The Relationships Between Cash Cycle, Sales Growth and Profitability and The Effect of COVID–19 pandemic of Listed Companies on The Stock Exchange of Thailand

Main Article Content

Phatnatcha Chotkunakitti
Wattana Srithaworn


This article aimed to study (1) the relationships between working capital and profitability, (2) the relationships between sales growth and profitability, and (3) the effect of the COVID-19 pandemic on profitability. The sample consisted of companies listed on the Stock Exchange of Thailand, excluding financial industry groups, from 2018 to 2022. After being selected by the purposive sampling technique, the sample consisted of 325 companies with completed data. This research is quantitative. The data used in the research was secondary data. Data was collected from financial reports for 5 periods, totaling 1,625 sets. Descriptive statistics and inferential statistics, consisting of the Pearson correlation coefficient and multiple regression analysis, were used to analyze the data.

The research results were found as follows: 1) The working capital management measured by the cash cycle had negative relationships with profitability measured by return on total assets, return on stockholders’ equity, and net profit margin. It was demonstrated that reducing the days of the cash cycle causes an increase in profitability. 2) Sales growth has a positive relationship with profitability, which means that increased sales growth will increase profitability. 3) The COVID-19 pandemic had a negative impact on profitability.

The research results confirm the benefits of working capital management, which can improve profitability. Firms need to reduce cash cycle periods in order to increase profitability. However, during the COVID-19 pandemic situation, the firm's profitability decreased.

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How to Cite
Chotkunakitti, P., & Srithaworn, W. (2024). The Relationships Between Cash Cycle, Sales Growth and Profitability and The Effect of COVID–19 pandemic of Listed Companies on The Stock Exchange of Thailand. Journal of Arts Management, 8(1), 269–287. Retrieved from
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