUNCT
gujaf-366	97	1	the	the	DET
gujaf-366	97	2	error	error	NOUN
gujaf-366	97	3	term	term	NOUN
gujaf-366	97	4	𝜀	𝜀	ADP
gujaf-366	97	5	captures	capture	VERB
gujaf-366	97	6	idiosyncratic	idiosyncratic	ADJ
gujaf-366	97	7	shocks	shock	NOUN
gujaf-366	97	8	.	.	PUNCT
gujaf-366	98	1	the	the	DET
gujaf-366	98	2	variables	variable	NOUN
gujaf-366	98	3	are	be	AUX
gujaf-366	98	4	defined	define	VERB
gujaf-366	98	5	as	as	ADP
gujaf-366	98	6	follows	follow	NOUN
gujaf-366	98	7	.	.	PUNCT
gujaf-366	99	1	profitability	profitability	NOUN
gujaf-366	99	2	(	(	PUNCT
gujaf-366	99	3	profitability	profitability	NOUN
gujaf-366	99	4	)	)	PUNCT
gujaf-366	99	5	,	,	PUNCT
gujaf-366	99	6	which	which	PRON
gujaf-366	99	7	is	be	AUX
gujaf-366	99	8	the	the	DET
gujaf-366	99	9	dependent	dependent	ADJ
gujaf-366	99	10	variable	variable	NOUN
gujaf-366	99	11	,	,	PUNCT
gujaf-366	99	12	is	be	AUX
gujaf-366	99	13	operationalized	operationalize	VERB
gujaf-366	99	14	as	as	ADP
gujaf-366	99	15	return	return	NOUN
gujaf-366	99	16	on	on	ADP
gujaf-366	99	17	assets	asset	NOUN
gujaf-366	99	18	(	(	PUNCT
gujaf-366	99	19	roa	roa	NOUN
gujaf-366	99	20	)	)	PUNCT
gujaf-366	99	21	,	,	PUNCT
gujaf-366	99	22	calculated	calculate	VERB
gujaf-366	99	23	as	as	ADP
gujaf-366	99	24	net	net	ADJ
gujaf-366	99	25	income	income	NOUN
gujaf-366	99	26	divided	divide	VERB
gujaf-366	99	27	by	by	ADP
gujaf-366	99	28	total	total	ADJ
gujaf-366	99	29	assets	asset	NOUN
gujaf-366	99	30	.	.	PUNCT
gujaf-366	100	1	roa	roa	PROPN
gujaf-366	100	2	is	be	AUX
gujaf-366	100	3	a	a	DET
gujaf-366	100	4	standard	standard	ADJ
gujaf-366	100	5	profitability	profitability	NOUN
gujaf-366	100	6	metric	metric	NOUN
gujaf-366	100	7	widely	widely	ADV
gujaf-366	100	8	used	use	VERB
gujaf-366	100	9	in	in	ADP
gujaf-366	100	10	financial	financial	ADJ
gujaf-366	100	11	management	management	NOUN
gujaf-366	100	12	research	research	NOUN
gujaf-366	100	13	(	(	PUNCT
gujaf-366	100	14	enqvist	enqvist	NOUN
gujaf-366	100	15	,	,	PUNCT
gujaf-366	100	16	graham	graham	PROPN
gujaf-366	100	17	,	,	PUNCT
gujaf-366	100	18	&	&	CCONJ
gujaf-366	100	19	nikkinen	nikkinen	NOUN
gujaf-366	100	20	,	,	PUNCT
gujaf-366	100	21	2014	2014	NUM
gujaf-366	100	22	;	;	PUNCT
gujaf-366	100	23	ajao	ajao	NOUN
gujaf-366	100	24	&	&	CCONJ
gujaf-366	100	25	olamide	olamide	NOUN
gujaf-366	100	26	,	,	PUNCT
gujaf-366	100	27	2023	2023	NUM
gujaf-366	100	28	)	)	PUNCT
gujaf-366	100	29	.	.	PUNCT
gujaf-366	101	1	the	the	DET
gujaf-366	101	2	independent	independent	ADJ
gujaf-366	101	3	variable	variable	NOUN
gujaf-366	101	4	is	be	AUX
gujaf-366	101	5	working	work	VERB
gujaf-366	101	6	capital	capital	NOUN
gujaf-366	101	7	management	management	NOUN
gujaf-366	101	8	(	(	PUNCT
gujaf-366	101	9	wcm	wcm	NOUN
gujaf-366	101	10	)	)	PUNCT
gujaf-366	101	11	,	,	PUNCT
gujaf-366	101	12	which	which	PRON
gujaf-366	101	13	is	be	AUX
gujaf-366	101	14	measured	measure	VERB
gujaf-366	101	15	by	by	ADP
gujaf-366	101	16	the	the	DET
gujaf-366	101	17	cash	cash	NOUN
gujaf-366	101	18	conversion	conversion	NOUN
gujaf-366	101	19	cycle	cycle	NOUN
gujaf-366	101	20	(	(	PUNCT
gujaf-366	101	21	ccc	ccc	PROPN
gujaf-366	101	22	)	)	PUNCT
gujaf-366	101	23	.	.	PUNCT
gujaf-366	102	1	the	the	DET
gujaf-366	102	2	ccc	ccc	PROPN
gujaf-366	102	3	reflects	reflect	VERB
gujaf-366	102	4	the	the	DET
gujaf-366	102	5	number	number	NOUN
gujaf-366	102	6	of	of	ADP
gujaf-366	102	7	days	day	NOUN
gujaf-366	102	8	between	between	ADP
gujaf-366	102	9	outlay	outlay	NOUN
gujaf-366	102	10	of	of	ADP
gujaf-366	102	11	cash	cash	NOUN
gujaf-366	102	12	and	and	CCONJ
gujaf-366	102	13	recovery	recovery	NOUN
gujaf-366	102	14	from	from	ADP
gujaf-366	102	15	sales	sale	NOUN
gujaf-366	102	16	:	:	PUNCT
gujaf-366	102	17	ccc	ccc	X
gujaf-366	102	18	=	=	PUNCT
gujaf-366	102	19	dso	dso	PROPN
gujaf-366	102	20	+	+	CCONJ
gujaf-366	102	21	dio	dio	PROPN
gujaf-366	102	22	−	−	PROPN
gujaf-366	102	23	dpo	dpo	NOUN
gujaf-366	102	24	(	(	PUNCT
gujaf-366	102	25	2	2	NUM
gujaf-366	102	26	)	)	PUNCT
gujaf-366	102	27	where	where	SCONJ
gujaf-366	102	28	:	:	PUNCT
gujaf-366	102	29	days	day	NOUN
gujaf-366	102	30	sales	sale	NOUN
gujaf-366	102	31	outstanding	outstanding	ADJ
gujaf-366	102	32	(	(	PUNCT
gujaf-366	102	33	dso	dso	PROPN
gujaf-366	102	34	)	)	PUNCT
gujaf-366	102	35	is	be	AUX
gujaf-366	102	36	the	the	DET
gujaf-366	102	37	average	average	ADJ
gujaf-366	102	38	collection	collection	NOUN
gujaf-366	102	39	period	period	NOUN
gujaf-366	102	40	for	for	ADP
gujaf-366	102	41	receivables	receivables	NOUN
gujaf-366	102	42	;	;	PUNCT
gujaf-366	102	43	days	day	NOUN
gujaf-366	102	44	inventory	inventory	NOUN
gujaf-366	102	45	outstanding	outstanding	ADJ
gujaf-366	102	46	(	(	PUNCT
gujaf-366	102	47	dio	dio	NOUN
gujaf-366	102	48	)	)	PUNCT
gujaf-366	102	49	is	be	AUX
gujaf-366	102	50	the	the	DET
gujaf-366	102	51	average	average	ADJ
gujaf-366	102	52	duration	duration	NOUN
gujaf-366	102	53	inventory	inventory	NOUN
gujaf-366	102	54	is	be	AUX
gujaf-366	102	55	held	hold	VERB
gujaf-366	102	56	before	before	ADP
gujaf-366	102	57	sale	sale	NOUN
gujaf-366	102	58	and	and	CCONJ
gujaf-366	102	59	days	day	NOUN
gujaf-366	102	60	payables	payable	NOUN
gujaf-366	102	61	outstanding	outstanding	ADJ
gujaf-366	102	62	(	(	PUNCT
gujaf-366	102	63	dpo	dpo	NOUN
gujaf-366	102	64	)	)	PUNCT
gujaf-366	102	65	is	be	AUX
gujaf-366	102	66	the	the	DET
gujaf-366	102	67	average	average	ADJ
gujaf-366	102	68	time	time	NOUN
gujaf-366	102	69	taken	take	VERB
gujaf-366	102	70	to	to	PART
gujaf-366	102	71	pay	pay	VERB
gujaf-366	102	72	suppliers	supplier	NOUN
gujaf-366	102	73	.	.	PUNCT
gujaf-366	103	1	the	the	DET
gujaf-366	103	2	ccc	ccc	PROPN
gujaf-366	103	3	is	be	AUX
gujaf-366	103	4	a	a	DET
gujaf-366	103	5	comprehensive	comprehensive	ADJ
gujaf-366	103	6	indicator	indicator	NOUN
gujaf-366	103	7	of	of	ADP
gujaf-366	103	8	wcm	wcm	NOUN
gujaf-366	103	9	efficiency	efficiency	NOUN
gujaf-366	103	10	,	,	PUNCT
gujaf-366	103	11	with	with	ADP
gujaf-366	103	12	shorter	short	ADJ
gujaf-366	103	13	cycles	cycle	NOUN
gujaf-366	103	14	generally	generally	ADV
gujaf-366	103	15	associated	associate	VERB
gujaf-366	103	16	with	with	ADP
gujaf-366	103	17	better	well	ADJ
gujaf-366	103	18	liquidity	liquidity	NOUN
gujaf-366	103	19	management	management	NOUN
gujaf-366	103	20	(	(	PUNCT
gujaf-366	103	21	lazaridis	lazaridis	PROPN
gujaf-366	103	22	&	&	CCONJ
gujaf-366	103	23	tryfonidis	tryfonidi	NOUN
gujaf-366	103	24	,	,	PUNCT
gujaf-366	103	25	2006	2006	NUM
gujaf-366	103	26	;	;	PUNCT
gujaf-366	103	27	garcía	garcía	ADJ
gujaf-366	103	28	-	-	PUNCT
gujaf-366	103	29	teruel	teruel	PROPN
gujaf-366	103	30	&	&	CCONJ
gujaf-366	103	31	martínez	martínez	PROPN
gujaf-366	103	32	-	-	PUNCT
gujaf-366	103	33	solano	solano	PROPN
gujaf-366	103	34	,	,	PUNCT
gujaf-366	103	35	2020	2020	NUM
gujaf-366	103	36	)	)	PUNCT
gujaf-366	103	37	.	.	PUNCT
gujaf-366	104	1	the	the	DET
gujaf-366	104	2	squared	square	VERB
gujaf-366	104	3	ccc	ccc	PROPN
gujaf-366	104	4	term	term	NOUN
gujaf-366	104	5	captures	capture	VERB
gujaf-366	104	6	nonlinear	nonlinear	ADJ
gujaf-366	104	7	effects	effect	NOUN
gujaf-366	104	8	hypothesized	hypothesize	VERB
gujaf-366	104	9	in	in	ADP
gujaf-366	104	10	the	the	DET
gujaf-366	104	11	literature	literature	NOUN
gujaf-366	104	12	.	.	PUNCT
gujaf-366	105	1	to	to	PART
gujaf-366	105	2	isolate	isolate	VERB
gujaf-366	105	3	the	the	DET
gujaf-366	105	4	impact	impact	NOUN
gujaf-366	105	5	of	of	ADP
gujaf-366	105	6	wcm	wcm	NOUN
gujaf-366	105	7	on	on	ADP
gujaf-366	105	8	profitability	profitability	NOUN
gujaf-366	105	9	,	,	PUNCT
gujaf-366	105	10	several	several	ADJ
gujaf-366	105	11	firm	firm	ADJ
gujaf-366	105	12	-	-	PUNCT
gujaf-366	105	13	level	level	NOUN
gujaf-366	105	14	controls	control	NOUN
gujaf-366	105	15	are	be	AUX
gujaf-366	105	16	incorporated	incorporate	VERB
gujaf-366	105	17	,	,	PUNCT
gujaf-366	105	18	consistent	consistent	ADJ
gujaf-366	105	19	with	with	ADP
gujaf-366	105	20	prior	prior	ADJ
gujaf-366	105	21	studies	study	NOUN
gujaf-366	105	22	(	(	PUNCT
gujaf-366	105	23	deloof	deloof	NOUN
gujaf-366	105	24	,	,	PUNCT
gujaf-366	105	25	2003	2003	NUM
gujaf-366	105	26	;	;	PUNCT
gujaf-366	105	27	wasiuzzaman	wasiuzzaman	NOUN
gujaf-366	105	28	,	,	PUNCT
gujaf-366	105	29	2022	2022	NUM
gujaf-366	105	30	):	):	PUNCT
gujaf-366	105	31	firm	firm	ADJ
gujaf-366	105	32	size	size	NOUN
gujaf-366	105	33	is	be	AUX
gujaf-366	105	34	measured	measure	VERB
gujaf-366	105	35	as	as	ADP
gujaf-366	105	36	the	the	DET
gujaf-366	105	37	natural	natural	ADJ
gujaf-366	105	38	logarithm	logarithm	NOUN
gujaf-366	105	39	of	of	ADP
gujaf-366	105	40	total	total	ADJ
gujaf-366	105	41	assets	asset	NOUN
gujaf-366	105	42	to	to	PART
gujaf-366	105	43	capture	capture	VERB
gujaf-366	105	44	scale	scale	NOUN
gujaf-366	105	45	effects	effect	NOUN
gujaf-366	105	46	.	.	PUNCT
gujaf-366	106	1	leverage	leverage	NOUN
gujaf-366	106	2	is	be	AUX
gujaf-366	106	3	the	the	DET
gujaf-366	106	4	total	total	ADJ
gujaf-366	106	5	debt	debt	NOUN
gujaf-366	106	6	divided	divide	VERB
gujaf-366	106	7	by	by	ADP
gujaf-366	106	8	total	total	ADJ
gujaf-366	106	9	assets	asset	NOUN
gujaf-366	106	10	,	,	PUNCT
gujaf-366	106	11	accounting	account	VERB
gujaf-366	106	12	for	for	ADP
gujaf-366	106	13	financial	financial	ADJ
gujaf-366	106	14	risk	risk	NOUN
gujaf-366	106	15	.	.	PUNCT
gujaf-366	107	1	sales	sale	NOUN
gujaf-366	107	2	growth	growth	NOUN
gujaf-366	107	3	is	be	AUX
gujaf-366	107	4	the	the	DET
gujaf-366	107	5	annual	annual	ADJ
gujaf-366	107	6	percentage	percentage	NOUN
gujaf-366	107	7	change	change	NOUN
gujaf-366	107	8	in	in	ADP
gujaf-366	107	9	sales	sale	NOUN
gujaf-366	107	10	revenue	revenue	NOUN
gujaf-366	107	11	,	,	PUNCT
gujaf-366	107	12	reflecting	reflect	VERB
gujaf-366	107	13	firm	firm	ADJ
gujaf-366	107	14	expansion	expansion	NOUN
gujaf-366	107	15	.	.	PUNCT
gujaf-366	108	1	firm	firm	ADJ
gujaf-366	108	2	age	age	NOUN
gujaf-366	108	3	is	be	AUX
gujaf-366	108	4	the	the	DET
gujaf-366	108	5	number	number	NOUN
gujaf-366	108	6	of	of	ADP
gujaf-366	108	7	years	year	NOUN
gujaf-366	108	8	since	since	SCONJ
gujaf-366	108	9	incorporation	incorporation	NOUN
gujaf-366	108	10	,	,	PUNCT
gujaf-366	108	11	controlling	control	VERB
gujaf-366	108	12	for	for	ADP
gujaf-366	108	13	maturity	maturity	NOUN
gujaf-366	108	14	.	.	PUNCT
gujaf-366	109	1	liquidity	liquidity	NOUN
gujaf-366	109	2	is	be	AUX
gujaf-366	109	3	the	the	DET
gujaf-366	109	4	current	current	ADJ
gujaf-366	109	5	ratio	ratio	NOUN
gujaf-366	109	6	(	(	PUNCT
gujaf-366	109	7	current	current	ADJ
gujaf-366	109	8	assets	asset	NOUN
gujaf-366	109	9	/	/	SYM
gujaf-366	109	10	current	current	ADJ
gujaf-366	109	11	liabilities	liability	NOUN
gujaf-366	109	12	)	)	PUNCT
gujaf-366	109	13	indicating	indicate	VERB
gujaf-366	109	14	short	short	ADJ
gujaf-366	109	15	-	-	PUNCT
gujaf-366	109	16	term	term	NOUN
gujaf-366	109	17	financial	financial	ADJ
gujaf-366	109	18	health	health	NOUN
gujaf-366	109	19	.	.	PUNCT
gujaf-366	110	1	capital	capital	NOUN
gujaf-366	110	2	intensity	intensity	NOUN
gujaf-366	110	3	is	be	AUX
gujaf-366	110	4	the	the	DET
gujaf-366	110	5	ratio	ratio	NOUN
gujaf-366	110	6	of	of	ADP
gujaf-366	110	7	fixed	fix	VERB
gujaf-366	110	8	assets	asset	NOUN
gujaf-366	110	9	to	to	ADP
gujaf-366	110	10	total	total	ADJ
gujaf-366	110	11	assets	asset	NOUN
gujaf-366	110	12	,	,	PUNCT
gujaf-366	110	13	accounting	account	VERB
gujaf-366	110	14	for	for	ADP
gujaf-366	110	15	asset	asset	NOUN
gujaf-366	110	16	structure	structure	NOUN
gujaf-366	110	17	and	and	CCONJ
gujaf-366	110	18	investment	investment	NOUN
gujaf-366	110	19	.	.	PUNCT
gujaf-366	111	1	the	the	DET
gujaf-366	111	2	primary	primary	ADJ
gujaf-366	111	3	estimation	estimation	NOUN
gujaf-366	111	4	method	method	NOUN
gujaf-366	111	5	is	be	AUX
gujaf-366	111	6	the	the	DET
gujaf-366	111	7	fixed	fix	VERB
gujaf-366	111	8	-	-	PUNCT
gujaf-366	111	9	effects	effect	NOUN
gujaf-366	111	10	panel	panel	NOUN
gujaf-366	111	11	regression	regression	NOUN
gujaf-366	111	12	model	model	NOUN
gujaf-366	111	13	,	,	PUNCT
gujaf-366	111	14	which	which	PRON
gujaf-366	111	15	controls	control	VERB
gujaf-366	111	16	for	for	ADP
gujaf-366	111	17	unobservable	unobservable	ADJ
gujaf-366	111	18	firm	firm	ADJ
gujaf-366	111	19	-	-	PUNCT
gujaf-366	111	20	specific	specific	ADJ
gujaf-366	111	21	effects	effect	NOUN
gujaf-366	111	22	that	that	PRON
gujaf-366	111	23	could	could	AUX
gujaf-366	111	24	bias	bias	VERB
gujaf-366	111	25	results	result	NOUN
gujaf-366	111	26	if	if	SCONJ
gujaf-366	111	27	ignored	ignore	VERB
gujaf-366	111	28	(	(	PUNCT
gujaf-366	111	29	baltagi	baltagi	ADJ
gujaf-366	111	30	,	,	PUNCT
gujaf-366	111	31	2021	2021	NUM
gujaf-366	111	32	)	)	PUNCT
gujaf-366	111	33	.	.	PUNCT
gujaf-366	112	1	the	the	DET
gujaf-366	112	2	choice	choice	NOUN
gujaf-366	112	3	of	of	ADP
gujaf-366	112	4	fixed	fix	VERB
gujaf-366	112	5	-	-	PUNCT
gujaf-366	112	6	effects	effect	NOUN
gujaf-366	112	7	estimation	estimation	NOUN
gujaf-366	112	8	is	be	AUX
gujaf-366	112	9	motivated	motivate	VERB
gujaf-366	112	10	by	by	ADP
gujaf-366	112	11	its	its	PRON
gujaf-366	112	12	ability	ability	NOUN
gujaf-366	112	13	to	to	PART
gujaf-366	112	14	mitigate	mitigate	VERB
gujaf-366	112	15	omitted	omit	VERB
gujaf-366	112	16	variable	variable	ADJ
gujaf-366	112	17	bias	bias	NOUN
gujaf-366	112	18	due	due	ADP
gujaf-366	112	19	to	to	ADP
gujaf-366	112	20	unobserved	unobserved	ADJ
gujaf-366	112	21	heterogeneity	heterogeneity	NOUN
gujaf-366	112	22	(	(	PUNCT
gujaf-366	112	23	baltagi	baltagi	ADJ
gujaf-366	112	24	,	,	PUNCT
gujaf-366	112	25	2021	2021	NUM
gujaf-366	112	26	)	)	PUNCT
gujaf-366	112	27	.	.	PUNCT
gujaf-366	113	1	to	to	PART
gujaf-366	113	2	address	address	VERB
gujaf-366	113	3	possible	possible	ADJ
gujaf-366	113	4	endogeneity	endogeneity	NOUN
gujaf-366	113	5	,	,	PUNCT
gujaf-366	113	6	robustness	robustness	NOUN
gujaf-366	113	7	checks	check	NOUN
gujaf-366	113	8	employing	employ	VERB
gujaf-366	113	9	system	system	NOUN
gujaf-366	113	10	generalized	generalize	VERB
gujaf-366	113	11	method	method	NOUN
gujaf-366	113	12	of	of	ADP
gujaf-366	113	13	moments	moment	NOUN
gujaf-366	113	14	(	(	PUNCT
gujaf-366	113	15	gmm	gmm	NOUN
gujaf-366	113	16	)	)	PUNCT
gujaf-366	113	17	estimators	estimator	NOUN
gujaf-366	113	18	are	be	AUX
gujaf-366	113	19	conducted	conduct	VERB
gujaf-366	113	20	following	follow	VERB
gujaf-366	113	21	gusau	gusau	ADJ
gujaf-366	113	22	journal	journal	NOUN
gujaf-366	113	23	of	of	ADP
gujaf-366	113	24	accounting	accounting	NOUN
gujaf-366	113	25	and	and	CCONJ
gujaf-366	113	26	finance	finance	NOUN
gujaf-366	113	27	,	,	PUNCT
gujaf-366	113	28	vol.6	vol.6	PROPN
gujaf-366	113	29	,	,	PUNCT
gujaf-366	113	30	issue	issue	NOUN
gujaf-366	113	31	1	1	NUM
gujaf-366	113	32	,	,	PUNCT
gujaf-366	113	33	april	april	PROPN
gujaf-366	113	34	,	,	PUNCT
gujaf-366	113	35	2025	2025	NUM
gujaf-366	113	36	43	43	NUM
gujaf-366	113	37	arellano	arellano	NOUN
gujaf-366	113	38	and	and	CCONJ
gujaf-366	113	39	bover	bover	ADP
gujaf-366	113	40	(	(	PUNCT
gujaf-366	113	41	1995	1995	NUM
gujaf-366	113	42	)	)	PUNCT
gujaf-366	113	43	.	.	PUNCT
gujaf-366	114	1	this	this	PRON
gujaf-366	114	2	is	be	AUX
gujaf-366	114	3	necessary	necessary	ADJ
gujaf-366	114	4	to	to	PART
gujaf-366	114	5	address	address	VERB
gujaf-366	114	6	potential	potential	ADJ
gujaf-366	114	7	reverse	reverse	ADJ
gujaf-366	114	8	causality	causality	NOUN
gujaf-366	114	9	or	or	CCONJ
gujaf-366	114	10	simultaneity	simultaneity	NOUN
gujaf-366	114	11	between	between	ADP
gujaf-366	114	12	profitability	profitability	NOUN
gujaf-366	114	13	and	and	CCONJ
gujaf-366	114	14	working	working	NOUN
gujaf-366	114	15	capital	capital	NOUN
gujaf-366	114	16	.	.	PUNCT
gujaf-366	115	1	this	this	DET
gujaf-366	115	2	approach	approach	NOUN
gujaf-366	115	3	uses	use	VERB
gujaf-366	115	4	lagged	lag	VERB
gujaf-366	115	5	variables	variable	NOUN
gujaf-366	115	6	as	as	ADP
gujaf-366	115	7	instruments	instrument	NOUN
gujaf-366	115	8	and	and	CCONJ
gujaf-366	115	9	is	be	AUX
gujaf-366	115	10	well	well	ADV
gujaf-366	115	11	-	-	PUNCT
gujaf-366	115	12	suited	suit	VERB
gujaf-366	115	13	for	for	ADP
gujaf-366	115	14	dynamic	dynamic	ADJ
gujaf-366	115	15	panel	panel	NOUN
gujaf-366	115	16	data	data	NOUN
gujaf-366	115	17	models	model	NOUN
gujaf-366	115	18	with	with	ADP
gujaf-366	115	19	potential	potential	ADJ
gujaf-366	115	20	endogeneity	endogeneity	NOUN
gujaf-366	115	21	.	.	PUNCT
gujaf-366	116	1	model	model	NOUN
gujaf-366	116	2	diagnostics	diagnostic	NOUN
gujaf-366	116	3	,	,	PUNCT
gujaf-366	116	4	including	include	VERB
gujaf-366	116	5	hansen	hansen	PROPN
gujaf-366	116	6	’s	’s	PROPN
gujaf-366	116	7	j	j	PROPN
gujaf-366	116	8	test	test	NOUN
gujaf-366	116	9	for	for	ADP
gujaf-366	116	10	instrument	instrument	NOUN
gujaf-366	116	11	validity	validity	NOUN
gujaf-366	116	12	and	and	CCONJ
gujaf-366	116	13	arellano	arellano	PROPN
gujaf-366	116	14	-	-	PUNCT
gujaf-366	116	15	bond	bond	NOUN
gujaf-366	116	16	tests	test	NOUN
gujaf-366	116	17	for	for	ADP
gujaf-366	116	18	serial	serial	ADJ
gujaf-366	116	19	correlation	correlation	NOUN
gujaf-366	116	20	,	,	PUNCT
gujaf-366	116	21	are	be	AUX
gujaf-366	116	22	employed	employ	VERB
gujaf-366	116	23	to	to	PART
gujaf-366	116	24	verify	verify	VERB
gujaf-366	116	25	estimator	estimator	NOUN
gujaf-366	116	26	reliability	reliability	NOUN
gujaf-366	116	27	.	.	PUNCT
gujaf-366	117	1	4.0	4.0	NUM
gujaf-366	117	2	results	result	NOUN
gujaf-366	117	3	and	and	CCONJ
gujaf-366	117	4	implications	implication	NOUN
gujaf-366	117	5	table	table	NOUN
gujaf-366	117	6	1	1	NUM
gujaf-366	117	7	presents	present	VERB
gujaf-366	117	8	the	the	DET
gujaf-366	117	9	results	result	NOUN
gujaf-366	117	10	of	of	ADP
gujaf-366	117	11	fixed	fix	VERB
gujaf-366	117	12	effects	effect	NOUN
gujaf-366	117	13	estimations	estimation	NOUN
gujaf-366	117	14	examining	examine	VERB
gujaf-366	117	15	the	the	DET
gujaf-366	117	16	impact	impact	NOUN
gujaf-366	117	17	of	of	ADP
gujaf-366	117	18	wcm	wcm	NOUN
gujaf-366	117	19	,	,	PUNCT
gujaf-366	117	20	measured	measure	VERB
gujaf-366	117	21	by	by	ADP
gujaf-366	117	22	the	the	DET
gujaf-366	117	23	cash	cash	NOUN
gujaf-366	117	24	conversion	conversion	NOUN
gujaf-366	117	25	cycle	cycle	NOUN
gujaf-366	117	26	(	(	PUNCT
gujaf-366	117	27	ccc	ccc	PROPN
gujaf-366	117	28	)	)	PUNCT
gujaf-366	117	29	,	,	PUNCT
gujaf-366	117	30	on	on	ADP
gujaf-366	117	31	the	the	DET
gujaf-366	117	32	profitability	profitability	NOUN
gujaf-366	117	33	of	of	ADP
gujaf-366	117	34	hgfs	hgfs	NOUN
gujaf-366	117	35	in	in	ADP
gujaf-366	117	36	nigeria	nigeria	PROPN
gujaf-366	117	37	.	.	PUNCT
gujaf-366	118	1	in	in	ADP
gujaf-366	118	2	both	both	DET
gujaf-366	118	3	model	model	NOUN
gujaf-366	118	4	1	1	NUM
gujaf-366	118	5	and	and	CCONJ
gujaf-366	118	6	model	model	NOUN
gujaf-366	118	7	2	2	NUM
gujaf-366	118	8	,	,	PUNCT
