2) M.A., Zariyawatia, M.N., Annuar A.

S (1992) Effect of working capital management on profitability of firms inMalaysia to University Putra Malaysia, Malaysia. Volume 3; Pages No 132-142 Myers.S., & Allen. F. (1997) 3 in a study on Determinants of profitability underliningthe working capital management and cost structure of Sri Lankan companies. Efficientworking management is an integral part of the overall corporate strategy create shareholder v a l u e . R e s e a r c h e r s i n v e s t i g a t e d t h e r e l a t i o n b e t w e e n t h e c o m p a n i e s w o r k i n g c a p i t a l . T h i s relationship is examined using correlation and regression analysis. In this research, researchershave selected a sample of 65 Sri Lankan companies listed on Colombo Stock Exchange for a period of 5 years from 2003-2007, researchers have studied the effect of different variables of working capital management and cost structure on the profitability of Sri Lankan companiesincluding the debtors turn over in days. Inventory turnover in days and working capital c yclerepresenting the working capital and administrative selling and finance expenses repressing thecost structure.Brealey, R., (1997) 4 in a study on, Working Capital management concepts work sheet university of phoenix. Concept application of concept in the Simulation reference toc o n c e p t i n r e a d i n g c a s h c o n v e r s i o n c yc l e c a s h c o n v e r s i o n s i s t h e p r o c e s s o f m a n a g i n g a companys cash inflows and outflows. In the simulation, the finance manager was responsiblefor balancing sales with collections or accounts receivables (cash inflows) and purchases with payments or accounts payables (cash outflows). This delicate balance maintains the companys balance sheet keeping the cash and loans in a situation of financial stability and keeping themoney from being tied up. Principles of corporate finance. Working capital management. New York: McGraw-Hill.Abdul Rahim (1999) 5 in a study on, Relationship between the efficiency of workingcapital management and company size. The General Electric (GE), the creative company isnow bringing light to healthcare finance. Recent surveys of healthcare Chief Financial Officers(CFOS) revealed that an overwhelming majority feel that the management of working capitalhas become increasingly more and more difficult and the difficulty f acilities and increasingcapital spending on a yearly basis. 3) Myers.S., & Allen. F. (1997) Determinants of profitability underlining the working capital managementand cost structure of Sri Lankan companies Volume 3; Pages No 132-1354) Brealey, R., (1997) Working capital management Working Capital management concepts work sheetuniversity of phoenix. Volume 1; Pages No 123-128

5) Abdul Rahim (1999) Relationship between the efficiency of working capital management and companysize. Volume 1; Issue 1 ; Pages No 115-119 Kouma Guy, (2001) 6 in a study on, Working capital management in healthcare, Working capital is the required to finance the day to day operations of an organization. Workingcapital may be require to bridge the gap be tween buying of stocked items to eventual paymentfor goods sold on account. Working capital also has to fund the gap when products are on hand but being held in stock. Products in stock are at full cost, effectively they are company cashresources which are out of circulation therefore additional working capital is required to meetthis gap which can only be reclaimed when the stocks are sold (and only if these stocks are notreplaced) and payment for them is received. Working capital requirements have to do with profitability and much more to do with cash flow.Mehmet SEN, Eda ORUC (2005) 7 in the study Relationship between the efficiency of working capital management and company size, As it is known, one of the reasons which c a u s e c h a n g e i n w o r k i n g c a p i t a l f r o m o n e p e r i o d t o a n o t h e r i s t h e c h a n g e i n m a n a g e m e n t efficiency. The change in management efficiency will affect the change in working capital in away as increaser or reducer from on period to another. In this study, the effect of change inmanagement efficiency in working capital management in to the chane in working capital iscompared by company size and sectors. The data of this study covers sixty periods as the total of quarterly financial statement of 55 manufacturing companies which were in operation in IstanbulS t o c k e x c h a n g e ( I S E ) b e t w e e n t h e years 1993 and 2007. In every period we studied, for inventories short term commercial receivables and short term commercial liabilities, a n d calculated the effect of change in managemen t efficiency on to the effect of working capitalchange. In all sectors considered, in the change in working capital, and observed the effect of reducing of efficiency in inventory management. It is also observed that efficiency change in themanagement of the short term commercial receivables and the short term commercial liabilities by the company sizes and sectors make a positive effect in to the change in working capital. 6) Kouma Guy, (2001) Working capital management in healthcare www.@akdesniz.edu.tr Volume 5; page No76-89

7) Mehmet SEN, Eda ORUC (2005) Relationship between the efficiency of working capital management andcompany size, www.@akdesniz.edu.tr Volume 2; Pages No 32-42 Deniz KOKSAl, (2005) 8 in a study on Research Journal of Business Management. Working capital Management and corporate profitability: Evidence from panel data analysis of s e l e c t e d q u o t e d c o m p a n i e s i n N i g e r i a . T h e s t u d y a i m e d t o p r o v i d e e m p i r i c a l e v i d e n c e about the effects of working capital management on profitability performance for a panel madeup of a sample of Nigerian quoted non-financial firms for the period 1996-2005. The studyutilized panel data econometrics in a pooled regression, where time-series and cross sectionalobservations were combined and estimated. The study found a significant negative relationship between net operating profitability and the average collection period, inventory turnover in days.Average payment period and cash conversion cycle for a sample of fifty Nigerian firms listed onthe Nigerian stock exchange. Furthermore, the study found no significant variations in theeffects of working capital management between large and small firms. These results suggest thatmanagers can create value for their shareholders if the firms manage their working capital inmore efficient ways by reducing the number of days accounts receivable and i nventories to areasonable minimum.David N Jose (2007) 9 in a study on The international Journal of Applied Economicsand Finance The effect of working capital Management on firm profitability : Evidence fromTurkey. The aim of this study is to analyze t he effect of working capital management on firm profitability. In accordance with this aim, to consider statistically significant relationships between firm profitability and the components of cash conversion cycle at length, a sampleconsisting of Istanbul stock exchange (ISE) listed manufacturing firms for the period of 1998 -2007 has been analysed under a multiple regression model. Empirical findings of the study showt h a t a c c o u n t s receivables period, inventory period and leverage affect firm p r o f i t a b i l i t y negatively; while growth (in sales) affects firm profitability positively. 8) Deniz KOKSAl, (2005) Research Journal of Business Management. Volume 1; Pages No 232-242

9) David N Jose (2007) The international Journal of Applied Economics and Finance Vo