{"id":"https://openalex.org/W7220487387","doi":null,"title":"\u0e1c\u0e25\u0e01\u0e23\u0e30\u0e17\u0e1a\u0e02\u0e2d\u0e07\u0e27\u0e07\u0e08\u0e23\u0e40\u0e07\u0e34\u0e19\u0e2a\u0e14\u0e15\u0e48\u0e2d\u0e1c\u0e25\u0e01\u0e32\u0e23\u0e14\u0e33\u0e40\u0e19\u0e34\u0e19\u0e07\u0e32\u0e19: \u0e2b\u0e25\u0e31\u0e01\u0e10\u0e32\u0e19\u0e08\u0e32\u0e01\u0e1a\u0e23\u0e34\u0e29\u0e31\u0e17\u0e08\u0e14\u0e17\u0e30\u0e40\u0e1a\u0e35\u0e22\u0e19 \u0e43\u0e19\u0e15\u0e25\u0e32\u0e14\u0e2b\u0e25\u0e31\u0e01\u0e17\u0e23\u0e31\u0e1e\u0e22\u0e4c\u0e41\u0e2b\u0e48\u0e07\u0e1b\u0e23\u0e30\u0e40\u0e17\u0e28\u0e44\u0e17\u0e22","display_name":"\u0e1c\u0e25\u0e01\u0e23\u0e30\u0e17\u0e1a\u0e02\u0e2d\u0e07\u0e27\u0e07\u0e08\u0e23\u0e40\u0e07\u0e34\u0e19\u0e2a\u0e14\u0e15\u0e48\u0e2d\u0e1c\u0e25\u0e01\u0e32\u0e23\u0e14\u0e33\u0e40\u0e19\u0e34\u0e19\u0e07\u0e32\u0e19: \u0e2b\u0e25\u0e31\u0e01\u0e10\u0e32\u0e19\u0e08\u0e32\u0e01\u0e1a\u0e23\u0e34\u0e29\u0e31\u0e17\u0e08\u0e14\u0e17\u0e30\u0e40\u0e1a\u0e35\u0e22\u0e19 \u0e43\u0e19\u0e15\u0e25\u0e32\u0e14\u0e2b\u0e25\u0e31\u0e01\u0e17\u0e23\u0e31\u0e1e\u0e22\u0e4c\u0e41\u0e2b\u0e48\u0e07\u0e1b\u0e23\u0e30\u0e40\u0e17\u0e28\u0e44\u0e17\u0e22","publication_year":2026,"publication_date":"2026-09-04","ids":{"openalex":"https://openalex.org/W7220487387"},"language":"th","primary_location":{"id":"pmh:oai:so06.tci-thaijo.org:article/288154","doi":null,"is_oa":true,"landing_page_url":"https://so06.tci-thaijo.org/index.php/hsrnj/article/view/288154","pdf_url":"https://so06.tci-thaijo.org/index.php/hsrnj/article/download/288154/196850","source":{"id":"https://openalex.org/S7407066944","display_name":"Humanities and Social Science Research Promotion Network Journal","issn_l":"3056-9907","issn":["3056-9907"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"3056-9907","raw_type":"info:eu-repo/semantics/article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://so06.tci-thaijo.org/index.php/hsrnj/article/download/288154/196850","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5080537511","display_name":"Benjamas Janamrung","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I60697786","display_name":"Sukhothai Thammathirat Open University","ror":"https://ror.org/00epajq42","country_code":"TH","type":"education","lineage":["https://openalex.org/I60697786"]}],"countries":["TH"],"is_corresponding":true,"raw_author_name":"Janamrung, Benjamas","raw_affiliation_strings":["School of Management Sci ence , Sukhothai Thammathi rat Open Uni versi ty 9/9 moo 9 Tambon Bang Phut , Amphoe Pak Kret , Nonthaburi 11120"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"School of Management Sci ence , Sukhothai Thammathi rat Open Uni versi ty 9/9 moo 9 Tambon Bang Phut , Amphoe Pak Kret , Nonthaburi 11120","institution_ids":["https://openalex.org/I60697786"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5080537511"],"corresponding_institution_ids":["https://openalex.org/I60697786"],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T12544","display_name":"Working Capital and Financial Performance","score":1.0,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T12544","display_name":"Working Capital and Financial Performance","score":1.0,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10328","display_name":"Supply Chain and Inventory Management","score":0.0,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.0,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/cash-conversion-cycle","display_name":"cash conversion cycle","score":0.9779999852180481},{"id":"https://openalex.org/keywords/working-capital-management","display_name":"working capital management","score":0.9940000176429749},{"id":"https://openalex.org/keywords/firm-performance","display_name":"firm performance","score":0.9789999723434448},{"id":"https://openalex.org/keywords/return-on-assets","display_name":"return on assets","score":0.9959999918937683},{"id":"https://openalex.org/keywords/earnings-per-share","display_name":"earnings per share","score":1.0},{"id":"https://openalex.org/keywords/trade-off-theory","display_name":"trade-off theory","score":0.9750000238418579},{"id":"https://openalex.org/keywords/nonlinear-relationship","display_name":"nonlinear relationship","score":0.578000009059906},{"id":"https://openalex.org/keywords/inverted-u-shaped-relationship","display_name":"inverted U-shaped relationship","score":0.7179999947547913},{"id":"https://openalex.org/keywords/listed-companies","display_name":"listed companies","score":0.6669999957084656},{"id":"https://openalex.org/keywords/stock-exchange-of-thailand","display_name":"Thailand