Resumen
This study attempts to investigate the Working Capital Management (WCM) practices of manufacturing companies in an emerging economy namely Bangladesh. The study also explores the changes of WCM practices over the period and examines the variation of WCM practices among different manufacturing industries by considering 80 manufacturing companies listed in Dhaka Stock Exchange (DSE) in seven different categories for the period 2009-2013 i.e. 400 firm-year observations. The research applies univariate analysis to explore the WCM practices, Wilcoxon test to find the periodic changes of WCM, and Kruskal-Wallis test to analyze the variation of WCM practices among different industries. Results show that although WCM practices of manufacturing companies in Bangladesh changed over the period with an improving trend, the change is not statistically significant. However, the variation of WCM practices among different industries is significant. The most important contribution of this study is to extend the financial management literature by providing an empirical evidence on the WCM practices in an emerging economy. Key Words Working Capital Management, Manufacturing Company, Emerging economy