gujaf-366	118	9	ccc	ccc	PROPN
gujaf-366	118	10	is	be	AUX
gujaf-366	118	11	positively	positively	ADV
gujaf-366	118	12	and	and	CCONJ
gujaf-366	118	13	significantly	significantly	ADV
gujaf-366	118	14	associated	associate	VERB
gujaf-366	118	15	with	with	ADP
gujaf-366	118	16	return	return	NOUN
gujaf-366	118	17	on	on	ADP
gujaf-366	118	18	assets	asset	NOUN
gujaf-366	118	19	(	(	PUNCT
gujaf-366	118	20	roa	roa	NOUN
gujaf-366	118	21	)	)	PUNCT
gujaf-366	118	22	at	at	ADP
gujaf-366	118	23	the	the	DET
gujaf-366	118	24	1	1	NUM
gujaf-366	118	25	%	%	NOUN
gujaf-366	118	26	level	level	NOUN
gujaf-366	118	27	(	(	PUNCT
gujaf-366	118	28	p	p	X
gujaf-366	118	29	<	<	X
gujaf-366	118	30	0.01	0.01	NUM
gujaf-366	118	31	)	)	PUNCT
gujaf-366	118	32	,	,	PUNCT
gujaf-366	118	33	indicating	indicate	VERB
gujaf-366	118	34	that	that	SCONJ
gujaf-366	118	35	moderate	moderate	ADJ
gujaf-366	118	36	investment	investment	NOUN
gujaf-366	118	37	in	in	ADP
gujaf-366	118	38	working	work	VERB
gujaf-366	118	39	capital	capital	NOUN
gujaf-366	118	40	enhances	enhance	VERB
gujaf-366	118	41	firm	firm	ADJ
gujaf-366	118	42	profitability	profitability	NOUN
gujaf-366	118	43	.	.	PUNCT
gujaf-366	119	1	however	however	ADV
gujaf-366	119	2	,	,	PUNCT
gujaf-366	119	3	the	the	DET
gujaf-366	119	4	inclusion	inclusion	NOUN
gujaf-366	119	5	of	of	ADP
gujaf-366	119	6	the	the	DET
gujaf-366	119	7	squared	squared	ADJ
gujaf-366	119	8	term	term	NOUN
gujaf-366	119	9	of	of	ADP
gujaf-366	119	10	ccc	ccc	PROPN
gujaf-366	119	11	in	in	ADP
gujaf-366	119	12	model	model	NOUN
gujaf-366	119	13	2	2	NUM
gujaf-366	119	14	reveals	reveal	VERB
gujaf-366	119	15	a	a	DET
gujaf-366	119	16	significant	significant	ADJ
gujaf-366	119	17	negative	negative	ADJ
gujaf-366	119	18	coefficient	coefficient	NOUN
gujaf-366	119	19	(	(	PUNCT
gujaf-366	119	20	p	p	X
gujaf-366	119	21	=	=	NOUN
gujaf-366	119	22	0.028	0.028	NUM
gujaf-366	119	23	)	)	PUNCT
gujaf-366	119	24	,	,	PUNCT
gujaf-366	119	25	supporting	support	VERB
gujaf-366	119	26	the	the	DET
gujaf-366	119	27	existence	existence	NOUN
gujaf-366	119	28	of	of	ADP
gujaf-366	119	29	an	an	DET
gujaf-366	119	30	inverted	inverted	ADJ
gujaf-366	119	31	u	u	ADJ
gujaf-366	119	32	-	-	ADJ
gujaf-366	119	33	shaped	shape	VERB
gujaf-366	119	34	relationship	relationship	NOUN
gujaf-366	119	35	between	between	ADP
gujaf-366	119	36	ccc	ccc	PROPN
gujaf-366	119	37	and	and	CCONJ
gujaf-366	119	38	profitability	profitability	NOUN
gujaf-366	119	39	.	.	PUNCT
gujaf-366	120	1	this	this	DET
gujaf-366	120	2	finding	finding	NOUN
gujaf-366	120	3	aligns	align	VERB
gujaf-366	120	4	with	with	ADP
gujaf-366	120	5	prior	prior	ADJ
gujaf-366	120	6	studies	study	NOUN
gujaf-366	120	7	suggesting	suggest	VERB
gujaf-366	120	8	that	that	SCONJ
gujaf-366	120	9	while	while	SCONJ
gujaf-366	120	10	efficient	efficient	ADJ
gujaf-366	120	11	working	working	NOUN
gujaf-366	120	12	capital	capital	NOUN
gujaf-366	120	13	enhances	enhance	VERB
gujaf-366	120	14	performance	performance	NOUN
gujaf-366	120	15	,	,	PUNCT
gujaf-366	120	16	excessive	excessive	ADJ
gujaf-366	120	17	levels	level	NOUN
gujaf-366	120	18	may	may	AUX
gujaf-366	120	19	tie	tie	VERB
gujaf-366	120	20	up	up	ADP
gujaf-366	120	21	resources	resource	NOUN
gujaf-366	120	22	and	and	CCONJ
gujaf-366	120	23	reduce	reduce	VERB
gujaf-366	120	24	returns	return	NOUN
gujaf-366	120	25	(	(	PUNCT
gujaf-366	120	26	tauringana	tauringana	PROPN
gujaf-366	120	27	&	&	CCONJ
gujaf-366	120	28	afrifa	afrifa	PROPN
gujaf-366	120	29	,	,	PUNCT
gujaf-366	120	30	2013	2013	NUM
gujaf-366	120	31	;	;	PUNCT
gujaf-366	120	32	akoto	akoto	PROPN
gujaf-366	120	33	et	et	PROPN
gujaf-366	120	34	al	al	PROPN
gujaf-366	120	35	.	.	PROPN
gujaf-366	120	36	,	,	PUNCT
gujaf-366	120	37	2020	2020	NUM
gujaf-366	120	38	)	)	PUNCT
gujaf-366	120	39	.	.	PUNCT
gujaf-366	121	1	other	other	ADJ
gujaf-366	121	2	control	control	NOUN
gujaf-366	121	3	variables	variable	NOUN
gujaf-366	121	4	behave	behave	VERB
gujaf-366	121	5	as	as	SCONJ
gujaf-366	121	6	expected	expect	VERB
gujaf-366	121	7	.	.	PUNCT
gujaf-366	122	1	leverage	leverage	NOUN
gujaf-366	122	2	has	have	VERB
gujaf-366	122	3	a	a	DET
gujaf-366	122	4	negative	negative	ADJ
gujaf-366	122	5	and	and	CCONJ
gujaf-366	122	6	statistically	statistically	ADV
gujaf-366	122	7	significant	significant	ADJ
gujaf-366	122	8	relationship	relationship	NOUN
gujaf-366	122	9	with	with	ADP
gujaf-366	122	10	roa	roa	PROPN
gujaf-366	122	11	(	(	PUNCT
gujaf-366	122	12	p	p	X
gujaf-366	122	13	<	<	X
gujaf-366	122	14	0.01	0.01	NUM
gujaf-366	122	15	)	)	PUNCT
gujaf-366	122	16	,	,	PUNCT
gujaf-366	122	17	indicating	indicate	VERB
gujaf-366	122	18	that	that	SCONJ
gujaf-366	122	19	highly	highly	ADV
gujaf-366	122	20	leveraged	leveraged	ADJ
gujaf-366	122	21	hgfs	hgfs	NOUN
gujaf-366	122	22	experience	experience	NOUN
gujaf-366	122	23	lower	low	ADJ
gujaf-366	122	24	profitability	profitability	NOUN
gujaf-366	122	25	,	,	PUNCT
gujaf-366	122	26	consistent	consistent	ADJ
gujaf-366	122	27	with	with	ADP
gujaf-366	122	28	the	the	DET
gujaf-366	122	29	pecking	pecking	NOUN
gujaf-366	122	30	order	order	NOUN
gujaf-366	122	31	theory	theory	NOUN
gujaf-366	122	32	(	(	PUNCT
gujaf-366	122	33	myers	myers	PROPN
gujaf-366	122	34	&	&	CCONJ
gujaf-366	122	35	majluf	majluf	PROPN
gujaf-366	122	36	,	,	PUNCT
gujaf-366	122	37	1984	1984	NUM
gujaf-366	122	38	)	)	PUNCT
gujaf-366	122	39	.	.	PUNCT
gujaf-366	123	1	firm	firm	ADJ
gujaf-366	123	2	size	size	NOUN
gujaf-366	123	3	is	be	AUX
gujaf-366	123	4	positively	positively	ADV
gujaf-366	123	5	related	relate	VERB
gujaf-366	123	6	to	to	ADP
gujaf-366	123	7	profitability	profitability	NOUN
gujaf-366	123	8	(	(	PUNCT
gujaf-366	123	9	p	p	X
gujaf-366	123	10	<	<	X
gujaf-366	123	11	0.05	0.05	NUM
gujaf-366	123	12	)	)	PUNCT
gujaf-366	123	13	,	,	PUNCT
gujaf-366	123	14	suggesting	suggest	VERB
gujaf-366	123	15	that	that	SCONJ
gujaf-366	123	16	larger	large	ADJ
gujaf-366	123	17	firms	firm	NOUN
gujaf-366	123	18	benefit	benefit	VERB
gujaf-366	123	19	from	from	ADP
gujaf-366	123	20	economies	economy	NOUN
gujaf-366	123	21	of	of	ADP
gujaf-366	123	22	scale	scale	NOUN
gujaf-366	123	23	.	.	PUNCT
gujaf-366	124	1	sales	sale	NOUN
gujaf-366	124	2	growth	growth	NOUN
gujaf-366	124	3	and	and	CCONJ
gujaf-366	124	4	liquidity	liquidity	NOUN
gujaf-366	124	5	are	be	AUX
gujaf-366	124	6	also	also	ADV
gujaf-366	124	7	positive	positive	ADJ
gujaf-366	124	8	and	and	CCONJ
gujaf-366	124	9	significant	significant	ADJ
gujaf-366	124	10	predictors	predictor	NOUN
gujaf-366	124	11	of	of	ADP
gujaf-366	124	12	roa	roa	PROPN
gujaf-366	124	13	,	,	PUNCT
gujaf-366	124	14	reinforcing	reinforce	VERB
gujaf-366	124	15	that	that	DET
gujaf-366	124	16	dynamic	dynamic	ADJ
gujaf-366	124	17	and	and	CCONJ
gujaf-366	124	18	liquid	liquid	ADJ
gujaf-366	124	19	firms	firm	NOUN
gujaf-366	124	20	tend	tend	VERB
gujaf-366	124	21	to	to	PART
gujaf-366	124	22	be	be	AUX
gujaf-366	124	23	more	more	ADV
gujaf-366	124	24	profitable	profitable	ADJ
gujaf-366	124	25	.	.	PUNCT
gujaf-366	125	1	however	however	ADV
gujaf-366	125	2	,	,	PUNCT
gujaf-366	125	3	capital	capital	NOUN
gujaf-366	125	4	intensity	intensity	NOUN
gujaf-366	125	5	and	and	CCONJ
gujaf-366	125	6	firm	firm	ADJ
gujaf-366	125	7	age	age	NOUN
gujaf-366	125	8	do	do	AUX
gujaf-366	125	9	not	not	PART
gujaf-366	125	10	show	show	VERB
gujaf-366	125	11	statistically	statistically	ADV
gujaf-366	125	12	significant	significant	ADJ
gujaf-366	125	13	effects	effect	NOUN
gujaf-366	125	14	,	,	PUNCT
gujaf-366	125	15	implying	imply	VERB
gujaf-366	125	16	limited	limited	ADJ
gujaf-366	125	17	influence	influence	NOUN
gujaf-366	125	18	of	of	ADP
gujaf-366	125	19	these	these	DET
gujaf-366	125	20	structural	structural	ADJ
gujaf-366	125	21	factors	factor	NOUN
gujaf-366	125	22	on	on	ADP
gujaf-366	125	23	profitability	profitability	NOUN
gujaf-366	125	24	within	within	ADP
gujaf-366	125	25	the	the	DET
gujaf-366	125	26	nigerian	nigerian	ADJ
gujaf-366	125	27	hgf	hgf	PROPN
gujaf-366	125	28	context	context	NOUN
gujaf-366	125	29	.	.	PUNCT
gujaf-366	126	1	table	table	NOUN
gujaf-366	126	2	2	2	NUM
gujaf-366	126	3	provides	provide	VERB
gujaf-366	126	4	the	the	DET
gujaf-366	126	5	results	result	NOUN
gujaf-366	126	6	of	of	ADP
gujaf-366	126	7	a	a	DET
gujaf-366	126	8	robustness	robustness	NOUN
gujaf-366	126	9	check	check	NOUN
gujaf-366	126	10	using	use	VERB
gujaf-366	126	11	the	the	DET
gujaf-366	126	12	system	system	NOUN
gujaf-366	126	13	generalized	generalize	VERB
gujaf-366	126	14	method	method	NOUN
gujaf-366	126	15	of	of	ADP
gujaf-366	126	16	moments	moment	NOUN
gujaf-366	126	17	(	(	PUNCT
gujaf-366	126	18	gmm	gmm	NOUN
gujaf-366	126	19	)	)	PUNCT
gujaf-366	126	20	to	to	PART
gujaf-366	126	21	address	address	VERB
gujaf-366	126	22	endogeneity	endogeneity	NOUN
gujaf-366	126	23	and	and	CCONJ
gujaf-366	126	24	potential	potential	ADJ
gujaf-366	126	25	dynamic	dynamic	ADJ
gujaf-366	126	26	relationships	relationship	NOUN
gujaf-366	126	27	.	.	PUNCT
gujaf-366	127	1	the	the	DET
gujaf-366	127	2	findings	finding	NOUN
gujaf-366	127	3	largely	largely	ADV
gujaf-366	127	4	corroborate	corroborate	VERB
gujaf-366	127	5	those	those	PRON
gujaf-366	127	6	from	from	ADP
gujaf-366	127	7	the	the	DET
gujaf-366	127	8	fixed	fix	VERB
gujaf-366	127	9	effects	effect	NOUN
gujaf-366	127	10	model	model	NOUN
gujaf-366	127	11	.	.	PUNCT
gujaf-366	128	1	the	the	DET
gujaf-366	128	2	ccc	ccc	PROPN
gujaf-366	128	3	maintains	maintain	VERB
gujaf-366	128	4	a	a	DET
gujaf-366	128	5	positive	positive	ADJ
gujaf-366	128	6	and	and	CCONJ
gujaf-366	128	7	statistically	statistically	ADV
gujaf-366	128	8	significant	significant	ADJ
gujaf-366	128	9	effect	effect	NOUN
gujaf-366	128	10	on	on	ADP
gujaf-366	128	11	profitability	profitability	NOUN
gujaf-366	128	12	(	(	PUNCT
gujaf-366	128	13	p	p	NOUN
gujaf-366	128	14	=	=	NOUN
gujaf-366	128	15	0.001	0.001	NUM
gujaf-366	128	16	)	)	PUNCT
gujaf-366	128	17	,	,	PUNCT
gujaf-366	128	18	while	while	SCONJ
gujaf-366	128	19	its	its	PRON
gujaf-366	128	20	squared	square	VERB
gujaf-366	128	21	term	term	NOUN
gujaf-366	128	22	remains	remain	VERB
gujaf-366	128	23	negative	negative	ADJ
gujaf-366	128	24	and	and	CCONJ
gujaf-366	128	25	significant	significant	ADJ
gujaf-366	128	26	(	(	PUNCT
gujaf-366	128	27	p	p	NOUN
gujaf-366	128	28	=	=	NOUN
gujaf-366	128	29	0.040	0.040	NUM
gujaf-366	128	30	)	)	PUNCT
gujaf-366	128	31	,	,	PUNCT
gujaf-366	128	32	reaffirming	reaffirm	VERB
gujaf-366	128	33	the	the	DET
gujaf-366	128	34	non	non	ADJ
gujaf-366	128	35	-	-	ADJ
gujaf-366	128	36	linear	linear	ADJ
gujaf-366	128	37	(	(	PUNCT
gujaf-366	128	38	inverted	invert	VERB
gujaf-366	128	39	u	u	NOUN
gujaf-366	128	40	-	-	ADJ
gujaf-366	128	41	shaped	shaped	ADJ
gujaf-366	128	42	)	)	PUNCT
gujaf-366	128	43	relationship	relationship	NOUN
gujaf-366	128	44	between	between	ADP
gujaf-366	128	45	working	work	VERB
gujaf-366	128	46	capital	capital	NOUN
gujaf-366	128	47	investment	investment	NOUN
gujaf-366	128	48	and	and	CCONJ
gujaf-366	128	49	firm	firm	ADJ
gujaf-366	128	50	profitability	profitability	NOUN
gujaf-366	128	51	.	.	PUNCT
gujaf-366	129	1	the	the	DET
gujaf-366	129	2	inclusion	inclusion	NOUN
gujaf-366	129	3	of	of	ADP
gujaf-366	129	4	lagged	lag	VERB
gujaf-366	129	5	roa	roa	NOUN
gujaf-366	129	6	as	as	ADP
gujaf-366	129	7	a	a	DET
gujaf-366	129	8	regressor	regressor	NOUN
gujaf-366	129	9	(	(	PUNCT
gujaf-366	129	10	significant	significant	ADJ
gujaf-366	129	11	at	at	ADP
gujaf-366	129	12	1	1	NUM
gujaf-366	129	13	%	%	NOUN
gujaf-366	129	14	)	)	PUNCT
gujaf-366	129	15	confirms	confirm	VERB
gujaf-366	129	16	the	the	DET
gujaf-366	129	17	presence	presence	NOUN
gujaf-366	129	18	of	of	ADP
gujaf-366	129	19	profit	profit	NOUN
gujaf-366	129	20	persistence	persistence	NOUN
gujaf-366	129	21	,	,	PUNCT
gujaf-366	129	22	which	which	PRON
gujaf-366	129	23	is	be	AUX
gujaf-366	129	24	common	common	ADJ
gujaf-366	129	25	in	in	ADP
gujaf-366	129	26	firm	firm	ADJ
gujaf-366	129	27	-	-	PUNCT
gujaf-366	129	28	level	level	NOUN
gujaf-366	129	29	financial	financial	ADJ
gujaf-366	129	30	performance	performance	NOUN
gujaf-366	129	31	studies	study	NOUN
gujaf-366	129	32	(	(	PUNCT
gujaf-366	129	33	nickell	nickell	NOUN
gujaf-366	129	34	,	,	PUNCT
gujaf-366	129	35	1981	1981	NUM
gujaf-366	129	36	)	)	PUNCT
gujaf-366	129	37	.	.	PUNCT
gujaf-366	130	1	the	the	DET
gujaf-366	130	2	hansen	hansen	PROPN
gujaf-366	130	3	j	j	PROPN
gujaf-366	130	4	-	-	NOUN
gujaf-366	130	5	test	test	NOUN
gujaf-366	130	6	p	p	NOUN
gujaf-366	130	7	-	-	PUNCT
gujaf-366	130	8	value	value	NOUN
gujaf-366	130	9	(	(	PUNCT
gujaf-366	130	10	0.374	0.374	NUM
gujaf-366	130	11	)	)	PUNCT
gujaf-366	130	12	and	and	CCONJ
gujaf-366	130	13	the	the	DET
gujaf-366	130	14	arellano	arellano	PROPN
gujaf-366	130	15	-	-	PUNCT
gujaf-366	130	16	bond	bond	NOUN
gujaf-366	130	17	test	test	NOUN
gujaf-366	130	18	for	for	ADP
gujaf-366	130	19	second	second	ADJ
gujaf-366	130	20	-	-	PUNCT
gujaf-366	130	21	order	order	NOUN
gujaf-366	130	22	autocorrelation	autocorrelation	NOUN
gujaf-366	130	23	(	(	PUNCT
gujaf-366	130	24	ar(2	ar(2	PROPN
gujaf-366	130	25	)	)	PUNCT
gujaf-366	130	26	p	p	NOUN
gujaf-366	130	27	=	=	NOUN
gujaf-366	130	28	0.128	0.128	NUM
gujaf-366	130	29	)	)	PUNCT
gujaf-366	130	30	suggest	suggest	VERB
gujaf-366	130	31	the	the	DET
gujaf-366	130	32	validity	validity	NOUN
gujaf-366	130	33	of	of	ADP
gujaf-366	130	34	instruments	instrument	NOUN
gujaf-366	130	35	and	and	CCONJ
gujaf-366	130	36	absence	absence	NOUN
gujaf-366	130	37	of	of	ADP
gujaf-366	130	38	serial	serial	ADJ
gujaf-366	130	39	correlation	correlation	NOUN
gujaf-366	130	40	,	,	PUNCT
gujaf-366	130	41	indicating	indicate	VERB
gujaf-366	130	42	robustness	robustness	NOUN
gujaf-366	130	43	and	and	CCONJ
gujaf-366	130	44	reliability	reliability	NOUN
gujaf-366	130	45	of	of	ADP
gujaf-366	130	46	the	the	DET
gujaf-366	130	47	gmm	gmm	PROPN
gujaf-366	130	48	estimates	estimate	NOUN
gujaf-366	130	49	(	(	PUNCT
gujaf-366	130	50	roodman	roodman	NOUN
gujaf-366	130	51	,	,	PUNCT
gujaf-366	130	52	2009	2009	NUM
gujaf-366	130	53	)	)	PUNCT
gujaf-366	130	54	.	.	PUNCT
gujaf-366	131	1	table	table	NOUN
gujaf-366	131	2	1	1	NUM
gujaf-366	131	3	:	:	PUNCT
gujaf-366	131	4	fixed	fix	VERB
gujaf-366	131	5	effects	effect	NOUN
gujaf-366	131	6	regression	regression	NOUN
gujaf-366	131	7	results	result	NOUN
gujaf-366	131	8	–	–	PUNCT
gujaf-366	131	9	effect	effect	NOUN
gujaf-366	131	10	of	of	ADP
gujaf-366	131	11	wcm	wcm	NOUN
gujaf-366	131	12	on	on	ADP
gujaf-366	131	13	profitability	profitability	NOUN
gujaf-366	131	14	variables	variable	NOUN
gujaf-366	131	15	model	model	VERB
gujaf-366	131	16	1	1	NUM
gujaf-366	131	17	(	(	PUNCT
gujaf-366	131	18	roa	roa	NOUN
gujaf-366	131	19	)	)	PUNCT
gujaf-366	132	1	std	std	PROPN
gujaf-366	132	2	.	.	NOUN
gujaf-366	132	3	error	error	NOUN
gujaf-366	132	4	pvalue	pvalue	NOUN
gujaf-366	132	5	model	model	NOUN
gujaf-366	132	6	2	2	NUM
gujaf-366	132	7	(	(	PUNCT
gujaf-366	132	8	roa	roa	NOUN
gujaf-366	132	9	with	with	ADP
gujaf-366	132	10	ccc²	ccc²	PROPN
gujaf-366	132	11	)	)	PUNCT
gujaf-366	132	12	std	std	PROPN
gujaf-366	132	13	.	.	NOUN
gujaf-366	132	14	error	error	NOUN
gujaf-366	132	15	pvalue	pvalue	NOUN
gujaf-366	132	16	cash	cash	NOUN
gujaf-366	132	17	conversion	conversion	NOUN
gujaf-366	132	18	cycle	cycle	NOUN
gujaf-366	132	19	(	(	PUNCT
gujaf-366	132	20	ccc	ccc	NOUN
gujaf-366	132	21	)	)	PUNCT
gujaf-366	132	22	0.005	0.005	NUM
gujaf-366	132	23	*	*	PUNCT
gujaf-366	132	24	*	*	PUNCT
gujaf-366	132	25	*	*	PUNCT
gujaf-366	132	26	(	(	PUNCT
gujaf-366	132	27	0.001	0.001	NUM
gujaf-366	132	28	)	)	PUNCT
gujaf-366	132	29	0.000	0.000	NUM
gujaf-366	132	30	0.008	0.008	NUM
gujaf-366	132	31	*	*	PUNCT
gujaf-366	132	32	*	*	PUNCT
gujaf-366	132	33	*	*	PUNCT
gujaf-366	132	34	(	(	PUNCT
gujaf-366	132	35	0.002	0.002	NUM
gujaf-366	132	36	)	)	PUNCT
gujaf-366	132	37	0.000	0.000	NUM
gujaf-366	132	38	ccc	ccc	PROPN
gujaf-366	132	39	squared	square	VERB
gujaf-366	132	40	—	—	PUNCT
gujaf-366	132	41	—	—	PUNCT
gujaf-366	132	42	—	—	PUNCT
gujaf-366	132	43	-0.00006	-0.00006	X
gujaf-366	132	44	*	*	PUNCT
gujaf-366	132	45	*	*	PUNCT
gujaf-366	132	46	(	(	PUNCT
gujaf-366	132	47	0.00003	0.00003	NUM
gujaf-366	132	48	)	)	PUNCT
gujaf-366	132	49	0.028	0.028	NUM
gujaf-366	132	50	gusau	gusau	ADJ
gujaf-366	132	51	journal	journal	NOUN
gujaf-366	132	52	of	of	ADP
gujaf-366	132	53	accounting	accounting	NOUN
gujaf-366	132	54	and	and	CCONJ
gujaf-366	132	55	finance	finance	NOUN
gujaf-366	132	56	,	,	PUNCT
gujaf-366	132	57	vol.6	vol.6	PROPN
gujaf-366	132	58	,	,	PUNCT
gujaf-366	132	59	issue	issue	NOUN
gujaf-366	132	60	1	1	NUM
gujaf-366	132	61	,	,	PUNCT
gujaf-366	132	62	april	april	PROPN
gujaf-366	132	63	,	,	PUNCT
gujaf-366	132	64	2025	2025	NUM
gujaf-366	132	65	44	44	NUM
gujaf-366	132	66	variables	variable	NOUN
gujaf-366	132	67	model	model	VERB
gujaf-366	132	68	1	1	NUM
gujaf-366	132	69	(	(	PUNCT
gujaf-366	132	70	roa	roa	NOUN
gujaf-366	132	71	)	)	PUNCT
gujaf-366	133	1	std	std	PROPN
gujaf-366	133	2	.	.	NOUN
gujaf-366	133	3	error	error	NOUN
gujaf-366	133	4	pvalue	pvalue	NOUN
gujaf-366	133	5	model	model	NOUN
gujaf-366	133	6	2	2	NUM
gujaf-366	133	7	(	(	PUNCT
gujaf-366	133	8	roa	roa	NOUN
gujaf-366	133	9	with	with	ADP
gujaf-366	133	10	ccc²	ccc²	PROPN
gujaf-366	133	11	)	)	PUNCT
gujaf-366	133	12	std	std	PROPN
gujaf-366	133	13	.	.	NOUN
gujaf-366	133	14	error	error	NOUN
gujaf-366	133	15	pvalue	pvalue	NOUN
gujaf-366	133	16	firm	firm	NOUN
gujaf-366	133	17	size	size	NOUN
gujaf-366	133	18	(	(	PUNCT
gujaf-366	133	19	log	log	NOUN
gujaf-366	133	20	assets	asset	NOUN
gujaf-366	133	21	)	)	PUNCT
gujaf-366	133	22	0.021	0.021	NUM
gujaf-366	133	23	*	*	PUNCT
gujaf-366	133	24	*	*	PUNCT
gujaf-366	133	25	(	(	PUNCT
gujaf-366	133	26	0.009	0.009	NUM
gujaf-366	133	27	)	)	PUNCT
gujaf-366	133	28	0.021	0.021	NUM
gujaf-366	133	29	0.019	0.019	NUM
gujaf-366	133	30	*	*	PUNCT
gujaf-366	133	31	*	*	PUNCT
gujaf-366	133	32	(	(	PUNCT
gujaf-366	133	33	0.009	0.009	NUM
gujaf-366	133	34	)	)	PUNCT
gujaf-366	133	35	0.037	0.037	NUM
gujaf-366	133	36	leverage	leverage	NOUN
gujaf-366	133	37	-0.085	-0.085	NOUN
gujaf-366	133	38	*	*	PUNCT
gujaf-366	133	39	*	*	PUNCT
gujaf-366	133	40	*	*	PUNCT
gujaf-366	133	41	(	(	PUNCT
gujaf-366	133	42	0.018	0.018	NUM
gujaf-366	133	43	)	)	PUNCT
gujaf-366	133	44	0.000	0.000	NUM
gujaf-366	133	45	-0.082	-0.082	PUNCT
gujaf-366	133	46	*	*	PUNCT
gujaf-366	133	47	*	*	PUNCT
gujaf-366	133	48	*	*	PUNCT
gujaf-366	133	49	(	(	PUNCT
gujaf-366	133	50	0.017	0.017	NUM
gujaf-366	133	51	)	)	PUNCT
gujaf-366	133	52	0.000	0.000	NUM
gujaf-366	133	53	sales	sale	NOUN
gujaf-366	133	54	growth	growth	NOUN
gujaf-366	133	55	0.010	0.010	NUM
gujaf-366	133	56	*	*	PUNCT
gujaf-366	133	57	*	*	PUNCT
gujaf-366	133	58	*	*	PUNCT
gujaf-366	133	59	(	(	PUNCT
