The study looked at how managing a company's working capital affects its performance. They analyzed data from 8 manufacturing firms in Malaysia from 2009 to 2017. By studying variables like accounts payable, accounts receivable, liquidity ratio, and short-term financing, they found that these factors do impact a firm's return on assets. Specifically, longer accounts receivable periods and more short-term financing had a negative impact, while longer accounts payable periods had a positive impact. Liquidity ratio didn't show a significant effect. Overall, how a company manages its working capital can influence its performance.