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Does Consideration of the Ratio 'Efficiency of Adjusted Working Capital' Improve the Content of Financial Analyses with Regard to Forecasting Future Corporate Profitability?

The connection between the ratio 'efficiency of adjusted working capital' and the prognosis of future profitability is investigated on the basis of 4351 annual financial statements of corporate clients of the German savings bank Kreissparkasse Augsburg during the period 2004-2007. The results of the study indicate that consideration of the new ratio 'efficiency of adjusted working capital' improves the content of financial analyses with regard to the prognosis of future corporate profitability in comparison with most of the ratios considered up until now. Apart from this, for the period covered by the study, no correlation was found between corporate profitability and the ratio 'efficiency of adjusted working capital.'