gujaf-366	133	60	0.002	0.002	NUM
gujaf-366	133	61	)	)	PUNCT
gujaf-366	133	62	0.000	0.000	NUM
gujaf-366	133	63	0.009	0.009	NUM
gujaf-366	133	64	*	*	PUNCT
gujaf-366	133	65	*	*	PUNCT
gujaf-366	133	66	*	*	PUNCT
gujaf-366	133	67	(	(	PUNCT
gujaf-366	133	68	0.002	0.002	NUM
gujaf-366	133	69	)	)	PUNCT
gujaf-366	133	70	0.000	0.000	NUM
gujaf-366	133	71	liquidity	liquidity	NOUN
gujaf-366	133	72	(	(	PUNCT
gujaf-366	133	73	current	current	ADJ
gujaf-366	133	74	ratio	ratio	NOUN
gujaf-366	133	75	)	)	PUNCT
gujaf-366	133	76	0.014	0.014	NUM
gujaf-366	133	77	*	*	PUNCT
gujaf-366	133	78	*	*	PUNCT
gujaf-366	133	79	(	(	PUNCT
gujaf-366	133	80	0.007	0.007	NUM
gujaf-366	133	81	)	)	PUNCT
gujaf-366	133	82	0.042	0.042	NUM
gujaf-366	133	83	0.013	0.013	NUM
gujaf-366	133	84	*	*	PUNCT
gujaf-366	133	85	*	*	PUNCT
gujaf-366	133	86	(	(	PUNCT
gujaf-366	133	87	0.007	0.007	NUM
gujaf-366	133	88	)	)	PUNCT
gujaf-366	133	89	0.049	0.049	NUM
gujaf-366	133	90	firm	firm	NOUN
gujaf-366	133	91	age	age	NOUN
gujaf-366	133	92	0.0003	0.0003	NUM
gujaf-366	133	93	(	(	PUNCT
gujaf-366	133	94	0.0002	0.0002	NUM
gujaf-366	133	95	)	)	PUNCT
gujaf-366	133	96	0.153	0.153	NUM
gujaf-366	133	97	0.0003	0.0003	NUM
gujaf-366	133	98	(	(	PUNCT
gujaf-366	133	99	0.0002	0.0002	NUM
gujaf-366	133	100	)	)	PUNCT
gujaf-366	133	101	0.161	0.161	NUM
gujaf-366	133	102	capital	capital	NOUN
gujaf-366	133	103	intensity	intensity	NOUN
gujaf-366	133	104	-0.030	-0.030	PUNCT
gujaf-366	133	105	(	(	PUNCT
gujaf-366	133	106	0.023	0.023	NUM
gujaf-366	133	107	)	)	PUNCT
gujaf-366	133	108	0.192	0.192	NUM
gujaf-366	133	109	-0.028	-0.028	NUM
gujaf-366	133	110	(	(	PUNCT
gujaf-366	133	111	0.022	0.022	NUM
gujaf-366	133	112	)	)	PUNCT
gujaf-366	133	113	0.214	0.214	NUM
gujaf-366	133	114	constant	constant	ADJ
gujaf-366	133	115	-0.112	-0.112	PROPN
gujaf-366	133	116	*	*	PUNCT
gujaf-366	133	117	*	*	PUNCT
gujaf-366	133	118	(	(	PUNCT
gujaf-366	133	119	0.051	0.051	NUM
gujaf-366	133	120	)	)	PUNCT
gujaf-366	133	121	0.029	0.029	NUM
gujaf-366	133	122	-0.120	-0.120	X
gujaf-366	133	123	*	*	PUNCT
gujaf-366	133	124	*	*	PUNCT
gujaf-366	133	125	(	(	PUNCT
gujaf-366	133	126	0.049	0.049	NUM
gujaf-366	133	127	)	)	PUNCT
gujaf-366	133	128	0.015	0.015	NUM
gujaf-366	133	129	observations	observation	NOUN
gujaf-366	133	130	1,200	1,200	NUM
gujaf-366	133	131	1,200	1,200	NUM
gujaf-366	133	132	r	r	NOUN
gujaf-366	133	133	-	-	PUNCT
gujaf-366	133	134	squared	square	VERB
gujaf-366	133	135	(	(	PUNCT
gujaf-366	133	136	within	within	ADP
gujaf-366	133	137	)	)	PUNCT
gujaf-366	133	138	0.38	0.38	NUM
gujaf-366	133	139	0.42	0.42	NUM
gujaf-366	133	140	f	f	X
gujaf-366	133	141	-	-	PUNCT
gujaf-366	133	142	statistic	statistic	ADJ
gujaf-366	133	143	(	(	PUNCT
gujaf-366	133	144	p	p	NOUN
gujaf-366	133	145	-	-	PUNCT
gujaf-366	133	146	value	value	NOUN
gujaf-366	133	147	)	)	PUNCT
gujaf-366	133	148	0.000	0.000	NUM
gujaf-366	133	149	0.000	0.000	NUM
gujaf-366	133	150	source	source	NOUN
gujaf-366	133	151	:	:	PUNCT
gujaf-366	133	152	author	author	NOUN
gujaf-366	133	153	(	(	PUNCT
gujaf-366	133	154	2025	2025	NUM
gujaf-366	133	155	)	)	PUNCT
gujaf-366	133	156	table	table	NOUN
gujaf-366	133	157	2	2	NUM
gujaf-366	133	158	:	:	PUNCT
gujaf-366	133	159	robustness	robustness	NOUN
gujaf-366	133	160	check	check	NOUN
gujaf-366	133	161	–	–	PUNCT
gujaf-366	133	162	system	system	NOUN
gujaf-366	133	163	gmm	gmm	NOUN
gujaf-366	133	164	estimation	estimation	NOUN
gujaf-366	133	165	results	result	VERB
gujaf-366	133	166	variables	variable	NOUN
gujaf-366	133	167	model	model	VERB
gujaf-366	133	168	3	3	NUM
gujaf-366	133	169	(	(	PUNCT
gujaf-366	133	170	system	system	NOUN
gujaf-366	133	171	gmm	gmm	NOUN
gujaf-366	133	172	)	)	PUNCT
gujaf-366	134	1	std	std	PROPN
gujaf-366	134	2	.	.	NOUN
gujaf-366	134	3	error	error	NOUN
gujaf-366	134	4	p	p	NOUN
gujaf-366	134	5	-	-	PUNCT
gujaf-366	134	6	value	value	NOUN
gujaf-366	134	7	cash	cash	NOUN
gujaf-366	134	8	conversion	conversion	NOUN
gujaf-366	134	9	cycle	cycle	NOUN
gujaf-366	134	10	(	(	PUNCT
gujaf-366	134	11	ccc	ccc	PROPN
gujaf-366	134	12	)	)	PUNCT
gujaf-366	134	13	0.010	0.010	NUM
gujaf-366	134	14	*	*	PUNCT
gujaf-366	134	15	*	*	PUNCT
gujaf-366	134	16	*	*	PUNCT
gujaf-366	134	17	(	(	PUNCT
gujaf-366	134	18	0.003	0.003	NUM
gujaf-366	134	19	)	)	PUNCT
gujaf-366	134	20	0.001	0.001	NUM
gujaf-366	134	21	ccc	ccc	NOUN
gujaf-366	134	22	squared	square	VERB
gujaf-366	134	23	-0.00008	-0.00008	NOUN
gujaf-366	134	24	*	*	PUNCT
gujaf-366	134	25	*	*	PUNCT
gujaf-366	134	26	(	(	PUNCT
gujaf-366	134	27	0.00004	0.00004	NUM
gujaf-366	134	28	)	)	PUNCT
gujaf-366	134	29	0.040	0.040	NUM
gujaf-366	134	30	firm	firm	ADJ
gujaf-366	134	31	size	size	NOUN
gujaf-366	134	32	0.017	0.017	NUM
gujaf-366	134	33	*	*	PUNCT
gujaf-366	134	34	*	*	PUNCT
gujaf-366	134	35	(	(	PUNCT
gujaf-366	134	36	0.008	0.008	NUM
gujaf-366	134	37	)	)	PUNCT
gujaf-366	134	38	0.030	0.030	NUM
gujaf-366	134	39	leverage	leverage	NOUN
gujaf-366	134	40	-0.065	-0.065	NOUN
gujaf-366	134	41	*	*	PUNCT
gujaf-366	134	42	*	*	PUNCT
gujaf-366	134	43	*	*	PUNCT
gujaf-366	134	44	(	(	PUNCT
gujaf-366	134	45	0.019	0.019	NUM
gujaf-366	134	46	)	)	PUNCT
gujaf-366	134	47	0.001	0.001	NUM
gujaf-366	134	48	sales	sale	NOUN
gujaf-366	134	49	growth	growth	NOUN
gujaf-366	134	50	0.012	0.012	NUM
gujaf-366	134	51	*	*	PUNCT
gujaf-366	134	52	*	*	PUNCT
gujaf-366	134	53	*	*	PUNCT
gujaf-366	134	54	(	(	PUNCT
gujaf-366	134	55	0.003	0.003	NUM
gujaf-366	134	56	)	)	PUNCT
gujaf-366	134	57	0.000	0.000	NUM
gujaf-366	134	58	liquidity	liquidity	NOUN
gujaf-366	134	59	0.009	0.009	NUM
gujaf-366	134	60	*	*	SYM
gujaf-366	134	61	(	(	PUNCT
gujaf-366	134	62	0.005	0.005	NUM
gujaf-366	134	63	)	)	PUNCT
gujaf-366	134	64	0.082	0.082	NUM
gujaf-366	134	65	firm	firm	NOUN
gujaf-366	134	66	age	age	NOUN
gujaf-366	134	67	0.0002	0.0002	NUM
gujaf-366	134	68	(	(	PUNCT
gujaf-366	134	69	0.0003	0.0003	NUM
gujaf-366	134	70	)	)	PUNCT
gujaf-366	134	71	0.348	0.348	NUM
gujaf-366	134	72	capital	capital	NOUN
gujaf-366	134	73	intensity	intensity	NOUN
gujaf-366	134	74	-0.019	-0.019	PUNCT
gujaf-366	134	75	(	(	PUNCT
gujaf-366	134	76	0.020	0.020	NUM
gujaf-366	134	77	)	)	PUNCT
gujaf-366	134	78	0.337	0.337	NUM
gujaf-366	134	79	lagged	lag	VERB
gujaf-366	134	80	roa	roa	PROPN
gujaf-366	134	81	0.262	0.262	NUM
gujaf-366	134	82	*	*	PUNCT
gujaf-366	134	83	*	*	PUNCT
gujaf-366	134	84	*	*	PUNCT
gujaf-366	134	85	(	(	PUNCT
gujaf-366	134	86	0.045	0.045	NUM
gujaf-366	134	87	)	)	PUNCT
gujaf-366	134	88	0.000	0.000	NUM
gujaf-366	134	89	constant	constant	ADJ
gujaf-366	135	1	-0.098	-0.098	NOUN
gujaf-366	135	2	*	*	PUNCT
gujaf-366	135	3	*	*	PUNCT
gujaf-366	135	4	(	(	PUNCT
gujaf-366	135	5	0.049	0.049	NUM
gujaf-366	135	6	)	)	PUNCT
gujaf-366	135	7	0.042	0.042	NUM
gujaf-366	135	8	ar(2	ar(2	NOUN
gujaf-366	135	9	)	)	PUNCT
gujaf-366	135	10	p	p	NOUN
gujaf-366	135	11	-	-	PUNCT
gujaf-366	135	12	value	value	NOUN
gujaf-366	135	13	0.128	0.128	NUM
gujaf-366	135	14	hansen	hansen	PROPN
gujaf-366	135	15	j	j	PROPN
gujaf-366	135	16	-	-	NOUN
gujaf-366	135	17	test	test	NOUN
gujaf-366	135	18	(	(	PUNCT
gujaf-366	135	19	p	p	NOUN
gujaf-366	135	20	-	-	PUNCT
gujaf-366	135	21	value	value	NOUN
gujaf-366	135	22	)	)	PUNCT
gujaf-366	135	23	0.374	0.374	NUM
gujaf-366	135	24	source	source	NOUN
gujaf-366	135	25	:	:	PUNCT
gujaf-366	135	26	author	author	NOUN
gujaf-366	135	27	(	(	PUNCT
gujaf-366	135	28	2025	2025	NUM
gujaf-366	135	29	)	)	PUNCT
gujaf-366	135	30	table	table	NOUN
gujaf-366	135	31	3	3	NUM
gujaf-366	135	32	provides	provide	VERB
gujaf-366	135	33	an	an	DET
gujaf-366	135	34	industry	industry	NOUN
gujaf-366	135	35	breakdown	breakdown	NOUN
gujaf-366	135	36	of	of	ADP
gujaf-366	135	37	the	the	DET
gujaf-366	135	38	relationship	relationship	NOUN
gujaf-366	135	39	between	between	ADP
gujaf-366	135	40	ccc	ccc	PROPN
gujaf-366	135	41	and	and	CCONJ
gujaf-366	135	42	profitability	profitability	NOUN
gujaf-366	135	43	for	for	ADP
gujaf-366	135	44	manufacturing	manufacturing	NOUN
gujaf-366	135	45	and	and	CCONJ
gujaf-366	135	46	services	service	NOUN
gujaf-366	135	47	sectors	sector	NOUN
gujaf-366	135	48	.	.	PUNCT
gujaf-366	136	1	in	in	ADP
gujaf-366	136	2	both	both	DET
gujaf-366	136	3	sectors	sector	NOUN
gujaf-366	136	4	,	,	PUNCT
gujaf-366	136	5	the	the	DET
gujaf-366	136	6	ccc	ccc	PROPN
gujaf-366	136	7	has	have	VERB
gujaf-366	136	8	a	a	DET
gujaf-366	136	9	positive	positive	ADJ
gujaf-366	136	10	and	and	CCONJ
gujaf-366	136	11	statistically	statistically	ADV
gujaf-366	136	12	significant	significant	ADJ
gujaf-366	136	13	impact	impact	NOUN
gujaf-366	136	14	on	on	ADP
gujaf-366	136	15	profitability	profitability	NOUN
gujaf-366	136	16	,	,	PUNCT
gujaf-366	136	17	while	while	SCONJ
gujaf-366	136	18	ccc²	ccc²	PROPN
gujaf-366	136	19	remains	remain	VERB
gujaf-366	136	20	negative	negative	ADJ
gujaf-366	136	21	and	and	CCONJ
gujaf-366	136	22	significant	significant	ADJ
gujaf-366	136	23	,	,	PUNCT
gujaf-366	136	24	confirming	confirm	VERB
gujaf-366	136	25	the	the	DET
gujaf-366	136	26	sectoral	sectoral	ADJ
gujaf-366	136	27	robustness	robustness	NOUN
gujaf-366	136	28	of	of	ADP
gujaf-366	136	29	the	the	DET
gujaf-366	136	30	inverted	invert	VERB
gujaf-366	136	31	u	u	ADJ
gujaf-366	136	32	-	-	ADJ
gujaf-366	136	33	shaped	shape	VERB
gujaf-366	136	34	relationship	relationship	NOUN
gujaf-366	136	35	.	.	PUNCT
gujaf-366	137	1	however	however	ADV
gujaf-366	137	2	,	,	PUNCT
gujaf-366	137	3	the	the	DET
gujaf-366	137	4	turning	turning	NOUN
gujaf-366	137	5	point	point	NOUN
gujaf-366	137	6	occurs	occur	VERB
gujaf-366	137	7	at	at	ADP
gujaf-366	137	8	a	a	DET
gujaf-366	137	9	higher	high	ADJ
gujaf-366	137	10	ccc	ccc	NOUN
gujaf-366	137	11	value	value	NOUN
gujaf-366	137	12	in	in	ADP
gujaf-366	137	13	manufacturing	manufacturing	NOUN
gujaf-366	137	14	than	than	ADP
gujaf-366	137	15	in	in	ADP
gujaf-366	137	16	services	service	NOUN
gujaf-366	137	17	,	,	PUNCT
gujaf-366	137	18	suggesting	suggest	VERB
gujaf-366	137	19	that	that	SCONJ
gujaf-366	137	20	manufacturing	manufacturing	NOUN
gujaf-366	137	21	firms	firm	NOUN
gujaf-366	137	22	may	may	AUX
gujaf-366	137	23	gusau	gusau	DET
gujaf-366	137	24	journal	journal	PROPN
gujaf-366	137	25	of	of	ADP
gujaf-366	137	26	accounting	accounting	NOUN
gujaf-366	137	27	and	and	CCONJ
gujaf-366	137	28	finance	finance	NOUN
gujaf-366	137	29	,	,	PUNCT
gujaf-366	137	30	vol.6	vol.6	PROPN
gujaf-366	137	31	,	,	PUNCT
gujaf-366	137	32	issue	issue	NOUN
gujaf-366	137	33	1	1	NUM
gujaf-366	137	34	,	,	PUNCT
gujaf-366	137	35	april	april	PROPN
gujaf-366	137	36	,	,	PUNCT
gujaf-366	137	37	2025	2025	NUM
gujaf-366	137	38	45	45	NUM
gujaf-366	137	39	benefit	benefit	NOUN
gujaf-366	137	40	from	from	ADP
gujaf-366	137	41	a	a	DET
gujaf-366	137	42	longer	long	ADV
gujaf-366	137	43	working	work	VERB
gujaf-366	137	44	capital	capital	NOUN
gujaf-366	137	45	cycle	cycle	NOUN
gujaf-366	137	46	before	before	SCONJ
gujaf-366	137	47	it	it	PRON
gujaf-366	137	48	becomes	become	VERB
gujaf-366	137	49	detrimental	detrimental	ADJ
gujaf-366	137	50	,	,	PUNCT
gujaf-366	137	51	likely	likely	ADJ
gujaf-366	137	52	due	due	ADJ
gujaf-366	137	53	to	to	ADP
gujaf-366	137	54	longer	long	ADJ
gujaf-366	137	55	production	production	NOUN
gujaf-366	137	56	and	and	CCONJ
gujaf-366	137	57	receivable	receivable	ADJ
gujaf-366	137	58	cycles	cycle	NOUN
gujaf-366	137	59	typical	typical	ADJ
gujaf-366	137	60	in	in	ADP
gujaf-366	137	61	industrial	industrial	ADJ
gujaf-366	137	62	operations	operation	NOUN
gujaf-366	137	63	(	(	PUNCT
gujaf-366	137	64	deloof	deloof	NOUN
gujaf-366	137	65	,	,	PUNCT
gujaf-366	137	66	2003	2003	NUM
gujaf-366	137	67	;	;	PUNCT
gujaf-366	137	68	wang	wang	PROPN
gujaf-366	137	69	,	,	PUNCT
gujaf-366	137	70	2021	2021	NUM
gujaf-366	137	71	)	)	PUNCT
gujaf-366	137	72	.	.	PUNCT
gujaf-366	138	1	additionally	additionally	ADV
gujaf-366	138	2	,	,	PUNCT
gujaf-366	138	3	firm	firm	ADJ
gujaf-366	138	4	size	size	NOUN
gujaf-366	138	5	and	and	CCONJ
gujaf-366	138	6	leverage	leverage	NOUN
gujaf-366	138	7	are	be	AUX
gujaf-366	138	8	more	more	ADV
gujaf-366	138	9	influential	influential	ADJ
gujaf-366	138	10	in	in	ADP
gujaf-366	138	11	the	the	DET
gujaf-366	138	12	manufacturing	manufacturing	NOUN
gujaf-366	138	13	sector	sector	NOUN
gujaf-366	138	14	,	,	PUNCT
gujaf-366	138	15	while	while	SCONJ
gujaf-366	138	16	liquidity	liquidity	NOUN
gujaf-366	138	17	appears	appear	VERB
gujaf-366	138	18	more	more	ADV
gujaf-366	138	19	relevant	relevant	ADJ
gujaf-366	138	20	in	in	ADP
gujaf-366	138	21	services	service	NOUN
gujaf-366	138	22	.	.	PUNCT
gujaf-366	139	1	these	these	DET
gujaf-366	139	2	distinctions	distinction	NOUN
gujaf-366	139	3	emphasize	emphasize	VERB
gujaf-366	139	4	the	the	DET
gujaf-366	139	5	need	need	NOUN
gujaf-366	139	6	for	for	ADP
gujaf-366	139	7	industryspecific	industryspecific	ADJ
gujaf-366	139	8	working	working	NOUN
gujaf-366	139	9	capital	capital	NOUN
gujaf-366	139	10	policies	policy	NOUN
gujaf-366	139	11	,	,	PUNCT
gujaf-366	139	12	a	a	DET
gujaf-366	139	13	point	point	NOUN
gujaf-366	139	14	echoed	echo	VERB
gujaf-366	139	15	by	by	ADP
gujaf-366	139	16	recent	recent	ADJ
gujaf-366	139	17	sectoral	sectoral	ADJ
gujaf-366	139	18	studies	study	NOUN
gujaf-366	139	19	on	on	ADP
gujaf-366	139	20	african	african	ADJ
gujaf-366	139	21	firm	firm	ADJ
gujaf-366	139	22	dynamics	dynamic	NOUN
gujaf-366	139	23	(	(	PUNCT
gujaf-366	139	24	akinlo	akinlo	NOUN
gujaf-366	139	25	&	&	CCONJ
gujaf-366	139	26	olufisayo	olufisayo	PROPN
gujaf-366	139	27	,	,	PUNCT
gujaf-366	139	28	2022	2022	NUM
gujaf-366	139	29	;	;	PUNCT
gujaf-366	139	30	boso	boso	PROPN
gujaf-366	139	31	et	et	PROPN
gujaf-366	139	32	al	al	PROPN
gujaf-366	139	33	.	.	PROPN
gujaf-366	139	34	,	,	PUNCT
gujaf-366	139	35	2020	2020	NUM
gujaf-366	139	36	)	)	PUNCT
gujaf-366	139	37	.	.	PUNCT
gujaf-366	140	1	table	table	NOUN
gujaf-366	140	2	4	4	NUM
gujaf-366	140	3	explores	explore	VERB
gujaf-366	140	4	temporal	temporal	ADJ
gujaf-366	140	5	variations	variation	NOUN
gujaf-366	140	6	in	in	ADP
gujaf-366	140	7	the	the	DET
gujaf-366	140	8	ccc	ccc	NOUN
gujaf-366	140	9	-	-	PUNCT
gujaf-366	140	10	profitability	profitability	NOUN
gujaf-366	140	11	relationship	relationship	NOUN
gujaf-366	140	12	by	by	ADP
gujaf-366	140	13	comparing	compare	VERB
gujaf-366	140	14	pre2015	pre2015	NOUN
gujaf-366	140	15	and	and	CCONJ
gujaf-366	140	16	post-2015	post-2015	VERB
gujaf-366	140	17	periods	period	NOUN
gujaf-366	140	18	.	.	PUNCT
gujaf-366	141	1	the	the	DET
gujaf-366	141	2	ccc	ccc	PROPN
gujaf-366	141	3	coefficient	coefficient	NOUN
gujaf-366	141	4	remains	remain	VERB
gujaf-366	141	5	positive	positive	ADJ
gujaf-366	141	6	and	and	CCONJ
gujaf-366	141	7	statistically	statistically	ADV
gujaf-366	141	8	significant	significant	ADJ
gujaf-366	141	9	in	in	ADP
gujaf-366	141	10	both	both	DET
gujaf-366	141	11	subsamples	subsample	NOUN
gujaf-366	141	12	,	,	PUNCT
gujaf-366	141	13	but	but	CCONJ
gujaf-366	141	14	its	its	PRON
gujaf-366	141	15	magnitude	magnitude	NOUN
gujaf-366	141	16	increases	increase	NOUN
gujaf-366	141	17	in	in	ADP
gujaf-366	141	18	the	the	DET
gujaf-366	141	19	post-2015	post-2015	ADJ
gujaf-366	141	20	period	period	NOUN
gujaf-366	141	21	,	,	PUNCT
gujaf-366	141	22	alongside	alongside	ADP
gujaf-366	141	23	a	a	DET
gujaf-366	141	24	more	more	ADV
gujaf-366	141	25	significant	significant	ADJ
gujaf-366	141	26	negative	negative	ADJ
gujaf-366	141	27	squared	squared	ADJ
gujaf-366	141	28	term	term	NOUN
gujaf-366	141	29	(	(	PUNCT
gujaf-366	141	30	p	p	X
gujaf-366	141	31	=	=	NOUN
gujaf-366	141	32	0.037	0.037	NUM
gujaf-366	141	33	)	)	PUNCT
gujaf-366	141	34	.	.	PUNCT
gujaf-366	142	1	this	this	PRON
gujaf-366	142	2	suggests	suggest	VERB
gujaf-366	142	3	that	that	SCONJ
gujaf-366	142	4	the	the	DET
gujaf-366	142	5	optimal	optimal	ADJ
gujaf-366	142	6	level	level	NOUN
gujaf-366	142	7	of	of	ADP
gujaf-366	142	8	working	work	VERB
gujaf-366	142	9	capital	capital	NOUN
gujaf-366	142	10	efficiency	efficiency	NOUN
gujaf-366	142	11	became	become	VERB
gujaf-366	142	12	more	more	ADV
gujaf-366	142	13	crucial	crucial	ADJ
gujaf-366	142	14	after	after	ADP
gujaf-366	142	15	2015	2015	NUM
gujaf-366	142	16	,	,	PUNCT
gujaf-366	142	17	potentially	potentially	ADV
gujaf-366	142	18	due	due	ADJ
gujaf-366	142	19	to	to	ADP
gujaf-366	142	20	macroeconomic	macroeconomic	ADJ
gujaf-366	142	21	shocks	shock	NOUN
gujaf-366	142	22	such	such	ADJ
gujaf-366	142	23	as	as	ADP
gujaf-366	142	24	the	the	DET
gujaf-366	142	25	2015	2015	NUM
gujaf-366	142	26	oil	oil	NOUN
gujaf-366	142	27	crisis	crisis	NOUN
gujaf-366	142	28	and	and	CCONJ
gujaf-366	142	29	fx	fx	NOUN
gujaf-366	142	30	instabilities	instability	NOUN
gujaf-366	142	31	,	,	PUNCT
gujaf-366	142	32	which	which	PRON
gujaf-366	142	33	tightened	tighten	VERB
gujaf-366	142	34	liquidity	liquidity	NOUN
gujaf-366	142	35	in	in	ADP
gujaf-366	142	36	nigeria	nigeria	PROPN
gujaf-366	142	37	’s	’s	PART
gujaf-366	142	38	financial	financial	ADJ
gujaf-366	142	39	system	system	NOUN
gujaf-366	142	40	(	(	PUNCT
gujaf-366	142	41	imf	imf	PROPN
gujaf-366	142	42	,	,	PUNCT
gujaf-366	142	43	2017	2017	NUM
gujaf-366	142	44	;	;	PUNCT
gujaf-366	142	45	world	world	PROPN
gujaf-366	142	46	bank	bank	PROPN
gujaf-366	142	47	,	,	PUNCT
gujaf-366	142	48	2020	2020	NUM
gujaf-366	142	49	)	)	PUNCT
gujaf-366	142	50	.	.	PUNCT
gujaf-366	143	1	interestingly	interestingly	ADV
gujaf-366	143	2	,	,	PUNCT
gujaf-366	143	3	while	while	SCONJ
gujaf-366	143	4	firm	firm	ADJ
gujaf-366	143	5	size	size	NOUN
gujaf-366	143	6	and	and	CCONJ
gujaf-366	143	7	sales	sale	NOUN
gujaf-366	143	8	growth	growth	NOUN
gujaf-366	143	9	continue	continue	VERB
gujaf-366	143	10	to	to	PART
gujaf-366	143	11	positively	positively	ADV
gujaf-366	143	12	influence	influence	VERB
gujaf-366	143	13	profitability	profitability	NOUN
gujaf-366	143	14	across	across	ADP
gujaf-366	143	15	both	both	DET
gujaf-366	143	16	periods	period	NOUN
gujaf-366	143	17	,	,	PUNCT
gujaf-366	143	18	their	their	PRON
gujaf-366	143	19	significance	significance	NOUN
gujaf-366	143	20	reduces	reduce	VERB
gujaf-366	143	21	post-2015	post-2015	NOUN
gujaf-366	143	22	.	.	PUNCT
gujaf-366	144	1	this	this	PRON
gujaf-366	144	2	may	may	AUX
gujaf-366	144	3	reflect	reflect	VERB
gujaf-366	144	4	increased	increase	VERB
gujaf-366	144	5	market	market	NOUN
gujaf-366	144	6	volatility	volatility	NOUN
gujaf-366	144	7	,	,	PUNCT
gujaf-366	144	8	regulatory	regulatory	ADJ
gujaf-366	144	9	reforms	reform	NOUN
gujaf-366	144	10	,	,	PUNCT
gujaf-366	144	11	or	or	CCONJ
gujaf-366	144	12	inflationary	inflationary	ADJ
gujaf-366	144	13	pressures	pressure	NOUN
gujaf-366	144	14	,	,	PUNCT
gujaf-366	144	15	necessitating	necessitate	VERB
gujaf-366	144	16	more	more	ADV
gujaf-366	144	17	prudent	prudent	ADJ
gujaf-366	144	18	working	work	VERB
gujaf-366	144	19	capital	capital	NOUN
