How to cite this paper
Essel, R. (2025). Corporate financial strategies and performance: Insights from China’s Shanghai Stock Exchange.Accounting, 11(1), 1-18.
Refrences
Ahmed, A. A. A. (2024). The Effect of Capital Structure, Total Assets Turnover, and Liquidity on The Financial Performance of Companies Listed on The Egyptian Stock Exchange. The Scientific Journal of Economics and Commerce, 54(1), 117-160.
Amira, K. I. (2024). Analysis of Capital Budgeting Decision-Making Using the Electre Decision Support System Method (Case Study on Export-Oriented Msmes: PT. Mekar Saluyu Group). Jurnal Multidisiplin Indonesia, 3(7), 4198-4212.
Barney, J. B. (1986). Organizational culture: can it be a source of sustained competitive advantage?, Academy of Management Review, 11, 656–65.
Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17, 99–120.
Barney, J. B. and Arikan, A. M. (2005). The resource‐based view: origins and Implications. The Blackwell handbook of strategic management, pp. 123-182.
Bawuah, I. (2024).The moderator role of corporate governance on capital structure-performance nexus: Evidence from Sub-Saharan Africa. Cogent Business and Management, 11(1), 2298030, pp. 1-20.
Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models, Journal of Econometrics, 87(1), 115–143. https://doi.org/10.1016/S0304-4076(98)00009-8.
Brealey, R. A., Myers, S. C., & Allen, F. (2020). Principles of Corporate Finance (13th ed.). McGraw-Hill Education.
Briones, O. F., Camino-Mogro, S. M., and Navas, V. J. (2024). Working capital, cash flow and profitability of intensive MSMEs: Evidence from Ecuador. Journal of Entrepreneurship in Emerging Economies, 16(2), 396-417.
Cuevas-Vargas, H., Cortés-Palacios, H. A., & Lozano-García, J. J. (2022). Impact of capital structure and innovation on firm performance: Direct and indirect effects of capital structure, Procedia Computer Science, 199, 1082-1089.
Cuigniez, B. (2016). The Chinese stock market: historical evolution and current trends. Ghent: University of Ghent.
Dabi, R. S. K., Nugraha, Disman, and Sari, M. (2023). Capital structure, financial performance and sustainability of Microfinance Institutions (MFIs) in Ghana. Cogent Economics and Finance, 11(2), 2230013, pp. 83-95.
Essel, R. (2021a). Investigation of the effect of service quality (SQ) on patient satisfaction (PS) in Ghana using the SERVQUAl model: the case of greater Accra Regional Hospital (GARH). İşletme Ekonomi ve Yönetim Araştırmaları Dergisi, 4(2), 240-260.
Essel, R. E. (2021b). Assessing Materials Management Practices Effect on Firm’s Performance in Ghana Using Dominance Analysis: Evidence from a Listed Company, Journal of Operations and Strategic Planning, 4(2), 174-201.
Essel, R. E. (2022). The Effect of Capital Structure on Corporate Performance in Ghana. Ghanaian Journal of Economics, 10, 94-116.
Essel, R. E. (2023a). The Effect of Capital Structure on Corporate Performance: Panel Empirical Evidence of an Emerging Capital Marke’’, Journal of African Business, 25(2), 224-263, https://doi.org/10.1080/15228916.2023.2170856.
Essel, R. E. (2023b). Foreign direct investment, technological spillover, and total factor productivity growth in Ghana, SN Business and Economics, 3(8), 144-164.
Essel, R. E. (2023c). Corporate Social Responsibility—Performance Nexus: The Moderating Role of Board Size, Board Independence and Board Gender Diversity in Ghana. IIMS Journal of Management Science, 15(10), 1-34. DOI: 10.1177/0976030X231187601.
Essel, R. E. (2023d). Dividend Policy–Performance Linkages: The Moderating Role of Board Structure Elements in an Emerging Economy. Jindal Journal of Business Research, 0(0), DOI: 10.1177/22786821231195395.
Essel, R. E. (2024). Relationship Marketing Practices and Export Performance of SMEs in an Emerging Economy: A Mediation Analysis. Journal of Relationship Marketing, 1-40. https://doi.org/10.1080/15332667.2024.2367332.
Essel, R., & Addo, E. (2021). SMEs corporate governance mechanisms and business performance: Evidence of an emerging economy. Journal of Governance and Integrity, 5(1), 155–169.
