IMPACT OF CASH FLOW MANAGEMENT ON THE FINANCIAL PERFORMANCE OF LISTED FOOD AND BEVERAGE FIRMS IN NIGERIA
Abstract
This study investigated the Impact of cash flow management on the financial performance of listed food and beverage firms in Nigeria. Specifically, the study examined the impact of operating cash flow, cash conversion cycle, and accounts receivable collection period on return on assets. The study was anchored on Liquidity Preference Theory and Pecking Order Theory. Secondary data were obtained from the annual financial reports of ten listed food and beverage firms covering the period 2018–2024. An ex post facto research design was employed, and data were analysed using descriptive statistics, correlation, and multiple regression analysis. The findings revealed that operating cash flow has a positive and significant effect on return on assets, while cash conversion cycle and accounts receivable collection period have negative and significant effects. The study concludes that effective cash flow management significantly enhances financial performance. It recommends that listed food and beverage firms should improve their cash flow management practices, shorten cash conversion cycles, and implement strict receivables collection policies to sustain profitability and competitiveness.
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