gujaf-366	144	20	policies	policy	NOUN
gujaf-366	144	21	.	.	PUNCT
gujaf-366	145	1	the	the	DET
gujaf-366	145	2	consistent	consistent	ADJ
gujaf-366	145	3	negative	negative	ADJ
gujaf-366	145	4	effect	effect	NOUN
gujaf-366	145	5	of	of	ADP
gujaf-366	145	6	leverage	leverage	NOUN
gujaf-366	145	7	in	in	ADP
gujaf-366	145	8	both	both	DET
gujaf-366	145	9	periods	period	NOUN
gujaf-366	145	10	further	further	ADJ
gujaf-366	145	11	highlights	highlight	NOUN
gujaf-366	145	12	the	the	DET
gujaf-366	145	13	risks	risk	NOUN
gujaf-366	145	14	of	of	ADP
gujaf-366	145	15	debt	debt	NOUN
gujaf-366	145	16	-	-	PUNCT
gujaf-366	145	17	financing	financing	NOUN
gujaf-366	145	18	,	,	PUNCT
gujaf-366	145	19	particularly	particularly	ADV
gujaf-366	145	20	under	under	ADP
gujaf-366	145	21	macroeconomic	macroeconomic	ADJ
gujaf-366	145	22	uncertainty	uncertainty	NOUN
gujaf-366	145	23	(	(	PUNCT
gujaf-366	145	24	okafor	okafor	PROPN
gujaf-366	145	25	et	et	PROPN
gujaf-366	145	26	al	al	PROPN
gujaf-366	145	27	.	.	PROPN
gujaf-366	145	28	,	,	PUNCT
gujaf-366	145	29	2023	2023	NUM
gujaf-366	145	30	)	)	PUNCT
gujaf-366	145	31	.	.	PUNCT
gujaf-366	146	1	table	table	NOUN
gujaf-366	146	2	3	3	NUM
gujaf-366	146	3	:	:	PUNCT
gujaf-366	147	1	industry	industry	NOUN
gujaf-366	147	2	subsample	subsample	ADJ
gujaf-366	147	3	analysis	analysis	NOUN
gujaf-366	147	4	(	(	PUNCT
gujaf-366	147	5	manufacturing	manufacturing	NOUN
gujaf-366	147	6	vs.	vs.	ADP
gujaf-366	147	7	services	service	NOUN
gujaf-366	147	8	)	)	PUNCT
gujaf-366	147	9	variables	variable	NOUN
gujaf-366	147	10	manufacturing	manufacture	VERB
gujaf-366	147	11	std	std	NOUN
gujaf-366	147	12	.	.	PUNCT
gujaf-366	147	13	error	error	NOUN
gujaf-366	147	14	p	p	NOUN
gujaf-366	147	15	-	-	PUNCT
gujaf-366	147	16	value	value	NOUN
gujaf-366	147	17	services	service	NOUN
gujaf-366	147	18	std	std	NOUN
gujaf-366	147	19	.	.	PUNCT
gujaf-366	147	20	error	error	NOUN
gujaf-366	147	21	p	p	NOUN
gujaf-366	147	22	-	-	PUNCT
gujaf-366	147	23	value	value	NOUN
gujaf-366	147	24	ccc	ccc	NOUN
gujaf-366	147	25	0.011	0.011	NUM
gujaf-366	147	26	*	*	PUNCT
gujaf-366	147	27	*	*	PUNCT
gujaf-366	147	28	*	*	PUNCT
gujaf-366	147	29	(	(	PUNCT
gujaf-366	147	30	0.002	0.002	NUM
gujaf-366	147	31	)	)	PUNCT
gujaf-366	147	32	0.000	0.000	NUM
gujaf-366	147	33	0.007	0.007	NUM
gujaf-366	147	34	*	*	PUNCT
gujaf-366	147	35	*	*	PUNCT
gujaf-366	147	36	(	(	PUNCT
gujaf-366	147	37	0.003	0.003	NUM
gujaf-366	147	38	)	)	PUNCT
gujaf-366	147	39	0.034	0.034	NUM
gujaf-366	147	40	ccc	ccc	PROPN
gujaf-366	147	41	squared	square	VERB
gujaf-366	147	42	-0.00009	-0.00009	NOUN
gujaf-366	147	43	*	*	PUNCT
gujaf-366	148	1	*	*	PUNCT
gujaf-366	148	2	*	*	PUNCT
gujaf-366	148	3	(	(	PUNCT
gujaf-366	148	4	0.00003	0.00003	NUM
gujaf-366	148	5	)	)	PUNCT
gujaf-366	148	6	0.003	0.003	NUM
gujaf-366	148	7	-0.00005	-0.00005	X
gujaf-366	148	8	*	*	PUNCT
gujaf-366	148	9	(	(	PUNCT
gujaf-366	148	10	0.00003	0.00003	NUM
gujaf-366	148	11	)	)	PUNCT
gujaf-366	148	12	0.085	0.085	NUM
gujaf-366	148	13	firm	firm	ADJ
gujaf-366	148	14	size	size	NOUN
gujaf-366	148	15	0.024	0.024	NUM
gujaf-366	148	16	*	*	PUNCT
gujaf-366	148	17	*	*	PUNCT
gujaf-366	148	18	*	*	PUNCT
gujaf-366	148	19	(	(	PUNCT
gujaf-366	148	20	0.007	0.007	NUM
gujaf-366	148	21	)	)	PUNCT
gujaf-366	148	22	0.001	0.001	NUM
gujaf-366	148	23	0.012	0.012	NUM
gujaf-366	148	24	(	(	PUNCT
gujaf-366	148	25	0.009	0.009	NUM
gujaf-366	148	26	)	)	PUNCT
gujaf-366	148	27	0.171	0.171	NUM
gujaf-366	148	28	leverage	leverage	NOUN
gujaf-366	148	29	-0.078	-0.078	ADV
gujaf-366	148	30	*	*	PUNCT
gujaf-366	148	31	*	*	PUNCT
gujaf-366	148	32	*	*	PUNCT
gujaf-366	148	33	(	(	PUNCT
gujaf-366	148	34	0.016	0.016	NUM
gujaf-366	148	35	)	)	PUNCT
gujaf-366	148	36	0.000	0.000	NUM
gujaf-366	149	1	-0.069	-0.069	NOUN
gujaf-366	149	2	*	*	PUNCT
gujaf-366	149	3	*	*	PUNCT
gujaf-366	149	4	*	*	PUNCT
gujaf-366	149	5	(	(	PUNCT
gujaf-366	149	6	0.018	0.018	NUM
gujaf-366	149	7	)	)	PUNCT
gujaf-366	149	8	0.000	0.000	NUM
gujaf-366	149	9	sales	sale	NOUN
gujaf-366	149	10	growth	growth	NOUN
gujaf-366	149	11	0.010	0.010	NUM
gujaf-366	149	12	*	*	PUNCT
gujaf-366	149	13	*	*	PUNCT
gujaf-366	149	14	*	*	PUNCT
gujaf-366	149	15	(	(	PUNCT
gujaf-366	149	16	0.002	0.002	NUM
gujaf-366	149	17	)	)	PUNCT
gujaf-366	149	18	0.000	0.000	NUM
gujaf-366	149	19	0.009	0.009	NUM
gujaf-366	149	20	*	*	PUNCT
gujaf-366	149	21	*	*	PUNCT
gujaf-366	149	22	(	(	PUNCT
gujaf-366	149	23	0.003	0.003	NUM
gujaf-366	149	24	)	)	PUNCT
gujaf-366	149	25	0.012	0.012	NUM
gujaf-366	149	26	constant	constant	ADJ
gujaf-366	149	27	-0.133	-0.133	NOUN
gujaf-366	149	28	*	*	PUNCT
gujaf-366	149	29	*	*	PUNCT
gujaf-366	149	30	*	*	PUNCT
gujaf-366	149	31	(	(	PUNCT
gujaf-366	149	32	0.046	0.046	NUM
gujaf-366	149	33	)	)	PUNCT
gujaf-366	149	34	0.004	0.004	NUM
gujaf-366	149	35	-0.103	-0.103	NOUN
gujaf-366	149	36	*	*	SYM
gujaf-366	149	37	*	*	PUNCT
gujaf-366	149	38	(	(	PUNCT
gujaf-366	149	39	0.048	0.048	NUM
gujaf-366	149	40	)	)	PUNCT
gujaf-366	149	41	0.030	0.030	NUM
gujaf-366	149	42	r	r	NOUN
gujaf-366	149	43	-	-	PUNCT
gujaf-366	149	44	squared	square	VERB
gujaf-366	149	45	0.44	0.44	NUM
gujaf-366	149	46	0.39	0.39	NUM
gujaf-366	149	47	source	source	NOUN
gujaf-366	149	48	:	:	PUNCT
gujaf-366	149	49	author	author	NOUN
gujaf-366	149	50	(	(	PUNCT
gujaf-366	149	51	2025	2025	NUM
gujaf-366	149	52	)	)	PUNCT
gujaf-366	149	53	table.4	table.4	DET
gujaf-366	149	54	:	:	PUNCT
gujaf-366	149	55	subsample	subsample	ADJ
gujaf-366	149	56	analysis	analysis	NOUN
gujaf-366	149	57	(	(	PUNCT
gujaf-366	149	58	pre-2015	pre-2015	NOUN
gujaf-366	149	59	vs.	vs.	ADP
gujaf-366	149	60	post-2015	post-2015	PROPN
gujaf-366	149	61	)	)	PUNCT
gujaf-366	149	62	variables	variable	NOUN
gujaf-366	149	63	2002–2014	2002–2014	NUM
gujaf-366	149	64	std	std	NOUN
gujaf-366	149	65	.	.	PUNCT
gujaf-366	150	1	error	error	NOUN
gujaf-366	150	2	p	p	NOUN
gujaf-366	150	3	-	-	PUNCT
gujaf-366	150	4	value	value	NOUN
gujaf-366	150	5	2015–2023	2015–2023	NUM
gujaf-366	150	6	std	std	NOUN
gujaf-366	150	7	.	.	PUNCT
gujaf-366	151	1	error	error	NOUN
gujaf-366	151	2	p	p	NOUN
gujaf-366	151	3	-	-	PUNCT
gujaf-366	151	4	value	value	NOUN
gujaf-366	151	5	ccc	ccc	NOUN
gujaf-366	151	6	0.007	0.007	NUM
gujaf-366	151	7	*	*	PUNCT
gujaf-366	151	8	*	*	PUNCT
gujaf-366	151	9	(	(	PUNCT
gujaf-366	151	10	0.003	0.003	NUM
gujaf-366	151	11	)	)	PUNCT
gujaf-366	151	12	0.021	0.021	NUM
gujaf-366	151	13	0.009	0.009	NUM
gujaf-366	151	14	*	*	PUNCT
gujaf-366	151	15	*	*	PUNCT
gujaf-366	151	16	*	*	PUNCT
gujaf-366	151	17	(	(	PUNCT
gujaf-366	151	18	0.002	0.002	NUM
gujaf-366	151	19	)	)	PUNCT
gujaf-366	151	20	0.000	0.000	NUM
gujaf-366	151	21	ccc	ccc	NOUN
gujaf-366	151	22	squared	square	VERB
gujaf-366	151	23	-0.00005	-0.00005	NOUN
gujaf-366	151	24	*	*	PUNCT
gujaf-366	151	25	(	(	PUNCT
gujaf-366	151	26	0.00003	0.00003	NUM
gujaf-366	151	27	)	)	PUNCT
gujaf-366	151	28	0.082	0.082	NUM
gujaf-366	151	29	-0.00007	-0.00007	NOUN
gujaf-366	151	30	*	*	PUNCT
gujaf-366	151	31	*	*	PUNCT
gujaf-366	151	32	(	(	PUNCT
gujaf-366	151	33	0.00003	0.00003	NUM
gujaf-366	151	34	)	)	PUNCT
gujaf-366	151	35	0.037	0.037	NUM
gujaf-366	151	36	firm	firm	NOUN
gujaf-366	151	37	size	size	NOUN
gujaf-366	151	38	0.021	0.021	NUM
gujaf-366	151	39	*	*	NOUN
gujaf-366	151	40	*	*	PUNCT
gujaf-366	151	41	(	(	PUNCT
gujaf-366	151	42	0.009	0.009	NUM
gujaf-366	151	43	)	)	PUNCT
gujaf-366	151	44	0.019	0.019	NUM
gujaf-366	151	45	0.015	0.015	NUM
gujaf-366	151	46	*	*	PUNCT
gujaf-366	151	47	(	(	PUNCT
gujaf-366	151	48	0.008	0.008	NUM
gujaf-366	151	49	)	)	PUNCT
gujaf-366	151	50	0.061	0.061	NUM
gujaf-366	151	51	leverage	leverage	NOUN
gujaf-366	151	52	-0.071	-0.071	NOUN
gujaf-366	151	53	*	*	PUNCT
gujaf-366	151	54	*	*	PUNCT
gujaf-366	151	55	*	*	PUNCT
gujaf-366	151	56	(	(	PUNCT
gujaf-366	151	57	0.021	0.021	NUM
gujaf-366	151	58	)	)	PUNCT
gujaf-366	151	59	0.001	0.001	NUM
gujaf-366	151	60	-0.082	-0.082	NOUN
gujaf-366	151	61	*	*	PUNCT
gujaf-366	151	62	*	*	PUNCT
gujaf-366	152	1	*	*	PUNCT
gujaf-366	153	1	(	(	PUNCT
gujaf-366	153	2	0.019	0.019	NUM
gujaf-366	153	3	)	)	PUNCT
gujaf-366	153	4	0.000	0.000	NUM
gujaf-366	153	5	gusau	gusau	ADJ
gujaf-366	153	6	journal	journal	NOUN
gujaf-366	153	7	of	of	ADP
gujaf-366	153	8	accounting	accounting	NOUN
gujaf-366	153	9	and	and	CCONJ
gujaf-366	153	10	finance	finance	NOUN
gujaf-366	153	11	,	,	PUNCT
gujaf-366	153	12	vol.6	vol.6	PROPN
gujaf-366	153	13	,	,	PUNCT
gujaf-366	153	14	issue	issue	NOUN
gujaf-366	153	15	1	1	NUM
gujaf-366	153	16	,	,	PUNCT
gujaf-366	153	17	april	april	PROPN
gujaf-366	153	18	,	,	PUNCT
gujaf-366	153	19	2025	2025	NUM
gujaf-366	153	20	46	46	NUM
gujaf-366	153	21	variables	variable	NOUN
gujaf-366	153	22	2002–2014	2002–2014	NUM
gujaf-366	153	23	std	std	NOUN
gujaf-366	153	24	.	.	PUNCT
gujaf-366	154	1	error	error	NOUN
gujaf-366	154	2	p	p	NOUN
gujaf-366	154	3	-	-	PUNCT
gujaf-366	154	4	value	value	NOUN
gujaf-366	154	5	2015–2023	2015–2023	NUM
gujaf-366	154	6	std	std	NOUN
gujaf-366	154	7	.	.	PUNCT
gujaf-366	155	1	error	error	NOUN
gujaf-366	155	2	p	p	NOUN
gujaf-366	155	3	-	-	PUNCT
gujaf-366	155	4	value	value	NOUN
gujaf-366	155	5	sales	sale	NOUN
gujaf-366	155	6	growth	growth	NOUN
gujaf-366	155	7	0.009	0.009	NUM
gujaf-366	155	8	*	*	PUNCT
gujaf-366	155	9	*	*	PUNCT
gujaf-366	155	10	*	*	PUNCT
gujaf-366	155	11	(	(	PUNCT
gujaf-366	155	12	0.002	0.002	NUM
gujaf-366	155	13	)	)	PUNCT
gujaf-366	155	14	0.000	0.000	NUM
gujaf-366	155	15	0.011	0.011	NUM
gujaf-366	155	16	*	*	PUNCT
gujaf-366	155	17	*	*	PUNCT
gujaf-366	155	18	*	*	PUNCT
gujaf-366	155	19	(	(	PUNCT
gujaf-366	155	20	0.002	0.002	NUM
gujaf-366	155	21	)	)	PUNCT
gujaf-366	155	22	0.000	0.000	NUM
gujaf-366	155	23	constant	constant	ADJ
gujaf-366	155	24	-0.120	-0.120	NOUN
gujaf-366	155	25	*	*	PUNCT
gujaf-366	155	26	*	*	PUNCT
gujaf-366	155	27	(	(	PUNCT
gujaf-366	155	28	0.051	0.051	NUM
gujaf-366	155	29	)	)	PUNCT
gujaf-366	155	30	0.019	0.019	NUM
gujaf-366	155	31	-0.110	-0.110	NOUN
gujaf-366	155	32	*	*	PUNCT
gujaf-366	155	33	*	*	PUNCT
gujaf-366	155	34	(	(	PUNCT
gujaf-366	155	35	0.048	0.048	NUM
gujaf-366	155	36	)	)	PUNCT
gujaf-366	155	37	0.024	0.024	NUM
gujaf-366	155	38	r	r	NOUN
gujaf-366	155	39	-	-	PUNCT
gujaf-366	155	40	squared	square	VERB
gujaf-366	155	41	0.37	0.37	NUM
gujaf-366	155	42	0.43	0.43	NUM
gujaf-366	155	43	source	source	NOUN
gujaf-366	155	44	:	:	PUNCT
gujaf-366	155	45	author	author	NOUN
gujaf-366	155	46	(	(	PUNCT
gujaf-366	155	47	2025	2025	NUM
gujaf-366	155	48	)	)	PUNCT
gujaf-366	155	49	policy	policy	NOUN
gujaf-366	155	50	implications	implication	NOUN
gujaf-366	155	51	the	the	DET
gujaf-366	155	52	findings	finding	NOUN
gujaf-366	155	53	of	of	ADP
gujaf-366	155	54	this	this	DET
gujaf-366	155	55	study	study	NOUN
gujaf-366	155	56	reveal	reveal	VERB
gujaf-366	155	57	a	a	DET
gujaf-366	155	58	non	non	ADJ
gujaf-366	155	59	-	-	ADJ
gujaf-366	155	60	linear	linear	ADJ
gujaf-366	155	61	(	(	PUNCT
gujaf-366	155	62	inverted	invert	VERB
gujaf-366	155	63	u	u	NOUN
gujaf-366	155	64	-	-	ADJ
gujaf-366	155	65	shaped	shaped	ADJ
gujaf-366	155	66	)	)	PUNCT
gujaf-366	155	67	relationship	relationship	NOUN
gujaf-366	155	68	between	between	ADP
gujaf-366	155	69	wcm	wcm	NOUN
gujaf-366	155	70	,	,	PUNCT
gujaf-366	155	71	measured	measure	VERB
gujaf-366	155	72	via	via	ADP
gujaf-366	155	73	the	the	DET
gujaf-366	155	74	cash	cash	NOUN
gujaf-366	155	75	conversion	conversion	NOUN
gujaf-366	155	76	cycle	cycle	NOUN
gujaf-366	155	77	(	(	PUNCT
gujaf-366	155	78	ccc	ccc	PROPN
gujaf-366	155	79	)	)	PUNCT
gujaf-366	155	80	,	,	PUNCT
gujaf-366	155	81	and	and	CCONJ
gujaf-366	155	82	firm	firm	ADJ
gujaf-366	155	83	profitability	profitability	NOUN
gujaf-366	155	84	hgfs	hgfs	NOUN
gujaf-366	155	85	in	in	ADP
gujaf-366	155	86	nigeria	nigeria	PROPN
gujaf-366	155	87	.	.	PUNCT
gujaf-366	156	1	this	this	PRON
gujaf-366	156	2	has	have	VERB
gujaf-366	156	3	multifaceted	multifaceted	ADJ
gujaf-366	156	4	implications	implication	NOUN
gujaf-366	156	5	for	for	ADP
gujaf-366	156	6	firm	firm	ADJ
gujaf-366	156	7	-	-	PUNCT
gujaf-366	156	8	level	level	NOUN
gujaf-366	156	9	financial	financial	ADJ
gujaf-366	156	10	strategy	strategy	NOUN
gujaf-366	156	11	,	,	PUNCT
gujaf-366	156	12	institutional	institutional	ADJ
gujaf-366	156	13	financing	financing	NOUN
gujaf-366	156	14	policies	policy	NOUN
gujaf-366	156	15	,	,	PUNCT
gujaf-366	156	16	and	and	CCONJ
gujaf-366	156	17	broader	broad	ADJ
gujaf-366	156	18	economic	economic	ADJ
gujaf-366	156	19	development	development	NOUN
gujaf-366	156	20	agendas	agenda	NOUN
gujaf-366	156	21	.	.	PUNCT
gujaf-366	157	1	first	first	ADV
gujaf-366	157	2	,	,	PUNCT
gujaf-366	157	3	the	the	DET
gujaf-366	157	4	evidence	evidence	NOUN
gujaf-366	157	5	that	that	SCONJ
gujaf-366	157	6	profitability	profitability	NOUN
gujaf-366	157	7	increases	increase	VERB
gujaf-366	157	8	with	with	ADP
gujaf-366	157	9	efficient	efficient	ADJ
gujaf-366	157	10	wcm	wcm	NOUN
gujaf-366	157	11	up	up	ADP
gujaf-366	157	12	to	to	ADP
gujaf-366	157	13	an	an	DET
gujaf-366	157	14	optimal	optimal	ADJ
gujaf-366	157	15	threshold	threshold	NOUN
gujaf-366	157	16	before	before	ADP
gujaf-366	157	17	diminishing	diminishing	NOUN
gujaf-366	157	18	suggests	suggest	VERB
gujaf-366	157	19	that	that	SCONJ
gujaf-366	157	20	nigerian	nigerian	ADJ
gujaf-366	157	21	hgfs	hgf	NOUN
gujaf-366	157	22	must	must	AUX
gujaf-366	157	23	pursue	pursue	VERB
gujaf-366	157	24	a	a	DET
gujaf-366	157	25	balanced	balanced	ADJ
gujaf-366	157	26	wcm	wcm	NOUN
gujaf-366	157	27	strategy	strategy	NOUN
gujaf-366	157	28	,	,	PUNCT
gujaf-366	157	29	rather	rather	ADV
gujaf-366	157	30	than	than	ADP
gujaf-366	157	31	seeking	seek	VERB
gujaf-366	157	32	to	to	PART
gujaf-366	157	33	minimize	minimize	VERB
gujaf-366	157	34	or	or	CCONJ
gujaf-366	157	35	maximize	maximize	VERB
gujaf-366	157	36	working	working	NOUN
gujaf-366	157	37	capital	capital	NOUN
gujaf-366	157	38	outright	outright	ADV
gujaf-366	157	39	.	.	PUNCT
gujaf-366	158	1	this	this	PRON
gujaf-366	158	2	aligns	align	VERB
gujaf-366	158	3	with	with	ADP
gujaf-366	158	4	prior	prior	ADJ
gujaf-366	158	5	studies	study	NOUN
gujaf-366	158	6	such	such	ADJ
gujaf-366	158	7	as	as	ADP
gujaf-366	158	8	baños	baños	PROPN
gujaf-366	158	9	-	-	PUNCT
gujaf-366	158	10	caballero	caballero	PROPN
gujaf-366	158	11	et	et	PROPN
gujaf-366	158	12	al	al	PROPN
gujaf-366	158	13	.	.	PROPN
gujaf-366	159	1	(	(	PUNCT
gujaf-366	159	2	2014	2014	NUM
gujaf-366	159	3	)	)	PUNCT
gujaf-366	159	4	,	,	PUNCT
gujaf-366	159	5	who	who	PRON
gujaf-366	159	6	demonstrated	demonstrate	VERB
gujaf-366	159	7	a	a	DET
gujaf-366	159	8	similar	similar	ADJ
gujaf-366	159	9	inverted	inverted	ADJ
gujaf-366	159	10	u	u	ADJ
gujaf-366	159	11	-	-	ADJ
gujaf-366	159	12	shaped	shape	VERB
gujaf-366	159	13	dynamic	dynamic	NOUN
gujaf-366	159	14	among	among	ADP
gujaf-366	159	15	european	european	ADJ
gujaf-366	159	16	smes	sme	NOUN
gujaf-366	159	17	and	and	CCONJ
gujaf-366	159	18	supports	support	VERB
gujaf-366	159	19	the	the	DET
gujaf-366	159	20	view	view	NOUN
gujaf-366	159	21	that	that	SCONJ
gujaf-366	159	22	excessive	excessive	ADJ
gujaf-366	159	23	liquidity	liquidity	NOUN
gujaf-366	159	24	can	can	AUX
gujaf-366	159	25	be	be	AUX
gujaf-366	159	26	as	as	ADV
gujaf-366	159	27	detrimental	detrimental	ADJ
gujaf-366	159	28	as	as	ADP
gujaf-366	159	29	inadequate	inadequate	ADJ
gujaf-366	159	30	liquidity	liquidity	NOUN
gujaf-366	159	31	.	.	PUNCT
gujaf-366	160	1	nigerian	nigerian	ADJ
gujaf-366	160	2	firm	firm	NOUN
gujaf-366	160	3	managers	manager	NOUN
gujaf-366	160	4	,	,	PUNCT
gujaf-366	160	5	particularly	particularly	ADV
gujaf-366	160	6	in	in	ADP
gujaf-366	160	7	capital	capital	NOUN
gujaf-366	160	8	-	-	PUNCT
gujaf-366	160	9	constrained	constrain	VERB
gujaf-366	160	10	environments	environment	NOUN
gujaf-366	160	11	,	,	PUNCT
gujaf-366	160	12	should	should	AUX
gujaf-366	160	13	thus	thus	ADV
gujaf-366	160	14	avoid	avoid	VERB
gujaf-366	160	15	overinvestment	overinvestment	ADJ
gujaf-366	160	16	in	in	ADP
gujaf-366	160	17	inventory	inventory	NOUN
gujaf-366	160	18	or	or	CCONJ
gujaf-366	160	19	excessive	excessive	ADJ
gujaf-366	160	20	trade	trade	NOUN
gujaf-366	160	21	credit	credit	NOUN
gujaf-366	160	22	policies	policy	NOUN
gujaf-366	160	23	,	,	PUNCT
gujaf-366	160	24	which	which	PRON
gujaf-366	160	25	could	could	AUX
gujaf-366	160	26	lock	lock	VERB
gujaf-366	160	27	up	up	ADP
gujaf-366	160	28	capital	capital	NOUN
gujaf-366	160	29	unnecessarily	unnecessarily	ADV
gujaf-366	160	30	and	and	CCONJ
gujaf-366	160	31	erode	erode	VERB
gujaf-366	160	32	profitability	profitability	NOUN
gujaf-366	160	33	(	(	PUNCT
gujaf-366	160	34	aktas	akta	NOUN
gujaf-366	160	35	et	et	PROPN
gujaf-366	160	36	al	al	PROPN
gujaf-366	160	37	.	.	PROPN
gujaf-366	160	38	,	,	PUNCT
gujaf-366	160	39	2015	2015	NUM
gujaf-366	160	40	;	;	PUNCT
gujaf-366	160	41	gill	gill	NOUN
gujaf-366	160	42	et	et	PROPN
gujaf-366	160	43	al	al	PROPN
gujaf-366	160	44	.	.	PROPN
gujaf-366	160	45	,	,	PUNCT
gujaf-366	160	46	2020	2020	NUM
gujaf-366	160	47	)	)	PUNCT
gujaf-366	160	48	.	.	PUNCT
gujaf-366	161	1	to	to	PART
gujaf-366	161	2	operationalize	operationalize	VERB
gujaf-366	161	3	this	this	PRON
gujaf-366	161	4	,	,	PUNCT
gujaf-366	161	5	firms	firm	NOUN
gujaf-366	161	6	should	should	AUX
gujaf-366	161	7	adopt	adopt	VERB
gujaf-366	161	8	dynamic	dynamic	ADJ
gujaf-366	161	9	wcm	wcm	NOUN
gujaf-366	161	10	models	model	NOUN
gujaf-366	161	11	,	,	PUNCT
gujaf-366	161	12	leveraging	leverage	VERB
gujaf-366	161	13	predictive	predictive	ADJ
gujaf-366	161	14	analytics	analytic	NOUN
gujaf-366	161	15	and	and	CCONJ
gujaf-366	161	16	rolling	roll	VERB
gujaf-366	161	17	forecasts	forecast	NOUN
gujaf-366	161	18	to	to	PART
gujaf-366	161	19	determine	determine	VERB
gujaf-366	161	20	the	the	DET
gujaf-366	161	21	optimal	optimal	ADJ
gujaf-366	161	22	ccc	ccc	NOUN
gujaf-366	161	23	thresholds	threshold	VERB
gujaf-366	161	24	for	for	ADP
gujaf-366	161	25	their	their	PRON
gujaf-366	161	26	specific	specific	ADJ
gujaf-366	161	27	industries	industry	NOUN
gujaf-366	161	28	and	and	CCONJ
gujaf-366	161	29	market	market	NOUN
gujaf-366	161	30	conditions	condition	NOUN
gujaf-366	161	31	.	.	PUNCT
gujaf-366	162	1	training	train	VERB
gujaf-366	162	2	finance	finance	NOUN
gujaf-366	162	3	managers	manager	NOUN
gujaf-366	162	4	in	in	ADP
gujaf-366	162	5	data	data	NOUN
gujaf-366	162	6	-	-	PUNCT
gujaf-366	162	7	driven	drive	VERB
gujaf-366	162	8	inventory	inventory	NOUN
gujaf-366	162	9	,	,	PUNCT
gujaf-366	162	10	receivables	receivables	NOUN
gujaf-366	162	11	,	,	PUNCT
gujaf-366	162	12	and	and	CCONJ
gujaf-366	162	13	payables	payable	NOUN
gujaf-366	162	14	management	management	NOUN
gujaf-366	162	15	could	could	AUX
gujaf-366	162	16	improve	improve	VERB
gujaf-366	162	17	internal	internal	ADJ
gujaf-366	162	18	cash	cash	NOUN