Essel, R., & Brobbey, J. (2021). The impact of working capital management on the performance of listed firms: Evidence of an emerging economy. International Journal of Industrial Management, 12(1), 389–407.
Focacci, A. (2022). The investment rate of return at the end of the period: a future worth approach to capital budgeting, International Journal of Revenue Management, 12(1-2), 79-98.
Glawe, L., Wagner, H. (2021). The Rise of China. In: The Economic Rise of East Asia. Contributions to Economics. Springer, Cham. https://doi.org/10.1007/978-3-030-87128-4_4.
Habib, A. M., Yang, G. L., & Cui, Y. (2024). Do competitive strategies affect working capital management efficiency? Business Process Management Journal. ahead-of-print. pp. 1-24. 10.1108/BPMJ-12-2023-0953.
Habib, A. M., and Dalwai, T. (2024). Does the efficiency of a firm’s intellectual capital and working capital management affect its performance? Journal of the Knowledge Economy, 15(1), 3202-3238.
Hanif, H., Iqbal, M., & Wardi, F. (2024). The Effect Of Islamic Corporate Governance, Current Ratio, Total Asset Turnover And Intellectual Capital On Profitability (Study on Sharia Commercial Banks registered with the Financial Services Authority (OJK) for the 2018-2022 period), Al-Kharaj: Journal of Islamic Economic and Business, 6(1).
Hassan, M. K., Aysan, A. F., Kayani, U. N., & Choudhury, T. (2023). Working capital as a firm performance savior? Evidence from Scandinavian countries, Research in International Business and Finance, 65, 101959.
Hidayat, I., & Sutria, P. O. (2023). The influence of determined tax load, tax planning, and profitability in profit management in the company manufacturing the mining sector, the coal sub sector listed on the Indonesia stock exchange year. APTISI Transactions on Management, 7(1), 79-85.
Ho, K. C., & Gong, Y. (2022). Information asymmetry and capital structure: Evidence from the Chinese stock market. International Finance, 25(1), 84-102.
Hyvönen, T., Laine, M., & Pellinen, J. (2024). Taking Carbon into Account in Capital Budgeting: A Field Study of Municipal Energy Companies in Finland. Social and Environmental Accountability Journal, 1-24. https://doi.org/10.1080/0969160X.2024.2337655.
Khan, A., & Kent Baker, H. (2023). Board diversity and dividend policy in India. Asia Pacific Journal of Management, 1-32. https://doi.org/10.1007/s10490-023-09922-4
Khan, A., Yilmaz, M. K., & Aksoy, M. (2024). Does board demographic diversity affect the dividend payout policy in Turkey? EuroMed Journal of Business, 19(2), 276-297.
Kennedy, P. (1998). A guide to econometrics (4th ed.). The MIT Press.
Keerativutisest, V., & Luciani, K. (2019). Working Capital Management and Firm’s Profitability: A Study of Selected Blue-chip Companies in China, Proceedings of RSU International Research Conference 2019, 965-973.
Kumar, S.S., Sawarni, K.S., Roy, S., & G, N. (2024). Influence of working capital efficiency on firm’s composite financial performance: evidence from India. International Journal of Productivity and Performance Management, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/IJPPM-07-2023-0374
Kwong, C. C. (2019). The Chinese economy and its challenges: transformation of a rising economic power. Routledge.
Laghari, F., Ahmed, F., & López García, M. D. L. N. (2023). Cash flow management and its effect on firm performance: Empirical evidence on non-financial firms of China. Plos one, 18(6), e0287135.
Li, T., Karim, R., & Munir, Q. (2016). The determinants of leasing decisions: an empirical analysis from Chinese listed SMEs. Managerial Finance, 42(8), 763-780.
Lippman, Steven A., & Richard P. Rumelt (1982). Uncertain imitability: An analysis of interfirm differences in efficiency under competition. The bell journal of Economics, 13(2), 418-438.
Liu, L., Lei, K., Jin, H., & Teng, Y. P. (2023). R&D investment, executive incentive, and financial performance in GEM: based on three-stage least squares method. SAGE Open, 13(4), 21582440231210428.
Liu, W. & Suzuki, Y. (2024). Corporate governance, institutional ownership, and stock liquidity of SMEs: evidence from China, Asia-Pacific Journal of Accounting & Economics, DOI: 10.1080/16081625.2024.2353063.
Mittal, A., and Singh, S. (2024). Does CEO gender impact dividends in emerging economies? International Journal of Disclosure and Governance, 1-12. https://doi.org/10.1057/s41310-024-00247-2.
