چكيده لاتين :
This research investigates the effect of working capital strategies on the stock returns. The strategies of working capital management are: conservative strategies, aggressive strategies and moderate ones. To determine the strategies, certain financial ratios are used, and to measure the stock returns of the sampled companies any increase in the value of shares in the ending period compared to the beginning period, plus any cash dividends paid is taken into account. In this study, for those companies that their financial ratios are not in accord with any of the defined strategies, they have been called "unknown strategy," which makeup 27 possible cases of the total strategies that have been surveyed. Using filtering method, 62companies from 9 industries are selected form companies listed in Tehran Stock Exchange. The data of the companies have been collected from Tehran Stock Exchange information. By analyzing the one-way and two-way variances, and also by using the LSD test, the multiple averages are studied. For analyzing the data, EXCELL and SPSS software is used. The findings of testing the hypotheses show that there is a significant difference between the average returns of two different strategies. The aggressive strategy had the best result of all.