gujaf-366	162	19	flow	flow	NOUN
gujaf-366	162	20	efficiency	efficiency	NOUN
gujaf-366	162	21	,	,	PUNCT
gujaf-366	162	22	reducing	reduce	VERB
gujaf-366	162	23	reliance	reliance	NOUN
gujaf-366	162	24	on	on	ADP
gujaf-366	162	25	external	external	ADJ
gujaf-366	162	26	short	short	ADJ
gujaf-366	162	27	-	-	PUNCT
gujaf-366	162	28	term	term	NOUN
gujaf-366	162	29	financing	financing	NOUN
gujaf-366	162	30	.	.	PUNCT
gujaf-366	163	1	second	second	ADJ
gujaf-366	163	2	,	,	PUNCT
gujaf-366	163	3	the	the	DET
gujaf-366	163	4	persistent	persistent	ADJ
gujaf-366	163	5	negative	negative	ADJ
gujaf-366	163	6	impact	impact	NOUN
gujaf-366	163	7	of	of	ADP
gujaf-366	163	8	leverage	leverage	NOUN
gujaf-366	163	9	across	across	ADP
gujaf-366	163	10	models	model	NOUN
gujaf-366	163	11	indicates	indicate	VERB
gujaf-366	163	12	that	that	SCONJ
gujaf-366	163	13	nigerian	nigerian	ADJ
gujaf-366	163	14	hgfs	hgf	NOUN
gujaf-366	163	15	remain	remain	VERB
gujaf-366	163	16	financially	financially	ADV
gujaf-366	163	17	vulnerable	vulnerable	ADJ
gujaf-366	163	18	to	to	ADP
gujaf-366	163	19	excessive	excessive	ADJ
gujaf-366	163	20	debt	debt	NOUN
gujaf-366	163	21	exposure	exposure	NOUN
gujaf-366	163	22	,	,	PUNCT
gujaf-366	163	23	particularly	particularly	ADV
gujaf-366	163	24	short	short	ADJ
gujaf-366	163	25	-	-	PUNCT
gujaf-366	163	26	term	term	NOUN
gujaf-366	163	27	borrowing	borrowing	NOUN
gujaf-366	163	28	.	.	PUNCT
gujaf-366	164	1	this	this	PRON
gujaf-366	164	2	reinforces	reinforce	VERB
gujaf-366	164	3	the	the	DET
gujaf-366	164	4	need	need	NOUN
gujaf-366	164	5	for	for	ADP
gujaf-366	164	6	development	development	NOUN
gujaf-366	164	7	banks	bank	NOUN
gujaf-366	164	8	and	and	CCONJ
gujaf-366	164	9	commercial	commercial	ADJ
gujaf-366	164	10	lenders	lender	NOUN
gujaf-366	164	11	to	to	PART
gujaf-366	164	12	design	design	VERB
gujaf-366	164	13	customized	customize	VERB
gujaf-366	164	14	financial	financial	ADJ
gujaf-366	164	15	products	product	NOUN
gujaf-366	164	16	that	that	PRON
gujaf-366	164	17	are	be	AUX
gujaf-366	164	18	aligned	align	VERB
gujaf-366	164	19	with	with	ADP
gujaf-366	164	20	the	the	DET
gujaf-366	164	21	cash	cash	NOUN
gujaf-366	164	22	flow	flow	NOUN
gujaf-366	164	23	cycles	cycle	NOUN
gujaf-366	164	24	of	of	ADP
gujaf-366	164	25	high	high	ADJ
gujaf-366	164	26	-	-	PUNCT
gujaf-366	164	27	growth	growth	NOUN
gujaf-366	164	28	sectors	sector	NOUN
gujaf-366	164	29	.	.	PUNCT
gujaf-366	165	1	literature	literature	NOUN
gujaf-366	165	2	from	from	ADP
gujaf-366	165	3	ghana	ghana	PROPN
gujaf-366	165	4	(	(	PUNCT
gujaf-366	165	5	amoako	amoako	NOUN
gujaf-366	165	6	-	-	PUNCT
gujaf-366	165	7	adu	adu	NOUN
gujaf-366	165	8	et	et	PROPN
gujaf-366	165	9	al	al	PROPN
gujaf-366	165	10	.	.	PROPN
gujaf-366	165	11	,	,	PUNCT
gujaf-366	165	12	2022	2022	NUM
gujaf-366	165	13	)	)	PUNCT
gujaf-366	165	14	and	and	CCONJ
gujaf-366	165	15	south	south	PROPN
gujaf-366	165	16	africa	africa	PROPN
gujaf-366	165	17	(	(	PUNCT
gujaf-366	165	18	nyoni	nyoni	VERB
gujaf-366	165	19	,	,	PUNCT
gujaf-366	165	20	2021	2021	NUM
gujaf-366	165	21	)	)	PUNCT
gujaf-366	165	22	shows	show	VERB
gujaf-366	165	23	that	that	SCONJ
gujaf-366	165	24	firms	firm	NOUN
gujaf-366	165	25	in	in	ADP
gujaf-366	165	26	transitional	transitional	ADJ
gujaf-366	165	27	economies	economy	NOUN
gujaf-366	165	28	often	often	ADV
gujaf-366	165	29	face	face	VERB
gujaf-366	165	30	liquidity	liquidity	NOUN
gujaf-366	165	31	shocks	shock	NOUN
gujaf-366	165	32	not	not	PART
gujaf-366	165	33	because	because	SCONJ
gujaf-366	165	34	of	of	ADP
gujaf-366	165	35	low	low	ADJ
gujaf-366	165	36	profitability	profitability	NOUN
gujaf-366	165	37	but	but	CCONJ
gujaf-366	165	38	due	due	ADP
gujaf-366	165	39	to	to	ADP
gujaf-366	165	40	poor	poor	ADJ
gujaf-366	165	41	alignment	alignment	NOUN
gujaf-366	165	42	between	between	ADP
gujaf-366	165	43	credit	credit	NOUN
gujaf-366	165	44	terms	term	NOUN
gujaf-366	165	45	and	and	CCONJ
gujaf-366	165	46	wcm	wcm	NOUN
gujaf-366	165	47	cycles	cycle	NOUN
gujaf-366	165	48	.	.	PUNCT
gujaf-366	166	1	consequently	consequently	ADV
gujaf-366	166	2	,	,	PUNCT
gujaf-366	166	3	credit	credit	NOUN
gujaf-366	166	4	facilities	facility	NOUN
gujaf-366	166	5	such	such	ADJ
gujaf-366	166	6	as	as	ADP
gujaf-366	166	7	receivables	receivables	NOUN
gujaf-366	166	8	-	-	PUNCT
gujaf-366	166	9	backed	back	VERB
gujaf-366	166	10	lending	lending	NOUN
gujaf-366	166	11	,	,	PUNCT
gujaf-366	166	12	supplier	supplier	NOUN
gujaf-366	166	13	finance	finance	NOUN
gujaf-366	166	14	programs	program	NOUN
gujaf-366	166	15	,	,	PUNCT
gujaf-366	166	16	or	or	CCONJ
gujaf-366	166	17	revolving	revolve	VERB
gujaf-366	166	18	credit	credit	NOUN
gujaf-366	166	19	lines	line	NOUN
gujaf-366	166	20	could	could	AUX
gujaf-366	166	21	be	be	AUX
gujaf-366	166	22	prioritized	prioritize	VERB
gujaf-366	166	23	.	.	PUNCT
gujaf-366	167	1	moreover	moreover	ADV
gujaf-366	167	2	,	,	PUNCT
gujaf-366	167	3	development	development	NOUN
gujaf-366	167	4	finance	finance	NOUN
gujaf-366	167	5	institutions	institution	NOUN
gujaf-366	167	6	(	(	PUNCT
gujaf-366	167	7	dfis	dfis	ADJ
gujaf-366	167	8	)	)	PUNCT
gujaf-366	167	9	should	should	AUX
gujaf-366	167	10	support	support	VERB
gujaf-366	167	11	financial	financial	ADJ
gujaf-366	167	12	literacy	literacy	NOUN
gujaf-366	167	13	and	and	CCONJ
gujaf-366	167	14	working	work	VERB
gujaf-366	167	15	capital	capital	NOUN
gujaf-366	167	16	diagnostics	diagnostic	NOUN
gujaf-366	167	17	for	for	ADP
gujaf-366	167	18	smes	sme	NOUN
gujaf-366	167	19	and	and	CCONJ
gujaf-366	167	20	hgfs	hgf	NOUN
gujaf-366	167	21	to	to	PART
gujaf-366	167	22	optimize	optimize	VERB
gujaf-366	167	23	loan	loan	NOUN
gujaf-366	167	24	utilization	utilization	NOUN
gujaf-366	167	25	and	and	CCONJ
gujaf-366	167	26	reduce	reduce	VERB
gujaf-366	167	27	credit	credit	NOUN
gujaf-366	167	28	risk	risk	NOUN
gujaf-366	167	29	.	.	PUNCT
gujaf-366	168	1	third	third	ADJ
gujaf-366	168	2	,	,	PUNCT
gujaf-366	168	3	the	the	DET
gujaf-366	168	4	evidence	evidence	NOUN
gujaf-366	168	5	of	of	ADP
gujaf-366	168	6	stronger	strong	ADJ
gujaf-366	168	7	wcm	wcm	NOUN
gujaf-366	168	8	,	,	PUNCT
gujaf-366	168	9	profitability	profitability	NOUN
gujaf-366	168	10	dynamics	dynamic	NOUN
gujaf-366	168	11	in	in	ADP
gujaf-366	168	12	the	the	DET
gujaf-366	168	13	post-2015	post-2015	ADJ
gujaf-366	168	14	period	period	NOUN
gujaf-366	168	15	suggests	suggest	VERB
gujaf-366	168	16	that	that	SCONJ
gujaf-366	168	17	macroeconomic	macroeconomic	ADJ
gujaf-366	168	18	volatility	volatility	NOUN
gujaf-366	168	19	,	,	PUNCT
gujaf-366	168	20	such	such	ADJ
gujaf-366	168	21	as	as	ADP
gujaf-366	168	22	the	the	DET
gujaf-366	168	23	2015	2015	NUM
gujaf-366	168	24	oil	oil	NOUN
gujaf-366	168	25	price	price	NOUN
gujaf-366	168	26	crash	crash	NOUN
gujaf-366	168	27	and	and	CCONJ
gujaf-366	168	28	currency	currency	NOUN
gujaf-366	168	29	devaluation	devaluation	NOUN
gujaf-366	168	30	,	,	PUNCT
gujaf-366	168	31	has	have	AUX
gujaf-366	168	32	heightened	heighten	VERB
gujaf-366	168	33	the	the	DET
gujaf-366	168	34	importance	importance	NOUN
gujaf-366	168	35	of	of	ADP
gujaf-366	168	36	efficient	efficient	ADJ
gujaf-366	168	37	internal	internal	ADJ
gujaf-366	168	38	capital	capital	NOUN
gujaf-366	168	39	management	management	NOUN
gujaf-366	168	40	.	.	PUNCT
gujaf-366	169	1	this	this	PRON
gujaf-366	169	2	reflects	reflect	VERB
gujaf-366	169	3	a	a	DET
gujaf-366	169	4	broader	broad	ADJ
gujaf-366	169	5	pattern	pattern	NOUN
gujaf-366	169	6	seen	see	VERB
gujaf-366	169	7	in	in	ADP
gujaf-366	169	8	postcrisis	postcrisis	NOUN
gujaf-366	169	9	economies	economy	NOUN
gujaf-366	169	10	,	,	PUNCT
gujaf-366	169	11	where	where	SCONJ
gujaf-366	169	12	tighter	tight	ADJ
gujaf-366	169	13	credit	credit	NOUN
gujaf-366	169	14	markets	market	NOUN
gujaf-366	169	15	increase	increase	VERB
gujaf-366	169	16	the	the	DET
gujaf-366	169	17	reliance	reliance	NOUN
gujaf-366	169	18	on	on	ADP
gujaf-366	169	19	internal	internal	ADJ
gujaf-366	169	20	financing	financing	NOUN
gujaf-366	169	21	to	to	PART
gujaf-366	169	22	sustain	sustain	VERB
gujaf-366	169	23	growth	growth	NOUN
gujaf-366	169	24	(	(	PUNCT
gujaf-366	169	25	mateut	mateut	NOUN
gujaf-366	169	26	&	&	CCONJ
gujaf-366	169	27	zanchettin	zanchettin	NOUN
gujaf-366	169	28	,	,	PUNCT
gujaf-366	169	29	2020	2020	NUM
gujaf-366	169	30	)	)	PUNCT
gujaf-366	169	31	.	.	PUNCT
gujaf-366	170	1	policymakers	policymaker	NOUN
gujaf-366	170	2	should	should	AUX
gujaf-366	170	3	,	,	PUNCT
gujaf-366	170	4	therefore	therefore	ADV
gujaf-366	170	5	,	,	PUNCT
gujaf-366	170	6	view	view	VERB
gujaf-366	170	7	wcm	wcm	NOUN
gujaf-366	170	8	not	not	PART
gujaf-366	170	9	merely	merely	ADV
gujaf-366	170	10	as	as	ADP
gujaf-366	170	11	a	a	DET
gujaf-366	170	12	firm	firm	ADJ
gujaf-366	170	13	-	-	PUNCT
gujaf-366	170	14	level	level	NOUN
gujaf-366	170	15	issue	issue	NOUN
gujaf-366	170	16	but	but	CCONJ
gujaf-366	170	17	as	as	ADP
gujaf-366	170	18	a	a	DET
gujaf-366	170	19	strategic	strategic	ADJ
gujaf-366	170	20	macroprudential	macroprudential	ADJ
gujaf-366	170	21	lever	lever	NOUN
gujaf-366	170	22	for	for	ADP
gujaf-366	170	23	enhancing	enhance	VERB
gujaf-366	170	24	private	private	ADJ
gujaf-366	170	25	sector	sector	NOUN
gujaf-366	170	26	resilience	resilience	NOUN
gujaf-366	170	27	.	.	PUNCT
gujaf-366	171	1	in	in	ADP
gujaf-366	171	2	this	this	DET
gujaf-366	171	3	regard	regard	NOUN
gujaf-366	171	4	,	,	PUNCT
gujaf-366	171	5	the	the	DET
gujaf-366	171	6	central	central	ADJ
gujaf-366	171	7	bank	bank	PROPN
gujaf-366	171	8	of	of	ADP
gujaf-366	171	9	nigeria	nigeria	PROPN
gujaf-366	171	10	(	(	PUNCT
gujaf-366	171	11	cbn	cbn	PROPN
gujaf-366	171	12	)	)	PUNCT
gujaf-366	171	13	and	and	CCONJ
gujaf-366	171	14	ministry	ministry	PROPN
gujaf-366	171	15	of	of	ADP
gujaf-366	171	16	industry	industry	NOUN
gujaf-366	171	17	,	,	PUNCT
gujaf-366	171	18	trade	trade	NOUN
gujaf-366	171	19	and	and	CCONJ
gujaf-366	171	20	investment	investment	NOUN
gujaf-366	171	21	can	can	AUX
gujaf-366	171	22	incorporate	incorporate	VERB
gujaf-366	171	23	working	work	VERB
gujaf-366	171	24	capital	capital	NOUN
gujaf-366	171	25	efficiency	efficiency	NOUN
gujaf-366	171	26	metrics	metric	NOUN
gujaf-366	171	27	into	into	ADP
gujaf-366	171	28	sme	sme	NOUN
gujaf-366	171	29	funding	funding	NOUN
gujaf-366	171	30	eligibility	eligibility	NOUN
gujaf-366	171	31	criteria	criterion	NOUN
gujaf-366	171	32	,	,	PUNCT
gujaf-366	171	33	and	and	CCONJ
gujaf-366	171	34	incentivize	incentivize	VERB
gujaf-366	171	35	firms	firm	NOUN
gujaf-366	171	36	that	that	PRON
gujaf-366	171	37	achieve	achieve	VERB
gujaf-366	171	38	optimal	optimal	ADJ
gujaf-366	171	39	ccc	ccc	PROPN
gujaf-366	171	40	levels	level	NOUN
gujaf-366	171	41	.	.	PUNCT
gujaf-366	172	1	additionally	additionally	ADV
gujaf-366	172	2	,	,	PUNCT
gujaf-366	172	3	improving	improve	VERB
gujaf-366	172	4	trade	trade	NOUN
gujaf-366	172	5	infrastructure	infrastructure	NOUN
gujaf-366	172	6	,	,	PUNCT
gujaf-366	172	7	reducing	reduce	VERB
gujaf-366	172	8	customs	custom	NOUN
gujaf-366	172	9	delays	delay	NOUN
gujaf-366	172	10	,	,	PUNCT
gujaf-366	172	11	and	and	CCONJ
gujaf-366	172	12	investing	invest	VERB
gujaf-366	172	13	in	in	ADP
gujaf-366	172	14	digital	digital	ADJ
gujaf-366	172	15	supply	supply	NOUN
gujaf-366	172	16	chains	chain	NOUN
gujaf-366	172	17	can	can	AUX
gujaf-366	172	18	shorten	shorten	VERB
gujaf-366	172	19	receivable	receivable	ADJ
gujaf-366	172	20	and	and	CCONJ
gujaf-366	172	21	inventory	inventory	NOUN
gujaf-366	172	22	cycles	cycle	NOUN
gujaf-366	172	23	,	,	PUNCT
gujaf-366	172	24	gusau	gusau	ADJ
gujaf-366	172	25	journal	journal	NOUN
gujaf-366	172	26	of	of	ADP
gujaf-366	172	27	accounting	accounting	NOUN
gujaf-366	172	28	and	and	CCONJ
gujaf-366	172	29	finance	finance	NOUN
gujaf-366	172	30	,	,	PUNCT
gujaf-366	172	31	vol.6	vol.6	PROPN
gujaf-366	172	32	,	,	PUNCT
gujaf-366	172	33	issue	issue	NOUN
gujaf-366	172	34	1	1	NUM
gujaf-366	172	35	,	,	PUNCT
gujaf-366	172	36	april	april	PROPN
gujaf-366	172	37	,	,	PUNCT
gujaf-366	172	38	2025	2025	NUM
gujaf-366	172	39	47	47	NUM
gujaf-366	172	40	reducing	reduce	VERB
gujaf-366	172	41	systemic	systemic	ADJ
gujaf-366	172	42	liquidity	liquidity	NOUN
gujaf-366	172	43	traps	trap	NOUN
gujaf-366	172	44	in	in	ADP
gujaf-366	172	45	the	the	DET
gujaf-366	172	46	real	real	ADJ
gujaf-366	172	47	economy	economy	NOUN
gujaf-366	172	48	.	.	PUNCT
gujaf-366	173	1	the	the	DET
gujaf-366	173	2	industry	industry	NOUN
gujaf-366	173	3	-	-	PUNCT
gujaf-366	173	4	level	level	NOUN
gujaf-366	173	5	results	result	NOUN
gujaf-366	173	6	demonstrate	demonstrate	VERB
gujaf-366	173	7	that	that	SCONJ
gujaf-366	173	8	ccc	ccc	PROPN
gujaf-366	173	9	thresholds	threshold	VERB
gujaf-366	173	10	vary	vary	VERB
gujaf-366	173	11	between	between	ADP
gujaf-366	173	12	manufacturing	manufacturing	NOUN
gujaf-366	173	13	and	and	CCONJ
gujaf-366	173	14	services	service	NOUN
gujaf-366	173	15	,	,	PUNCT
gujaf-366	173	16	reflecting	reflect	VERB
gujaf-366	173	17	structural	structural	ADJ
gujaf-366	173	18	differences	difference	NOUN
gujaf-366	173	19	in	in	ADP
gujaf-366	173	20	inventory	inventory	NOUN
gujaf-366	173	21	cycles	cycle	NOUN
gujaf-366	173	22	,	,	PUNCT
gujaf-366	173	23	production	production	NOUN
gujaf-366	173	24	lags	lag	NOUN
gujaf-366	173	25	,	,	PUNCT
gujaf-366	173	26	and	and	CCONJ
gujaf-366	173	27	trade	trade	NOUN
gujaf-366	173	28	credit	credit	NOUN
gujaf-366	173	29	usage	usage	NOUN
gujaf-366	173	30	.	.	PUNCT
gujaf-366	174	1	manufacturing	manufacturing	NOUN
gujaf-366	174	2	firms	firm	NOUN
gujaf-366	174	3	,	,	PUNCT
gujaf-366	174	4	which	which	PRON
gujaf-366	174	5	typically	typically	ADV
gujaf-366	174	6	have	have	VERB
gujaf-366	174	7	longer	long	ADJ
gujaf-366	174	8	operational	operational	ADJ
gujaf-366	174	9	cycles	cycle	NOUN
gujaf-366	174	10	,	,	PUNCT
gujaf-366	174	11	tolerate	tolerate	VERB
gujaf-366	174	12	longer	long	ADJ
gujaf-366	174	13	cccs	cccs	NOUN
gujaf-366	174	14	before	before	SCONJ
gujaf-366	174	15	profitability	profitability	NOUN
gujaf-366	174	16	declines	decline	VERB
gujaf-366	174	17	.	.	PUNCT
gujaf-366	175	1	this	this	PRON
gujaf-366	175	2	echoes	echo	VERB
gujaf-366	175	3	findings	finding	NOUN
gujaf-366	175	4	from	from	ADP
gujaf-366	175	5	china	china	PROPN
gujaf-366	175	6	(	(	PUNCT
gujaf-366	175	7	wang	wang	PROPN
gujaf-366	175	8	&	&	CCONJ
gujaf-366	175	9	ding	ding	PROPN
gujaf-366	175	10	,	,	PUNCT
gujaf-366	175	11	2022	2022	NUM
gujaf-366	175	12	)	)	PUNCT
gujaf-366	175	13	and	and	CCONJ
gujaf-366	175	14	turkey	turkey	NOUN
gujaf-366	175	15	(	(	PUNCT
gujaf-366	175	16	demirgüç	demirgüç	PROPN
gujaf-366	175	17	-	-	PUNCT
gujaf-366	175	18	kunt	kunt	PROPN
gujaf-366	175	19	et	et	PROPN
gujaf-366	175	20	al	al	PROPN
gujaf-366	175	21	.	.	PROPN
gujaf-366	175	22	,	,	PUNCT
gujaf-366	175	23	2021	2021	NUM
gujaf-366	175	24	)	)	PUNCT
gujaf-366	175	25	,	,	PUNCT
gujaf-366	175	26	where	where	SCONJ
gujaf-366	175	27	sector	sector	NOUN
gujaf-366	175	28	-	-	PUNCT
gujaf-366	175	29	specific	specific	ADJ
gujaf-366	175	30	wcm	wcm	NOUN
gujaf-366	175	31	policies	policy	NOUN
gujaf-366	175	32	were	be	AUX
gujaf-366	175	33	shown	show	VERB
gujaf-366	175	34	to	to	PART
gujaf-366	175	35	improve	improve	VERB
gujaf-366	175	36	performance	performance	NOUN
gujaf-366	175	37	in	in	ADP
gujaf-366	175	38	hgfs	hgfs	NOUN
gujaf-366	175	39	.	.	PUNCT
gujaf-366	176	1	therefore	therefore	ADV
gujaf-366	176	2	,	,	PUNCT
gujaf-366	176	3	nigerian	nigerian	ADJ
gujaf-366	176	4	policymakers	policymaker	NOUN
gujaf-366	176	5	should	should	AUX
gujaf-366	176	6	adopt	adopt	VERB
gujaf-366	176	7	sector	sector	NOUN
gujaf-366	176	8	-	-	PUNCT
gujaf-366	176	9	sensitive	sensitive	ADJ
gujaf-366	176	10	financial	financial	ADJ
gujaf-366	176	11	regulations	regulation	NOUN
gujaf-366	176	12	and	and	CCONJ
gujaf-366	176	13	capacitybuilding	capacitybuilde	VERB
gujaf-366	176	14	programs	program	NOUN
gujaf-366	176	15	.	.	PUNCT
gujaf-366	177	1	for	for	ADP
gujaf-366	177	2	instance	instance	NOUN
gujaf-366	177	3	,	,	PUNCT
gujaf-366	177	4	manufacturing	manufacturing	NOUN
gujaf-366	177	5	-	-	PUNCT
gujaf-366	177	6	focused	focus	VERB
gujaf-366	177	7	programs	program	NOUN
gujaf-366	177	8	could	could	AUX
gujaf-366	177	9	emphasize	emphasize	VERB
gujaf-366	177	10	supply	supply	NOUN
gujaf-366	177	11	chain	chain	NOUN
gujaf-366	177	12	digitization	digitization	NOUN
gujaf-366	177	13	and	and	CCONJ
gujaf-366	177	14	inventory	inventory	NOUN
gujaf-366	177	15	optimization	optimization	NOUN
gujaf-366	177	16	,	,	PUNCT
gujaf-366	177	17	while	while	SCONJ
gujaf-366	177	18	service	service	NOUN
gujaf-366	177	19	-	-	PUNCT
gujaf-366	177	20	based	base	VERB
gujaf-366	177	21	firms	firm	NOUN
gujaf-366	177	22	may	may	AUX
gujaf-366	177	23	benefit	benefit	VERB
gujaf-366	177	24	more	more	ADV
gujaf-366	177	25	from	from	ADP
gujaf-366	177	26	credit	credit	NOUN
gujaf-366	177	27	scoring	scoring	NOUN
gujaf-366	177	28	technologies	technology	NOUN
gujaf-366	177	29	and	and	CCONJ
gujaf-366	177	30	receivables	receivables	NOUN
gujaf-366	177	31	automation	automation	NOUN
gujaf-366	177	32	.	.	PUNCT
gujaf-366	178	1	these	these	DET
gujaf-366	178	2	tailored	tailor	VERB
gujaf-366	178	3	interventions	intervention	NOUN
gujaf-366	178	4	will	will	AUX
gujaf-366	178	5	foster	foster	VERB
gujaf-366	178	6	financial	financial	ADJ
gujaf-366	178	7	sustainability	sustainability	NOUN
gujaf-366	178	8	without	without	ADP
gujaf-366	178	9	imposing	impose	VERB
gujaf-366	178	10	a	a	DET
gujaf-366	178	11	uniform	uniform	ADJ
gujaf-366	178	12	standard	standard	NOUN
gujaf-366	178	13	on	on	ADP
gujaf-366	178	14	heterogeneous	heterogeneous	ADJ
gujaf-366	178	15	firms	firm	NOUN
gujaf-366	178	16	.	.	PUNCT
gujaf-366	179	1	5.0	5.0	NUM
gujaf-366	179	2	conclusions	conclusion	NOUN
gujaf-366	179	3	this	this	DET
gujaf-366	179	4	study	study	NOUN
gujaf-366	179	5	investigates	investigate	VERB
gujaf-366	179	6	the	the	DET
gujaf-366	179	7	relationship	relationship	NOUN
gujaf-366	179	8	between	between	ADP
gujaf-366	179	9	wcm	wcm	NOUN
gujaf-366	179	10	and	and	CCONJ
gujaf-366	179	11	profitability	profitability	NOUN
gujaf-366	179	12	among	among	ADP
gujaf-366	179	13	20	20	NUM
gujaf-366	179	14	hgfs	hgf	NOUN
gujaf-366	179	15	in	in	ADP
gujaf-366	179	16	nigeria	nigeria	PROPN
gujaf-366	179	17	,	,	PUNCT
gujaf-366	179	18	employing	employ	VERB
gujaf-366	179	19	a	a	DET
gujaf-366	179	20	robust	robust	ADJ
gujaf-366	179	21	panel	panel	NOUN
gujaf-366	179	22	dataset	dataset	VERB
gujaf-366	179	23	spanning	span	VERB
gujaf-366	179	24	2002–2023	2002–2023	NUM
gujaf-366	179	25	.	.	PUNCT
gujaf-366	180	1	the	the	DET
gujaf-366	180	2	empirical	empirical	ADJ
gujaf-366	180	3	evidence	evidence	NOUN
gujaf-366	180	4	consistently	consistently	ADV
gujaf-366	180	5	supports	support	VERB
gujaf-366	180	6	an	an	DET