Nguyen, A. H., Pham, C. D., Doan, N. T., Ta, T. T., Nguyen, H. T., & Truong, T. V. (2021). The effect of dividend payment on firm’s financial performance: An empirical study of Vietnam. Journal of Risk and Financial Management, 14(80, 353.
Nikhil, M. N., Shenoy, S. S., Chakraborty, S., & Lithin, B. M. (2024). Is the nexus between capital structure and firm performance asymmetric? An emerging market perspective, Cogent Economics and Finance, 12 (1), 2296195.
Osei, A., Osei Agyemang, A., Amoah, J. O., and Sulemana, I. (2023). Empirical study on the impact of working capital management on going concern of manufacturing firms in Ghana, Cogent Business and Management, Vol. 10, No. 2, pp. 2218177.
Otoo, F. N. K. (2024). Assessing the influence of financial management practices on organizational performance of small-and medium-scale enterprises, Vilakshan-XIMB Journal of Management. DOI: 10.1108/XJM-09-2023-0192
Penrose, E. T. (1959). The Theory of the Growth of the Firm. New York: John Wiley
Putri, P. A. N., Djaniar, U., Launtu, A., and Cakranegara, P. A. (2024). Financial Management Strategies: Exploring the Nexus between Budget Allocation, Investment Policies, and Firm Performance. Dinasti International Journal of Economics, Finance and Accounting, 59(1), 53-62.
Rafindadi, A. A., and Bello, A. (2019). Is dividend payment of any influence to corporate performance in Nigeria? Empirical evidence from panel cointegration. International Journal of Economics and Financial Issues, 9(2), 48-58.
Ray, G., Barney, J. B., and Muhanna, W. A. (2004). Capabilities, business processes, and competitive advantage: choosing the dependent variable in empirical tests of the resource‐based view. Strategic management journal, 25(1), 23-37.
Rumelt, R. P. (1984). Towards a strategic theory of the firm, Competitive strategic management, 26(3), 556-570.
Shwiyat, Z. M., Bataineh, A., Aljawarneh, N. M., & Al-Bataineh, O. (2024). Impact of capital budgeting techniques for investment decisions on optimising cost, in light of implementing MRPII systems: evidence from Jordan. International Journal of Procurement Management, 20(4), https://doi.org/10.1504/IJPM.2024.139681.
Sospeter, N. G., and Awuzie, B. O. (2024). Capital Budgeting Implementation by Public Sector Construction Firms in Tanzania's Housebuilding Industry: An Exploratory Study. Journal of Construction in Developing Countries, 29(1), 87-109.
Tallapaneni Kishore Babu, D. M. Optimizing Investment Decisions: A Data-Driven Capital Budgeting Framework for Penna Cement Pvt. Ltd (2024). International Journal of Advanced Research in Education and Technology, 11(4), 1474-1480.
Tesema, T. N. (2024). The effect of capital structure on performance: empirical evidence from manufacturing companies in Ethiopia, Cogent Economics and Finance, 12(1), 2300926.
Toader, D. A., Vintila, G., & Gherghina, S. C. (2022). Firm-and Country-level drivers of capital structure: Quantitative evidence from central and Eastern European listed companies. Journal of Financial Studies and Research, 0(0), 1-12.
Ukpong, E. G., & Ukpe, E. A. (2023). Assessment of dividend policy practices and the performance of firms: Evidence from listed Nigerian companies. European Journal of Business, Economics and Accountancy, 11(2), 54-68.
Umar, U. H., & Al-Faryan, M. A. S. (2024). The impact of working capital management on the profitability of listed halal food and beverage companies. Managerial Finance, 50(3), 534-557.
Wang, W., & Lee, K. Y. (2022). An Analysis of Dividend Policies of Listed Companies in China from the Behavioral Finance Perspective. New Industry Management Journal, 40(2), 79-119.
Wang, H. C., He, J., & Mahoney, J. T. (2009). Firm‐specific knowledge resources and competitive advantage: the roles of economic‐and relationship‐based employee governance mechanisms. Strategic management journal, 30(12), 1265-1285.
Wernerfelt, B. (1984). A resource-based view of the firm’’ Strategic Management Journal, 5, 171–80.
Zahra, S. A., & Pearce, J. A. (1989). Boards of directors and corporate financial performance: A review and integrative model. Journal of management, 15(2), 291-334.
