The study investigates the dynamism of working capital requirement (WCR) in non-financial firms listed on Pakistan Stock Exchange from the period of 2007 to 2013. The purpose of this research is to analyze whether firms follow the target WCR, to estimate the speed with which firms adjust towards its target WCR and to investigate the firm specific and macroeconomic determinants of WCR. Difference GMM technique is used to analyze the speed and determinants of WCR to avoid the problems of endogeniety and unobservable heterogeneity. The study gives evidence that there is an existence of target WCR in firms of Pakistan and firm require 1.6 years to completely adjust back to target WCR. The factors which are statistically significant in determination of WCR are: the level of economic activity in the country, operating cash flow, profitability, leverage, financial distress, and financing cost. The WCR is measured by net trade cycle of a firm.

中文翻译：

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公司是否达到目标营运资金要求？巴基斯坦案

本研究调查了2007年至2013年期间在巴基斯坦证券交易所上市的非金融公司的营运资金需求（WCR）的动态性。本研究的目的是分析企业是否遵循目标WCR，以估算速度。哪些公司朝着其目标WCR进行调整，并调查WCR的公司特定因素和宏观经济决定因素。差异GMM技术用于分析WCR的速度和决定因素，以避免内生性和不可观察的异质性问题。该研究提供了证据，表明巴基斯坦公司存在目标WCR，并且公司需要1.6年才能完全调整回目标WCR。确定WCR时，在统计意义上重要的因素包括：该国的经济活动水平，经营现金流量，盈利能力，杠杆，财务困境和融资成本。WCR通过公司的净交易周期来衡量。