gujaf-366	180	7	inverted	inverted	ADJ
gujaf-366	180	8	u	u	ADJ
gujaf-366	180	9	-	-	ADJ
gujaf-366	180	10	shaped	shape	VERB
gujaf-366	180	11	relationship	relationship	NOUN
gujaf-366	180	12	between	between	ADP
gujaf-366	180	13	the	the	DET
gujaf-366	180	14	cash	cash	NOUN
gujaf-366	180	15	conversion	conversion	NOUN
gujaf-366	180	16	cycle	cycle	NOUN
gujaf-366	180	17	(	(	PUNCT
gujaf-366	180	18	ccc	ccc	PROPN
gujaf-366	180	19	)	)	PUNCT
gujaf-366	180	20	and	and	CCONJ
gujaf-366	180	21	firm	firm	ADJ
gujaf-366	180	22	profitability	profitability	NOUN
gujaf-366	180	23	,	,	PUNCT
gujaf-366	180	24	indicating	indicate	VERB
gujaf-366	180	25	that	that	SCONJ
gujaf-366	180	26	both	both	CCONJ
gujaf-366	180	27	underinvestment	underinvestment	ADJ
gujaf-366	180	28	and	and	CCONJ
gujaf-366	180	29	overinvestment	overinvestment	ADJ
gujaf-366	180	30	in	in	ADP
gujaf-366	180	31	working	work	VERB
gujaf-366	180	32	capital	capital	NOUN
gujaf-366	180	33	adversely	adversely	ADV
gujaf-366	180	34	affect	affect	VERB
gujaf-366	180	35	firm	firm	ADJ
gujaf-366	180	36	performance	performance	NOUN
gujaf-366	180	37	.	.	PUNCT
gujaf-366	181	1	these	these	DET
gujaf-366	181	2	findings	finding	NOUN
gujaf-366	181	3	reinforce	reinforce	VERB
gujaf-366	181	4	the	the	DET
gujaf-366	181	5	critical	critical	ADJ
gujaf-366	181	6	role	role	NOUN
gujaf-366	181	7	of	of	ADP
gujaf-366	181	8	balanced	balanced	ADJ
gujaf-366	181	9	working	work	VERB
gujaf-366	181	10	capital	capital	NOUN
gujaf-366	181	11	strategies	strategy	NOUN
gujaf-366	181	12	,	,	PUNCT
gujaf-366	181	13	especially	especially	ADV
gujaf-366	181	14	within	within	ADP
gujaf-366	181	15	transitional	transitional	ADJ
gujaf-366	181	16	economies	economy	NOUN
gujaf-366	181	17	characterized	characterize	VERB
gujaf-366	181	18	by	by	ADP
gujaf-366	181	19	financial	financial	ADJ
gujaf-366	181	20	market	market	NOUN
gujaf-366	181	21	imperfections	imperfection	NOUN
gujaf-366	181	22	and	and	CCONJ
gujaf-366	181	23	macroeconomic	macroeconomic	ADJ
gujaf-366	181	24	volatility	volatility	NOUN
gujaf-366	181	25	.	.	PUNCT
gujaf-366	182	1	robustness	robustness	NOUN
gujaf-366	182	2	checks	check	NOUN
gujaf-366	182	3	using	use	VERB
gujaf-366	182	4	system	system	NOUN
gujaf-366	182	5	gmm	gmm	NOUN
gujaf-366	182	6	,	,	PUNCT
gujaf-366	182	7	as	as	ADV
gujaf-366	182	8	well	well	ADV
gujaf-366	182	9	as	as	ADP
gujaf-366	182	10	subsample	subsample	ADJ
gujaf-366	182	11	analyses	analysis	NOUN
gujaf-366	182	12	by	by	ADP
gujaf-366	182	13	industry	industry	NOUN
gujaf-366	182	14	and	and	CCONJ
gujaf-366	182	15	period	period	NOUN
gujaf-366	182	16	,	,	PUNCT
gujaf-366	182	17	underscore	underscore	VERB
gujaf-366	182	18	the	the	DET
gujaf-366	182	19	stability	stability	NOUN
gujaf-366	182	20	and	and	CCONJ
gujaf-366	182	21	nuanced	nuanced	ADJ
gujaf-366	182	22	nature	nature	NOUN
gujaf-366	182	23	of	of	ADP
gujaf-366	182	24	this	this	DET
gujaf-366	182	25	relationship	relationship	NOUN
gujaf-366	182	26	.	.	PUNCT
gujaf-366	183	1	manufacturing	manufacturing	NOUN
gujaf-366	183	2	firms	firm	NOUN
gujaf-366	183	3	tolerate	tolerate	VERB
gujaf-366	183	4	longer	long	ADV
gujaf-366	183	5	working	work	VERB
gujaf-366	183	6	capital	capital	NOUN
gujaf-366	183	7	cycles	cycle	NOUN
gujaf-366	183	8	before	before	ADP
gujaf-366	183	9	experiencing	experience	VERB
gujaf-366	183	10	diminishing	diminishing	NOUN
gujaf-366	183	11	returns	return	NOUN
gujaf-366	183	12	compared	compare	VERB
gujaf-366	183	13	to	to	ADP
gujaf-366	183	14	service	service	NOUN
gujaf-366	183	15	firms	firm	NOUN
gujaf-366	183	16	,	,	PUNCT
gujaf-366	183	17	highlighting	highlight	VERB
gujaf-366	183	18	sector	sector	NOUN
gujaf-366	183	19	-	-	PUNCT
gujaf-366	183	20	specific	specific	ADJ
gujaf-366	183	21	operational	operational	ADJ
gujaf-366	183	22	realities	reality	NOUN
gujaf-366	183	23	.	.	PUNCT
gujaf-366	184	1	the	the	DET
gujaf-366	184	2	intensified	intensify	VERB
gujaf-366	184	3	significance	significance	NOUN
gujaf-366	184	4	of	of	ADP
gujaf-366	184	5	wcm	wcm	NOUN
gujaf-366	184	6	post-2015	post-2015	NOUN
gujaf-366	184	7	further	far	ADV
gujaf-366	184	8	reflects	reflect	VERB
gujaf-366	184	9	the	the	DET
gujaf-366	184	10	heightened	heightened	ADJ
gujaf-366	184	11	vulnerability	vulnerability	NOUN
gujaf-366	184	12	of	of	ADP
gujaf-366	184	13	nigerian	nigerian	ADJ
gujaf-366	184	14	hgfs	hgf	NOUN
gujaf-366	184	15	to	to	ADP
gujaf-366	184	16	macroeconomic	macroeconomic	ADJ
gujaf-366	184	17	shocks	shock	NOUN
gujaf-366	184	18	,	,	PUNCT
gujaf-366	184	19	emphasizing	emphasize	VERB
gujaf-366	184	20	the	the	DET
gujaf-366	184	21	need	need	NOUN
gujaf-366	184	22	for	for	ADP
gujaf-366	184	23	agile	agile	ADJ
gujaf-366	184	24	internal	internal	ADJ
gujaf-366	184	25	liquidity	liquidity	NOUN
gujaf-366	184	26	management	management	NOUN
gujaf-366	184	27	in	in	ADP
gujaf-366	184	28	turbulent	turbulent	ADJ
gujaf-366	184	29	environments	environment	NOUN
gujaf-366	184	30	.	.	PUNCT
gujaf-366	185	1	collectively	collectively	ADV
gujaf-366	185	2	,	,	PUNCT
gujaf-366	185	3	the	the	DET
gujaf-366	185	4	study	study	NOUN
gujaf-366	185	5	contributes	contribute	VERB
gujaf-366	185	6	to	to	ADP
gujaf-366	185	7	the	the	DET
gujaf-366	185	8	growing	grow	VERB
gujaf-366	185	9	body	body	NOUN
gujaf-366	185	10	of	of	ADP
gujaf-366	185	11	literature	literature	NOUN
gujaf-366	185	12	emphasizing	emphasize	VERB
gujaf-366	185	13	the	the	DET
gujaf-366	185	14	strategic	strategic	ADJ
gujaf-366	185	15	importance	importance	NOUN
gujaf-366	185	16	of	of	ADP
gujaf-366	185	17	wcm	wcm	NOUN
gujaf-366	185	18	for	for	ADP
gujaf-366	185	19	firm	firm	ADJ
gujaf-366	185	20	sustainability	sustainability	NOUN
gujaf-366	185	21	and	and	CCONJ
gujaf-366	185	22	economic	economic	ADJ
gujaf-366	185	23	development	development	NOUN
gujaf-366	185	24	in	in	ADP
gujaf-366	185	25	emerging	emerge	VERB
gujaf-366	185	26	markets	market	NOUN
gujaf-366	185	27	.	.	PUNCT
gujaf-366	186	1	it	it	PRON
gujaf-366	186	2	also	also	ADV
gujaf-366	186	3	highlights	highlight	VERB
gujaf-366	186	4	the	the	DET
gujaf-366	186	5	necessity	necessity	NOUN
gujaf-366	186	6	for	for	ADP
gujaf-366	186	7	tailored	tailored	ADJ
gujaf-366	186	8	financial	financial	ADJ
gujaf-366	186	9	policies	policy	NOUN
gujaf-366	186	10	that	that	PRON
gujaf-366	186	11	consider	consider	VERB
gujaf-366	186	12	firm	firm	ADJ
gujaf-366	186	13	heterogeneity	heterogeneity	NOUN
gujaf-366	186	14	and	and	CCONJ
gujaf-366	186	15	macroeconomic	macroeconomic	ADJ
gujaf-366	186	16	context	context	NOUN
gujaf-366	186	17	,	,	PUNCT
gujaf-366	186	18	thereby	thereby	ADV
gujaf-366	186	19	providing	provide	VERB
gujaf-366	186	20	actionable	actionable	ADJ
gujaf-366	186	21	insights	insight	NOUN
gujaf-366	186	22	for	for	ADP
gujaf-366	186	23	managers	manager	NOUN
gujaf-366	186	24	,	,	PUNCT
gujaf-366	186	25	financial	financial	ADJ
gujaf-366	186	26	institutions	institution	NOUN
gujaf-366	186	27	,	,	PUNCT
gujaf-366	186	28	and	and	CCONJ
gujaf-366	186	29	policymakers	policymaker	NOUN
gujaf-366	186	30	.	.	PUNCT
gujaf-366	187	1	while	while	SCONJ
gujaf-366	187	2	this	this	DET
gujaf-366	187	3	study	study	NOUN
gujaf-366	187	4	provides	provide	VERB
gujaf-366	187	5	valuable	valuable	ADJ
gujaf-366	187	6	insights	insight	NOUN
gujaf-366	187	7	into	into	ADP
gujaf-366	187	8	the	the	DET
gujaf-366	187	9	wcm	wcm	NOUN
gujaf-366	187	10	-	-	PUNCT
gujaf-366	187	11	profitability	profitability	NOUN
gujaf-366	187	12	nexus	nexus	NOUN
gujaf-366	187	13	,	,	PUNCT
gujaf-366	187	14	several	several	ADJ
gujaf-366	187	15	avenues	avenue	NOUN
gujaf-366	187	16	remain	remain	VERB
gujaf-366	187	17	open	open	ADJ
gujaf-366	187	18	for	for	ADP
gujaf-366	187	19	further	further	ADJ
gujaf-366	187	20	exploration	exploration	NOUN
gujaf-366	187	21	:	:	PUNCT
gujaf-366	187	22	future	future	ADJ
gujaf-366	187	23	research	research	NOUN
gujaf-366	187	24	could	could	AUX
gujaf-366	187	25	extend	extend	VERB
gujaf-366	187	26	the	the	DET
gujaf-366	187	27	analysis	analysis	NOUN
gujaf-366	187	28	beyond	beyond	ADP
gujaf-366	187	29	hgfs	hgfs	NOUN
gujaf-366	187	30	to	to	PART
gujaf-366	187	31	include	include	VERB
gujaf-366	187	32	micro	micro	PROPN
gujaf-366	187	33	,	,	PUNCT
gujaf-366	187	34	small	small	ADJ
gujaf-366	187	35	,	,	PUNCT
gujaf-366	187	36	and	and	CCONJ
gujaf-366	187	37	medium	medium	ADJ
gujaf-366	187	38	enterprises	enterprise	NOUN
gujaf-366	187	39	(	(	PUNCT
gujaf-366	187	40	msmes	msme	NOUN
gujaf-366	187	41	)	)	PUNCT
gujaf-366	187	42	and	and	CCONJ
gujaf-366	187	43	large	large	ADJ
gujaf-366	187	44	corporations	corporation	NOUN
gujaf-366	187	45	,	,	PUNCT
gujaf-366	187	46	providing	provide	VERB
gujaf-366	187	47	a	a	DET
gujaf-366	187	48	more	more	ADV
gujaf-366	187	49	comprehensive	comprehensive	ADJ
gujaf-366	187	50	understanding	understanding	NOUN
gujaf-366	187	51	of	of	ADP
gujaf-366	187	52	working	work	VERB
gujaf-366	187	53	capital	capital	NOUN
gujaf-366	187	54	dynamics	dynamic	NOUN
gujaf-366	187	55	across	across	ADP
gujaf-366	187	56	firm	firm	ADJ
gujaf-366	187	57	sizes	size	NOUN
gujaf-366	187	58	.	.	PUNCT
gujaf-366	188	1	moreover	moreover	ADV
gujaf-366	188	2	,	,	PUNCT
gujaf-366	188	3	comparative	comparative	ADJ
gujaf-366	188	4	studies	study	NOUN
gujaf-366	188	5	involving	involve	VERB
gujaf-366	188	6	other	other	ADJ
gujaf-366	188	7	sub	sub	ADJ
gujaf-366	188	8	-	-	ADJ
gujaf-366	188	9	saharan	saharan	ADJ
gujaf-366	188	10	african	african	ADJ
gujaf-366	188	11	countries	country	NOUN
gujaf-366	188	12	or	or	CCONJ
gujaf-366	188	13	transition	transition	NOUN
gujaf-366	188	14	economies	economy	NOUN
gujaf-366	188	15	would	would	AUX
gujaf-366	188	16	enhance	enhance	VERB
gujaf-366	188	17	the	the	DET
gujaf-366	188	18	generalizability	generalizability	NOUN
gujaf-366	188	19	of	of	ADP
gujaf-366	188	20	findings	finding	NOUN
gujaf-366	188	21	and	and	CCONJ
gujaf-366	188	22	illuminate	illuminate	VERB
gujaf-366	188	23	regional	regional	ADJ
gujaf-366	188	24	heterogeneities	heterogeneity	NOUN
gujaf-366	188	25	in	in	ADP
gujaf-366	188	26	financial	financial	ADJ
gujaf-366	188	27	management	management	NOUN
gujaf-366	188	28	practices	practice	NOUN
gujaf-366	188	29	.	.	PUNCT
gujaf-366	189	1	integrating	integrate	VERB
gujaf-366	189	2	non	non	ADJ
gujaf-366	189	3	-	-	ADJ
gujaf-366	189	4	financial	financial	ADJ
gujaf-366	189	5	variables	variable	NOUN
gujaf-366	189	6	such	such	ADJ
gujaf-366	189	7	as	as	ADP
gujaf-366	189	8	managerial	managerial	ADJ
gujaf-366	189	9	competencies	competency	NOUN
gujaf-366	189	10	,	,	PUNCT
gujaf-366	189	11	corporate	corporate	ADJ
gujaf-366	189	12	governance	governance	NOUN
gujaf-366	189	13	quality	quality	NOUN
gujaf-366	189	14	,	,	PUNCT
gujaf-366	189	15	and	and	CCONJ
gujaf-366	189	16	supply	supply	NOUN
gujaf-366	189	17	chain	chain	NOUN
gujaf-366	189	18	digitization	digitization	NOUN
gujaf-366	189	19	could	could	AUX
gujaf-366	189	20	uncover	uncover	VERB
gujaf-366	189	21	deeper	deep	ADJ
gujaf-366	189	22	mechanisms	mechanism	NOUN
gujaf-366	189	23	through	through	ADP
gujaf-366	189	24	which	which	PRON
gujaf-366	189	25	working	work	VERB
gujaf-366	189	26	capital	capital	NOUN
gujaf-366	189	27	impacts	impact	VERB
gujaf-366	189	28	profitability	profitability	NOUN
gujaf-366	189	29	.	.	PUNCT
gujaf-366	190	1	qualitative	qualitative	ADJ
gujaf-366	190	2	case	case	NOUN
gujaf-366	190	3	studies	study	NOUN
gujaf-366	190	4	or	or	CCONJ
gujaf-366	190	5	mixed	mixed	ADJ
gujaf-366	190	6	-	-	PUNCT
gujaf-366	190	7	methods	method	NOUN
gujaf-366	190	8	approaches	approach	NOUN
gujaf-366	190	9	might	might	AUX
gujaf-366	190	10	also	also	ADV
gujaf-366	190	11	reveal	reveal	VERB
gujaf-366	190	12	contextual	contextual	ADJ
gujaf-366	190	13	nuances	nuance	NOUN
gujaf-366	190	14	related	relate	VERB
gujaf-366	190	15	to	to	ADP
gujaf-366	190	16	cultural	cultural	ADJ
gujaf-366	190	17	,	,	PUNCT
gujaf-366	190	18	institutional	institutional	ADJ
gujaf-366	190	19	,	,	PUNCT
gujaf-366	190	20	or	or	CCONJ
gujaf-366	190	21	behavioral	behavioral	ADJ
gujaf-366	190	22	factors	factor	NOUN
gujaf-366	190	23	influencing	influence	VERB
gujaf-366	190	24	gusau	gusau	ADJ
gujaf-366	190	25	journal	journal	NOUN
gujaf-366	190	26	of	of	ADP
gujaf-366	190	27	accounting	accounting	NOUN
gujaf-366	190	28	and	and	CCONJ
gujaf-366	190	29	finance	finance	NOUN
gujaf-366	190	30	,	,	PUNCT
gujaf-366	190	31	vol.6	vol.6	PROPN
gujaf-366	190	32	,	,	PUNCT
gujaf-366	190	33	issue	issue	NOUN
gujaf-366	190	34	1	1	NUM
gujaf-366	190	35	,	,	PUNCT
gujaf-366	190	36	april	april	PROPN
gujaf-366	190	37	,	,	PUNCT
gujaf-366	190	38	2025	2025	NUM
gujaf-366	190	39	48	48	NUM
gujaf-366	190	40	wcm	wcm	NOUN
gujaf-366	190	41	decisions	decision	NOUN
gujaf-366	190	42	.	.	PUNCT
gujaf-366	191	1	leveraging	leverage	VERB
gujaf-366	191	2	machine	machine	NOUN
gujaf-366	191	3	learning	learn	VERB
gujaf-366	191	4	techniques	technique	NOUN
gujaf-366	191	5	to	to	PART
gujaf-366	191	6	analyze	analyze	VERB
gujaf-366	191	7	real	real	ADJ
gujaf-366	191	8	-	-	PUNCT
gujaf-366	191	9	time	time	NOUN
gujaf-366	191	10	transaction	transaction	NOUN
gujaf-366	191	11	data	datum	NOUN
gujaf-366	191	12	and	and	CCONJ
gujaf-366	191	13	predict	predict	VERB
gujaf-366	191	14	optimal	optimal	ADJ
gujaf-366	191	15	working	work	VERB
gujaf-366	191	16	capital	capital	NOUN
gujaf-366	191	17	thresholds	threshold	NOUN
gujaf-366	191	18	could	could	AUX
gujaf-366	191	19	significantly	significantly	ADV
gujaf-366	191	20	improve	improve	VERB
gujaf-366	191	21	wcm	wcm	NOUN
gujaf-366	191	22	practices	practice	NOUN
gujaf-366	191	23	.	.	PUNCT
gujaf-366	192	1	additionally	additionally	ADV
gujaf-366	192	2	,	,	PUNCT
gujaf-366	192	3	exploring	explore	VERB
gujaf-366	192	4	the	the	DET
gujaf-366	192	5	impact	impact	NOUN
gujaf-366	192	6	of	of	ADP
gujaf-366	192	7	fintech	fintech	NOUN
gujaf-366	192	8	innovations	innovation	NOUN
gujaf-366	192	9	,	,	PUNCT
gujaf-366	192	10	such	such	ADJ
gujaf-366	192	11	as	as	ADP
gujaf-366	192	12	blockchain	blockchain	NOUN
gujaf-366	192	13	-	-	PUNCT
gujaf-366	192	14	enabled	enable	VERB
gujaf-366	192	15	trade	trade	NOUN
gujaf-366	192	16	finance	finance	NOUN
gujaf-366	192	17	and	and	CCONJ
gujaf-366	192	18	automated	automate	VERB
gujaf-366	192	19	receivables	receivables	NOUN
gujaf-366	192	20	management	management	NOUN
gujaf-366	192	21	,	,	PUNCT
gujaf-366	192	22	on	on	ADP
gujaf-366	192	23	liquidity	liquidity	NOUN
gujaf-366	192	24	efficiency	efficiency	NOUN
gujaf-366	192	25	presents	present	VERB
gujaf-366	192	26	a	a	DET
gujaf-366	192	27	promising	promising	ADJ
gujaf-366	192	28	research	research	NOUN
gujaf-366	192	29	frontier	frontier	NOUN
gujaf-366	192	30	.	.	PUNCT
gujaf-366	193	1	lastly	lastly	ADV
gujaf-366	193	2	,	,	PUNCT
gujaf-366	193	3	future	future	ADJ
gujaf-366	193	4	studies	study	NOUN
gujaf-366	193	5	could	could	AUX
gujaf-366	193	6	model	model	VERB
gujaf-366	193	7	the	the	DET
gujaf-366	193	8	interaction	interaction	NOUN
gujaf-366	193	9	between	between	ADP
gujaf-366	193	10	macroeconomic	macroeconomic	ADJ
gujaf-366	193	11	policies	policy	NOUN
gujaf-366	193	12	,	,	PUNCT
gujaf-366	193	13	financial	financial	ADJ
gujaf-366	193	14	market	market	NOUN
gujaf-366	193	15	development	development	NOUN
gujaf-366	193	16	,	,	PUNCT
gujaf-366	193	17	and	and	CCONJ
gujaf-366	193	18	firm	firm	ADJ
gujaf-366	193	19	-	-	PUNCT
gujaf-366	193	20	level	level	NOUN
gujaf-366	193	21	working	work	VERB
gujaf-366	193	22	capital	capital	NOUN
gujaf-366	193	23	strategies	strategy	NOUN
gujaf-366	193	24	using	use	VERB
gujaf-366	193	25	dynamic	dynamic	ADJ
gujaf-366	193	26	stochastic	stochastic	ADJ
gujaf-366	193	27	general	general	ADJ
gujaf-366	193	28	equilibrium	equilibrium	NOUN
gujaf-366	193	29	(	(	PUNCT
gujaf-366	193	30	dsge	dsge	NOUN
gujaf-366	193	31	)	)	PUNCT
gujaf-366	193	32	models	model	NOUN
gujaf-366	193	33	or	or	CCONJ
gujaf-366	193	34	agent	agent	NOUN
gujaf-366	193	35	-	-	PUNCT
gujaf-366	193	36	based	base	VERB
gujaf-366	193	37	simulations	simulation	NOUN
gujaf-366	193	38	.	.	PUNCT
gujaf-366	194	1	such	such	ADJ
gujaf-366	194	2	frameworks	framework	NOUN
gujaf-366	194	3	would	would	AUX
gujaf-366	194	4	allow	allow	VERB
gujaf-366	194	5	policymakers	policymaker	NOUN
gujaf-366	194	6	to	to	PART
gujaf-366	194	7	anticipate	anticipate	VERB
gujaf-366	194	8	the	the	DET
gujaf-366	194	9	systemic	systemic	ADJ
gujaf-366	194	10	implications	implication	NOUN
gujaf-366	194	11	of	of	ADP
gujaf-366	194	12	liquidity	liquidity	NOUN
gujaf-366	194	13	regulations	regulation	NOUN
gujaf-366	194	14	and	and	CCONJ
gujaf-366	194	15	design	design	NOUN
gujaf-366	194	16	targeted	target	VERB
gujaf-366	194	17	interventions	intervention	NOUN
gujaf-366	194	18	for	for	ADP
gujaf-366	194	19	economic	economic	ADJ
gujaf-366	194	20	resilience	resilience	NOUN
gujaf-366	194	21	.	.	PUNCT
gujaf-366	195	1	references	reference	NOUN
gujaf-366	195	2	agyemang	agyemang	PROPN
gujaf-366	195	3	,	,	PUNCT
gujaf-366	195	4	o.	o.	PROPN
gujaf-366	195	5	s.	s.	PROPN
gujaf-366	195	6	,	,	PUNCT
gujaf-366	195	7	dartey	dartey	PROPN
gujaf-366	195	8	-	-	PUNCT
gujaf-366	195	9	baah	baah	PROPN
gujaf-366	195	10	,	,	PUNCT
gujaf-366	195	11	k.	k.	PROPN
gujaf-366	195	12	,	,	PUNCT
gujaf-366	195	13	&	&	CCONJ
gujaf-366	195	14	mintah	mintah	PROPN
gujaf-366	195	15	,	,	PUNCT
gujaf-366	195	16	k.	k.	PROPN
gujaf-366	195	17	b.	b.	PROPN
gujaf-366	196	1	(	(	PUNCT
gujaf-366	196	2	2023	2023	NUM
gujaf-366	196	3	)	)	PUNCT
gujaf-366	196	4	.	.	PUNCT
gujaf-366	197	1	working	work	VERB
gujaf-366	197	2	capital	capital	NOUN
gujaf-366	197	3	management	management	NOUN
gujaf-366	197	4	and	and	CCONJ
gujaf-366	197	5	firm	firm	ADJ
gujaf-366	197	6	performance	performance	NOUN
gujaf-366	197	7	nexus	nexus	NOUN
gujaf-366	197	8	:	:	PUNCT
gujaf-366	197	9	evidence	evidence	NOUN
gujaf-366	197	10	of	of	ADP
gujaf-366	197	11	non	non	ADJ
gujaf-366	197	12	-	-	NOUN
gujaf-366	197	13	linearity	linearity	NOUN
gujaf-366	197	14	from	from	ADP
gujaf-366	197	15	emerging	emerge	VERB
gujaf-366	197	16	markets	market	NOUN
gujaf-366	197	17	.	.	PUNCT
gujaf-366	198	1	international	international	ADJ
gujaf-366	198	2	journal	journal	PROPN
gujaf-366	198	3	of	of	ADP
gujaf-366	198	4	finance	finance	PROPN
gujaf-366	198	5	&	&	CCONJ
gujaf-366	198	6	economics	economic	NOUN
gujaf-366	198	7	,	,	PUNCT
gujaf-366	198	8	28(2	28(2	NUM
gujaf-366	198	9	)	)	PUNCT
gujaf-366	198	10	,	,	PUNCT
gujaf-366	198	11	2145–2163	2145–2163	NUM
gujaf-366	198	12	.	.	PUNCT
gujaf-366	199	1	ajao	ajao	PROPN
gujaf-366	199	2	,	,	PUNCT
gujaf-366	199	3	o.	o.	PROPN
gujaf-366	199	4	,	,	PUNCT
gujaf-366	199	5	&	&	CCONJ
gujaf-366	199	6	olamide	olamide	PROPN
gujaf-366	199	7	,	,	PUNCT
gujaf-366	199	8	k.	k.	PROPN
gujaf-366	199	9	(	(	PUNCT
gujaf-366	199	10	2023	2023	NUM
gujaf-366	199	11	)	)	PUNCT
gujaf-366	199	12	.	.	PUNCT
gujaf-366	200	1	working	work	VERB