Zhou, W. (2019). Ownership Structure and Firm Value: Evidence from Growth Enterprise Maeket (GEM) of Shenzhen Stock Exchange, Unpublished Master’s Thesis, Tunku Puteri Inta.
Amira, K. I. (2024). Analysis of Capital Budgeting Decision-Making Using the Electre Decision Support System Method (Case Study on Export-Oriented Msmes: PT. Mekar Saluyu Group). Jurnal Multidisiplin Indonesia, 3(7), 4198-4212.
Barney, J. B. (1986). Organizational culture: can it be a source of sustained competitive advantage?, Academy of Management Review, 11, 656–65.
Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17, 99–120.
Barney, J. B. and Arikan, A. M. (2005). The resource‐based view: origins and Implications. The Blackwell handbook of strategic management, pp. 123-182.
Bawuah, I. (2024).The moderator role of corporate governance on capital structure-performance nexus: Evidence from Sub-Saharan Africa. Cogent Business and Management, 11(1), 2298030, pp. 1-20.
Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models, Journal of Econometrics, 87(1), 115–143. https://doi.org/10.1016/S0304-4076(98)00009-8.
Brealey, R. A., Myers, S. C., & Allen, F. (2020). Principles of Corporate Finance (13th ed.). McGraw-Hill Education.
Briones, O. F., Camino-Mogro, S. M., and Navas, V. J. (2024). Working capital, cash flow and profitability of intensive MSMEs: Evidence from Ecuador. Journal of Entrepreneurship in Emerging Economies, 16(2), 396-417.
Cuevas-Vargas, H., Cortés-Palacios, H. A., & Lozano-García, J. J. (2022). Impact of capital structure and innovation on firm performance: Direct and indirect effects of capital structure, Procedia Computer Science, 199, 1082-1089.
Cuigniez, B. (2016). The Chinese stock market: historical evolution and current trends. Ghent: University of Ghent.
Dabi, R. S. K., Nugraha, Disman, and Sari, M. (2023). Capital structure, financial performance and sustainability of Microfinance Institutions (MFIs) in Ghana. Cogent Economics and Finance, 11(2), 2230013, pp. 83-95.
Essel, R. (2021a). Investigation of the effect of service quality (SQ) on patient satisfaction (PS) in Ghana using the SERVQUAl model: the case of greater Accra Regional Hospital (GARH). İşletme Ekonomi ve Yönetim Araştırmaları Dergisi, 4(2), 240-260.
Essel, R. E. (2021b). Assessing Materials Management Practices Effect on Firm’s Performance in Ghana Using Dominance Analysis: Evidence from a Listed Company, Journal of Operations and Strategic Planning, 4(2), 174-201.
Essel, R. E. (2022). The Effect of Capital Structure on Corporate Performance in Ghana. Ghanaian Journal of Economics, 10, 94-116.
Essel, R. E. (2023a). The Effect of Capital Structure on Corporate Performance: Panel Empirical Evidence of an Emerging Capital Marke’’, Journal of African Business, 25(2), 224-263, https://doi.org/10.1080/15228916.2023.2170856.
Essel, R. E. (2023b). Foreign direct investment, technological spillover, and total factor productivity growth in Ghana, SN Business and Economics, 3(8), 144-164.
Essel, R. E. (2023c). Corporate Social Responsibility—Performance Nexus: The Moderating Role of Board Size, Board Independence and Board Gender Diversity in Ghana. IIMS Journal of Management Science, 15(10), 1-34. DOI: 10.1177/0976030X231187601.
Essel, R. E. (2023d). Dividend Policy–Performance Linkages: The Moderating Role of Board Structure Elements in an Emerging Economy. Jindal Journal of Business Research, 0(0), DOI: 10.1177/22786821231195395.
Essel, R. E. (2024). Relationship Marketing Practices and Export Performance of SMEs in an Emerging Economy: A Mediation Analysis. Journal of Relationship Marketing, 1-40. https://doi.org/10.1080/15332667.2024.2367332.
Essel, R., & Addo, E. (2021). SMEs corporate governance mechanisms and business performance: Evidence of an emerging economy. Journal of Governance and Integrity, 5(1), 155–169.
Essel, R., & Brobbey, J. (2021). The impact of working capital management on the performance of listed firms: Evidence of an emerging economy. International Journal of Industrial Management, 12(1), 389–407.
Focacci, A. (2022). The investment rate of return at the end of the period: a future worth approach to capital budgeting, International Journal of Revenue Management, 12(1-2), 79-98.
