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Cashflow management is vital to the sustenance of the firm’s liquidity and proper cash flow management help the firm to actualize its set out objectives. Therefore, this study examined the effect of cash flow management on financial performance: Evidence from the pharmaceutical industry in Nigeria. The ex post facto research design was adopted for the study with a population of ten (10) listed pharmaceutical companies in Nigeria as listed by the Nigerian Exchange Group in 2021. Data were retrieved from the annual reports of the selected listed pharmaceutical companies for the period 2011 to 2020. Multiple regression analysis and the Pairwise Granger Causality tests were used to analyze the data gathered with the aid of EViews10 statistical software. The study revealed a positive and insignificant effect of operating activities on liquidity. Also, it revealed a positive and insignificant effect of investing activities on liquidity. And finally, it revealed a negative but significant effect of financing activities on the liquidity of listed pharmaceutical companies in Nigeria. Therefore, it was recommended that listed pharmaceutical companies in Nigeria should be encouraged to build a reasonable cash flow control strategy that will bring efficiency to the firm, thereby enhancing the firm financial performance. Also, pharmaceutical companies should re-evaluate their cash flow management strategies in order to enable them to generate enough cash sufficient to meet their investing activities.

Effect of Cashflow Management on Financial Performance: Evidence from the Pharmaceutical Industry in Nigeria