gujaf-366	200	2	capital	capital	NOUN
gujaf-366	200	3	and	and	CCONJ
gujaf-366	200	4	profitability	profitability	NOUN
gujaf-366	200	5	in	in	ADP
gujaf-366	200	6	nigerian	nigerian	ADJ
gujaf-366	200	7	agribusiness	agribusiness	NOUN
gujaf-366	200	8	firms	firm	NOUN
gujaf-366	200	9	:	:	PUNCT
gujaf-366	200	10	evidence	evidence	NOUN
gujaf-366	200	11	from	from	ADP
gujaf-366	200	12	panel	panel	NOUN
gujaf-366	200	13	threshold	threshold	NOUN
gujaf-366	200	14	regression	regression	NOUN
gujaf-366	200	15	.	.	PUNCT
gujaf-366	201	1	agribusiness	agribusiness	PROPN
gujaf-366	201	2	management	management	PROPN
gujaf-366	201	3	review	review	PROPN
gujaf-366	201	4	,	,	PUNCT
gujaf-366	201	5	35(1	35(1	NUM
gujaf-366	201	6	)	)	PUNCT
gujaf-366	201	7	,	,	PUNCT
gujaf-366	201	8	112–130	112–130	NUM
gujaf-366	201	9	.	.	PUNCT
gujaf-366	202	1	akinlo	akinlo	PROPN
gujaf-366	202	2	,	,	PUNCT
gujaf-366	202	3	o.	o.	PROPN
gujaf-366	202	4	o.	o.	PROPN
gujaf-366	202	5	,	,	PUNCT
gujaf-366	202	6	&	&	CCONJ
gujaf-366	202	7	olufisayo	olufisayo	PROPN
gujaf-366	202	8	,	,	PUNCT
gujaf-366	202	9	o.	o.	NOUN
gujaf-366	202	10	a.	a.	NOUN
gujaf-366	202	11	(	(	PUNCT
gujaf-366	202	12	2022	2022	NUM
gujaf-366	202	13	)	)	PUNCT
gujaf-366	202	14	.	.	PUNCT
gujaf-366	203	1	working	work	VERB
gujaf-366	203	2	capital	capital	NOUN
gujaf-366	203	3	management	management	NOUN
gujaf-366	203	4	and	and	CCONJ
gujaf-366	203	5	firm	firm	ADJ
gujaf-366	203	6	performance	performance	NOUN
gujaf-366	203	7	:	:	PUNCT
gujaf-366	203	8	sectoral	sectoral	ADJ
gujaf-366	203	9	evidence	evidence	NOUN
gujaf-366	203	10	from	from	ADP
gujaf-366	203	11	nigeria	nigeria	PROPN
gujaf-366	203	12	.	.	PUNCT
gujaf-366	204	1	african	african	ADJ
gujaf-366	204	2	journal	journal	PROPN
gujaf-366	204	3	of	of	ADP
gujaf-366	204	4	economic	economic	ADJ
gujaf-366	204	5	and	and	CCONJ
gujaf-366	204	6	management	management	NOUN
gujaf-366	204	7	studies	study	NOUN
gujaf-366	204	8	,	,	PUNCT
gujaf-366	204	9	13(4	13(4	NUM
gujaf-366	204	10	)	)	PUNCT
gujaf-366	204	11	,	,	PUNCT
gujaf-366	204	12	567–582	567–582	NUM
gujaf-366	204	13	.	.	PUNCT
gujaf-366	204	14	aktas	aktas	PROPN
gujaf-366	204	15	,	,	PUNCT
gujaf-366	204	16	n.	n.	NOUN
gujaf-366	204	17	,	,	PUNCT
gujaf-366	204	18	croci	croci	PROPN
gujaf-366	204	19	,	,	PUNCT
gujaf-366	204	20	e.	e.	PROPN
gujaf-366	204	21	,	,	PUNCT
gujaf-366	204	22	&	&	CCONJ
gujaf-366	204	23	petmezas	petmezas	PROPN
gujaf-366	204	24	,	,	PUNCT
gujaf-366	204	25	d.	d.	PROPN
gujaf-366	204	26	(	(	PUNCT
gujaf-366	204	27	2015	2015	NUM
gujaf-366	204	28	)	)	PUNCT
gujaf-366	204	29	.	.	PUNCT
gujaf-366	205	1	is	be	AUX
gujaf-366	205	2	working	work	VERB
gujaf-366	205	3	capital	capital	NOUN
gujaf-366	205	4	management	management	NOUN
gujaf-366	205	5	value	value	NOUN
gujaf-366	205	6	-	-	PUNCT
gujaf-366	205	7	enhancing	enhancing	NOUN
gujaf-366	205	8	?	?	PUNCT
gujaf-366	206	1	evidence	evidence	NOUN
gujaf-366	206	2	from	from	ADP
gujaf-366	206	3	firm	firm	ADJ
gujaf-366	206	4	performance	performance	NOUN
gujaf-366	206	5	and	and	CCONJ
gujaf-366	206	6	investments	investment	NOUN
gujaf-366	206	7	.	.	PUNCT
gujaf-366	207	1	journal	journal	NOUN
gujaf-366	207	2	of	of	ADP
gujaf-366	207	3	corporate	corporate	ADJ
gujaf-366	207	4	finance	finance	NOUN
gujaf-366	207	5	,	,	PUNCT
gujaf-366	207	6	30	30	NUM
gujaf-366	207	7	,	,	PUNCT
gujaf-366	207	8	98–113	98–113	PROPN
gujaf-366	207	9	.	.	PUNCT
gujaf-366	208	1	al	al	PROPN
gujaf-366	208	2	-	-	PUNCT
gujaf-366	208	3	najjar	najjar	PROPN
gujaf-366	208	4	,	,	PUNCT
gujaf-366	208	5	b.	b.	PROPN
gujaf-366	208	6	,	,	PUNCT
gujaf-366	208	7	&	&	CCONJ
gujaf-366	208	8	yousif	yousif	PROPN
gujaf-366	208	9	,	,	PUNCT
gujaf-366	208	10	r.	r.	PROPN
gujaf-366	208	11	(	(	PUNCT
gujaf-366	208	12	2021	2021	NUM
gujaf-366	208	13	)	)	PUNCT
gujaf-366	208	14	.	.	PUNCT
gujaf-366	209	1	the	the	DET
gujaf-366	209	2	role	role	NOUN
gujaf-366	209	3	of	of	ADP
gujaf-366	209	4	fintech	fintech	NOUN
gujaf-366	209	5	in	in	ADP
gujaf-366	209	6	working	work	VERB
gujaf-366	209	7	capital	capital	NOUN
gujaf-366	209	8	management	management	NOUN
gujaf-366	209	9	:	:	PUNCT
gujaf-366	209	10	evidence	evidence	NOUN
gujaf-366	209	11	from	from	ADP
gujaf-366	209	12	emerging	emerge	VERB
gujaf-366	209	13	markets	market	NOUN
gujaf-366	209	14	.	.	PUNCT
gujaf-366	210	1	journal	journal	NOUN
gujaf-366	210	2	of	of	ADP
gujaf-366	210	3	risk	risk	NOUN
gujaf-366	210	4	and	and	CCONJ
gujaf-366	210	5	financial	financial	ADJ
gujaf-366	210	6	management	management	NOUN
gujaf-366	210	7	,	,	PUNCT
gujaf-366	210	8	14(9	14(9	NUM
gujaf-366	210	9	)	)	PUNCT
gujaf-366	210	10	,	,	PUNCT
gujaf-366	210	11	431	431	NUM
gujaf-366	210	12	.	.	PUNCT
gujaf-366	211	1	amoako	amoako	ADJ
gujaf-366	211	2	-	-	PUNCT
gujaf-366	211	3	adu	adu	NOUN
gujaf-366	211	4	,	,	PUNCT
gujaf-366	211	5	b.	b.	PROPN
gujaf-366	211	6	,	,	PUNCT
gujaf-366	211	7	obeng	obeng	PROPN
gujaf-366	211	8	,	,	PUNCT
gujaf-366	211	9	s.	s.	PROPN
gujaf-366	211	10	,	,	PUNCT
gujaf-366	211	11	&	&	CCONJ
gujaf-366	211	12	owusu	owusu	PROPN
gujaf-366	211	13	,	,	PUNCT
gujaf-366	211	14	a.	a.	NOUN
gujaf-366	211	15	(	(	PUNCT
gujaf-366	211	16	2022	2022	NUM
gujaf-366	211	17	)	)	PUNCT
gujaf-366	211	18	.	.	PUNCT
gujaf-366	212	1	liquidity	liquidity	NOUN
gujaf-366	212	2	constraints	constraint	NOUN
gujaf-366	212	3	and	and	CCONJ
gujaf-366	212	4	financial	financial	ADJ
gujaf-366	212	5	fragility	fragility	NOUN
gujaf-366	212	6	among	among	ADP
gujaf-366	212	7	african	african	ADJ
gujaf-366	212	8	smes	sme	NOUN
gujaf-366	212	9	:	:	PUNCT
gujaf-366	212	10	the	the	DET
gujaf-366	212	11	moderating	moderate	VERB
gujaf-366	212	12	role	role	NOUN
gujaf-366	212	13	of	of	ADP
gujaf-366	212	14	working	work	VERB
gujaf-366	212	15	capital	capital	NOUN
gujaf-366	212	16	management	management	NOUN
gujaf-366	212	17	.	.	PUNCT
gujaf-366	213	1	african	african	ADJ
gujaf-366	213	2	finance	finance	PROPN
gujaf-366	213	3	journal	journal	NOUN
gujaf-366	213	4	,	,	PUNCT
gujaf-366	213	5	24(1	24(1	NUM
gujaf-366	213	6	)	)	PUNCT
gujaf-366	213	7	,	,	PUNCT
gujaf-366	213	8	58–79	58–79	ADV
gujaf-366	213	9	.	.	PUNCT
gujaf-366	214	1	anyamah	anyamah	PROPN
gujaf-366	214	2	,	,	PUNCT
gujaf-366	214	3	r.	r.	PROPN
gujaf-366	214	4	o.	o.	PROPN
gujaf-366	214	5	,	,	PUNCT
gujaf-366	214	6	appiah	appiah	PROPN
gujaf-366	214	7	,	,	PUNCT
gujaf-366	214	8	k.	k.	PROPN
gujaf-366	214	9	o.	o.	PROPN
gujaf-366	214	10	,	,	PUNCT
gujaf-366	214	11	&	&	CCONJ
gujaf-366	214	12	frimpong	frimpong	PROPN
gujaf-366	214	13	,	,	PUNCT
gujaf-366	214	14	j.	j.	PROPN
gujaf-366	214	15	m.	m.	PROPN
gujaf-366	214	16	(	(	PUNCT
gujaf-366	214	17	2022	2022	NUM
gujaf-366	214	18	)	)	PUNCT
gujaf-366	214	19	.	.	PUNCT
gujaf-366	215	1	determinants	determinant	NOUN
gujaf-366	215	2	of	of	ADP
gujaf-366	215	3	financial	financial	ADJ
gujaf-366	215	4	management	management	NOUN
gujaf-366	215	5	practices	practice	NOUN
gujaf-366	215	6	in	in	ADP
gujaf-366	215	7	high	high	ADJ
gujaf-366	215	8	-	-	PUNCT
gujaf-366	215	9	growth	growth	NOUN
gujaf-366	215	10	smes	sme	NOUN
gujaf-366	215	11	in	in	ADP
gujaf-366	215	12	africa	africa	PROPN
gujaf-366	215	13	.	.	PUNCT
gujaf-366	216	1	journal	journal	PROPN
gujaf-366	216	2	of	of	ADP
gujaf-366	216	3	african	african	ADJ
gujaf-366	216	4	business	business	NOUN
gujaf-366	216	5	,	,	PUNCT
gujaf-366	216	6	23(4	23(4	NOUN
gujaf-366	216	7	)	)	PUNCT
gujaf-366	216	8	,	,	PUNCT
gujaf-366	216	9	472–495	472–495	NUM
gujaf-366	216	10	.	.	PUNCT
gujaf-366	217	1	aravind	aravind	PROPN
gujaf-366	217	2	,	,	PUNCT
gujaf-366	217	3	m.	m.	NOUN
gujaf-366	217	4	,	,	PUNCT
gujaf-366	217	5	&	&	CCONJ
gujaf-366	217	6	panneer	panneer	PROPN
gujaf-366	217	7	selvam	selvam	PROPN
gujaf-366	217	8	,	,	PUNCT
gujaf-366	217	9	r.	r.	PROPN
gujaf-366	217	10	(	(	PUNCT
gujaf-366	217	11	2021	2021	NUM
gujaf-366	217	12	)	)	PUNCT
gujaf-366	217	13	.	.	PUNCT
gujaf-366	218	1	working	work	VERB
gujaf-366	218	2	capital	capital	NOUN
gujaf-366	218	3	strategies	strategy	NOUN
gujaf-366	218	4	across	across	ADP
gujaf-366	218	5	firm	firm	ADJ
gujaf-366	218	6	lifecycle	lifecycle	NOUN
gujaf-366	218	7	stages	stage	NOUN
gujaf-366	218	8	:	:	PUNCT
gujaf-366	218	9	evidence	evidence	NOUN
gujaf-366	218	10	from	from	ADP
gujaf-366	218	11	indian	indian	ADJ
gujaf-366	218	12	smes	sme	NOUN
gujaf-366	218	13	.	.	PUNCT
gujaf-366	219	1	asia	asia	PROPN
gujaf-366	219	2	-	-	PUNCT
gujaf-366	219	3	pacific	pacific	PROPN
gujaf-366	219	4	journal	journal	PROPN
gujaf-366	219	5	of	of	ADP
gujaf-366	219	6	business	business	PROPN
gujaf-366	219	7	administration	administration	PROPN
gujaf-366	219	8	,	,	PUNCT
gujaf-366	219	9	13(4	13(4	NUM
gujaf-366	219	10	)	)	PUNCT
gujaf-366	219	11	,	,	PUNCT
gujaf-366	219	12	391–408	391–408	NUM
gujaf-366	219	13	.	.	PUNCT
gujaf-366	220	1	arellano	arellano	PROPN
gujaf-366	220	2	,	,	PUNCT
gujaf-366	220	3	m.	m.	NOUN
gujaf-366	220	4	,	,	PUNCT
gujaf-366	220	5	&	&	CCONJ
gujaf-366	220	6	bover	bover	PROPN
gujaf-366	220	7	,	,	PUNCT
gujaf-366	220	8	o.	o.	PROPN
gujaf-366	220	9	(	(	PUNCT
gujaf-366	220	10	1995	1995	NUM
gujaf-366	220	11	)	)	PUNCT
gujaf-366	220	12	.	.	PUNCT
gujaf-366	221	1	another	another	DET
gujaf-366	221	2	look	look	NOUN
gujaf-366	221	3	at	at	ADP
gujaf-366	221	4	the	the	DET
gujaf-366	221	5	instrumental	instrumental	ADJ
gujaf-366	221	6	variable	variable	ADJ
gujaf-366	221	7	estimation	estimation	NOUN
gujaf-366	221	8	of	of	ADP
gujaf-366	221	9	errorcomponents	errorcomponent	NOUN
gujaf-366	221	10	models	model	NOUN
gujaf-366	221	11	.	.	PUNCT
gujaf-366	222	1	journal	journal	NOUN
gujaf-366	222	2	of	of	ADP
gujaf-366	222	3	econometrics	econometric	NOUN
gujaf-366	222	4	,	,	PUNCT
gujaf-366	222	5	68(1	68(1	NOUN
gujaf-366	222	6	)	)	PUNCT
gujaf-366	222	7	,	,	PUNCT
gujaf-366	222	8	29–51	29–51	NUM
gujaf-366	222	9	.	.	PUNCT
gujaf-366	222	10	baltagi	baltagi	PROPN
gujaf-366	222	11	,	,	PUNCT
gujaf-366	222	12	b.	b.	PROPN
gujaf-366	222	13	h.	h.	PROPN
gujaf-366	222	14	(	(	PUNCT
gujaf-366	222	15	2021	2021	NUM
gujaf-366	222	16	)	)	PUNCT
gujaf-366	222	17	.	.	PUNCT
gujaf-366	223	1	econometric	econometric	ADJ
gujaf-366	223	2	analysis	analysis	NOUN
gujaf-366	223	3	of	of	ADP
gujaf-366	223	4	panel	panel	NOUN
gujaf-366	223	5	data	datum	NOUN
gujaf-366	223	6	(	(	PUNCT
gujaf-366	223	7	6th	6th	ADJ
gujaf-366	223	8	ed	ed	NOUN
gujaf-366	223	9	.	.	PUNCT
gujaf-366	223	10	)	)	PUNCT
gujaf-366	223	11	.	.	PUNCT
gujaf-366	224	1	springer	springer	NOUN
gujaf-366	224	2	.	.	PUNCT
gujaf-366	225	1	baños	baños	PROPN
gujaf-366	225	2	-	-	PUNCT
gujaf-366	225	3	caballero	caballero	PROPN
gujaf-366	225	4	,	,	PUNCT
gujaf-366	225	5	s.	s.	PROPN
gujaf-366	225	6	,	,	PUNCT
gujaf-366	225	7	garcía	garcía	NOUN
gujaf-366	225	8	-	-	PUNCT
gujaf-366	225	9	teruel	teruel	NOUN
gujaf-366	225	10	,	,	PUNCT
gujaf-366	225	11	p.	p.	PROPN
gujaf-366	225	12	j.	j.	PROPN
gujaf-366	225	13	,	,	PUNCT
gujaf-366	225	14	&	&	CCONJ
gujaf-366	225	15	martínez	martínez	PROPN
gujaf-366	225	16	-	-	PUNCT
gujaf-366	225	17	solano	solano	PROPN
gujaf-366	225	18	,	,	PUNCT
gujaf-366	225	19	p.	p.	NOUN
gujaf-366	225	20	(	(	PUNCT
gujaf-366	225	21	2014	2014	NUM
gujaf-366	225	22	)	)	PUNCT
gujaf-366	225	23	.	.	PUNCT
gujaf-366	226	1	working	work	VERB
gujaf-366	226	2	capital	capital	NOUN
gujaf-366	226	3	management	management	NOUN
gujaf-366	226	4	,	,	PUNCT
gujaf-366	226	5	corporate	corporate	ADJ
gujaf-366	226	6	performance	performance	NOUN
gujaf-366	226	7	,	,	PUNCT
gujaf-366	226	8	and	and	CCONJ
gujaf-366	226	9	financial	financial	ADJ
gujaf-366	226	10	constraints	constraint	NOUN
gujaf-366	226	11	.	.	PUNCT
gujaf-366	227	1	journal	journal	NOUN
gujaf-366	227	2	of	of	ADP
gujaf-366	227	3	business	business	NOUN
gujaf-366	227	4	research	research	NOUN
gujaf-366	227	5	,	,	PUNCT
gujaf-366	227	6	67(3	67(3	NUM
gujaf-366	227	7	)	)	PUNCT
gujaf-366	227	8	,	,	PUNCT
gujaf-366	227	9	332–338	332–338	NUM
gujaf-366	227	10	.	.	PUNCT
gujaf-366	228	1	boso	boso	PROPN
gujaf-366	228	2	,	,	PUNCT
gujaf-366	228	3	n.	n.	NOUN
gujaf-366	228	4	,	,	PUNCT
gujaf-366	228	5	story	story	NOUN
gujaf-366	228	6	,	,	PUNCT
gujaf-366	228	7	v.	v.	ADP
gujaf-366	228	8	m.	m.	NOUN
gujaf-366	228	9	,	,	PUNCT
gujaf-366	228	10	&	&	CCONJ
gujaf-366	228	11	cadogan	cadogan	PROPN
gujaf-366	228	12	,	,	PUNCT
gujaf-366	228	13	j.	j.	PROPN
gujaf-366	228	14	w.	w.	PROPN
gujaf-366	228	15	(	(	PUNCT
gujaf-366	228	16	2020	2020	NUM
gujaf-366	228	17	)	)	PUNCT
gujaf-366	228	18	.	.	PUNCT
gujaf-366	229	1	firm	firm	ADJ
gujaf-366	229	2	innovativeness	innovativeness	NOUN
gujaf-366	229	3	and	and	CCONJ
gujaf-366	229	4	export	export	NOUN
gujaf-366	229	5	performance	performance	NOUN
gujaf-366	229	6	in	in	ADP
gujaf-366	229	7	sub	sub	ADJ
gujaf-366	229	8	-	-	ADJ
gujaf-366	229	9	saharan	saharan	ADJ
gujaf-366	229	10	african	african	ADJ
gujaf-366	229	11	smes	sme	NOUN
gujaf-366	229	12	:	:	PUNCT
gujaf-366	229	13	the	the	DET
gujaf-366	229	14	moderating	moderate	VERB
gujaf-366	229	15	role	role	NOUN
gujaf-366	229	16	of	of	ADP
gujaf-366	229	17	export	export	NOUN
gujaf-366	229	18	market	market	NOUN
gujaf-366	229	19	dynamism	dynamism	NOUN
gujaf-366	229	20	and	and	CCONJ
gujaf-366	229	21	competitive	competitive	ADJ
gujaf-366	229	22	intensity	intensity	NOUN
gujaf-366	229	23	.	.	PUNCT
gujaf-366	230	1	international	international	ADJ
gujaf-366	230	2	marketing	marketing	NOUN
gujaf-366	230	3	review	review	NOUN
gujaf-366	230	4	,	,	PUNCT
gujaf-366	230	5	37(3	37(3	NUM
gujaf-366	230	6	)	)	PUNCT
gujaf-366	230	7	,	,	PUNCT
gujaf-366	230	8	439–464	439–464	NUM
gujaf-366	230	9	.	.	PUNCT
gujaf-366	231	1	chukwuma	chukwuma	PROPN
gujaf-366	231	2	,	,	PUNCT
gujaf-366	231	3	e.	e.	PROPN
gujaf-366	231	4	k.	k.	PROPN
gujaf-366	231	5	,	,	PUNCT
gujaf-366	231	6	nwachukwu	nwachukwu	PROPN
gujaf-366	231	7	,	,	PUNCT
gujaf-366	231	8	j.	j.	PROPN
gujaf-366	231	9	c.	c.	PROPN
gujaf-366	231	10	,	,	PUNCT
gujaf-366	231	11	&	&	CCONJ
gujaf-366	231	12	ugwu	ugwu	ADV
gujaf-366	231	13	,	,	PUNCT
gujaf-366	231	14	o.	o.	PROPN
gujaf-366	231	15	c.	c.	PROPN
gujaf-366	231	16	(	(	PUNCT
gujaf-366	231	17	2024	2024	NUM
gujaf-366	231	18	)	)	PUNCT
gujaf-366	231	19	.	.	PUNCT
gujaf-366	232	1	corporate	corporate	ADJ
gujaf-366	232	2	governance	governance	NOUN
gujaf-366	232	3	mechanisms	mechanism	NOUN
gujaf-366	232	4	and	and	CCONJ
gujaf-366	232	5	working	work	VERB
gujaf-366	232	6	capital	capital	NOUN
gujaf-366	232	7	efficiency	efficiency	NOUN
gujaf-366	232	8	in	in	ADP
gujaf-366	232	9	high	high	ADJ
gujaf-366	232	10	-	-	PUNCT
gujaf-366	232	11	growth	growth	NOUN
gujaf-366	232	12	west	west	ADJ
gujaf-366	232	13	african	african	ADJ
gujaf-366	232	14	firms	firm	NOUN
gujaf-366	232	15	.	.	PUNCT
gujaf-366	233	1	african	african	ADJ
gujaf-366	233	2	journal	journal	PROPN
gujaf-366	233	3	of	of	ADP
gujaf-366	233	4	accounting	accounting	NOUN
gujaf-366	233	5	,	,	PUNCT
gujaf-366	233	6	auditing	auditing	NOUN
gujaf-366	233	7	and	and	CCONJ
gujaf-366	233	8	finance	finance	NOUN
gujaf-366	233	9	,	,	PUNCT
gujaf-366	233	10	12(1	12(1	NUM
gujaf-366	233	11	)	)	PUNCT
gujaf-366	233	12	,	,	PUNCT
gujaf-366	233	13	55–72	55–72	NUM
gujaf-366	233	14	.	.	PUNCT
gujaf-366	233	15	daunfeldt	daunfeldt	PROPN
gujaf-366	233	16	,	,	PUNCT
gujaf-366	233	17	s.-o	s.-o	PROPN
gujaf-366	233	18	.	.	PROPN
gujaf-366	233	19	,	,	PUNCT
gujaf-366	233	20	elert	elert	NOUN
gujaf-366	233	21	,	,	PUNCT
gujaf-366	233	22	n.	n.	NOUN
gujaf-366	233	23	,	,	PUNCT
gujaf-366	233	24	&	&	CCONJ
gujaf-366	233	25	johansson	johansson	PROPN
gujaf-366	233	26	,	,	PUNCT
gujaf-366	233	27	d.	d.	PROPN
gujaf-366	233	28	(	(	PUNCT
gujaf-366	233	29	2020	2020	NUM
gujaf-366	233	30	)	)	PUNCT
gujaf-366	233	31	.	.	PUNCT
gujaf-366	234	1	the	the	DET
gujaf-366	234	2	economic	economic	ADJ
gujaf-366	234	3	contribution	contribution	NOUN
gujaf-366	234	4	of	of	ADP
gujaf-366	234	5	high	high	ADJ
gujaf-366	234	6	-	-	PUNCT
gujaf-366	234	7	growth	growth	NOUN
gujaf-366	234	8	firms	firm	NOUN
gujaf-366	234	9	:	:	PUNCT
gujaf-366	234	10	do	do	AUX
gujaf-366	234	11	policy	policy	NOUN
gujaf-366	234	12	implications	implication	NOUN
gujaf-366	234	13	differ	differ	VERB
gujaf-366	234	14	with	with	ADP
gujaf-366	234	15	firm	firm	ADJ
gujaf-366	234	16	age	age	NOUN
gujaf-366	234	17	?	?	PUNCT
gujaf-366	235	1	journal	journal	NOUN
gujaf-366	235	2	of	of	ADP
gujaf-366	235	3	industry	industry	NOUN
gujaf-366	235	4	,	,	PUNCT
gujaf-366	235	5	competition	competition	NOUN
gujaf-366	235	6	and	and	CCONJ
gujaf-366	235	7	trade	trade	NOUN
gujaf-366	235	8	,	,	PUNCT
gujaf-366	235	9	20	20	NUM
gujaf-366	235	10	,	,	PUNCT
gujaf-366	235	11	317–337	317–337	NUM
gujaf-366	235	12	.	.	PUNCT
gujaf-366	236	1	deloof	deloof	PROPN
gujaf-366	236	2	,	,	PUNCT
gujaf-366	236	3	m.	m.	NOUN
gujaf-366	236	4	(	(	PUNCT
gujaf-366	236	5	2003	2003	NUM
gujaf-366	236	6	)	)	PUNCT
gujaf-366	236	7	.	.	PUNCT
gujaf-366	237	1	does	do	AUX
gujaf-366	237	2	working	work	VERB
gujaf-366	237	3	capital	capital	NOUN
gujaf-366	237	4	management	management	NOUN
gujaf-366	237	5	affect	affect	VERB
gujaf-366	237	6	profitability	profitability	NOUN
gujaf-366	237	7	of	of	ADP
gujaf-366	237	8	belgian	belgian	ADJ
gujaf-366	237	9	firms	firm	NOUN
gujaf-366	237	10	?	?	PUNCT
gujaf-366	238	1	journal	journal	NOUN
gujaf-366	238	2	of	of	ADP
gujaf-366	238	3	business	business	NOUN
gujaf-366	238	4	finance	finance	PROPN
gujaf-366	238	5	&	&	CCONJ
gujaf-366	238	6	accounting	accounting	PROPN
gujaf-366	238	7	,	,	PUNCT
gujaf-366	238	8	30(3–4	30(3–4	PROPN
gujaf-366	238	9	)	)	PUNCT
gujaf-366	238	10	,	,	PUNCT
gujaf-366	238	11	573–588	573–588	NUM
gujaf-366	238	12	.	.	PUNCT
gujaf-366	239	1	gusau	gusau	PROPN
gujaf-366	239	2	journal	journal	PROPN
gujaf-366	239	3	of	of	ADP
gujaf-366	239	4	accounting	accounting	NOUN
gujaf-366	239	5	and	and	CCONJ
gujaf-366	239	6	finance	finance	NOUN
gujaf-366	239	7	,	,	PUNCT
gujaf-366	239	8	vol.6	vol.6	PROPN
gujaf-366	239	9	,	,	PUNCT
gujaf-366	239	10	issue	issue	NOUN
gujaf-366	239	11	1	1	NUM
gujaf-366	239	12	,	,	PUNCT
gujaf-366	239	13	april	april	PROPN
gujaf-366	239	14	,	,	PUNCT
gujaf-366	239	15	2025	2025	NUM
gujaf-366	239	16	49	49	NUM
gujaf-366	239	17	demirgüç	demirgüç	NOUN
gujaf-366	239	18	-	-	PUNCT
gujaf-366	239	19	kunt	kunt	PROPN
gujaf-366	239	20	,	,	PUNCT
gujaf-366	239	21	a.	a.	NOUN
gujaf-366	239	22	,	,	PUNCT
gujaf-366	239	23	love	love	NOUN
gujaf-366	239	24	,	,	PUNCT
gujaf-366	239	25	i.	i.	PROPN
gujaf-366	239	26	,	,	PUNCT
gujaf-366	239	27	&	&	CCONJ
gujaf-366	239	28	maksimovic	maksimovic	PROPN
gujaf-366	239	29	,	,	PUNCT
gujaf-366	239	30	v.	v.	PROPN
gujaf-366	239	31	(	(	PUNCT
gujaf-366	239	32	2021	2021	NUM
gujaf-366	239	33	)	)	PUNCT
gujaf-366	239	34	.	.	PUNCT
gujaf-366	240	1	trade	trade	NOUN
gujaf-366	240	2	credit	credit	NOUN
gujaf-366	240	3	,	,	PUNCT
gujaf-366	240	4	liquidity	liquidity	NOUN
gujaf-366	240	5	constraints	constraint	NOUN
gujaf-366	240	6	,	,	PUNCT