Glawe, L., Wagner, H. (2021). The Rise of China. In: The Economic Rise of East Asia. Contributions to Economics. Springer, Cham. https://doi.org/10.1007/978-3-030-87128-4_4.
Habib, A. M., Yang, G. L., & Cui, Y. (2024). Do competitive strategies affect working capital management efficiency? Business Process Management Journal. ahead-of-print. pp. 1-24. 10.1108/BPMJ-12-2023-0953.
Habib, A. M., and Dalwai, T. (2024). Does the efficiency of a firm’s intellectual capital and working capital management affect its performance? Journal of the Knowledge Economy, 15(1), 3202-3238.
Hanif, H., Iqbal, M., & Wardi, F. (2024). The Effect Of Islamic Corporate Governance, Current Ratio, Total Asset Turnover And Intellectual Capital On Profitability (Study on Sharia Commercial Banks registered with the Financial Services Authority (OJK) for the 2018-2022 period), Al-Kharaj: Journal of Islamic Economic and Business, 6(1).
Hassan, M. K., Aysan, A. F., Kayani, U. N., & Choudhury, T. (2023). Working capital as a firm performance savior? Evidence from Scandinavian countries, Research in International Business and Finance, 65, 101959.
Hidayat, I., & Sutria, P. O. (2023). The influence of determined tax load, tax planning, and profitability in profit management in the company manufacturing the mining sector, the coal sub sector listed on the Indonesia stock exchange year. APTISI Transactions on Management, 7(1), 79-85.
Ho, K. C., & Gong, Y. (2022). Information asymmetry and capital structure: Evidence from the Chinese stock market. International Finance, 25(1), 84-102.
Hyvönen, T., Laine, M., & Pellinen, J. (2024). Taking Carbon into Account in Capital Budgeting: A Field Study of Municipal Energy Companies in Finland. Social and Environmental Accountability Journal, 1-24. https://doi.org/10.1080/0969160X.2024.2337655.
Khan, A., & Kent Baker, H. (2023). Board diversity and dividend policy in India. Asia Pacific Journal of Management, 1-32. https://doi.org/10.1007/s10490-023-09922-4
Khan, A., Yilmaz, M. K., & Aksoy, M. (2024). Does board demographic diversity affect the dividend payout policy in Turkey? EuroMed Journal of Business, 19(2), 276-297.
Kennedy, P. (1998). A guide to econometrics (4th ed.). The MIT Press.
Keerativutisest, V., & Luciani, K. (2019). Working Capital Management and Firm’s Profitability: A Study of Selected Blue-chip Companies in China, Proceedings of RSU International Research Conference 2019, 965-973.
Kumar, S.S., Sawarni, K.S., Roy, S., & G, N. (2024). Influence of working capital efficiency on firm’s composite financial performance: evidence from India. International Journal of Productivity and Performance Management, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/IJPPM-07-2023-0374
Kwong, C. C. (2019). The Chinese economy and its challenges: transformation of a rising economic power. Routledge.
Laghari, F., Ahmed, F., & López García, M. D. L. N. (2023). Cash flow management and its effect on firm performance: Empirical evidence on non-financial firms of China. Plos one, 18(6), e0287135.
Li, T., Karim, R., & Munir, Q. (2016). The determinants of leasing decisions: an empirical analysis from Chinese listed SMEs. Managerial Finance, 42(8), 763-780.
Lippman, Steven A., & Richard P. Rumelt (1982). Uncertain imitability: An analysis of interfirm differences in efficiency under competition. The bell journal of Economics, 13(2), 418-438.
Liu, L., Lei, K., Jin, H., & Teng, Y. P. (2023). R&D investment, executive incentive, and financial performance in GEM: based on three-stage least squares method. SAGE Open, 13(4), 21582440231210428.
Liu, W. & Suzuki, Y. (2024). Corporate governance, institutional ownership, and stock liquidity of SMEs: evidence from China, Asia-Pacific Journal of Accounting & Economics, DOI: 10.1080/16081625.2024.2353063.
Mittal, A., and Singh, S. (2024). Does CEO gender impact dividends in emerging economies? International Journal of Disclosure and Governance, 1-12. https://doi.org/10.1057/s41310-024-00247-2.