Stock Exchange","score":0.7300000190734863},{"id":"https://openalex.org/keywords/developing-countries","display_name":"developing countries","score":0.6129999756813049}],"concepts":[{"id":"https://openalex.org/C60679458","wikidata":"https://www.wikidata.org/wiki/Q823288","display_name":"Working capital","level":2,"score":0.6995999813079834},{"id":"https://openalex.org/C110000284","wikidata":"https://www.wikidata.org/wiki/Q1499557","display_name":"Cash conversion cycle","level":4,"score":0.5965999960899353},{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.5857999920845032},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5440000295639038},{"id":"https://openalex.org/C183582576","wikidata":"https://www.wikidata.org/wiki/Q184783","display_name":"Market liquidity","level":2,"score":0.5329999923706055},{"id":"https://openalex.org/C163428354","wikidata":"https://www.wikidata.org/wiki/Q1047513","display_name":"Cash flow","level":2,"score":0.4668000042438507},{"id":"https://openalex.org/C2781426361","wikidata":"https://www.wikidata.org/wiki/Q5326940","display_name":"Earnings","level":2,"score":0.46369999647140503},{"id":"https://openalex.org/C185669311","wikidata":"https://www.wikidata.org/wiki/Q1163221","display_name":"Return on assets","level":3,"score":0.4027000069618225},{"id":"https://openalex.org/C198531522","wikidata":"https://www.wikidata.org/wiki/Q485146","display_name":"Sample (material)","level":2,"score":0.3756999969482422},{"id":"https://openalex.org/C206217203","wikidata":"https://www.wikidata.org/wiki/Q1134378","display_name":"Earnings per share","level":3,"score":0.37310001254081726},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.35920000076293945},{"id":"https://openalex.org/C2778083465","wikidata":"https://www.wikidata.org/wiki/Q693464","display_name":"Cash","level":2,"score":0.35019999742507935},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.33640000224113464},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.33550000190734863},{"id":"https://openalex.org/C166819830","wikidata":"https://www.wikidata.org/wiki/Q2025903","display_name":"Operating cash flow","level":3,"score":0.3319999873638153},{"id":"https://openalex.org/C51966318","wikidata":"https://www.wikidata.org/wiki/Q730884","display_name":"Current asset","level":3,"score":0.32429999113082886},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.3239000141620636},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.31619998812675476},{"id":"https://openalex.org/C40113805","wikidata":"https://www.wikidata.org/wiki/Q245930","display_name":"Return on capital","level":5,"score":0.2978000044822693},{"id":"https://openalex.org/C128044525","wikidata":"https://www.wikidata.org/wiki/Q1682806","display_name":"Cash flow forecasting","level":3,"score":0.2953000068664551},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.29420000314712524},{"id":"https://openalex.org/C2781009383","wikidata":"https://www.wikidata.org/wiki/Q15995636","display_name":"Earnings management","level":3,"score":0.290800005197525},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.28220000863075256},{"id":"https://openalex.org/C97366136","wikidata":"https://www.wikidata.org/wiki/Q460184","display_name":"Cash flow statement","level":3,"score":0.26809999346733093},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.26440000534057617},{"id":"https://openalex.org/C130731218","wikidata":"https://www.wikidata.org/wiki/Q1363554","display_name":"Financial analysis","level":2,"score":0.26159998774528503},{"id":"https://openalex.org/C2778098874","wikidata":"https://www.wikidata.org/wiki/Q240691","display_name":"Retained earnings","level":3,"score":0.2612999975681305},{"id":"https://openalex.org/C171884676","wikidata":"https://www.wikidata.org/wiki/Q1755687","display_name":"Return on capital employed","level":5,"score":0.25859999656677246},{"id":"https://openalex.org/C121087249","wikidata":"https://www.wikidata.org/wiki/Q546395","display_name":"Emerging markets","level":2,"score":0.2506999969482422}],"mesh":[],"locations_count":1,"locations":[{"id":"pmh:oai:so06.tci-thaijo.org:article/288154","doi":null,"is_oa":true,"landing_page_url":"https://so06.tci-thaijo.org/index.php/hsrnj/article/view/288154","pdf_url":"https://so06.tci-thaijo.org/index.php/hsrnj/article/download/288154/196850","source":{"id":"https://openalex.org/S7407066944","display_name":"Humanities and Social Science Research Promotion Network