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The world economy has changed rapidly. The rise of economic and technological variations featured by the incremental global competition has made the directors more accountable in carrying out their operations. Decision making is one of the significant roles played by the directors. Making decisions sheds lights on the whole financial affairs. This is not exceptional in working capital management. Designing and developing working capital management impact the improvement of the firms’ oper- ations. This study intends to find empirical evidence about the effect of working capital management on the firm’s performance. The performance evaluation measures include refined economic value added and market value added. In doing so, a sample composed of the firms listed on the Tehran Stock Exchange for a five year period including 2006 to 2010 has been considered. The regression results represent that there is no significant relationship between working capital management and refined economic value added. However, the variables of working capital management and market value added are significantly associated. As a whole, the managers might enhance the firm’s per- formance through declining the liquidity cycle.

Impact of Working Capital Management on the Performance of the Firms Listed on the Tehran Stock Exchange