gujaf-366	240	7	and	and	CCONJ
gujaf-366	240	8	firm	firm	ADJ
gujaf-366	240	9	performance	performance	NOUN
gujaf-366	240	10	in	in	ADP
gujaf-366	240	11	emerging	emerge	VERB
gujaf-366	240	12	markets	market	NOUN
gujaf-366	240	13	.	.	PUNCT
gujaf-366	241	1	world	world	PROPN
gujaf-366	241	2	bank	bank	PROPN
gujaf-366	241	3	economic	economic	PROPN
gujaf-366	241	4	review	review	PROPN
gujaf-366	241	5	,	,	PUNCT
gujaf-366	241	6	35(2	35(2	NUM
gujaf-366	241	7	)	)	PUNCT
gujaf-366	241	8	,	,	PUNCT
gujaf-366	241	9	292–311	292–311	NUM
gujaf-366	241	10	.	.	PUNCT
gujaf-366	242	1	enqvist	enqvist	PROPN
gujaf-366	242	2	,	,	PUNCT
gujaf-366	242	3	j.	j.	PROPN
gujaf-366	242	4	,	,	PUNCT
gujaf-366	242	5	graham	graham	PROPN
gujaf-366	242	6	,	,	PUNCT
gujaf-366	242	7	m.	m.	NOUN
gujaf-366	242	8	,	,	PUNCT
gujaf-366	242	9	&	&	CCONJ
gujaf-366	242	10	nikkinen	nikkinen	PROPN
gujaf-366	242	11	,	,	PUNCT
gujaf-366	242	12	j.	j.	PROPN
gujaf-366	242	13	(	(	PUNCT
gujaf-366	242	14	2014	2014	NUM
gujaf-366	242	15	)	)	PUNCT
gujaf-366	242	16	.	.	PUNCT
gujaf-366	243	1	the	the	DET
gujaf-366	243	2	impact	impact	NOUN
gujaf-366	243	3	of	of	ADP
gujaf-366	243	4	working	work	VERB
gujaf-366	243	5	capital	capital	NOUN
gujaf-366	243	6	management	management	NOUN
gujaf-366	243	7	on	on	ADP
gujaf-366	243	8	firm	firm	ADJ
gujaf-366	243	9	profitability	profitability	NOUN
gujaf-366	243	10	in	in	ADP
gujaf-366	243	11	different	different	ADJ
gujaf-366	243	12	business	business	NOUN
gujaf-366	243	13	cycles	cycle	NOUN
gujaf-366	243	14	:	:	PUNCT
gujaf-366	243	15	evidence	evidence	NOUN
gujaf-366	243	16	from	from	ADP
gujaf-366	243	17	finland	finland	PROPN
gujaf-366	243	18	.	.	PUNCT
gujaf-366	244	1	research	research	NOUN
gujaf-366	244	2	in	in	ADP
gujaf-366	244	3	international	international	ADJ
gujaf-366	244	4	business	business	NOUN
gujaf-366	244	5	and	and	CCONJ
gujaf-366	244	6	finance	finance	NOUN
gujaf-366	244	7	,	,	PUNCT
gujaf-366	244	8	32	32	NUM
gujaf-366	244	9	,	,	PUNCT
gujaf-366	244	10	36–49	36–49	NUM
gujaf-366	244	11	.	.	PUNCT
gujaf-366	245	1	garcia	garcia	PROPN
gujaf-366	245	2	-	-	PUNCT
gujaf-366	245	3	teruel	teruel	PROPN
gujaf-366	245	4	,	,	PUNCT
gujaf-366	245	5	p.	p.	PROPN
gujaf-366	245	6	j.	j.	PROPN
gujaf-366	245	7	,	,	PUNCT
gujaf-366	245	8	&	&	CCONJ
gujaf-366	245	9	martinez	martinez	PROPN
gujaf-366	245	10	-	-	PUNCT
gujaf-366	245	11	solano	solano	PROPN
gujaf-366	245	12	,	,	PUNCT
gujaf-366	245	13	p.	p.	NOUN
gujaf-366	245	14	(	(	PUNCT
gujaf-366	245	15	2020	2020	NUM
gujaf-366	245	16	)	)	PUNCT
gujaf-366	245	17	.	.	PUNCT
gujaf-366	246	1	a	a	DET
gujaf-366	246	2	further	further	ADJ
gujaf-366	246	3	look	look	NOUN
gujaf-366	246	4	at	at	ADP
gujaf-366	246	5	the	the	DET
gujaf-366	246	6	inverted	inverted	ADJ
gujaf-366	246	7	u	u	ADJ
gujaf-366	246	8	-	-	ADJ
gujaf-366	246	9	shaped	shape	VERB
gujaf-366	246	10	relationship	relationship	NOUN
gujaf-366	246	11	between	between	ADP
gujaf-366	246	12	working	work	VERB
gujaf-366	246	13	capital	capital	NOUN
gujaf-366	246	14	management	management	NOUN
gujaf-366	246	15	and	and	CCONJ
gujaf-366	246	16	firm	firm	ADJ
gujaf-366	246	17	performance	performance	NOUN
gujaf-366	246	18	.	.	PUNCT
gujaf-366	247	1	accounting	accounting	NOUN
gujaf-366	247	2	and	and	CCONJ
gujaf-366	247	3	finance	finance	NOUN
gujaf-366	247	4	,	,	PUNCT
gujaf-366	247	5	60(4	60(4	NUM
gujaf-366	247	6	)	)	PUNCT
gujaf-366	247	7	,	,	PUNCT
gujaf-366	247	8	4657–4681	4657–4681	NUM
gujaf-366	247	9	.	.	PUNCT
gujaf-366	248	1	gill	gill	PROPN
gujaf-366	248	2	,	,	PUNCT
gujaf-366	248	3	a.	a.	PROPN
gujaf-366	248	4	,	,	PUNCT
gujaf-366	248	5	mand	mand	PROPN
gujaf-366	248	6	,	,	PUNCT
gujaf-366	248	7	h.	h.	PROPN
gujaf-366	248	8	s.	s.	PROPN
gujaf-366	248	9	,	,	PUNCT
gujaf-366	248	10	&	&	CCONJ
gujaf-366	248	11	obradovich	obradovich	PROPN
gujaf-366	248	12	,	,	PUNCT
gujaf-366	248	13	j.	j.	PROPN
gujaf-366	248	14	d.	d.	PROPN
gujaf-366	248	15	(	(	PUNCT
gujaf-366	248	16	2020	2020	NUM
gujaf-366	248	17	)	)	PUNCT
gujaf-366	248	18	.	.	PUNCT
gujaf-366	249	1	working	work	VERB
gujaf-366	249	2	capital	capital	NOUN
gujaf-366	249	3	management	management	NOUN
gujaf-366	249	4	and	and	CCONJ
gujaf-366	249	5	profitability	profitability	NOUN
gujaf-366	249	6	:	:	PUNCT
gujaf-366	249	7	evidence	evidence	NOUN
gujaf-366	249	8	from	from	ADP
gujaf-366	249	9	u.s	u.s	PROPN
gujaf-366	249	10	.	.	PROPN
gujaf-366	249	11	manufacturing	manufacturing	NOUN
gujaf-366	249	12	firms	firm	NOUN
gujaf-366	249	13	.	.	PUNCT
gujaf-366	250	1	journal	journal	NOUN
gujaf-366	250	2	of	of	ADP
gujaf-366	250	3	applied	apply	VERB
gujaf-366	250	4	finance	finance	NOUN
gujaf-366	250	5	and	and	CCONJ
gujaf-366	250	6	banking	banking	NOUN
gujaf-366	250	7	,	,	PUNCT
gujaf-366	250	8	10(2	10(2	NUM
gujaf-366	250	9	)	)	PUNCT
gujaf-366	250	10	,	,	PUNCT
gujaf-366	250	11	1–13	1–13	NOUN
gujaf-366	250	12	.	.	PUNCT
gujaf-366	251	1	imf	imf	PROPN
gujaf-366	251	2	.	.	PUNCT
gujaf-366	252	1	(	(	PUNCT
gujaf-366	252	2	2017	2017	NUM
gujaf-366	252	3	)	)	PUNCT
gujaf-366	252	4	.	.	PUNCT
gujaf-366	253	1	nigeria	nigeria	PROPN
gujaf-366	253	2	:	:	PUNCT
gujaf-366	253	3	selected	select	VERB
gujaf-366	253	4	issues	issue	NOUN
gujaf-366	253	5	.	.	PUNCT
gujaf-366	254	1	international	international	ADJ
gujaf-366	254	2	monetary	monetary	ADJ
gujaf-366	254	3	fund	fund	PROPN
gujaf-366	254	4	.	.	PUNCT
gujaf-366	255	1	ismail	ismail	PROPN
gujaf-366	255	2	,	,	PUNCT
gujaf-366	255	3	a.	a.	PROPN
gujaf-366	255	4	,	,	PUNCT
gujaf-366	255	5	&	&	CCONJ
gujaf-366	255	6	wanyoike	wanyoike	ADJ
gujaf-366	255	7	,	,	PUNCT
gujaf-366	255	8	d.	d.	PROPN
gujaf-366	255	9	m.	m.	NOUN
gujaf-366	255	10	(	(	PUNCT
gujaf-366	255	11	2021	2021	NUM
gujaf-366	255	12	)	)	PUNCT
gujaf-366	255	13	.	.	PUNCT
gujaf-366	256	1	working	work	VERB
gujaf-366	256	2	capital	capital	NOUN
gujaf-366	256	3	management	management	NOUN
gujaf-366	256	4	and	and	CCONJ
gujaf-366	256	5	profitability	profitability	NOUN
gujaf-366	256	6	of	of	ADP
gujaf-366	256	7	listed	list	VERB
gujaf-366	256	8	firms	firm	NOUN
gujaf-366	256	9	in	in	ADP
gujaf-366	256	10	east	east	PROPN
gujaf-366	256	11	africa	africa	PROPN
gujaf-366	256	12	:	:	PUNCT
gujaf-366	256	13	a	a	DET
gujaf-366	256	14	dynamic	dynamic	ADJ
gujaf-366	256	15	panel	panel	NOUN
gujaf-366	256	16	approach	approach	NOUN
gujaf-366	256	17	.	.	PUNCT
gujaf-366	257	1	african	african	ADJ
gujaf-366	257	2	journal	journal	PROPN
gujaf-366	257	3	of	of	ADP
gujaf-366	257	4	economic	economic	ADJ
gujaf-366	257	5	policy	policy	NOUN
gujaf-366	257	6	,	,	PUNCT
gujaf-366	257	7	28(2	28(2	NUM
gujaf-366	257	8	)	)	PUNCT
gujaf-366	257	9	,	,	PUNCT
gujaf-366	257	10	55–72	55–72	NUM
gujaf-366	257	11	.	.	PUNCT
gujaf-366	258	1	khan	khan	PROPN
gujaf-366	258	2	,	,	PUNCT
gujaf-366	258	3	t.	t.	PROPN
gujaf-366	258	4	m.	m.	NOUN
gujaf-366	258	5	,	,	PUNCT
gujaf-366	258	6	shahid	shahid	PROPN
gujaf-366	258	7	,	,	PUNCT
gujaf-366	258	8	r.	r.	PROPN
gujaf-366	258	9	,	,	PUNCT
gujaf-366	258	10	&	&	CCONJ
gujaf-366	258	11	hussain	hussain	PROPN
gujaf-366	258	12	,	,	PUNCT
gujaf-366	258	13	s.	s.	PROPN
gujaf-366	258	14	(	(	PUNCT
gujaf-366	258	15	2021	2021	NUM
gujaf-366	258	16	)	)	PUNCT
gujaf-366	258	17	.	.	PUNCT
gujaf-366	259	1	sectoral	sectoral	ADJ
gujaf-366	259	2	variation	variation	NOUN
gujaf-366	259	3	in	in	ADP
gujaf-366	259	4	the	the	DET
gujaf-366	259	5	wcm	wcm	NOUN
gujaf-366	259	6	–	–	PUNCT
gujaf-366	259	7	profitability	profitability	NOUN
gujaf-366	259	8	relationship	relationship	NOUN
gujaf-366	259	9	:	:	PUNCT
gujaf-366	259	10	evidence	evidence	NOUN
gujaf-366	259	11	from	from	ADP
gujaf-366	259	12	pakistan	pakistan	PROPN
gujaf-366	259	13	.	.	PUNCT
gujaf-366	260	1	asia	asia	PROPN
gujaf-366	260	2	-	-	PUNCT
gujaf-366	260	3	pacific	pacific	PROPN
gujaf-366	260	4	journal	journal	PROPN
gujaf-366	260	5	of	of	ADP
gujaf-366	260	6	business	business	PROPN
gujaf-366	260	7	administration	administration	PROPN
gujaf-366	260	8	,	,	PUNCT
gujaf-366	260	9	13(3	13(3	NUM
gujaf-366	260	10	)	)	PUNCT
gujaf-366	260	11	,	,	PUNCT
gujaf-366	260	12	273–292	273–292	NUM
gujaf-366	260	13	.	.	PUNCT
gujaf-366	261	1	lazaridis	lazaridi	NOUN
gujaf-366	261	2	,	,	PUNCT
gujaf-366	261	3	i.	i.	PROPN
gujaf-366	261	4	,	,	PUNCT
gujaf-366	261	5	&	&	CCONJ
gujaf-366	261	6	tryfonidis	tryfonidis	PROPN
gujaf-366	261	7	,	,	PUNCT
gujaf-366	261	8	d.	d.	PROPN
gujaf-366	261	9	(	(	PUNCT
gujaf-366	261	10	2006	2006	NUM
gujaf-366	261	11	)	)	PUNCT
gujaf-366	261	12	.	.	PUNCT
gujaf-366	262	1	relationship	relationship	NOUN
gujaf-366	262	2	between	between	ADP
gujaf-366	262	3	working	work	VERB
gujaf-366	262	4	capital	capital	NOUN
gujaf-366	262	5	management	management	NOUN
gujaf-366	262	6	and	and	CCONJ
gujaf-366	262	7	profitability	profitability	NOUN
gujaf-366	262	8	of	of	ADP
gujaf-366	262	9	listed	list	VERB
gujaf-366	262	10	companies	company	NOUN
gujaf-366	262	11	in	in	ADP
gujaf-366	262	12	the	the	DET
gujaf-366	262	13	athens	athens	PROPN
gujaf-366	262	14	stock	stock	PROPN
gujaf-366	262	15	exchange	exchange	PROPN
gujaf-366	262	16	.	.	PUNCT
gujaf-366	263	1	journal	journal	NOUN
gujaf-366	263	2	of	of	ADP
gujaf-366	263	3	financial	financial	ADJ
gujaf-366	263	4	management	management	NOUN
gujaf-366	263	5	and	and	CCONJ
gujaf-366	263	6	analysis	analysis	NOUN
gujaf-366	263	7	,	,	PUNCT
gujaf-366	263	8	19(1	19(1	NUM
gujaf-366	263	9	)	)	PUNCT
gujaf-366	263	10	,	,	PUNCT
gujaf-366	263	11	26–35	26–35	NUM
gujaf-366	263	12	.	.	PUNCT
gujaf-366	264	1	liu	liu	PROPN
gujaf-366	264	2	,	,	PUNCT
gujaf-366	264	3	h.	h.	PROPN
gujaf-366	264	4	,	,	PUNCT
gujaf-366	264	5	zhang	zhang	PROPN
gujaf-366	264	6	,	,	PUNCT
gujaf-366	264	7	y.	y.	PROPN
gujaf-366	264	8	,	,	PUNCT
gujaf-366	264	9	&	&	CCONJ
gujaf-366	264	10	wang	wang	PROPN
gujaf-366	264	11	,	,	PUNCT
gujaf-366	264	12	q.	q.	PROPN
gujaf-366	264	13	(	(	PUNCT
gujaf-366	264	14	2025	2025	NUM
gujaf-366	264	15	)	)	PUNCT
gujaf-366	264	16	.	.	PUNCT
gujaf-366	265	1	machine	machine	NOUN
gujaf-366	265	2	learning	learn	VERB
gujaf-366	265	3	in	in	ADP
gujaf-366	265	4	financial	financial	ADJ
gujaf-366	265	5	management	management	NOUN
gujaf-366	265	6	:	:	PUNCT
gujaf-366	265	7	shap	shap	NOUN
gujaf-366	265	8	-	-	PUNCT
gujaf-366	265	9	based	base	VERB
gujaf-366	265	10	insights	insight	NOUN
gujaf-366	265	11	into	into	ADP
gujaf-366	265	12	working	work	VERB
gujaf-366	265	13	capital	capital	NOUN
gujaf-366	265	14	optimization	optimization	NOUN
gujaf-366	265	15	.	.	PUNCT
gujaf-366	266	1	journal	journal	PROPN
gujaf-366	266	2	of	of	ADP
gujaf-366	266	3	financial	financial	ADJ
gujaf-366	266	4	data	datum	NOUN
gujaf-366	266	5	science	science	NOUN
gujaf-366	266	6	,	,	PUNCT
gujaf-366	266	7	7(1	7(1	NUM
gujaf-366	266	8	)	)	PUNCT
gujaf-366	266	9	,	,	PUNCT
gujaf-366	266	10	88	88	NUM
gujaf-366	266	11	–	–	SYM
gujaf-366	266	12	105	105	NUM
gujaf-366	266	13	.	.	PUNCT
gujaf-366	267	1	mateut	mateut	PROPN
gujaf-366	267	2	,	,	PUNCT
gujaf-366	267	3	s.	s.	PROPN
gujaf-366	267	4	,	,	PUNCT
gujaf-366	267	5	&	&	CCONJ
gujaf-366	267	6	zanchettin	zanchettin	PROPN
gujaf-366	267	7	,	,	PUNCT
gujaf-366	267	8	p.	p.	NOUN
gujaf-366	267	9	(	(	PUNCT
gujaf-366	267	10	2020	2020	NUM
gujaf-366	267	11	)	)	PUNCT
gujaf-366	267	12	.	.	PUNCT
gujaf-366	268	1	internal	internal	ADJ
gujaf-366	268	2	finance	finance	NOUN
gujaf-366	268	3	and	and	CCONJ
gujaf-366	268	4	firm	firm	ADJ
gujaf-366	268	5	resilience	resilience	NOUN
gujaf-366	268	6	during	during	ADP
gujaf-366	268	7	economic	economic	ADJ
gujaf-366	268	8	downturns	downturn	NOUN
gujaf-366	268	9	.	.	PUNCT
gujaf-366	269	1	economics	economic	NOUN
gujaf-366	269	2	letters	letter	NOUN
gujaf-366	269	3	,	,	PUNCT
gujaf-366	269	4	191	191	NUM
gujaf-366	269	5	,	,	PUNCT
gujaf-366	269	6	109089	109089	NUM
gujaf-366	269	7	.	.	PUNCT
gujaf-366	270	1	moussa	moussa	PROPN
gujaf-366	270	2	,	,	PUNCT
gujaf-366	270	3	a.	a.	PROPN
gujaf-366	270	4	,	,	PUNCT
gujaf-366	270	5	&	&	CCONJ
gujaf-366	270	6	ayele	ayele	PROPN
gujaf-366	270	7	,	,	PUNCT
gujaf-366	270	8	y.	y.	PROPN
gujaf-366	270	9	(	(	PUNCT
gujaf-366	270	10	2020	2020	NUM
gujaf-366	270	11	)	)	PUNCT
gujaf-366	270	12	.	.	PUNCT
gujaf-366	271	1	financing	finance	VERB
gujaf-366	271	2	high	high	ADJ
gujaf-366	271	3	-	-	PUNCT
gujaf-366	271	4	growth	growth	NOUN
gujaf-366	271	5	firms	firm	NOUN
gujaf-366	271	6	in	in	ADP
gujaf-366	271	7	sub	sub	ADJ
gujaf-366	271	8	-	-	ADJ
gujaf-366	271	9	saharan	saharan	ADJ
gujaf-366	271	10	africa	africa	PROPN
gujaf-366	271	11	:	:	PUNCT
gujaf-366	271	12	evidence	evidence	NOUN
gujaf-366	271	13	from	from	ADP
gujaf-366	271	14	firm	firm	ADJ
gujaf-366	271	15	-	-	PUNCT
gujaf-366	271	16	level	level	NOUN
gujaf-366	271	17	data	datum	NOUN
gujaf-366	271	18	.	.	PUNCT
gujaf-366	272	1	african	african	ADJ
gujaf-366	272	2	development	development	PROPN
gujaf-366	272	3	review	review	PROPN
gujaf-366	272	4	,	,	PUNCT
gujaf-366	272	5	32(1	32(1	NUM
gujaf-366	272	6	)	)	PUNCT
gujaf-366	272	7	,	,	PUNCT
gujaf-366	272	8	76–89	76–89	NUM
gujaf-366	272	9	.	.	PUNCT
gujaf-366	273	1	myers	myers	PROPN
gujaf-366	273	2	,	,	PUNCT
gujaf-366	273	3	s.	s.	PROPN
gujaf-366	273	4	c.	c.	PROPN
gujaf-366	273	5	,	,	PUNCT
gujaf-366	273	6	&	&	CCONJ
gujaf-366	273	7	majluf	majluf	PROPN
gujaf-366	273	8	,	,	PUNCT
gujaf-366	273	9	n.	n.	PROPN
gujaf-366	273	10	s.	s.	PROPN
gujaf-366	273	11	(	(	PUNCT
gujaf-366	273	12	1984	1984	NUM
gujaf-366	273	13	)	)	PUNCT
gujaf-366	273	14	.	.	PUNCT
gujaf-366	274	1	corporate	corporate	ADJ
gujaf-366	274	2	financing	financing	NOUN
gujaf-366	274	3	and	and	CCONJ
gujaf-366	274	4	investment	investment	NOUN
gujaf-366	274	5	decisions	decision	NOUN
gujaf-366	274	6	when	when	SCONJ
gujaf-366	274	7	firms	firm	NOUN
gujaf-366	274	8	have	have	VERB
gujaf-366	274	9	information	information	NOUN
gujaf-366	274	10	that	that	SCONJ
gujaf-366	274	11	investors	investor	NOUN
gujaf-366	274	12	do	do	AUX
gujaf-366	274	13	not	not	PART
gujaf-366	274	14	have	have	VERB
gujaf-366	274	15	.	.	PUNCT
gujaf-366	275	1	journal	journal	NOUN
gujaf-366	275	2	of	of	ADP
gujaf-366	275	3	financial	financial	ADJ
gujaf-366	275	4	economics	economic	NOUN
gujaf-366	275	5	,	,	PUNCT
gujaf-366	275	6	13(2	13(2	PROPN
gujaf-366	275	7	)	)	PUNCT
gujaf-366	275	8	,	,	PUNCT
gujaf-366	275	9	187	187	NUM
gujaf-366	275	10	–	–	SYM
gujaf-366	275	11	221	221	NUM
gujaf-366	275	12	.	.	PUNCT
gujaf-366	276	1	nickell	nickell	PROPN
gujaf-366	276	2	,	,	PUNCT
gujaf-366	276	3	s.	s.	PROPN
gujaf-366	276	4	(	(	PUNCT
gujaf-366	276	5	1981	1981	NUM
gujaf-366	276	6	)	)	PUNCT
gujaf-366	276	7	.	.	PUNCT
gujaf-366	277	1	biases	bias	NOUN
gujaf-366	277	2	in	in	ADP
gujaf-366	277	3	dynamic	dynamic	ADJ
gujaf-366	277	4	models	model	NOUN
gujaf-366	277	5	with	with	ADP
gujaf-366	277	6	fixed	fix	VERB
gujaf-366	277	7	effects	effect	NOUN
gujaf-366	277	8	.	.	PUNCT
gujaf-366	278	1	econometrica	econometrica	PROPN
gujaf-366	278	2	,	,	PUNCT
gujaf-366	278	3	49(6	49(6	NOUN
gujaf-366	278	4	)	)	PUNCT
gujaf-366	278	5	,	,	PUNCT
gujaf-366	278	6	1417	1417	NUM
gujaf-366	278	7	–	–	PUNCT
gujaf-366	278	8	1426	1426	NUM
gujaf-366	278	9	.	.	PUNCT
gujaf-366	279	1	nyoni	nyoni	VERB
gujaf-366	279	2	,	,	PUNCT
gujaf-366	279	3	t.	t.	NOUN
gujaf-366	279	4	(	(	PUNCT
gujaf-366	279	5	2021	2021	NUM
gujaf-366	279	6	)	)	PUNCT
gujaf-366	279	7	.	.	PUNCT
gujaf-366	280	1	liquidity	liquidity	NOUN
gujaf-366	280	2	management	management	NOUN
gujaf-366	280	3	and	and	CCONJ
gujaf-366	280	4	firm	firm	ADJ
gujaf-366	280	5	profitability	profitability	NOUN
gujaf-366	280	6	in	in	ADP
gujaf-366	280	7	the	the	DET
gujaf-366	280	8	south	south	ADJ
gujaf-366	280	9	african	african	ADJ
gujaf-366	280	10	manufacturing	manufacturing	NOUN
gujaf-366	280	11	sector	sector	NOUN
gujaf-366	280	12	.	.	PUNCT
gujaf-366	281	1	international	international	ADJ
gujaf-366	281	2	journal	journal	PROPN
gujaf-366	281	3	of	of	ADP
gujaf-366	281	4	economics	economic	NOUN
gujaf-366	281	5	and	and	CCONJ
gujaf-366	281	6	financial	financial	ADJ
gujaf-366	281	7	issues	issue	NOUN
gujaf-366	281	8	,	,	PUNCT
gujaf-366	281	9	11(1	11(1	NUM
gujaf-366	281	10	)	)	PUNCT
gujaf-366	281	11	,	,	PUNCT
gujaf-366	281	12	27–34	27–34	NUM
gujaf-366	281	13	.	.	PUNCT
gujaf-366	282	1	oecd	oecd	PROPN
gujaf-366	282	2	.	.	PUNCT
gujaf-366	283	1	(	(	PUNCT
gujaf-366	283	2	2018	2018	NUM
gujaf-366	283	3	)	)	PUNCT
gujaf-366	283	4	.	.	PUNCT
gujaf-366	284	1	high	high	ADJ
gujaf-366	284	2	-	-	PUNCT
gujaf-366	284	3	growth	growth	NOUN
gujaf-366	284	4	enterprises	enterprise	NOUN
gujaf-366	284	5	:	:	PUNCT
gujaf-366	284	6	what	what	PRON
gujaf-366	284	7	governments	government	NOUN
gujaf-366	284	8	can	can	AUX
gujaf-366	284	9	do	do	VERB
gujaf-366	284	10	to	to	PART
gujaf-366	284	11	make	make	VERB
gujaf-366	284	12	a	a	DET
gujaf-366	284	13	difference	difference	NOUN
gujaf-366	284	14	.	.	PUNCT
gujaf-366	285	1	oecd	oecd	PROPN
gujaf-366	285	2	publishing	publishing	NOUN
gujaf-366	285	3	.	.	PUNCT
gujaf-366	286	1	oecd	oecd	PROPN
gujaf-366	286	2	.	.	PUNCT
gujaf-366	287	1	(	(	PUNCT
gujaf-366	287	2	2022	2022	NUM
gujaf-366	287	3	)	)	PUNCT
gujaf-366	287	4	.	.	PUNCT
gujaf-366	288	1	understanding	understand	VERB
gujaf-366	288	2	firm	firm	ADJ
gujaf-366	288	3	growth	growth	NOUN
gujaf-366	288	4	dynamics	dynamic	NOUN
gujaf-366	288	5	:	:	PUNCT
gujaf-366	288	6	evidence	evidence	NOUN
gujaf-366	288	7	for	for	ADP
gujaf-366	288	8	high	high	ADJ
gujaf-366	288	9	-	-	PUNCT
gujaf-366	288	10	growth	growth	NOUN
gujaf-366	288	11	enterprises	enterprise	NOUN
gujaf-366	288	12	.	.	PUNCT
gujaf-366	289	1	oecd	oecd	PROPN
gujaf-366	289	2	publishing	publishing	PROPN
gujaf-366	289	3	.	.	PUNCT
gujaf-366	290	1	okafor	okafor	PROPN
gujaf-366	290	2	,	,	PUNCT
gujaf-366	290	3	c.	c.	PROPN
gujaf-366	290	4	,	,	PUNCT
gujaf-366	290	5	chukwuma	chukwuma	PROPN
gujaf-366	290	6	,	,	PUNCT
gujaf-366	290	7	o.	o.	PROPN
gujaf-366	290	8	,	,	PUNCT
gujaf-366	290	9	&	&	CCONJ
gujaf-366	290	10	ezeabasili	ezeabasili	NOUN
gujaf-366	290	11	,	,	PUNCT
gujaf-366	290	12	v.	v.	PROPN
gujaf-366	290	13	(	(	PUNCT
gujaf-366	290	14	2023	2023	NUM
gujaf-366	290	15	)	)	PUNCT
gujaf-366	290	16	.	.	PUNCT
gujaf-366	291	1	debt	debt	NOUN
gujaf-366	291	2	financing	financing	NOUN
gujaf-366	291	3	and	and	CCONJ
gujaf-366	291	4	firm	firm	ADJ
gujaf-366	291	5	performance	performance	NOUN
gujaf-366	291	6	in	in	ADP
gujaf-366	291	7	nigerian	nigerian	ADJ
gujaf-366	291	8	smes	sme	NOUN
gujaf-366	291	9	:	:	PUNCT
gujaf-366	291	10	evidence	evidence	NOUN
gujaf-366	291	11	from	from	ADP
gujaf-366	291	12	panel	panel	NOUN
gujaf-366	291	13	data	datum	NOUN
gujaf-366	291	14	analysis	analysis	NOUN
gujaf-366	291	15	.	.	PUNCT
gujaf-366	292	1	journal	journal	NOUN
gujaf-366	292	2	of	of	ADP
gujaf-366	292	3	african	african	ADJ
gujaf-366	292	4	business	business	NOUN
gujaf-366	292	5	,	,	PUNCT
gujaf-366	292	6	24(1	24(1	NUM
gujaf-366	292	7	)	)	PUNCT
gujaf-366	292	8	,	,	PUNCT
gujaf-366	292	9	112–129	112–129	PROPN