Journal","issn_l":"3056-9907","issn":["3056-9907"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"3056-9907","raw_type":"info:eu-repo/semantics/article"}],"best_oa_location":{"id":"pmh:oai:so06.tci-thaijo.org:article/288154","doi":null,"is_oa":true,"landing_page_url":"https://so06.tci-thaijo.org/index.php/hsrnj/article/view/288154","pdf_url":"https://so06.tci-thaijo.org/index.php/hsrnj/article/download/288154/196850","source":{"id":"https://openalex.org/S7407066944","display_name":"Humanities and Social Science Research Promotion Network Journal","issn_l":"3056-9907","issn":["3056-9907"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"3056-9907","raw_type":"info:eu-repo/semantics/article"},"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/8","score":0.9211000204086304,"display_name":"Decent work and economic growth"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7220487387.pdf","grobid_xml":"https://content.openalex.org/works/W7220487387.grobid-xml"},"referenced_works_count":15,"referenced_works":["https://openalex.org/W2004994078","https://openalex.org/W2045711720","https://openalex.org/W2130557145","https://openalex.org/W2143285208","https://openalex.org/W2147659916","https://openalex.org/W2941303830","https://openalex.org/W3012715238","https://openalex.org/W3124536214","https://openalex.org/W3124780013","https://openalex.org/W3124882226","https://openalex.org/W3125748266","https://openalex.org/W4292836231","https://openalex.org/W4367551905","https://openalex.org/W4392878030","https://openalex.org/W4393898969"],"related_works":["https://openalex.org/W7219423846","https://openalex.org/W7215367247","https://openalex.org/W7219458725","https://openalex.org/W7220289581","https://openalex.org/W4413851678","https://openalex.org/W6988221975","https://openalex.org/W2968561498","https://openalex.org/W115650308","https://openalex.org/W3080756735","https://openalex.org/W2914418778"],"abstract_inverted_index":{"Working":[0],"capital":[1,126,132,183],"management":[2,184],"is":[3,37,105,127,171],"a":[4],"critical":[5],"factor":[6],"associated":[7,109],"with":[8,110,155],"corporate":[9],"liquidity":[10],"and":[11,46,56,88,107,115,150,167,201],"profitability.":[12],"This":[13,177],"study":[14,178],"examines":[15],"the":[16,19,24,30,73,77,101,122,137,146,160,163,181,190,196,205,219],"impact":[17],"of":[18,26,33,62,192,198,207],"cash":[20,102,147,164,229],"conversion":[21,103,148,165,230],"cycle":[22,104,149,166,231],"on":[23,29,43,93,113,152],"performance":[25,36,210],"firms":[27],"listed":[28,67],"Stock":[31],"Exchange":[32],"Thailand.":[34],"Firm":[35],"measured":[38],"using":[39,83],"two":[40],"dimensions,":[41],"return":[42,112,151],"assets":[44,114],"(ROA)":[45],"earnings":[47,116,168],"per":[48,117,169],"share":[49,170],"(EPS),":[50],"while":[51],"controlling":[52],"for":[53,224],"firm":[54,134],"size":[55],"debt-to-equity":[57],"ratio.":[58],"The":[59,97],"sample":[60],"consists":[61],"2,444":[63],"firm-year":[64,95],"observations":[65],"from":[66],"companies":[68],"across":[69],"all":[70],"industries,":[71],"excluding":[72],"financial":[74,209,236],"sector,":[75],"during":[76,124],"period":[78,123],"2020\u20132024.":[79],"Data":[80],"were":[81],"analyzed":[82],"descriptive":[84],"statistics,":[85],"correlation":[86],"analysis,":[87],"multiple":[89],"regression":[90],"analysis":[91,139],"based":[92],"pooled":[94],"observations.":[96],"results":[98],"indicate":[99],"that":[100,120,204],"significantly":[106],"negatively":[108],"both":[111],"share,":[118],"suggesting":[119],"shortening":[121],"which":[125],"tied":[128],"up":[129],"in":[130,195,226],"working":[131,182],"enhances":[133],"performance.":[135,237],"Furthermore,":[136],"nonlinear":[138],"reveals":[140],"an":[141],"inverted":[142],"U-shaped":[143],"relationship":[144,161],"between":[145,162],"assets,":[153],"consistent":[154],"Trade-off":[156,193],"Theory.":[157],"In":[158],"contrast,":[159],"found":[172],"to":[173,180,214,233],"be":[174],"linearly":[175],"negative.":[176],"contributes":[179],"literature":[185],"by":[186,202],"providing":[187],"evidence":[188],"supporting":[189],"applicability":[191],"Theory":[194],"context":[197],"developing":[199],"countries":[200],"demonstrating":[203],"use":[206],"different":[208,215],"measures":[211],"may":[212],"lead":[213],"academic":[216],"conclusions.":[217],"Practically,":[218],"findings":[220],"offer":[221],"useful":[222],"guidance":[223],"managers":[225],"formulating":[227],"optimal":[228],"policies":[232],"improve":[234],"firms\u2019":[235]},"counts_by_year":[],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2026-10-06T00:00:00"}