Nguyen, A. H., Pham, C. D., Doan, N. T., Ta, T. T., Nguyen, H. T., & Truong, T. V. (2021). The effect of dividend payment on firm’s financial performance: An empirical study of Vietnam. Journal of Risk and Financial Management, 14(80, 353.
Nikhil, M. N., Shenoy, S. S., Chakraborty, S., & Lithin, B. M. (2024). Is the nexus between capital structure and firm performance asymmetric? An emerging market perspective, Cogent Economics and Finance, 12 (1), 2296195.
Osei, A., Osei Agyemang, A., Amoah, J. O., and Sulemana, I. (2023). Empirical study on the impact of working capital management on going concern of manufacturing firms in Ghana, Cogent Business and Management, Vol. 10, No. 2, pp. 2218177.
Otoo, F. N. K. (2024). Assessing the influence of financial management practices on organizational performance of small-and medium-scale enterprises, Vilakshan-XIMB Journal of Management. DOI: 10.1108/XJM-09-2023-0192
Penrose, E. T. (1959). The Theory of the Growth of the Firm. New York: John Wiley
Putri, P. A. N., Djaniar, U., Launtu, A., and Cakranegara, P. A. (2024). Financial Management Strategies: Exploring the Nexus between Budget Allocation, Investment Policies, and Firm Performance. Dinasti International Journal of Economics, Finance and Accounting, 59(1), 53-62.
Rafindadi, A. A., and Bello, A. (2019). Is dividend payment of any influence to corporate performance in Nigeria? Empirical evidence from panel cointegration. International Journal of Economics and Financial Issues, 9(2), 48-58.
Ray, G., Barney, J. B., and Muhanna, W. A. (2004). Capabilities, business processes, and competitive advantage: choosing the dependent variable in empirical tests of the resource‐based view. Strategic management journal, 25(1), 23-37.
Rumelt, R. P. (1984). Towards a strategic theory of the firm, Competitive strategic management, 26(3), 556-570.
Shwiyat, Z. M., Bataineh, A., Aljawarneh, N. M., & Al-Bataineh, O. (2024). Impact of capital budgeting techniques for investment decisions on optimising cost, in light of implementing MRPII systems: evidence from Jordan. International Journal of Procurement Management, 20(4), https://doi.org/10.1504/IJPM.2024.139681.
Sospeter, N. G., and Awuzie, B. O. (2024). Capital Budgeting Implementation by Public Sector Construction Firms in Tanzania's Housebuilding Industry: An Exploratory Study. Journal of Construction in Developing Countries, 29(1), 87-109.
Tallapaneni Kishore Babu, D. M. Optimizing Investment Decisions: A Data-Driven Capital Budgeting Framework for Penna Cement Pvt. Ltd (2024). International Journal of Advanced Research in Education and Technology, 11(4), 1474-1480.
Tesema, T. N. (2024). The effect of capital structure on performance: empirical evidence from manufacturing companies in Ethiopia, Cogent Economics and Finance, 12(1), 2300926.
Toader, D. A., Vintila, G., & Gherghina, S. C. (2022). Firm-and Country-level drivers of capital structure: Quantitative evidence from central and Eastern European listed companies. Journal of Financial Studies and Research, 0(0), 1-12.
Ukpong, E. G., & Ukpe, E. A. (2023). Assessment of dividend policy practices and the performance of firms: Evidence from listed Nigerian companies. European Journal of Business, Economics and Accountancy, 11(2), 54-68.
Umar, U. H., & Al-Faryan, M. A. S. (2024). The impact of working capital management on the profitability of listed halal food and beverage companies. Managerial Finance, 50(3), 534-557.
Wang, W., & Lee, K. Y. (2022). An Analysis of Dividend Policies of Listed Companies in China from the Behavioral Finance Perspective. New Industry Management Journal, 40(2), 79-119.
Wang, H. C., He, J., & Mahoney, J. T. (2009). Firm‐specific knowledge resources and competitive advantage: the roles of economic‐and relationship‐based employee governance mechanisms. Strategic management journal, 30(12), 1265-1285.
Wernerfelt, B. (1984). A resource-based view of the firm’’ Strategic Management Journal, 5, 171–80.
Zahra, S. A., & Pearce, J. A. (1989). Boards of directors and corporate financial performance: A review and integrative model. Journal of management, 15(2), 291-334.
Zhou, W. (2019). Ownership Structure and Firm Value: Evidence from Growth Enterprise Maeket (GEM) of Shenzhen Stock Exchange, Unpublished Master’s Thesis, Tunku Puteri Inta.